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Liberty Global vs Warner Bros. Discovery: revenue, profit, margins and growth compared

Liberty Global brought in $4.9B of revenue in fiscal 2025, Warner Bros. Discovery $37.3B in fiscal 2025. Revenue changed by +12.4% at Liberty Global and -5.1% at Warner Bros. Discovery on the year before, so Liberty Global grew faster. Liberty Global kept -146.3% of its revenue as net profit, Warner Bros. Discovery 1.9%. Free cash flow was -$132M at Liberty Global and $3.1B at Warner Bros. Discovery.

Side by side, latest fiscal year

LBTYBWBD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.9B$37.3B
Revenue growth+12.4%-5.1%
Net income-$7.1B$727M
Net margin-146.3%1.9%
Free cash flow-$132M$3.1B
Free cash flow margin-2.7%8.3%
Earnings per share (diluted)-$20.86$0.29
Cash$2.1B$4.6B
Debt$8.6B$32.6B
Price to earningsn/a106.4
Market value$4.2B$77.5B
Dividend yieldn/an/a
Rank by revenue in sector#12 of 51 · Telecommunications#7 of 51 · Telecommunications

Over the years

Revenue
LBTYB FY2018: $12BLBTYB FY2019: $11.5BLBTYB FY2020: $11.5BLBTYB FY2021: $10.3BLBTYB FY2022: $7.2BLBTYB FY2023: $7.5BLBTYB FY2024: $4.3BLBTYB FY2025: $4.9BWBD FY2018: $10.6BWBD FY2019: $11.1BWBD FY2020: $10.7BWBD FY2021: $12.2BWBD FY2022: $33.8BWBD FY2023: $41.3BWBD FY2024: $39.3BWBD FY2025: $37.3BFY18FY19FY20FY21FY22FY23FY24FY25
LBTYB $4.9BWBD $37.3B
Net income
LBTYB FY2018: $725.3MLBTYB FY2019: $11.5BLBTYB FY2020: -$1.6BLBTYB FY2021: $13.4BLBTYB FY2022: $1.5BLBTYB FY2023: -$4.1BLBTYB FY2024: $1.6BLBTYB FY2025: -$7.1BWBD FY2018: $594MWBD FY2019: $2.1BWBD FY2020: $1.2BWBD FY2021: $1BWBD FY2022: -$7.4BWBD FY2023: -$3.1BWBD FY2024: -$11.3BWBD FY2025: $727MFY18FY19FY20FY21FY22FY23FY24FY25
LBTYB -$7.1BWBD $727M
Net margin
LBTYB FY2018: 6.1%LBTYB FY2019: 99.8%LBTYB FY2020: -14.1%LBTYB FY2021: 130.2%LBTYB FY2022: 20.5%LBTYB FY2023: -54.1%LBTYB FY2024: 36.6%LBTYB FY2025: -146.3%WBD FY2018: 5.6%WBD FY2019: 18.6%WBD FY2020: 11.4%WBD FY2021: 8.3%WBD FY2022: -21.8%WBD FY2023: -7.6%WBD FY2024: -28.8%WBD FY2025: 1.9%FY18FY19FY20FY21FY22FY23FY24FY25
LBTYB -146.3%WBD 1.9%
Revenue growth
LBTYB FY2019: -3.5%LBTYB FY2020: +0.0%LBTYB FY2021: -10.7%LBTYB FY2022: -30.2%LBTYB FY2023: +4.1%LBTYB FY2024: -42.0%LBTYB FY2025: +12.4%WBD FY2019: +5.6%WBD FY2020: -4.2%WBD FY2021: +14.2%WBD FY2022: +177.4%WBD FY2023: +22.2%WBD FY2024: -4.8%WBD FY2025: -5.1%FY19FY20FY21FY22FY23FY24FY25
LBTYB +12.4%WBD -5.1%
Free cash flow
LBTYB FY2018: $4.5BLBTYB FY2019: $3.4BLBTYB FY2020: $2.9BLBTYB FY2021: $2.1BLBTYB FY2022: $1.9BLBTYB FY2023: $1.2BLBTYB FY2024: $1.1BLBTYB FY2025: -$132MWBD FY2018: $2.4BWBD FY2019: $3.1BWBD FY2020: $2.3BWBD FY2021: $2.4BWBD FY2022: $3.3BWBD FY2023: $6.2BWBD FY2024: $4.4BWBD FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
LBTYB -$132MWBD $3.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Liberty Global and Warner Bros. Discovery

Which is bigger by revenue, Liberty Global or Warner Bros. Discovery?

Warner Bros. Discovery is bigger by revenue: $37.3B in fiscal 2025, against $4.9B for Liberty Global in fiscal 2025.

Which keeps more of its revenue as profit, Liberty Global or Warner Bros. Discovery?

Liberty Global had a net margin of -146.3% in fiscal 2025; Warner Bros. Discovery had 1.9% in fiscal 2025.

Which grew revenue faster, Liberty Global or Warner Bros. Discovery?

In their latest fiscal years revenue changed by +12.4% at Liberty Global and -5.1% at Warner Bros. Discovery.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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