Warner Bros. Discovery, Inc. (WBD)

Revenue Breakdown

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Distribution Revenue	19.28B	19.26B	19.70B
Distribution Revenue Growth	0.10%	-2.23%	-2.65%
Advertising Revenue	7.17B	7.31B	8.09B
Advertising Revenue Growth	-1.82%	-9.69%	-7.01%
Content Revenue	9.67B	9.65B	10.30B
Content Revenue Growth	0.22%	-6.31%	-8.09%
Other Sources Revenue	1.09B	1.08B	1.23B
Other Sources Revenue Growth	0.56%	-12.33%	4.40%
Revenue (Total)	37.21B	37.30B	39.32B
Revenue (Total) Growth	-0.23%	-5.15%	-4.84%

Revenue Breakdown 2

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Streaming Revenue	11.11B	10.88B	10.31B
Streaming Revenue Growth	2.12%	5.46%	1.57%
Studios Revenue	13.43B	12.62B	11.61B
Studios Revenue Growth	6.43%	8.72%	-4.80%
Global Linear Networks Revenue	17.26B	17.66B	20.18B
Global Linear Networks Revenue Growth	-2.25%	-12.49%	-5.03%
Eliminations from Revenue	-4.59B	-3.86B	-2.77B
Revenue (Total)	37.21B	37.30B	39.32B
Revenue (Total) Growth	-0.23%	-5.15%	-4.84%

Adjusted EBITDA

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Streaming Adjusted EBITDA	1.47B	1.37B	677.00M
Streaming Adjusted EBITDA Growth	7.23%	102.36%	557.28%
Studios Adjusted EBITDA	3.06B	2.55B	1.65B
Studios Adjusted EBITDA Growth	20.28%	54.06%	-24.32%
Global Linear Networks Adjusted EBITDA	6.25B	6.41B	8.15B
Global Linear Networks Adjusted EBITDA Growth	-2.48%	-21.32%	-10.08%
Corporate Adjusted EBITDA	-1.13B	-1.10B	-1.26B
Eliminations from Adjusted EBITDA	-809.00M	-487.00M	-186.00M
Operating Income (Total)	-1.69B	738.00M	-10.03B

Key Performance Indicators

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Domestic Subscribers	-	59.20M	57.10M
Domestic Subscribers Growth	-	3.68%	9.81%
International Subscribers	-	72.40M	59.80M
International Subscribers Growth	-	21.07%	31.14%
Global Streaming Subscribers	150.00M	131.60M	116.90M
Global Streaming Subscribers Growth	13.98%	12.57%	19.65%
Domestic ARPU	-	10.79	11.89
Domestic ARPU Growth	-	-9.25%	6.16%
International ARPU	-	3.80	3.85
International ARPU Growth	-	-1.30%	-
Global ARPU	-	6.92	7.76
Global ARPU Growth	-	-10.82%	-0.26%

Updated May 6, 2026. Data Source: Fiscal.ai.