Jun 2026 (Q2 FY26) — Aug 6, 2026
Warner Bros. Discovery Q2 FY26 — Streaming Profitability Surges Amidst Content Strength
Read the full callWarner Bros. Discovery (WBD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Warner Bros. Discovery earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,717 | −11.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 2.7 | +4.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 149 | −90.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 8 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 2026 subscriber-related revenue growth | picks up real pace versus Q1 | Mar 2026 | subscriber-related revenue growth accelerated 200 basis points sequentially to 10% ex-FX | Achieved |
| International advertising revenue in 2026 | flat to slightly up | Dec 2025 | The picture is slightly different internationally, where Q2 was worse than Q1. | At Risk |
| Direct-to-consumer adjusted EBITDA margin | 20% | Dec 2024 | a nearly 17% adjusted EBITDA margin | On Track |
1 of Warner Bros. Discovery, Inc.'s 30 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Streaming segment delivered over $3 billion in revenues for the first time ever.
- Streaming generated $512 million in adjusted EBITDA, a more than 60% improvement over Q2 2025, with a nearly 17% adjusted EBITDA margin.
- HBO Max garnered 122 Emmy nominations, leading the industry.
- CNN linear viewership increased 24% over the previous year, and minutes spent across all CNN platforms increased 19%.
- Discovery Shark Week saw its highest year-over-year growth in more than a decade.
Qualified
- Linear advertising was down nearly 30% in Q2, impacted by the NBA and underlying market weakness.
- The Studio film business underperformed expectations in Q2 and is 'a little lighter' this year compared to an outstanding Q2 2025.
- International linear advertising was worse in Q2 than Q1, with a mixed picture into Q3 due to consumer weakness and geopolitical environment.
Price
$30.95 +0.03% · +$0.01
Performance +63.0% 1Y
1Y: $18.99 on 3 Oct 2025 → $30.95. High $30.95 (30 Sept 2026), low $17.1 (10 Oct 2025).
- Previous close
- $30.94
- 52-week range
- $17.1 – $30.95
- One year
- +62.21%
Overview
- Symbol
- WBD
- Sector
- Communication Services
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 8 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 2026 subscriber-related revenue growth | picks up real pace versus Q1 | Mar 2026 | subscriber-related revenue growth accelerated 200 basis points sequentially to 10% ex-FX | Achieved |
| International advertising revenue in 2026 | flat to slightly up | Dec 2025 | The picture is slightly different internationally, where Q2 was worse than Q1. | At Risk |
| Direct-to-consumer adjusted EBITDA margin | 20% | Dec 2024 | a nearly 17% adjusted EBITDA margin | On Track |
Claimed
- Streaming segment delivered over $3 billion in revenues for the first time ever.
- Streaming generated $512 million in adjusted EBITDA, a more than 60% improvement over Q2 2025, with a nearly 17% adjusted EBITDA margin.
- HBO Max garnered 122 Emmy nominations, leading the industry.
- CNN linear viewership increased 24% over the previous year, and minutes spent across all CNN platforms increased 19%.
- Discovery Shark Week saw its highest year-over-year growth in more than a decade.
Qualified
- Linear advertising was down nearly 30% in Q2, impacted by the NBA and underlying market weakness.
- The Studio film business underperformed expectations in Q2 and is 'a little lighter' this year compared to an outstanding Q2 2025.
- International linear advertising was worse in Q2 than Q1, with a mixed picture into Q3 due to consumer weakness and geopolitical environment.
