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Lumen Technologies vs Warner Bros. Discovery: revenue, profit, margins and growth compared

Lumen Technologies brought in $12.4B of revenue in fiscal 2025, Warner Bros. Discovery $37.3B in fiscal 2025. Revenue changed by -5.4% at Lumen Technologies and -5.1% at Warner Bros. Discovery on the year before, so Warner Bros. Discovery grew faster. Lumen Technologies kept -14.0% of its revenue as net profit, Warner Bros. Discovery 1.9%. Free cash flow was $371M at Lumen Technologies and $3.1B at Warner Bros. Discovery.

Side by side, latest fiscal year

LUMNWBD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$12.4B$37.3B
Revenue growth-5.4%-5.1%
Net income-$1.7B$727M
Net margin-14.0%1.9%
Free cash flow$371M$3.1B
Free cash flow margin3.0%8.3%
Earnings per share (diluted)-$1.75$0.29
Cash$1B$4.6B
Debt$17.4B$32.6B
Price to earningsn/a106.4
Market value$5.9B$77.5B
Dividend yieldn/an/a
Rank by revenue in sector#8 of 51 · Telecommunications#7 of 51 · Telecommunications

Over the years

Revenue
LUMN FY2018: $22.6BLUMN FY2019: $21.5BLUMN FY2020: $20.7BLUMN FY2021: $19.7BLUMN FY2022: $17.5BLUMN FY2023: $14.6BLUMN FY2024: $13.1BLUMN FY2025: $12.4BWBD FY2018: $10.6BWBD FY2019: $11.1BWBD FY2020: $10.7BWBD FY2021: $12.2BWBD FY2022: $33.8BWBD FY2023: $41.3BWBD FY2024: $39.3BWBD FY2025: $37.3BFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $12.4BWBD $37.3B
Net income
LUMN FY2018: -$1.7BLUMN FY2019: -$5.3BLUMN FY2020: -$1.2BLUMN FY2021: $2BLUMN FY2022: -$1.5BLUMN FY2023: -$10.3BLUMN FY2024: -$55MLUMN FY2025: -$1.7BWBD FY2018: $594MWBD FY2019: $2.1BWBD FY2020: $1.2BWBD FY2021: $1BWBD FY2022: -$7.4BWBD FY2023: -$3.1BWBD FY2024: -$11.3BWBD FY2025: $727MFY18FY19FY20FY21FY22FY23FY24FY25
LUMN -$1.7BWBD $727M
Net margin
LUMN FY2018: -7.7%LUMN FY2019: -24.6%LUMN FY2020: -5.9%LUMN FY2021: 10.3%LUMN FY2022: -8.9%LUMN FY2023: -70.7%LUMN FY2024: -0.4%LUMN FY2025: -14.0%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
LUMN -14.0%WBD 1.9%
Revenue growth
LUMN FY2019: -5.0%LUMN FY2020: -3.5%LUMN FY2021: -4.9%LUMN FY2022: -11.2%LUMN FY2023: -16.7%LUMN FY2024: -10.0%LUMN FY2025: -5.4%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
LUMN -5.4%WBD -5.1%
Free cash flow
LUMN FY2018: $3.9BLUMN FY2019: $3.1BLUMN FY2020: $2.8BLUMN FY2021: $3.6BLUMN FY2022: $1.7BLUMN FY2023: -$940MLUMN FY2024: $1.1BLUMN FY2025: $371MWBD FY2018: $2.4BWBD FY2019: $3.1BWBD FY2020: $2.3BWBD FY2021: $2.4BWBD FY2022: $3.3BWBD FY2023: $6.2BWBD FY2024: $4.4BWBD FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
LUMN $371MWBD $3.1B

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

Questions about Lumen Technologies and Warner Bros. Discovery

Which is bigger by revenue, Lumen Technologies or Warner Bros. Discovery?

Warner Bros. Discovery is bigger by revenue: $37.3B in fiscal 2025, against $12.4B for Lumen Technologies in fiscal 2025.

Which keeps more of its revenue as profit, Lumen Technologies or Warner Bros. Discovery?

Lumen Technologies had a net margin of -14.0% in fiscal 2025; Warner Bros. Discovery had 1.9% in fiscal 2025.

Which grew revenue faster, Lumen Technologies or Warner Bros. Discovery?

In their latest fiscal years revenue changed by -5.4% at Lumen Technologies 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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