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…
Earnings analysis · 10-Q
WBD earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.046
- Segment
- Streaming
- Segment
- Studios
- Segment
- Global Linear Networks
What stood out
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Revenue Slight miss
Revenue for Q1 2026 was $8.89 billion, missing the consensus estimate of $8.90 billion.
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EPS Beats but Negative
EPS for Q1 2026 was -$0.046, better than estimated -$0.10, showing a small positive surprise.
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Increased Costs from Termination Fee
The company recorded a $2.8 billion Netflix termination fee, impacting overall loss.
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Streaming Segment Growth
Revenues for the streaming segment increased by 9% to $2.89 billion.
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Significant Increase in Studios Revenue
The Studios segment revenues surged by 35% to $3.13 billion from $2.31 billion year-over-year.
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Cash Position Relatively Stable
As of March 31, 2026, cash and cash equivalents stood at $3.264 billion.
What to watch
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High Termination Fee
A $2.8 billion termination fee from the Netflix deal significantly affected Q1 results.
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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.
Management's outlook
No explicit guidance provided; management cited ongoing industry headwinds.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.