The full ledger
Open Warner Bros. Discovery, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Warner Bros. Discovery Q1 FY26 — HBO Max Exceeds Subscriber Targets and Studios Achieve Oscar Success
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Warner Bros. Discovery Q4 FY25 — Strong Creative Performance and Streaming Growth
Read the full callEvery analysed call
Warner Bros. Discovery earnings calls (WBD)
Financials
What the filings say
Net profit, year on year: −91% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,623 | 10,027 | 8,979 | 9,812 | 9,045 | 9,460 | 8,893 | 8,717 |
| Expenses | 9,342 | 9,865 | 9,016 | 9,997 | 8,434 | 9,111 | 11,362 | 8,480 |
| Operating profit | 281 | 162 | -37 | -185 | 611 | 349 | -2,469 | 237 |
| Operating margin | 2.9% | 1.6% | −0.4% | −1.9% | 6.8% | 3.7% | −27.8% | 2.7% |
| Interest | 494 | 490 | 468 | 463 | 570 | 584 | 581 | 511 |
| Profit before tax | -178 | -356 | -434 | 2,454 | 27 | -408 | -3,120 | -271 |
| Tax rate | 179.2% | −79.8% | −3.5% | 35.3% | 629.6% | 39.5% | 6.9% | 159.8% |
| Net profit | 135 | -494 | -453 | 1,580 | -148 | -252 | -2,916 | 149 |
| EPS ($ per share) | 0.06 | — | -0.18 | 0.64 | -0.06 | — | -1.17 | 0.06 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | — | — | 27 | 27 | 27 | 27 |
| Reserves | 5,254 | 7,333 | 8,543 | 9,580 | 2,205 | -928 | -12,239 | -11,512 |
| Total liabilities | 22,033 | 21,769 | 21,704 | 21,031 | 85,334 | 76,285 | 69,622 | 62,919 |
| Fixed assets | 800 | 951 | 1,206 | 1,336 | 5,301 | 5,957 | 6,087 | 6,685 |
| Total assets | 32,550 | 33,735 | 34,087 | 34,427 | 134,001 | 122,757 | 104,560 | 100,085 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,576 | 3,399 | 2,739 | 2,798 | 4,304 | 7,477 | 5,375 | 4,319 |
| Cash from investing | -8,593 | -438 | -703 | -56 | 3,524 | -1,259 | -349 | -1,179 |
| Cash from financing | -283 | -2,357 | -1,549 | -853 | -7,742 | -5,837 | -3,749 | -4,240 |
| Net cash flow | -6,323 | 566 | 570 | 1,783 | 25 | 389 | 1,097 | -846 |
| Capital expenditure | -147 | -289 | -402 | -373 | -987 | -1,316 | -948 | -1,231 |
| Free cash flow | 2,429 | 3,110 | 2,337 | 2,425 | 3,317 | 6,161 | 4,427 | 3,088 |
WBD revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Global Linear Networks | — | — | — | 49% | 43% | 44% | 49% | 46% | -16.9% |
| Streaming | — | — | — | — | — | 30% | 32% | 35% | — |
| Studios | — | 36% | — | 39% | 37% | 34% | 35% | 27% | -38.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WBD operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Change vs prior quarter |
|---|---|---|---|
| Paid subscriber net additions Direct-to-Consumer | ~6.5MWe 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.
Insider filings
192 filings between Oct 31, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$406.70M
56 sales by 13 insiders
32% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 46
- Award — granted as compensation
- 17
- Option exercise — converted options into shares
- 23
- Tax withheld — shares kept back by the company to cover tax
Also filed: 47 dispositions to the issuer, 2 I filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Zaslav David | — | $199.75M | Aug 14, 2026 |
| Campbell Bruce | — | $46.96M | Mar 9, 2026 |
| Wiedenfels Gunnar | — | $40.11M | Mar 4, 2026 |
| Zeiler Gerhard | — | $32.80M | Aug 10, 2026 |
| Perrette Jean-Briac | — | $21.74M | Aug 27, 2026 |
| GOULD PAUL A | — | $16.41M | Mar 16, 2026 |
| LOWE KENNETH W | — | $14.55M | Sep 10, 2026 |
| LEVY ANTON J | — | $9.65M | Sep 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | Wiedenfels Gunnar Chief Financial Officer | Disposition to issuer | 421,941 | $13.09M |
| Oct 6, 2026 | Perrette Jean-Briac Pres.&CEO, Global Streaming | Disposition to issuer | 432,477 | $13.41M |
| Oct 6, 2026 | Locke Lori C. Chief Accounting Officer | Disposition to issuer | 86,906 | $2.70M |
| Oct 6, 2026 | Zeiler Gerhard President, International | Award | 2,236,849 | $0 |
| Oct 6, 2026 | Zaslav David Chief Executive Officer & Pres | Disposition to issuer | 1,570,772 | $48.72M |
| Oct 6, 2026 | Girdwood Amy Chief People & Culture Officer | Disposition to issuer | 539,374 | $16.73M |
| Oct 6, 2026 | Aiyar Priya Chief Legal Officer | Award | 948,656 | $0 |
