WBD · 10-Q · 2026Q2 · Full report

Streaming Market Expansion

Warner Bros. Discovery, Inc. · 2026-08-06 · Importance 36 · Surprise 40 · In source text

Streaming distribution revenue increased 11% in the second quarter and 9% in the first six months of 2026, reflecting continued growth in existing markets and the global expansion of HBO Max. New distribution deals supported the expansion, while the prior domestic wholesale streaming deal renewal partially offset growth. Higher international content costs and marketing expenses supported HBO Max launches. Streaming advertising revenue also benefited from increasing global ad-lite subscribers.

Key facts

• Studios games revenue increased 45% in the three months ended June 30, 2026, primarily attributable to the release of LEGO Batman: Legacy of the Dark Knight. source
• On February 6, 2024 the Company announced it would enter into a joint venture with ESPN and Fox to form Venu Sports, and on January 10, 2025 the Defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately. source
• The Company lists "realizing streaming subscriber goals" as a forward-looking risk/uncertainty. source
• The filing cites market demand for foreign first-run and existing content libraries as a factor that could affect results. source

Impact estimates