WBD · 8-K · 20260806PR000072

Revenue Performance and Mix

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 54 · Surprise 40 · In source text

Second-quarter total revenue decreased 11% reported and 12% ex-FX to $8,717 million from $9,812 million. Distribution revenue increased 1% to $4,950 million, while advertising revenue fell 22% to $1,724 million and content revenue fell 26% to $1,828 million. Distribution represented approximately 57% of total revenue in 2026, versus 50% in 2025, as advertising and content declined. Advertising revenue was reduced by 20% ex-FX from the absence of the NBA, while content revenue was primarily affected by lower theatrical revenue at Studios.

Key facts

• Total revenues: $8,717 million for three months ended June 30, 2026. source
• Distribution revenues: $4,950 million for three months ended June 30, 2026. source
• Advertising revenues: $1,724 million for three months ended June 30, 2026. source
• Content revenues: $1,828 million for three months ended June 30, 2026. source
• Weighted average shares outstanding diluted: 2,575 for the three months ended June 30, 2026. source
• Inter-segment total revenue eliminations: $(682) million for three months ended June 30, 2026. source
• Company will post a Shareholder Letter and host a conference call on August 6, 2026 at 8:00 a.m. ET to discuss second quarter 2026 results. source
• Net income per share basic: $0.06 and diluted: $0.06 for the three months ended June 30, 2026. source

Impact estimates