WBD · 10-Q · 2026Q2 · Full report

Advertising Demand Trends

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 52 · Surprise 56 · In source text

U.S. linear advertising remained soft, with consolidated advertising revenue declining 22% in the second quarter and 16% in the first six months of 2026. Domestic network audience declines of 17% and 13%, respectively, were affected by the absence of the NBA, reducing advertising revenue by $414 million and $547 million. Increasing digital advertising inventory is intensifying competition for advertiser spending across traditional linear networks and ad-supported streaming tiers. Streaming advertising revenue nevertheless increased 8% in the quarter and 13% year to date, driven by growth in global ad-lite subscribers.

Key facts

• Global Linear Networks advertising revenue decreased 27% and 20% for the three and six months ended June 30, 2026, respectively, and the absence of the NBA negatively impacted advertising revenue by $414 million and $547 million for the three and six months, respectively. source
• Consolidated advertising revenue decreased 22% and 16% for the three and six months ended June 30, 2026, respectively. source
• Streaming advertising revenue increased 8% and 13% for the three and six months ended June 30, 2026, respectively. source
• The Company warns of reduced spending on domestic and foreign television advertising as a factor that could cause actual results to differ materially. source

Impact estimates