WBD · 8-K · 20260806PR000072

Free Cash Flow and Capex

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 29 · Surprise 22

Cash provided by operating activities decreased 14% to $848 million, while free cash flow declined 19% to $572 million from $702 million. Purchases of property and equipment were $276 million, down 2% from $281 million. Free cash flow was primarily pressured by higher net content investment, partly offset by lower tax payments and working-capital timing. Separation and transaction-related items reduced second-quarter free cash flow by approximately $350 million, versus approximately $250 million in the prior-year quarter.

Key facts

• Free cash flow: $572 million for the quarter, a 19% decrease from prior year quarter. source
• Free cash flow was unfavorably impacted by approximately $350 million of separation & transaction-related items in the current quarter versus approximately $250 million in the prior year quarter. source
• Cash provided by operating activities: $848 million for the quarter. source
• Six months ended June 30, 2026 cash provided by operating activities was $640 million. source
• Six months ended June 30, 2026 purchases of property and equipment were $544 million. source
• Purchases of property and equipment: $276 million for the quarter. source