Warner Bros. Discovery (WBD) Q2 FY25 earnings call

Earnings call· Jun 2025 (Q2 FY25)· Communication Services· Aug 7, 2025

Source: earnings call transcript

Warner Bros. Discovery reported a strong Q2 FY25, driven by significant subscriber growth for HBO Max and robust performance from its Studios business. The company is on track to meet its adjusted EBITDA targets for both segments and has substantially delevered its balance sheet, positioning itself for the planned separation into two independent entities in 2026. Management emphasized content quality, strategic IP monetization, and global expansion as key drivers, while acknowledging near-term revenue dampening from a distribution deal restructuring.

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WBD operating KPIs by quarter

WBD operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Change vs prior quarter
Paid subscriber net additions Direct-to-Consumer	~6.5M We added about 6.5 million subscribers in the fourth quarter and nearly 20 million subscribers in less than a year. Source: earnings call transcript	5M+ And in the first quarter, we gained over 5 million subscribers and delivered $339 million in EBITDA. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.