Warner Bros. Discovery, Inc.
- Open
- 27.30
- Day high
- 27.46
- Day low
- 26.77
- Prev close
- 27.29
- Volume
- 26.6M
- Mkt cap
- $67.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.1
- P/S
- 1.8
- Yield
- —
- Per share
- —
Warner Bros. Discovery, Inc. (WBD) is a Communication Services company listed on NASDAQ. The stock is up 111% over the past year. Drillr has 3 published research articles covering WBD.
Warner Bros. Discovery, Inc. (WBD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WBD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.11 | $-1.17 | -975.4% | $8.9B | +0.0% |
| Feb 26, 2026 | $-0.05 | $-0.10 | -99.2% | $9.5B | +1.7% |
| Nov 6, 2025 | $-0.07 | $-0.06 | +11.6% | $9.0B | -1.4% |
| Aug 7, 2025 | $-0.24 | $0.63 | +362.8% | $9.8B | +0.4% |
| May 8, 2025 | $-0.17 | $-0.18 | -3.8% | $9.0B | -6.4% |
| Feb 27, 2025 | $-0.03 | $-0.20 | -658.4% | $10.0B | -1.5% |
| Nov 7, 2024 | $-0.09 | $0.05 | +155.6% | $9.6B | -1.7% |
| May 9, 2024 | $-0.20 | $-0.40 | -104.6% | $10.0B | -2.6% |
| Feb 23, 2024 | $-0.11 | $-0.16 | -45.5% | $10.3B | -0.5% |
| Aug 3, 2023 | $-0.39 | $-0.51 | -30.8% | $10.4B | -0.9% |
| May 5, 2023 | $0.21 | $0.18 | -14.3% | $10.7B | -0.7% |
| Feb 23, 2023 | $-0.19 | $0.42 | +319.2% | $11.0B | -1.7% |
WBD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Noto Anthonydirector | Grant | 1,079 | — |
| Jun 16, 2026 | Zaslav Daviddirector, officer: Chief Executive Officer & Pres | Tax | 202,881 | $26.98 |
| Jun 11, 2026 | Noto Anthonydirector | Grant | 9,067 | — |
| Jun 11, 2026 | LEE DEBRA Ldirector | Grant | 9,067 | — |
| Jun 11, 2026 | LEVIN JOSEPHdirector | Grant | 9,067 | — |
| Jun 11, 2026 | LEVY ANTON Jdirector | Grant | 9,067 | — |
| Jun 11, 2026 | GOULD PAUL Adirector | Grant | 9,067 | — |
| Jun 11, 2026 | YANG GEOFFREY Ydirector | Grant | 9,067 | — |
| Jun 11, 2026 | Price Paula Adirector | Grant | 9,067 | — |
| Jun 11, 2026 | LOWE KENNETH Wdirector | Grant | 9,067 | — |
| Jun 11, 2026 | FISHER RICHARD Wdirector | Grant | 9,067 | — |
| Jun 11, 2026 | Merchant Fazal Fdirector | Grant | 9,067 | — |
| Jun 11, 2026 | Di Piazza Samuel A Jr.director | Grant | 9,067 | — |
| Jun 11, 2026 | Sanchez Daniel E.director | Grant | 9,067 | — |
| Apr 17, 2026 | Girdwood Amyofficer: Chief People & Culture Officer | Tax | 225,624 | $27.20 |
Source: WBD SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full WBD insider & 13F page →WBD research & analysis
PARA-WBD Merger: $110B Deal Advances With WBD Trading at 12% Discount — Arbitrage Setup
Paramount refined debt financing on April 9 for its $31/share WBD takeover, advancing a $110B deal with $6B synergies. WBD trades at a 12% discount amid regulatory risks, backed by strong EBITDA growth and streaming scale. Bullish: Arbitrage opportunity with deleveraging path ahead.
PARAWBD-Paramount Merger: Glass Lewis Backs $31/Share Deal — Should You Accumulate Now?
Glass Lewis's April 10 recommendation for WBD shareholders to approve the Paramount merger boosts deal odds, highlighting $110B EV synergies and $31/share premium. WBD's improving FCF and DTC growth underpin the bullish case, though regulatory nods remain key. Accumulate WBD ahead of the vote for takeover pop.
