WBD · 10-Q · 2026Q2 · Full report

Segment Profitability

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 59 · Surprise 48 · From source text

Segment Adjusted EBITDA totaled $2,054 million in the second quarter of 2026, down from $2,668 million in the second quarter of 2025, and totaled $4,901 million for the first six months versus $5,059 million a year earlier. Global Linear Networks contributed $1,446 million of second-quarter 2026 Adjusted EBITDA, down from $1,512 million, while Studios contributed $1,122 million in the prior-year comparison table. Six-month Global Linear Networks Adjusted EBITDA declined to $3,080 million from $3,305 million, reflecting the lower segment revenue base. The segment profitability tables identify content expense, personnel expense, marketing expense and other segment expenses as the principal operating cost components.

Key facts

• Segment Adjusted EBITDA for the periods presented: Segment Adjusted EBITDA totals were $2,054 for three months ended June 30, 2026 and $2,668 for three months ended June 30, 2025; $4,901 for six months ended June 30, 2026 and $5,059 for six months ended June 30, 2025. source
• Streaming Adjusted EBITDA increased 63% and 38% for the three and six months ended June 30, 2026, respectively. source
• Studios Adjusted EBITDA decreased 89% and 26% for the three and six months ended June 30, 2026, respectively. source
• Impairments and loss on dispositions were $23 million and $37 million for the three and six months ended June 30, 2026, respectively. source
• Income from equity method investees was $28 million and $23 million for the three and six months ended June 30, 2026, respectively. source
• The Company believes Adjusted EBITDA is used by the CODM and excludes items including employee share-based compensation, depreciation and amortization, restructuring and facility consolidation, certain impairment charges, gains and losses on dispositions, third-party transaction and integration costs, amortization of purchase accounting fair value step-up for content, amortization of capitalized interest for content, and other items impacting comparability. source

Impact estimates