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Nasdaq · Communication Services

Warner Bros. Discovery, Inc. (WBD)

As-reported financials and recent SEC filings for Warner Bros. Discovery, Inc., latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Warner Bros. Discovery, Inc.

Warner Bros. Discovery, Inc. is a global media and entertainment company that creates and distributes content across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products. Its brands include HBO Max, Discovery Channel, CNN, Warner Bros. Studios, and others. The company serves audiences worldwide through its streaming services, premium pay-TV, film production, television networks, and related consumer products.

Snapshot

Revenue
$37.30B
Revenue growth (YoY)
-5.1%
Net income
$727.0M
Diluted EPS
$0.29
Gross margin
Operating margin
2.0%
Net margin
1.9%
FCF margin
8.3%
ROE
2.0%
P/E (TTM)
87.2×
Market cap
$63.38B
Debt / equity
0.9×

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).

What changed at Warner Bros. Discovery

  • Revenue fell 5.1% to $37.3B in FY2025, after a 4.8% decline the year before.
  • Operating margin is 2.0% in FY2025, -14.5 pp against 16.5% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $8.9B, down 1.0% from Q1 FY2025.
  • Free cash flow was $3.1B in FY2025, 8.3% of revenue.
  • Net income turned positive at $727M in FY2025, from a $11.3B loss in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Warner Bros. Discovery’s fundamentals sit among the 215 Communication Services companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin2.0%
48th percentile of 186
Net margin1.9%
59th percentile of 192
FCF margin8.3%
60th percentile of 165
Revenue growth (YoY)-5.1%
23rd percentile of 208
ROE2.0%
54th percentile of 163
P/E (TTM)87.2×
90th percentile of 95
Debt / equity0.87×
56th percentile of 101
Short interest3.56d
42nd percentile of 215

Warner Bros. Discovery’s P/E of 87.2 ranks in the 90th percentile of the 95 peers with a meaningful P/E.

No open-market insider buys in the last 90 days; 2 insider sales totaling $59.5M. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
4
+6 quant / multi-strat
Initiated / added
7
1 new, 6 added
Reduced / exited
6
3 trimmed, 3 exited
Combined position
$3.51B
reported long value
InvestorAs ofPosition valueSharesChange
Millennium ManagementquantQ1 2026$1.21B43.9MAdded
Harris Associates (Oakmark)Q1 2026$902.7M32.9MReduced
Citadel AdvisorsquantQ1 2026$806.8M29.4MAdded
D. E. ShawquantQ1 2026$408.9M14.9MAdded
Renaissance TechnologiesquantQ1 2026$105.6M3.8MNew
Soros Fund ManagementQ1 2026$30.0M1.1MAdded
Gotham Asset ManagementQ1 2026$19.7M719.1KAdded
Point72 Asset ManagementquantQ1 2026$13.3M485.8KReduced
AQR Capital ManagementquantQ1 2026$13.1M482.7KAdded
Bridgewater AssociatesQ1 2026$300,63210.9KReduced

No longer held by: Greenlight Capital (as of Q1 2026), Sachem Head Capital Management (as of Q1 2026), Yacktman Asset Management (as of Q1 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
open-market
Bought (90d)
open-market value
Sells (90d)
2
$59.5M
Signal
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-07-13
filed 2026-07-15
Zaslav DavidChief Executive Officer & PresSell2.1M$27.22$56.9M
2026-07-13
filed 2026-07-15
Zaslav DavidChief Executive Officer & PresSell94.9K$27.22$2.6M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
65.0M
settled 2026-07-15
Change vs prior
-12.7%
vs previous settlement
Days to cover
3.56
at avg daily volume
Avg daily volume
18.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-07-1565.0M-12.7%3.56
2026-06-3074.4M+13.0%3.03
2026-06-1565.8M+8.0%2.82
2026-05-2961.0M-4.5%3.29
2026-05-1563.8M+7.4%3.98
2026-04-3059.4M-0.1%3.17
2026-04-1559.5M+0.1%3.04
2026-03-3159.4M+24.5%1.97

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$37.30B$39.32B$41.32B$33.82B$12.19B
Gross profit
Operating income$738.0M$-10.03B$-1.55B$-7.37B$2.01B
Net income$727.0M$-11.31B$-3.13B$-7.37B$1.01B
Diluted EPS$0.29$-4.62$-1.28$-3.82$0.51

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$4.32B$5.38B$7.48B$4.30B$2.80B
Capital expenditure$1.23B$948.0M$1.32B$987.0M$373.0M
Free cash flow$3.09B$4.43B$6.16B$3.32B$2.42B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$8.89B-1.0%$-2.92B$-1.17
Q4 FY2025$9.46B-5.7%$-252.0M$-0.10
Q3 FY2025$9.04B-6.0%$-148.0M$-0.06
Q2 FY2025$9.81B1.0%$1.58B$0.63
Q1 FY2025$8.98B-9.8%$-453.0M$-0.18
Q4 FY2024$10.03B-2.5%$-494.0M$-0.20
Q3 FY2024$9.62B-3.6%$135.0M$0.05
Q2 FY2024$9.71B-6.2%$-9.99B$-4.07

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorCommunication Services
SIC industryCable & Other Pay Television Services
Fiscal year endDecember 31
Latest fiscal periodFY2025
SEC filings since2019
SEC CIK1437107

Recent SEC filings

10-K2026-02-27
View on EDGAR →
10-K2025-02-27
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
10-Q2025-11-06
View on EDGAR →
10-Q2025-08-07
View on EDGAR →
10-Q2025-05-08
View on EDGAR →
8-K2026-06-12
View on EDGAR →
8-K2026-06-04
View on EDGAR →

Largest Communication Services peers

All Communication Services companies →

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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.