Warner Bros. Discovery, Inc. logo

Warner Bros. Discovery, Inc.

WBD

NASDAQCommunication ServicesEntertainment

Previous close

$28.55

+$0.32 · +1.13%

Aug 21, 4:00 PM ET

Pre-market

$28.48

−$0.07 · -0.25%

Aug 24, 4:55 AM ET

WBD company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

69

Undervalued

Momentum

46

Neutral

Sentiment

62

Bullish

Risk resilience

75

Moderate Risk

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Company profile

Company website

Warner Bros. Discovery, Inc. operates as a prominent global media and entertainment conglomerate. Its operations are structured across three key divisions: Studios, Network, and Direct-to-Consumer (DTC). The Studios segment is responsible for the creation and theatrical release of feature films. It also develops and licenses television programming, serving both its internal network infrastructure and external partners, including direct-to-consumer platforms. Further, this segment manages the distribution of its film and television catalog to various third-party outlets and its proprietary television channels. Additionally, it encompasses streaming services, home entertainment distribution, licensing for themed attractions, and the creation of interactive games. The Network division oversees a comprehensive portfolio of television channels, both domestically and internationally. Its Direct-to-Consumer (DTC) segment focuses on delivering premium subscription television and streaming content directly to consumers. Beyond its operational structure, Warner Bros. Discovery commands an extensive intellectual property portfolio. This encompasses a vast array of iconic content, brands, and franchises spanning television, film, streaming, and gaming. Noteworthy examples include properties from the Warner Bros. Motion Picture Group and Television Group, DC, HBO, Max, Discovery Channel, CNN, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, Warner Bros. Games, as well as beloved sagas like Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings. The company distributes its content through a multitude of channels, ranging from traditional linear, free-to-air, and broadcast television to authenticated digital applications, various digital distribution partnerships, content licensing agreements, and proprietary direct-to-consumer subscription offerings. Established in 2008, Warner Bros. Discovery, Inc. maintains its corporate headquarters in New York City.

Industry
Entertainment
Sector
Communication Services
Headquarters
US
CEO
David Zaslav
Listed since
Jul 8, 2005
Employees
35,500

Market position

Day range

Current $28.55

52-week range

Current $28.55

Open
$28.37
Previous close
$28.23
Volume
15.12M
0.72× average
Average volume
21.03M
Average daily volume
Market cap
71.58B USD
Beta
1.57
Market reference 1
50-day average
$26.7358
+6.79% above average
200-day average
$26.9974
+5.75% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
99.33B USD
P/E (TTM)
-22.48×
P/B (TTM)
2.18×
P/S (TTM)
1.98×
EV / EBITDA
10.55×
Earnings yield
1.02%
Free cash flow yield
4.33%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
43.43%
Operating margin
5.35%
Net margin
-8.77%
Return on equity
2.02%
Return on assets
0.73%
Return on invested capital
0.68%

Financial health

Debt / equity
0.98×
Current ratio
1.06×
Altman Z-score
0.75
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends71%35%-2%-38%Gross margin, FY2021: 62.10%Gross margin, FY2022: 39.55%Gross margin, FY2023: 40.65%Gross margin, FY2024: 41.58%Gross margin, FY2025: 28.18%Operating margin, FY2021: 16.50%Operating margin, FY2022: -21.79%Operating margin, FY2023: -3.75%Operating margin, FY2024: -25.51%Operating margin, FY2025: 3.51%Net margin, FY2021: 8.25%Net margin, FY2022: -21.80%Net margin, FY2023: -7.57%Net margin, FY2024: -28.77%Net margin, FY2025: 1.95%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 62.10%. Gross margin FY2022 39.55%. Gross margin FY2023 40.65%. Gross margin FY2024 41.58%. Gross margin FY2025 28.18%. Operating margin FY2021 16.50%. Operating margin FY2022 -21.79%. Operating margin FY2023 -3.75%. Operating margin FY2024 -25.51%. Operating margin FY2025 3.51%. Net margin FY2021 8.25%. Net margin FY2022 -21.80%. Net margin FY2023 -7.57%. Net margin FY2024 -28.77%. Net margin FY2025 1.95%.

