Warner Bros. Discovery, Inc. (WBD)
Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers streaming services, such as HBO Max and discovery+, and premium pay-TV services, including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment is involved in the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and its networks/streaming services. This segment also distributes films and television programs to various third-party and internal television, streaming services, and physical and digital home entertainment markets; related consumer products and themed experience licensing; and publishes, develops, licenses, and distributes content for the interactive space in platforms, including console, handheld, mobile, and PC-based gaming for both internal and third-party game titles. The Global Linear Networks segment provides general and lifestyle entertainment networks, news networks; and hosts international media networks and global sports networks. In addition, the company offers a portfolio of content and products for television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products under the Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and other brands. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.
- Symbol
- WBD
- Exchange
- Nasdaq
- Sector
- Communication Services
- Industry
- Entertainment
- Market cap
- $77.60B
- 52 week range
- 17.08 - 30.97
Valuation
- Share price
- $30.95 (close of 2026-10-01)
- P/E (TTM)
- -24.17x
- Price to book
- 2.28x
- Price to free cash flow
- 35.60x
- Enterprise value
- $106.25B
- Book value per share
- $13.55
Price performance
| Period | Change |
|---|---|
| 1 day | 0.00% |
| 5 days | +0.36% |
| 1 month | +9.29% |
| 3 months | +15.44% |
| 6 months | +12.59% |
| Year to date | +7.39% |
| 1 year | +59.95% |
| 3 years | +184.99% |
| 5 years | +20.24% |
| 10 years | +14.97% |
| All time | +336.53% |
Members of Congress who disclosed WBD trades
Gilbert Ray Cisneros · Julia Letlow · August Pfluger · Laurel Lee · Alan Armstrong · Jefferson Shreve
Super investors holding WBD
Ken Griffin (Citadel) · Dan Loeb (Third Point LLC) · David Einhorn (DME Capital Management) · Hillman Capital (Hillman Capital Management, Inc) · Prem Watsa (Fairfax Financial Holdings)
Profitability and growth
- Return on equity
- 1.96%
- Return on invested capital
- 0.57%
- Return on assets
- 0.73%
- Return on capital employed
- 0.84%
- Gross margin
- 27.23%
- Net margin
- 1.95%
- EBITDA margin
- 17.22%
- Revenue growth
- -5.15%
- Net income growth
- 106.43%
- Free cash flow growth
- -30.25%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 2.81%
- Current ratio
- 0.78x
- Net debt to EBITDA
- 2.11x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $37.30B
- Cost of revenue
- $27.14B
- Gross profit
- $10.16B
- EBITDA
- $6.42B
- Net income
- $727.00M
- Earnings per share
- $0.29
- Shares outstanding
- 2.48B
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $37.30B | $10.16B | $727.00M | $0.29 |
| 2024-12-31 | $39.32B | - | -$11.31B | $-4.62 |
| 2023-12-31 | $41.32B | $8.15B | -$3.13B | $-1.28 |
| 2022-12-31 | $33.82B | $2.31B | -$7.37B | $-3.82 |
| 2021-12-31 | $12.19B | $6.03B | $1.01B | $1.55 |
| 2020-12-31 | $10.67B | $5.24B | $1.22B | $1.82 |
| 2019-12-31 | $11.14B | $5.80B | $2.07B | $0.00 |
| 2018-12-31 | $10.55B | $6.62B | $594.00M | $0.00 |
| 2017-12-31 | $6.87B | $4.22B | -$337.00M | $0.00 |
| 2016-12-31 | $6.50B | $4.07B | $1.19B | $0.00 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 27.23% | 1.95% | 1.96% | 0.57% |
| 2024-12-31 | - | -28.77% | -32.48% | -14.53% |
| 2023-12-31 | 19.72% | -7.57% | -6.75% | -0.90% |
| 2022-12-31 | 6.82% | -21.80% | -15.25% | -6.10% |
| 2021-12-31 | 49.45% | 8.25% | 7.72% | 7.07% |
| 2020-12-31 | 49.08% | 11.42% | 10.16% | 8.07% |
| 2019-12-31 | 52.02% | 18.57% | 17.95% | 10.86% |
| 2018-12-31 | 62.71% | 5.63% | 5.88% | 5.75% |
| 2017-12-31 | 61.36% | -4.90% | -7.31% | 4.44% |
| 2016-12-31 | 62.57% | 18.38% | 23.11% | 12.55% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $4.57B | $32.57B |
| 2024-12-31 | $5.31B | $39.51B |
| 2023-12-31 | $3.78B | $43.67B |
| 2022-12-31 | $3.73B | $49.00B |
| 2021-12-31 | $3.90B | $14.76B |
| 2020-12-31 | $2.09B | $15.40B |
| 2019-12-31 | $1.55B | $15.42B |
| 2018-12-31 | $986.00M | $16.79B |
| 2017-12-31 | $7.31B | $14.79B |
| 2016-12-31 | $300.00M | $7.92B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $3.09B | $769.00M |
| 2024-12-31 | $4.43B | $557.00M |
| 2023-12-31 | $6.16B | $500.00M |
| 2022-12-31 | $3.32B | $412.00M |
| 2021-12-31 | $2.42B | $178.00M |
| 2020-12-31 | $2.34B | $110.00M |
| 2019-12-31 | $3.11B | $142.00M |
| 2018-12-31 | $2.43B | $80.00M |
| 2017-12-31 | $1.49B | $39.00M |
| 2016-12-31 | $1.29B | $69.00M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-05
- Consensus EPS estimate
- $0.02
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-08-06 | Jun/2026 | - |
| 2026-05-06 | - | - |
| 2026-02-26 | - | - |
| 2025-11-06 | - | - |
| 2025-08-07 | - | - |
| 2025-05-08 | - | - |
| 2025-02-27 | - | - |
| 2024-11-07 | - | - |
Filings and sources
- Company website
- wbd.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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