PARAWBD Acquisition: $24B Gulf Funding Backs $31/Share Deal — Is WBD a Buy Before Close?
Paramount Skydance's $24B Gulf commitments advance the $110B WBD acquisition at $31/share, amid WBD's FY25 profitability turnaround and 150M sub streaming goal. Shares trade at a discount to offer, signaling buy opportunity ahead of Q3 2026 close.
PARA
Warner Bros. Discovery, Inc. company profile
Overview
Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a global media and entertainment conglomerate formed through the merger of WarnerMedia and Discovery, Inc. in April 2022. The company was created when AT&T spun off its WarnerMedia division and combined it with Discovery in a complex transaction valued at approximately $43 billion. This merger brought together two major entertainment powerhouses: Warner Bros.' storied film and television studios with iconic franchises like Batman, Superman, Harry Potter, and Game of Thrones, and Discovery's portfolio of popular cable networks including Discovery Channel, HGTV, Food Network, and CNN. Headquartered in New York, the company operates as one of the world's largest media conglomerates, competing directly with Disney, Netflix, Comcast, and other major entertainment companies in an increasingly competitive streaming landscape.
Business
Warner Bros. Discovery operates in the media and entertainment industry, creating and distributing content across multiple platforms and formats. The company's business is organized into three primary segments that collectively generated approximately $39.3 billion in revenue in 2024. The Studios segment represents the content creation engine of the company, producing theatrical films for cinema release, television programming for both internal networks and external buyers, and interactive gaming content. This division houses the legendary Warner Bros. Pictures, which has produced countless Hollywood blockbusters, and DC Studios, which manages the DC Comics universe including Superman, Batman, and Wonder Woman franchises. The Studios segment also includes Warner Bros. Television Group, which creates scripted and unscripted programming, and Warner Bros. Games, which develops video games based on the company's intellectual properties. This segment generates revenue through box office receipts, content licensing to third parties, home entertainment sales, and gaming revenue. The Networks segment encompasses the company's portfolio of linear television channels, which includes both domestic U.S. networks and international operations. Key networks include CNN (news), HBO (premium entertainment), TNT and TBS (general entertainment), Discovery Channel (documentary and factual), HGTV (home improvement), Food Network (culinary content), and TLC (lifestyle programming). These networks generate revenue primarily through advertising sales and affiliate fees paid by cable and satellite providers. However, this segment faces ongoing challenges as traditional television viewership continues to decline in favor of streaming services. The Direct-to-Consumer (DTC) segment represents the company's streaming and digital offerings, centered around the Max streaming platform (formerly HBO Max). Max serves as the company's flagship streaming service, offering premium original content, theatrical films, and library programming across more than 70 countries. The service competes directly with Netflix, Disney+, and other major streaming platforms. The DTC segment also includes discovery+ in certain markets and various digital applications. Revenue comes from monthly subscription fees, advertising on ad-supported tiers, and premium add-on services. This segment has been the primary growth driver for the company, reaching 117 million global subscribers by the end of 2024. The company leverages its vast content library and intellectual property across all three segments, creating multiple revenue streams from single pieces of content through theatrical releases, network broadcasts, streaming distribution, international licensing, and merchandise opportunities.
Revenue model
Warner Bros. Discovery generates revenue through multiple interconnected business models across its three operating segments. The company's diversified approach allows it to monetize content through various channels and maximize the value of its intellectual property investments. The Studios segment operates on a traditional content production and licensing model. Revenue streams include theatrical box office receipts from cinema releases, licensing fees from selling television programming to external networks and streaming services, home entertainment sales through digital and physical media, and gaming revenue from video game sales and in-game purchases. The segment also generates revenue through content production services for third parties and international distribution deals. The Networks segment relies primarily on a dual-revenue model combining advertising sales and distribution fees. Advertising revenue comes from selling commercial time to brands and agencies, with rates determined by viewership ratings and audience demographics. Distribution revenue consists of affiliate fees paid by cable, satellite, and streaming providers to carry the networks. However, this segment faces significant headwinds as traditional television viewership declines and cord-cutting accelerates, leading to reduced advertising rates and lower affiliate fees. The Direct-to-Consumer segment operates on a subscription-based model with multiple tiers. The primary revenue driver is monthly subscription fees from Max subscribers, with pricing varying by market and service level. The company also generates advertising revenue from its ad-supported subscription tiers, which typically offer lower monthly fees in exchange for commercial interruptions. Additional revenue comes from premium add-ons, pay-per-view content, and bundling partnerships with other services. Several factors significantly impact the company's margins and profitability. Content costs represent the largest expense, with spending on original programming, sports rights, and talent compensation directly affecting margins. The shift from linear television to streaming has pressured traditional high-margin network advertising revenue while requiring substantial investment in streaming infrastructure and global expansion. Competition for premium content and talent has inflated production costs industry-wide. Macroeconomic factors such as advertising market softness during economic downturns can significantly impact revenue, particularly from the Networks segment. The company's substantial debt load, inherited from the merger, creates ongoing interest expense pressure. However, the global scale of operations provides opportunities for cost efficiencies and international revenue growth that can improve overall margins over time.
