Warner Bros. Discovery, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Warner Bros. Discovery, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,497	6,873	10,553	11,144	10,671	12,191	33,817	41,321	39,321	37,296
Cost of revenue	2,432	2,656	3,935	3,819	3,860	4,620	20,442	24,526	22,970	20,885
Gross profit	4,065	4,217	6,618	7,325	6,811	7,571	13,375	16,795	16,351	16,411
Selling, general and administrative	1,690	1,768	2,620	2,788	2,722	4,016	9,678	9,696	9,296	9,418
Operating income	2,058	713	1,934	3,009	2,515	2,012	-7,370	-1,548	-10,032	738
Interest expense	353	475	729	677	648	633	1,777	2,221	2,017	2,085
Interest income	0	21	15	22	10	18	67	179	210	206
Other non-operating income	4	-110	-120	-8	-34	72	347	-29	150	65
Pre-tax income	1,671	-137	1,022	2,294	1,728	1,433	-8,960	-3,863	-11,388	1,639
Income tax	453	176	341	81	373	236	-1,663	-784	94	890
Net income	1,194	-337	594	2,069	1,219	1,006	-7,371	-3,126	-11,311	727
EBITDA	2,380	1,043	3,332	4,356	3,874	3,594	-177	6,437	-2,995	6,422
EPS, basic					1.82	1.55	-3.82	-1.28	-4.62	0.29
EPS, diluted					1.81	1.54	-3.82	-1.28	-4.62	0.29
Shares, basic (weighted)					599	588	1,940	2,436	2,450	2,475
Shares, diluted (weighted)					672	664	1,940	2,436	2,450	2,530

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	300	7,309	986	1,552	2,091	3,905	3,731	3,780	5,312	4,566
Receivables	1,495	1,838	2,620	2,633	2,537	2,446	6,380	6,047	4,947	5,294
Inventory						1
Other current assets	397	343	312	453	970	913	2,112	2,283	2,056	1,952
Total current assets	2,502	9,991	4,231	5,217	6,130	7,264	13,999	14,218	14,078	13,206
Property, plant and equipment	482	597	800	951	1,206	1,336	5,301	5,957	6,087	6,685
Lease right-of-use assets				613	575	535	3,189	3,074	2,373	2,749
Goodwill	8,040	7,073	13,006	13,050	13,070	12,912	34,438	34,969	25,667	25,933
Intangible assets	1,512	1,770	9,674	8,667	7,640	6,317	44,982	38,285	32,299	27,764
Other non-current assets	490	576	835	2,153	2,095	2,766	8,629	8,099	7,327	7,383
Total assets	15,672	22,555	32,550	33,735	34,087	34,427	134,001	122,757	104,560	100,085
Accounts payable	241	277	325	463	397	412	1,454	1,260	1,055	1,093
Accrued liabilities	1,075	1,309	1,604	1,678	1,793	2,230	11,504	10,368	10,438	9,626
Deferred revenue	163	255	249	489	557	478	1,694	1,924	1,569	1,642
Short-term debt	82	30	1,819	609	335	339	365	1,780	2,748	139
Total current liabilities	1,561	1,871	3,997	3,239	3,082	3,459	15,017	15,332	15,810	12,500
Long-term debt	7,841	14,755	14,974	14,810	15,069	14,420	48,634	41,889	36,757	32,428
Lease liabilities				621	592	567	2,990	3,019	2,731	3,226
Other non-current liabilities	393	587	1,251	2,029	2,019	1,927	10,669	10,328	10,070	11,608
Total liabilities	10,262	17,532	22,033	21,769	21,704	21,031	85,334	76,285	69,622	62,919
Total debt	7,923	14,785	16,793	15,419	15,404	14,759	48,999	43,669	39,505	32,567
Paid-in capital	7,046	7,295	10,647	10,747	10,809	11,086	54,630	55,112	55,560	56,055
Retained earnings	5,232	4,632	5,254	7,333	8,543	9,580	2,205	-928	-12,239	-11,512
Treasury stock	-6,356	-6,737	-6,737	-7,374	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244
Other comprehensive income	-762	-585	-785	-822	-651	-830	-1,523	-741	-1,067	-407
Shareholders' equity		4,610	8,386	9,891	10,464	11,599	47,095	45,226	34,037	35,919
Minority interests		0	1,716	1,633	1,536	1,434	1,254	1,081	792	1,228
Total equity	5,167	4,610	10,102	11,524	12,000	13,033	48,349	46,307	34,829	37,147
Total liabilities and equity	15,672	22,555	32,550	33,735	34,087	34,427	134,001	122,757	104,560	100,085
Shares outstanding						169	2,430	2,439	2,454	2,480

