Warner Bros. Discovery, Inc. (WBD)

Warner Bros. Discovery Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Revenue	26,568	27,791	28,937	24,666	11,396
Other Revenue	10,728	11,530	12,384	9,151	795
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	20,682	22,577	24,315	20,391	4,615
Gross Profit	16,614	16,744	17,006	13,426	7,576
Selling, General & Admin	9,252	9,197	9,597	8,483	3,921
Operating Expenses	14,936	16,234	17,582	15,676	5,503
Operating Income	1,678	510	-576	-2,250	2,073
Interest Expense	-2,096	-1,961	-2,162	-1,298	-677
Interest & Investment Income	206	210	179	67	18
Earnings From Equity Investments	-24	-121	-82	-160	-18
Currency Exchange Gain (Loss)	43	-345	-141	-154	104
Other Non Operating Income (Expenses)	-179	110	-27	7	4
EBT Excluding Unusual Items	-372	-1,597	-2,809	-3,788	1,504
Merger & Restructuring Charges	-565	-609	-747	-4,952	-127
Impairment of Goodwill	-	-9,100	-	-	-
Gain (Loss) on Sale of Investments	6	182	-36	-52	-
Gain (Loss) on Sale of Assets	-	-	-	-	71
Asset Writedown	-375	-896	-288	-168	-5
Other Unusual Items	2,945	632	17	-	-10
Pretax Income	1,639	-11,388	-3,863	-8,960	1,433
Income Tax Expense	890	94	-784	-1,663	236
Earnings From Continuing Operations	749	-11,482	-3,079	-7,297	1,197
Minority Interest in Earnings	-22	171	-47	-74	-191
Net Income	727	-11,311	-3,126	-7,371	1,006
Preferred Dividends & Other Adjustments	-1	3	-	49	94
Net Income to Common	728	-11,314	-3,126	-7,420	912
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	-	-	-	-	-15.15%
Free Cash Flow	3,088	4,427	6,161	3,317	2,425
Free Cash Flow Per Share	1.22	1.81	2.53	1.71	3.65
Gross Margin	44.55%	42.58%	41.16%	39.70%	62.14%
Operating Margin	4.50%	1.30%	-1.39%	-6.65%	17.00%
Profit Margin	1.95%	-28.77%	-7.56%	-21.94%	7.48%
Free Cash Flow Margin	8.28%	11.26%	14.91%	9.81%	19.89%
EBITDA	7,565	7,940	7,620	4,943	3,655
EBITDA Margin	20.28%	20.19%	18.44%	14.62%	29.98%
D&A For EBITDA	5,887	7,430	8,196	7,193	1,582
EBIT	1,678	510	-576	-2,250	2,073
EBIT Margin	4.50%	1.30%	-1.39%	-6.65%	17.00%
Effective Tax Rate	54.30%	-	-	-	16.47%
Revenue as Reported	37,296	39,321	41,321	33,817	12,191
Advertising Expenses	2,104	2,152	2,428	2,519	1,247

Updated Feb 26, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q