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WBD (Warner Bros. Discovery, Inc.) Stock Financials & Earnings | Market Cap Arena
WBD
Warner Bros. Discovery, Inc.
Mkt Cap
$69B
Communication Services
·
Entertainment
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$37.3B
Net Income (TTM)
$727M
EPS (TTM)
$0.29
Free Cash Flow (TTM)
$3.2B
Gross Margin
44.0%
Op. Margin
2.0%
Net Margin
1.9%
FCF Margin
8.5%
P/S Ratio (TTM)
1.9x
P/E Ratio (TTM)
95.2x
YoY Rev Growth
-5.1%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$10.7B
$4.0B
-$557M
Q2 23
$10.4B
$3.7B
-$906M
Q3 23
$10.0B
$4.7B
$97M
Q4 23
$10.3B
$4.4B
-$182M
Q1 24
$10.0B
$3.9B
-$267M
Q2 24
$9.7B
$3.5B
-$10.2B
Q3 24
$9.6B
$4.4B
$281M
Q4 24
$10.0B
$4.5B
$162M
Q1 25
$9.0B
$3.8B
-$37M
Q2 25
$9.8B
$3.8B
-$185M
Q3 25
$9.0B
$4.5B
$611M
Q4 25
$9.5B
$4.2B
$349M
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
1.7x
—
Q2 23
1.7x
—
Q3 23
1.6x
—
Q4 23
1.7x
—
Q1 24
1.7x
—
Q2 24
1.7x
—
Q3 24
1.7x
—
Q4 24
1.8x
—
Q1 25
1.8x
—
Q2 25
1.8x
90.1x
Q3 25
1.8x
142.6x
Q4 25
1.9x
95.2x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
-$631M
-$930M
Q2 23
$2.0B
$1.7B
Q3 23
$2.5B
$2.1B
Q4 23
$3.6B
$3.3B
Q1 24
$585M
$390M
Q2 24
$1.2B
$976M
Q3 24
$847M
$632M
Q4 24
$2.7B
$2.4B
Q1 25
$553M
$302M
Q2 25
$983M
$702M
Q3 25
$979M
$701M
Q4 25
$2.0B
$1.4B
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$299M
Q2 23
$292M
Q3 23
$457M
Q4 23
$268M
Q1 24
$195M
Q2 24
$252M
Q3 24
$215M
Q4 24
$286M
Q1 25
$251M
Q2 25
$281M
Q3 25
$278M
Q4 25
$587M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+238.7%
+301.2%
Q2 23
+5.4%
-16.4%
Q3 23
+1.6%
-17.7%
Q4 23
-6.6%
-18.9%
Q1 24
-6.9%
-9.2%
Q2 24
-6.2%
+76.9%
Q3 24
-3.6%
-5.5%
Q4 24
-2.5%
-5.7%
Q1 25
-9.8%
-11.8%
Q2 25
+1.0%
-49.8%
Q3 25
-6.0%
-9.7%
Q4 25
-5.7%
-7.6%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$111M
1.0%
Q2 23
$137M
1.3%
Q3 23
$143M
1.4%
Q4 23
$109M
1.1%
Q1 24
$101M
1.0%
Q2 24
$159M
1.6%
Q3 24
$159M
1.7%
Q4 24
$138M
1.4%
Q1 25
$123M
1.4%
Q2 25
$175M
1.8%
Q3 25
$242M
2.7%
Q4 25
$352M
3.7%
marketcaparena.com
OpEx Breakdown
S&M
SG&A
Quarter
S&M
SG&A
Q1 23
—
$2.4B
Q2 23
—
$2.6B
Q3 23
—
$2.3B
Q4 23
—
$2.5B
Q1 24
—
$2.2B
Q2 24
—
$2.5B
Q3 24
—
$2.4B
Q4 24
—
$2.2B
Q1 25
—
$2.2B
Q2 25
—
$2.5B
Q3 25
—
$2.4B
Q4 25
$1.7B
—
marketcaparena.com
Revenue Segments
Advertising
Content Licensing Contracts
Distribution Revenue
Service, Other
Quarter
Advertising
Content Licensing Contracts
Distribution Revenue
Service, Other
Q1 23
$2.3B
$3.0B
$5.2B
$285M
Q2 23
$2.5B
$2.4B
$5.1B
$258M
Q3 23
$1.8B
$2.8B
$5.0B
$317M
Q4 23
$2.1B
$3.0B
$4.9B
$321M
Q1 24
$2.1B
$2.6B
$5.0B
$267M
Q2 24
$2.4B
$2.1B
$4.9B
$295M
Q3 24
$1.7B
$2.7B
$4.9B
$300M
Q4 24
$1.8B
$2.9B
$4.9B
$371M
Q1 25
$2.0B
$1.9B
$4.9B
$247M
Q2 25
$2.2B
$2.5B
$4.9B
$240M
Q3 25
$1.4B
$2.6B
$4.7B
$287M
marketcaparena.com
Revenue by Geography
Quarter
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$2.6B
$0
$2.6B
Q2 23
$3.0B
$0
$3.0B
Q3 23
$2.4B
$0
$2.4B
Q4 23
$3.8B
$0
$3.8B
Q1 24
$3.0B
$0
$3.0B
Q2 24
$3.6B
$0
$3.6B
Q3 24
$3.3B
$0
$3.3B
Q4 24
$5.3B
$0
$5.3B
Q1 25
$3.9B
$0
$3.9B
Q2 25
$4.9B
$29M
$4.9B
Q3 25
$4.0B
$348M
$4.3B
Q4 25
$4.6B
$0
$4.6B
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
2.43B
+0.1%
Q2 23
2.44B
+0.2%
Q3 23
2.44B
+0.0%
Q4 23
2.44B
-0.1%
Q1 24
2.44B
+0.3%
Q2 24
2.45B
+0.3%
Q3 24
2.47B
+0.8%
Q4 24
2.45B
-0.6%
Q1 25
2.46B
+0.3%
Q2 25
2.50B
+1.5%
Q3 25
2.48B
-0.8%
Q4 25
2.53B
+2.1%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$921K
7K
FY 15
$913K
7K
FY 16
$928K
7K
FY 17
$982K
7K
FY 18
$1M
9K
FY 19
$1M
9K
FY 20
$1M
10K
FY 21
$1M
11K
FY 22
$902K
38K
FY 23
$1M
35K
FY 24
$1M
35K
FY 25
$1M
36K
marketcaparena.com