Warner Bros. Discovery Cash Flow 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
Net Income	727	-11,311	-3,126	-7,371	1,006
Depreciation & Amortization	5,684	7,037	7,985	7,193	1,582
Other Amortization	11,652	13,553	15,813	14,110	3,496
Asset Writedown & Restructuring Costs	375	10,161	403	2,975	-66
Loss (Gain) From Sale of Investments	-4	-227	-	-199	-19
Loss (Gain) on Equity Investments	75	167	157	211	63
Stock-Based Compensation	769	557	500	412	178
Other Operating Activities	-3,657	-2,436	-2,266	-2,045	-205
Change in Accounts Receivable	-336	1,012	312	181	47
Change in Accounts Payable	108	-529	-820	1,529	185
Change in Other Net Operating Assets	-11,074	-12,609	-11,481	-12,692	-3,469
Operating Cash Flow	4,319	5,375	7,477	4,304	2,798
Operating Cash Flow Growth	-19.65%	-28.11%	73.72%	53.82%	2.15%
Capital Expenditures	-1,231	-948	-1,316	-987	-373
Cash Acquisitions	-	-	-50	3,612	-2
Investment in Securities	-46	432	-112	138	312
Other Investing Activities	98	167	219	761	7
Investing Cash Flow	-1,179	-349	-1,259	3,524	-56
Short-Term Debt Issued	4,228	14,203	5,207	-	-
Long-Term Debt Issued	18,306	1,617	1,496	2,393	-
Total Debt Issued	22,534	15,820	6,703	2,393	-
Short-Term Debt Repaid	-4,228	-14,203	-5,214	-	-
Long-Term Debt Repaid	-22,866	-5,185	-6,992	-9,710	-574
Total Debt Repaid	-27,094	-19,388	-12,206	-9,710	-574
Net Debt Issued (Repaid)	-4,560	-3,568	-5,503	-7,317	-574
Other Financing Activities	320	-181	-334	-425	-279
Financing Cash Flow	-4,240	-3,749	-5,837	-7,742	-853
Foreign Exchange Rate Adjustments	254	-180	8	-61	-106
Net Cash Flow	-846	1,097	389	25	1,783
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 Margin	8.28%	11.26%	14.91%	9.81%	19.89%
Free Cash Flow Per Share	1.22	1.81	2.53	1.71	3.65
Cash Interest Paid	2,295	1,996	2,237	1,539	664
Cash Income Tax Paid	1,926	1,113	1,440	1,027	643
Levered Free Cash Flow	16,018	20,459	20,036	22,627	6,995
Unlevered Free Cash Flow	17,328	21,685	21,387	23,438	7,418
Change in Working Capital	-11,302	-12,126	-11,989	-10,982	-3,237

Source: S&P Global Market Intelligence. Standard template. Financial Sources.