WBD · 10-Q · 2026Q2 · Full report

Segment Revenue Performance

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 64 · Surprise 56 · No source text

Streaming revenue increased 10% to $3.079 billion in the second quarter and 9% to $5.966 billion year to date, while its Adjusted EBITDA increased 63% and 38%, respectively. Studios revenue declined 39% to $2.328 billion in the quarter and 11% to $5.453 billion year to date, causing Adjusted EBITDA to decline 89% and 26%; games revenue increased 45% in the quarter because of LEGO Batman: Legacy of the Dark Knight. Global Linear Networks revenue declined 17% to $3.991 billion in the quarter and 13% to $8.368 billion year to date, while Adjusted EBITDA fell 5% and 8%. Global Linear Networks’ distribution revenue declined 9% and 8% because domestic linear subscribers fell 10%, partially offset by domestic affiliate-rate increases of 1% and 2%.

Key facts

• Streaming segment distribution revenue for three months ended June 30, 2026: $2,689 million. source
• Global Linear Networks segment distribution revenue for three months ended June 30, 2026: $2,265 million. source
• Studios segment advertising revenue for three months ended June 30, 2026: $1,429 million. source
• Streaming segment content revenue for three months ended June 30, 2026: $2,125 million. source
• For the three months ended June 30, 2026, total revenues by segment: Streaming $3,079 million, Studios $2,328 million, Global Linear Networks $3,991 million. source
• Studios content revenue decreased 41% for the three months ended June 30, 2026 and decreased 13% for the six months ended June 30, 2026. source
• Streaming distribution revenue increased 11% and 9% for the three and six months ended June 30, 2026, respectively. source
• Global Linear Networks distribution revenue decreased 9% and 8% for the three and six months ended June 30, 2026, respectively. source

Impact estimates