WBD · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 64 · Surprise 42 · No source text
WBD held $3.369 billion of cash and cash equivalents at June 30, 2026, alongside $32.402 billion of outstanding indebtedness and $7.369 billion of unused capacity. During the second quarter, WBD used proceeds from $13.0 billion of U.S.-dollar term loans and €1.717 billion of euro term loans, together with cash, to repay the $15.0 billion Bridge Loan Agreement in full. Term loans outstanding totaled $14.708 billion and senior notes totaled $17.694 billion at quarter end, with senior-note interest rates ranging from 1.90% to 8.30% and maturities extending from 2026 through 2062. WBD had no borrowings under its $4.0 billion revolving credit facility or issuances under its $2.0 billion commercial paper program, and its receivables program had $3.9 billion of derecognized receivables outstanding.
Key facts
- Under the commercial paper program, the Company may issue up to $2,000 million and in March 2025 increased issuance capacity from $1,000 million to $2,000 million. source
- Capital resources as of June 30, 2026 totaled $39,771 million with outstanding indebtedness of $32,402 million and unused capacity of $7,369 million. source
- During the three months ended June 30, 2026 the Company amended its revolving receivables program to reduce the facility limit to $4,000 million and extend the program to June 2027. source
- The Credit Facility provides aggregate commitments of $4,000 million and includes a sublimit for standby letters of credit (amount blank in text), and DCL may request additional commitments up to $1,000 million from lenders upon satisfaction of certain conditions. source
- Accumulated deficit at June 30, 2026: $(14,279) million (compared with $(11,512) million at December 31, 2025). source
- Cash and cash equivalents were $3,369 as of June 30, 2026 and $4,566 as of December 31, 2025; total cash, cash equivalents, and restricted cash were $3,373 as of June 30, 2026 and $4,570 as of December 31, 2025. source
- During the six months ended June 30, 2026, the Company and DCL borrowed and repaid $1,261 million under the Credit Facility and commercial paper program and had no outstanding borrowings under the Credit Facility or issuances under the commercial paper program as of June 30, 2026. source
- Accrued liabilities at June 30, 2026: $12,076 million (December 31, 2025: $9,626 million). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +12.9% | Total current assets at June 30, 2026: $12,539 million. |
| assets | negative | realized | -4.0% | The outstanding portfolio of receivables derecognized from consolidated balance sheets was $3,900 million as of June 30, 2026 under the… |
| liability | negative | realized | -2.5% | Accrued liabilities at June 30, 2026: $12,076 million (December 31, 2025: $9,626 million). |
| cash | negative | realized | -1.2% | Cash and cash equivalents were $3,369 as of June 30, 2026 and $4,566 as of December 31, 2025; total cash, cash equivalents, and restricted… |
| assets | negative | realized | -0.4% | Other noncurrent assets at June 30, 2026: $7,029 million (December 31, 2025: $7,383 million). |