Warner Bros. Discovery Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	37,296	39,321	41,321	33,817	12,191
Revenue Growth (YoY)	-5.15%	-4.84%	22.19%	177.39%	14.24%
Cost of Revenue	20,885	22,970	24,526	20,442	4,620
Gross Profit	16,411	16,351	16,795	13,375	7,571
Selling, General & Admin	9,418	9,296	9,696	9,678	4,016
Depreciation & Amortization Expenses	5,684	7,037	7,985	7,193	1,582
Other Operating Expenses	571	10,050	662	3,874	-39
Operating Income	738	-10,032	-1,548	-7,370	2,012
Interest Income	-24	-121	-82	-160	-18
Interest Expense	-2,085	-2,017	-2,221	-1,777	-633
Other Non-Operating Income (Expense)	3,010	782	-12	347	72
Total Non-Operating Income (Expense)	901	-1,356	-2,315	-1,590	-579
Pretax Income	1,639	-11,388	-3,863	-8,960	1,433
Provision for Income Taxes	890	94	-784	-1,663	236
Net Income	727	-11,311	-3,126	-7,371	1,006
Minority Interest in Earnings	22	-171	47	74	191
Net Income to Common	727	-11,311	-3,126	-7,371	1,006
Net Income Growth	-	-	-	-	-17.47%
Shares Outstanding (Basic)	2,475	2,450	2,436	1,940	588
Shares Outstanding (Diluted)	2,530	2,450	2,436	1,940	664
Shares Change (YoY)	3.26%	0.57%	25.57%	192.17%	-1.19%
EPS (Basic)	0.29	-4.62	-1.28	-3.82	1.55
EPS (Diluted)	0.29	-4.62	-1.28	-3.82	1.54
EPS Growth	-	-	-	-	-14.92%
Free Cash Flow	3,088	4,427	6,161	3,317	2,425
Free Cash Flow Growth	-30.25%	-28.14%	85.74%	36.78%	3.77%
Free Cash Flow Per Share	1.22	1.81	2.53	1.71	3.65
Gross Margin	44.00%	41.58%	40.65%	39.55%	62.10%
Operating Margin	1.98%	-25.51%	-3.75%	-21.79%	16.50%
Profit Margin	2.01%	-29.20%	-7.45%	-21.58%	9.82%
FCF Margin	8.28%	11.26%	14.91%	9.81%	19.89%
EBITDA	6,422	-2,995	6,437	-177	3,594
EBITDA Margin	17.22%	-7.62%	15.58%	-0.52%	29.48%
EBIT	738	-10,032	-1,548	-7,370	2,012
EBIT Margin	1.98%	-25.51%	-3.75%	-21.79%	16.50%
Effective Tax Rate	54.30%	-0.83%	20.30%	18.56%	16.47%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.