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,218	-313	681	2,213	1,355	1,197	-7,297	-3,079	-11,482	749
Depreciation and amortization	322	330	1,398	1,347	1,359	1,582	7,193	7,985	7,037	5,684
Stock-based compensation	69	39	80	142	110	178	412	500	557	769
Deferred income tax	-27	-199	-131	-504	-186	-511	-2,842	-2,344	-1,732	-710
Change in receivables	-25	-258	-84
Change in payables	-10	265	-74	122	-131	185	1,529	-820	-529	108
Cash from operations	1,380	1,629	2,576	3,399	2,739	2,798	4,304	7,477	5,375	4,319
Capital expenditures	-88	-135	-147	-289	-402	-373	-987	-1,316	-948	-1,231
Acquisitions	0	-60	-8,565	-73	-39	-2	3,612	-50	0	0
Purchases of investments	-272	-444	-61
Cash from investing	-256	-633	-8,593	-438	-703	-56	3,524	-1,259	-349	-1,179
Debt issued	498	7,488	0	1,479	1,979	0	0	1,496	1,617	18,306
Debt repaid	0	-1	-16	-2,658	-2,193	-574	-1,315	-2,860	-5,043	-22,664
Stock issued	46	42	68	17	8	159	1	0	0	30
Share buybacks	-1,374	-603	0	-633	-969	0	0
Cash from financing	-1,184	5,951	-283	-2,357	-1,549	-853	-7,742	-5,837	-3,749	-4,240
Exchange rate effect	-30	62	-23	-38	83	-106	-61	8	-180	254
Net change in cash	-90	7,009	-6,323	566	570	1,783	25	389	1,097	-846
Free cash flow	1,292	1,494	2,429	3,110	2,337	2,425	3,317	6,161	4,427	3,088
Interest paid	343	357	740	708	673	664	1,539	2,237	1,996	2,295
Income taxes paid	527	274	389	562	641	643	1,027	1,440	1,113	1,926

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $30.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.2%	Gross profit / revenue.
Operating margin	-3.5%	Operating income / revenue.
EBITDA margin	10.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.4%	Pre-tax income / revenue.
Net margin	-8.8%	Net income / revenue.
FCF margin	6.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.5%	Cash from operations / revenue.
Return on equity (ROE)	-9.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.3%	Net income / average total assets.
Return on invested capital (ROIC)	-1.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	27.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	14.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-21.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-30.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-19.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-30.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-2.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	9.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	30.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.98x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.9%	Total debt / total assets.
Liabilities / assets	65.0%	Total liabilities / total assets.
Net debt	$28.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.57x	Operating income / interest expense.
Working capital	-$3.60B	Current assets - current liabilities.
Goodwill and intangibles / assets	53.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$18.95B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.37x	Revenue / average total assets.
Fixed asset turnover	5.43x	Revenue / average property, plant and equipment.
Receivables turnover	7.29x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	20 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	36.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.03	Revenue / diluted weighted shares.
FCF per share	$0.85	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.33	Cash from operations / diluted weighted shares.
Book value per share	$13.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.55	Tangible book value / shares outstanding.
Cash per share	$1.34	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$77.48B	Share price x shares outstanding.
Enterprise value	$106.13B	Market cap + total debt - cash - short-term investments.
P/S	2.15x	Market cap / revenue.
P/B	2.36x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	35.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.6x	Market cap / cash from operations, when positive.
EV/Sales	2.94x	Enterprise value / revenue.
EV/EBITDA	27.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	48.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	-4.1%	Net income / market cap (the inverse of P/E).

What was Warner Bros. Discovery, Inc.'s revenue in fiscal 2025?

Warner Bros. Discovery, Inc. reported revenue of $37.30B for fiscal 2025, 5.1% lower than the year before.

Was Warner Bros. Discovery, Inc. profitable in fiscal 2025?

Yes. Net income was $727.0M, a net margin of 1.9%.

How much free cash flow did Warner Bros. Discovery, Inc. generate in fiscal 2025?

Cash from operations of $4.32B minus capital expenditures of $1.23B left free cash flow of $3.09B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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