Warner Bros. Discovery, Inc. (WBD)
Warner Bros. Discovery, Inc. brought in $36.1B of revenue over the twelve months to June 30, 2026, down 6.1% from a year earlier. It posted a net loss of $3.2B. Operating cash flow minus capital spending left $3.1B of free cash flow in fiscal 2025. At June 30, 2026 it held $3.4B in cash against $32B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on August 6, 2026.
Key facts about Warner Bros. Discovery, Inc.
- Net worth
- Warner Bros. Discovery, Inc. has a market value (market cap) of $77.7B at the latest share price, and shareholders' equity of $32.8B on its balance sheet at June 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $37.3B (-5.1% year on year), with net income of $727M. Over the 12 months to June 30, 2026: revenue $36.1B, net loss $3.2B.
- Cash flow
- In fiscal 2025 operations brought in $4.3B of cash; after $1.2B of capital spending, free cash flow was $3.1B.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on August 6, 2026 and covers the period to June 30, 2026. Open on SEC EDGAR
What Warner Bros. Discovery, Inc. does
Warner Bros. Discovery produces and distributes film, television, and digital content across theatrical releases, cable television networks, and direct-to-consumer streaming services. It licenses intellectual property and sells advertising, content subscriptions, and consumer products. Its shares trade on NASDAQ under the ticker WBD.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $37.3B | $727M | $0.29 | $3.1B |
| 2024 | $39.3B | -$11.3B | -$4.62 | $4.4B |
| 2023 | $41.3B | -$3.1B | -$1.28 | $6.2B |
| 2022 | $33.8B | -$7.4B | -$3.82 | $3.3B |
| 2021 | $12.2B | $1B | $1.54 | $2.4B |
| 2020 | $10.7B | $1.2B | $1.81 | $2.3B |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where WBD ranks in Telecommunications
Latest SEC filings
What Warner Bros. Discovery, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Form 15-15D filing 15-15D
- October 16, 2026Deregistration 15-12G
- October 6, 2026Form S-8 POS filing S-8 POS
What is WBD worth? A DCF from its reported cash flow
Insider trades
What the people running Warner Bros. Discovery, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $62.1M worth of shares in the last 90 days and bought none on the open market. 44% of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 6, 2026 | Zaslav DavidChief Executive Officer & Pres, Director | Other change | 1,500,000 | $46.5M |
| October 6, 2026 | Zaslav DavidChief Executive Officer & Pres, Director | Other change | 1,570,772 | $48.7M |
| October 6, 2026 | Zaslav DavidChief Executive Officer & Pres, Director | Other change | 3,737,162 | $115.9M |
| October 6, 2026 | Zaslav DavidChief Executive Officer & Pres, Director | Received as pay | 425,986 | - |
| October 6, 2026 | Zaslav DavidChief Executive Officer & Pres, Director | Other change | 425,986 | $13.2M |
| October 6, 2026 | Campbell BruceChief Rev & Strategy Officer | Other change | 147 | $4.6K |
| October 6, 2026 | Campbell BruceChief Rev & Strategy Officer | Other change | 376,987 | $11.7M |
| October 6, 2026 | Campbell BruceChief Rev & Strategy Officer | Other change | 227,532 | $7.1M |
Who owns WBD
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Newhouse Broadcasting Corporation13D, may seek influence with 3 related filers | 8.12% | April 2, 2024 |
| Vanguard Capital Management13G, passive | 7.22% | April 30, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 1,309 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 198,085,828 | +3,281,613 |
| Vanguard Capital Management LLC | 158,635,529 | +1,726,939 |
| State Street Corp | 128,364,674 | +934,964 |
| Vanguard Portfolio Management LLC | 105,102,281 | +1,704,640 |
| Invesco Ltd. | 80,086,951 | +2,487,790 |
| Geode Capital Management, LLC | 69,897,377 | -42,146 |
| Millennium Management LLC | 57,657,575 | +13,718,183 |
| Pentwater Capital Management LP | 47,576,000 | -2,669,000 |
| Fmr LLC | 45,257,749 | +12,787,176 |
| Citadel Advisors LLC | 44,587,810 | +15,207,100 |
| D. E. Shaw & Co., Inc. | 40,750,490 | +25,861,087 |
| Norges Bank | 31,238,355 | new |
| Sessa Capital IM, L.P. | 30,165,805 | -1,800,000 |
| Morgan Stanley | 25,684,576 | -5,240,163 |
| Goldman Sachs Group Inc | 25,006,903 | +1,194,330 |
| Northern Trust Corp | 22,010,425 | -491,621 |
| Qube Research & Technologies Ltd | 21,723,714 | +6,397,934 |
| UBS Group AG | 20,837,420 | +1,265,089 |
| Jpmorgan Chase & Co | 20,460,517 | +1,287,460 |
| Third Point LLC | 20,000,000 | new |
Insiders
1 insiders reported holding 253,424 shares in total, about $7.8M at the last price.
| Holder | Shares |
|---|---|
| Gould Paul ADirector | 253,424 |
Questions about WBD
What does Warner Bros. Discovery, Inc. do?
Warner Bros. Discovery produces and distributes film, television, and digital content across theatrical releases, cable television networks, and direct-to-consumer streaming services. It licenses intellectual property and sells advertising, content subscriptions, and consumer products. Its shares trade on NASDAQ under the ticker WBD.
What is Warner Bros. Discovery, Inc.'s net worth?
Warner Bros. Discovery, Inc. has a market value (market cap) of $77.7B at the latest share price, and shareholders' equity of $32.8B on its balance sheet at June 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Warner Bros. Discovery, Inc. profitable?
No. Over the twelve months to June 30, 2026 it reported a net loss of $3.2B on revenue of $36.1B.
How much revenue does Warner Bros. Discovery, Inc. make?
Over the twelve months to June 30, 2026 Warner Bros. Discovery, Inc. reported revenue of $36.1B. That is 6.1% less than a year earlier.
When did Warner Bros. Discovery, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on August 6, 2026. It covers the period to June 30, 2026. Its newest filing of any kind is the form 15-15D filing from October 16, 2026.
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Where the numbers come from
Financial figures are the values Warner Bros. Discovery, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.