FirmAtlas
Company handbook · WBD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
Acquired — no longer trades. Last close $30.95 on Oct 6, 2026.
Source: 8-K, Oct 6, 2026.
History, cards and filings are kept as they were.
WBD Acquired · CIK 1437107 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
Warner Bros. Discovery, Inc.
Last fiscal year
Warner Bros. Discovery, Inc. reported revenue of $37.3B for the year ended Dec 31, 2025 (FY25), down 5.1% from FY24. Net income was $727M, operating cash flow $4.3B and free cash flow $3.1B. Source: 10-K filed Feb 27, 2026.
ROIC
0.5%
Revenue 1Y
−5.1%/yr
EPS 1Y
n/m
Shares 1Y
+1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEODavid M. Zaslav
HQNew York, NY
AuditorPricewaterhouseCoopers LLP
Employees35,500
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
1.1%
3.6%
44.4%
62.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.2B deployed
Capex
$2.2B
100.0%
Operating cash flow over the period: $9.7B. Total debt changed by −$4.3B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (15-for-1 split after FY21).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
39,321
37,296−5.1%
36,115
YoY
−5.1%
Operating income
(10,032)
738n/m
(1,272)
Operating margin
−25.5%
2.0%+27.5 pp
—
EBITDA
(2,995)
6,422n/m
—
EBITDA margin
−7.6%
17.2%+24.8 pp
—
Interest expense
2,017
2,085+3.4%
—
Interest coverage
−1.48x
3.08x+4.56x
—
Net income
(11,311)
727n/m
(3,167)
YoY
n/m
Net margin
−28.8%
1.9%+30.7 pp
—
EPS (diluted, $)
−4.62
0.29n/m
−1.27
YoY
n/m
Balance sheet
Total assets
104,560
100,085−4.3%
97,248
Cash & short-term investments
5,416
4,570−15.6%
—
Accounts receivable
4,947
5,294+7.0%
—
Net PP&E
6,087
6,685+9.8%
—
Other assets
88,110
83,536−5.2%
—
Total liabilities
70,523
64,166−9.0%
64,410
Accounts payable
1,055
1,093+3.6%
—
Total debt
36,757
32,428−11.8%
30,530
Other liabilities
32,711
30,645−6.3%
—
Shareholders’ equity
34,037
35,919+5.5%
32,838
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,375
4,319−19.6%
3,423
Net income
(11,482)
749n/m
—
Depreciation & amortization
7,037
5,684−19.2%
—
Stock-based compensation
557
769+38.1%
—
Working capital & other
9,263
(2,883)−131.1%
—
Cash from investing
(349)
(1,179)n/m
—
Capex
(948)
(1,231)n/m
—
Acquisitions
0
0n/m
—
Other investing
599
52−91.3%
—
Cash from financing
(3,749)
(4,240)n/m
—
Debt raised
1,617
18,306+1032.1%
—
Debt repaid
(5,043)
(22,664)n/m
—
Shares issued
0
30n/m
—
Other financing
(323)
88n/m
—
Net change in cash
1,097
(846)−177.1%
—
Free cash flow (OCF − capex)
4,427
3,088−30.2%
2,180
Where the cash went
Operating cash flow
5,375
4,319−19.6%
3,423
Reinvested in the business
948
1,231+29.9%
—
% of operating cash flow
17.6%
28.5%
Capex
948
1,231+29.9%
1,243
Acquisitions
0
0n/m
—
Free cash flow
4,427
3,088−30.2%
2,180
YoY
−30.2%
Change in total debt
—
(4,329)
—
Cash left over
—
(1,241)
—
FCF conversion (FCF ÷ net income)
—
424.8%
—
Owner earnings
—
4,871
—
Owner earnings margin
—
13.1%
—
Returns & ratios
ROIC (all capital)
−15.3%
0.5%+15.9 pp
—
ROIC (operating)
−100.5%
3.2%+103.8 pp
—
Net debt / EBITDA
—
4.34x
—
Debt / equity
1.08x
0.90x−0.18x
—
ROE
−33.2%
2.0%+35.3 pp
—
ROA
−10.8%
0.7%+11.5 pp
—
ROCE
−11.3%
0.8%+12.1 pp
—
NOPAT
(10,032)
337n/m
—
Invested capital (operating)
9,979
10,886+9.1%
—
Invested capital (all)
65,378
63,777−2.4%
—
Reinvestment rate
—
268.9%
—
Net debt is 4.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
9,045
9,460
8,893
8,717
vs year-ago quarter
Operating income
611
349
(2,469)
237
Net income
(148)
(252)
(2,916)
149
vs year-ago quarter
Net margin
−1.6%
−2.7%
−32.8%
1.7%
EPS (diluted, $)
−0.06
−0.10
−1.17
0.06
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
100,519
100,085
97,837
97,248
Cash & equivalents
4,298
4,570
3,268
3,373
Total debt
33,382
32,428
30,973
30,530
Shareholders’ equity
36,018
35,919
32,578
32,838
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
979
1,804
(208)
848
Capex
278
421
268
276
Free cash flow
701
1,383
(476)
572
vs year-ago quarter