WBD earnings analysis
What we found in WBD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Warner Bros. Discovery reported Q1 2026 results with revenues of $8.89 billion, slightly below consensus estimates, and an EPS of -$0.046. The company incurred significant costs, including a $2.8 billion termination fee related to a terminated merger with Netflix, contributing to a net loss of $2.91 billion, a substantial increase from the prior year's loss. Management did not provide any updates to their guidance, indicating on-going industry headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Slight miss
- Revenue for Q1 2026 was $8.89 billion, missing the consensus estimate of $8.90 billion.
- EPS Beats but Negative
- EPS for Q1 2026 was -$0.046, better than estimated -$0.10, showing a small positive surprise.
- Increased Costs from Termination Fee
- The company recorded a $2.8 billion Netflix termination fee, impacting overall loss.
- Streaming Segment Growth
- Revenues for the streaming segment increased by 9% to $2.89 billion.
- Significant Increase in Studios Revenue
- The Studios segment revenues surged by 35% to $3.13 billion from $2.31 billion year-over-year.
- Cash Position Relatively Stable
- As of March 31, 2026, cash and cash equivalents stood at $3.264 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Termination Fee
- A $2.8 billion termination fee from the Netflix deal significantly affected Q1 results.
- Significant Net Loss
- The net loss of $2.91 billion marks a 38% increase YoY, raising concerns about financial health.
- Weak Advertising Revenue
- Advertising revenue decreased by 8%, primarily due to absence of major events like the NBA.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.046
- Segment
- Streaming
- Segment
- Studios
- Segment
- Global Linear Networks
What they said about what is next.
No explicit guidance provided; management cited ongoing industry headwinds.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- Warner Bros. Discovery reported a mixed operating picture in its 2025 Form 10-K: strong streaming scale (131.6 million subscribers as of December 31, 2025, and +14.7 million subscribers in 2025) alongside uneven…
- 10-Q · August 7, 2025
- Warner Bros. Discovery reported Q2 revenue of $9,812 million (up $99 million vs Q2 2024) and delivered a material profit turnaround: diluted EPS of $0.63 versus $(4.07) in Q2 2024. Operating loss narrowed to $(185)…
- 10-Q · May 8, 2025
- Q1 2025 results show mixed performance: revenue declined to $8,979 million (down from $9,958 million in Q1 2024) while operating loss narrowed to $37 million (improved from an operating loss of $267 million in Q1 2024)…
- 10-Q · November 7, 2024
- Warner Bros. Discovery reported Q3 revenue of $9,623 million (down $356 million vs. $9,979 million a year ago) and delivered operating income of $281 million vs. $97 million in the prior-year quarter. Diluted EPS was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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