WBD · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 54 · Surprise 40 · No source text
Consolidated revenue declined 11% to $8.717 billion in the second quarter of 2026 and 6% to $17.610 billion in the first six months, driven by advertising declines of 22% and 15% and content declines of 26% and 14%, respectively. Distribution revenue increased 1% in the quarter and was flat year to date as HBO Max expansion and new distribution deals offset a 10% decline in domestic linear subscribers. Advertising revenue fell 22% in the quarter and 16% year to date because domestic network audiences declined 17% and 13%, with the absence of the NBA reducing revenue by $414 million and $547 million in Global Linear Networks. Content revenue declined 26% in the quarter and 16% year to date because theatrical product revenue fell 46% and 21% against the prior-year releases of A Minecraft Movie, Sinners, and Final Destination Bloodlines.
Key facts
- Net income (loss) reported in the EPS reconciliation: net income $1,588 for the three months ended June 30, 2026 and net loss $(2,744) for the three months ended June 30, 2025; net income $1,139 and $( ) for the six months ended June 30, 2026 and 2025 respectively (as presented). source
- Three months ended June 30, 2026 revenues: Streaming $3,079, Studios $2,328, Global Linear Networks $3,991, Total revenues $8,717. source
- Six months ended June 30, 2026 revenues: Streaming $5,966, Studios $5,453, Global Linear Networks $8,368, Total revenues $17,610. source
- Three months ended June 30, 2026 total revenues: $8,717 million. source
- Three months ended June 30, 2025 total revenues: $9,812 million. source
- Distribution revenue for three months ended June 30, 2026: $4,950 million. source
- Advertising revenue for three months ended June 30, 2026: $1,724 million. source
- Content revenue for three months ended June 30, 2026: $1,828 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +56.8% | Distribution revenue for three months ended June 30, 2026: $4,950 million. |
| revenue | positive | realized | +21.0% | Content revenue for three months ended June 30, 2026: $1,828 million. |
| revenue | positive | realized | +19.8% | Advertising revenue for three months ended June 30, 2026: $1,724 million. |
| net_income | positive | realized | +18.2% | Net income (loss) reported in the EPS reconciliation: net income $1,588 for the three months ended June 30, 2026 and net loss $(2,744) for… |
| net_income | positive | realized | +18.1% | Net income available to Warner Bros. Discovery, Inc. for three months ended June 30, 2026: $1,580 million. |
| net_income | positive | realized | +13.1% | Net income (loss) reported in the EPS reconciliation: net income $1,588 for the three months ended June 30, 2026 and net loss $(2,744) for… |
| revenue | negative | realized | -12.6% | Three months ended June 30, 2026 total revenues: $8,717 million. |
| revenue | positive | realized | — | Three months ended June 30, 2026 revenues: Streaming $3,079, Studios $2,328, Global Linear Networks $3,991, Total revenues $8,717. |
| revenue | positive | realized | — | Six months ended June 30, 2026 revenues: Streaming $5,966, Studios $5,453, Global Linear Networks $8,368, Total revenues $17,610. |