Income trends

Revenue

37.3B USD-5.15%

Operating income

1.31B USD+11.34B USD

Net income

727M USD+12.04B USD
Income trends across reported periods46.58B USD25.53B USD4.48B USD−16.57B USDRevenue, FY2021: 12.19B USDRevenue, FY2022: 33.82B USDRevenue, FY2023: 41.32B USDRevenue, FY2024: 39.32B USDRevenue, FY2025: 37.3B USDOperating income, FY2021: 2.01B USDOperating income, FY2022: −7.37B USDOperating income, FY2023: −1.55B USDOperating income, FY2024: −10.03B USDOperating income, FY2025: 1.31B USDNet income, FY2021: 1.01B USDNet income, FY2022: −7.37B USDNet income, FY2023: −3.13B USDNet income, FY2024: −11.31B USDNet income, FY2025: 727M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 12.19B USD. Revenue FY2022 33.82B USD. Revenue FY2023 41.32B USD. Revenue FY2024 39.32B USD. Revenue FY2025 37.3B USD. Operating income FY2021 2.01B USD. Operating income FY2022 −7.37B USD. Operating income FY2023 −1.55B USD. Operating income FY2024 −10.03B USD. Operating income FY2025 1.31B USD. Net income FY2021 1.01B USD. Net income FY2022 −7.37B USD. Net income FY2023 −3.13B USD. Net income FY2024 −11.31B USD. Net income FY2025 727M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue37.3B USD39.32B USD41.32B USD33.82B USD12.19B USD
Cost of goods sold26.79B USD22.97B USD24.53B USD20.44B USD4.62B USD
Gross profit10.51B USD16.35B USD16.8B USD13.38B USD7.57B USD
Selling, general, and administrative9.42B USD9.3B USD9.7B USD9.68B USD4.02B USD
Operating expenses9.2B USD26.38B USD18.34B USD20.75B USD5.56B USD
Interest income206M USD210M USD179M USD67M USD18M USD
Interest expense2.09B USD2.02B USD2.22B USD1.78B USD633M USD
Depreciation and amortization5.68B USD20.98B USD24.01B USD21.35B USD5.08B USD
Operating income1.31B USD−10.03B USD−1.55B USD−7.37B USD2.01B USD
Net income727M USD−11.31B USD−3.13B USD−7.37B USD1.01B USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
36%
4 beats, 7 misses, 0 met estimates
Average EPS surprise
-251.67%
11 comparable reports
Latest EPS result
0.06
Estimate -0.14 · Beat by 142.72%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.770.08-0.62-1.31Q1 '25MissQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual -0.2, estimate -0.026, surprise -658.44%, Miss. Q2 2025, reported May 8, 2025: actual -0.18, estimate -0.173, surprise -3.75%, Miss. Q3 2025, reported Aug 7, 2025: actual 0.63, estimate -0.24, surprise +362.78%, Beat. Q4 2025, reported Nov 6, 2025: actual -0.06, estimate -0.068, surprise +11.58%, Beat. Q1 2026, reported Feb 26, 2026: actual -0.1, estimate -0.032, surprise -209.79%, Miss. Q2 2026, reported May 6, 2026: actual -1.17, estimate -0.109, surprise -975.37%, Miss. Q3 2026, reported Aug 6, 2026: actual 0.06, estimate -0.14, surprise +142.72%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 0.02, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates10.59B9.83B9.07B8.31BQ1 '25MissQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual 10.03B USD, estimate 10.18B USD, surprise -1.49%, Miss. Q2 2025, reported May 8, 2025: actual 8.98B USD, estimate 9.59B USD, surprise -6.38%, Miss. Q3 2025, reported Aug 7, 2025: actual 9.81B USD, estimate 9.77B USD, surprise +0.39%, Beat. Q4 2025, reported Nov 6, 2025: actual 9.05B USD, estimate 9.18B USD, surprise -1.43%, Miss. Q1 2026, reported Feb 26, 2026: actual 9.46B USD, estimate 9.35B USD, surprise +1.17%, Beat. Q2 2026, reported May 6, 2026: actual 8.89B USD, estimate 8.89B USD, surprise +0.05%, Beat. Q3 2026, reported Aug 6, 2026: actual 8.72B USD, estimate 9.25B USD, surprise -5.78%, Miss. Q4 2026, reported Nov 5, 2026: actual —, estimate 8.76B USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$31.00

8.58% upside
Past 12 months12-month forecastHigh $31.00Average $31.00Low $31.00

Rating distribution

32 ratings
Strong buy00%
Buy1238%
Hold1959%
Sell13%
Strong sell00%

Recent analyst actions

12 institutions

WBD news

Corporate actions

Corporate action history

Stock split

Effective Aug 7, 2014

1,957:1,000

Stock split

Effective Sep 18, 2008

1:2

WBD peers

ETFs holding WBD

Funds reporting this stock among their holdings, ordered by reported position size.

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