| Oct 6, 2026 | Zeiler Gerhard President, International | Disposition to issuer | 2,236,849 | $69.38M |
| Oct 6, 2026 | Wiedenfels Gunnar Chief Financial Officer | Award | 2,982,465 | $0 |
| Oct 6, 2026 | Zeiler Gerhard President, International | Disposition to issuer | 103,922 | $3.22M |
| Oct 6, 2026 | Wiedenfels Gunnar Chief Financial Officer | Disposition to issuer | 41,784 | $1.30M |
| Oct 6, 2026 | Zaslav David Chief Executive Officer & Pres | Disposition to issuer | 1,500,000 | $46.53M |
| Oct 6, 2026 | Zaslav David Chief Executive Officer & Pres | Disposition to issuer | 3,737,162 | $115.91M |
| Oct 6, 2026 | Girdwood Amy Chief People & Culture Officer | Award | 195,494 | $0 |
| Oct 6, 2026 | Wiedenfels Gunnar Chief Financial Officer | Disposition to issuer | 14,140 | $438.6K |
| Oct 6, 2026 | Aiyar Priya Chief Legal Officer | Disposition to issuer | 897,844 | $27.85M |
| Oct 6, 2026 | Aiyar Priya Chief Legal Officer | Disposition to issuer | 948,656 | $29.42M |
| Oct 6, 2026 | Girdwood Amy Chief People & Culture Officer | Disposition to issuer | 195,494 | $6.06M |
| Oct 6, 2026 | Campbell Bruce Chief Rev & Strategy Officer | Disposition to issuer | 147 | $4.6K |
| Oct 6, 2026 | Perrette Jean-Briac Pres.&CEO, Global Streaming | Disposition to issuer | 387,007 | $12.00M |
| Oct 6, 2026 | Wiedenfels Gunnar Chief Financial Officer | Disposition to issuer | 227,532 | $7.06M |
| Oct 6, 2026 | Perrette Jean-Briac Pres.&CEO, Global Streaming | Disposition to issuer | 227,532 | $7.06M |
| Oct 6, 2026 | Locke Lori C. Chief Accounting Officer | Award | 61,093 | $0 |
| Oct 6, 2026 | Locke Lori C. Chief Accounting Officer | Disposition to issuer | 61,093 | $1.89M |
| Oct 6, 2026 | Campbell Bruce Chief Rev & Strategy Officer | Disposition to issuer | 3,264,855 | $101.27M |
| Oct 6, 2026 | Perrette Jean-Briac Pres.&CEO, Global Streaming | Disposition to issuer | 3,264,855 | $101.27M |
| Oct 6, 2026 | Campbell Bruce Chief Rev & Strategy Officer | Award | 3,264,855 | $0 |
| Oct 6, 2026 | Zeiler Gerhard President, International | Disposition to issuer | 170,650 | $5.29M |
| Oct 6, 2026 | Campbell Bruce Chief Rev & Strategy Officer | Disposition to issuer | 227,532 | $7.06M |
| Oct 6, 2026 | Zaslav David Chief Executive Officer & Pres | Award | 425,986 | $0 |
| Oct 6, 2026 | Campbell Bruce Chief Rev & Strategy Officer | Disposition to issuer | 376,987 | $11.69M |
| Oct 6, 2026 | Zeiler Gerhard President, International | Disposition to issuer | 262,864 | $8.15M |
| Oct 6, 2026 | Zaslav David Chief Executive Officer & Pres | Disposition to issuer | 425,986 | $13.21M |
| Oct 6, 2026 | Wiedenfels Gunnar Chief Financial Officer | Disposition to issuer | 2,982,465 | $92.51M |
| Oct 6, 2026 | Perrette Jean-Briac Pres.&CEO, Global Streaming | Award | 3,264,855 | $0 |
| Oct 6, 2026 | LEVY ANTON J Director | Disposition to issuer | 585,000 | $18.14M |
| Oct 6, 2026 | LEE DEBRA L Director | Disposition to issuer | 26,700 | $828.1K |
| Oct 6, 2026 | Price Paula A Director | Disposition to issuer | 59,151 | $1.83M |
| Oct 6, 2026 | LEE DEBRA L Director | Disposition to issuer | 16,106 | $499.6K |
| Oct 6, 2026 | FISHER RICHARD W Director | Disposition to issuer | 27,673 | $858.3K |
| Oct 6, 2026 | FISHER RICHARD W Director | Disposition to issuer | 16,106 | $499.6K |
| Oct 6, 2026 | LEVIN JOSEPH Director | Disposition to issuer | 10,537 | $326.8K |
| Oct 6, 2026 | Di Piazza Samuel A Jr. Director | Disposition to issuer | 38,443 | $1.19M |
| Oct 6, 2026 | Di Piazza Samuel A Jr. Director | Disposition to issuer | 3,443 | $107.0K |
| Oct 6, 2026 | Di Piazza Samuel A Jr. Director | Disposition to issuer | 59,151 | $1.84M |
| Oct 6, 2026 | Merchant Fazal F Director | Disposition to issuer | 24,000 | $744.4K |
| Oct 6, 2026 | LOWE KENNETH W Director | Disposition to issuer | 581,041 | $18.02M |
| Oct 6, 2026 | LOWE KENNETH W Director | Disposition to issuer | 793 | $24.6K |
| Oct 6, 2026 | Sanchez Daniel E. Director | Disposition to issuer | 44,054 | $1.37M |
| Oct 6, 2026 | YANG GEOFFREY Y Director | Disposition to issuer | 77,946 | $2.42M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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