Competitive moat
Warner Bros. Discovery possesses a moderately strong competitive moat built primarily around its extensive content library and valuable intellectual property portfolio, though this moat faces ongoing challenges in the rapidly evolving media landscape. The company's strongest competitive advantage lies in its unparalleled collection of iconic franchises and intellectual properties. The DC Comics universe, Harry Potter franchise, Game of Thrones, Lord of the Rings, Looney Tunes, and numerous other properties represent decades of investment in content creation that cannot be easily replicated by competitors. These franchises generate revenue across multiple formats and platforms while maintaining strong brand recognition globally. The HBO brand, in particular, has established a premium reputation for high-quality original programming that commands both subscriber loyalty and pricing power. The company's scale in content production provides operational advantages through its ability to spread fixed costs across multiple distribution channels. Content created for theatrical release can subsequently generate revenue through streaming, linear television, international licensing, and home entertainment sales. This multi-platform monetization capability allows Warner Bros. Discovery to invest more heavily in premium content than smaller competitors while achieving better returns on investment. However, the company's moat faces significant challenges from well-funded technology companies entering the entertainment space. Netflix, Amazon Prime Video, Apple TV+, and other streaming services have demonstrated willingness to spend heavily on original content, reducing the scarcity value of quality programming. These competitors often have stronger balance sheets and alternative revenue sources that allow them to sustain losses in pursuit of market share. The shift toward streaming has also reduced barriers to entry, enabling new competitors to reach global audiences without traditional distribution infrastructure. The traditional linear television business, which still generates substantial cash flows for Warner Bros. Discovery, faces structural decline as audiences migrate to streaming and on-demand viewing. This transition threatens the company's historically high-margin network advertising revenue and affiliate fees. Additionally, the company's substantial debt burden limits financial flexibility compared to competitors with stronger balance sheets, potentially constraining investment in content and technology needed to maintain competitive position. While Warner Bros. Discovery maintains valuable assets and established market position, its moat is under pressure from technological disruption and well-capitalized competitors, requiring ongoing investment and strategic adaptation to maintain long-term competitive advantages.
Risks & safety
Warner Bros. Discovery presents a moderate margin of safety profile with mixed financial health indicators that require careful consideration. **Debt and Solvency Concerns:** - Total debt-to-equity ratio of 1.11, indicating substantial leverage inherited from the merger - Interest coverage appears manageable with positive EBITDA generation in recent quarters - Company has successfully reduced debt by $19 billion since the merger, demonstrating commitment to deleveraging - Current ratio of 0.84 indicates potential short-term liquidity pressure, though operational cash flow provides support **Cash Flow Generation:** - Free cash flow of $4.4 billion in 2024 demonstrates strong cash generation capability - Operating cash flow of $5.4 billion provides debt service coverage - Quarterly free cash flow has been positive, ranging from $302 million to $2.4 billion **Valuation Metrics:** - EV/EBITDA of 3.17 appears attractive for a media company, though EBITDA quality varies by quarter - Price-to-book ratio of 0.76 suggests potential asset value, though goodwill and intangibles dominate the balance sheet - Negative earnings in recent periods due to restructuring and impairment charges **Other Considerations:** - Streaming segment approaching profitability with nearly $700 million EBITDA in 2024 - Traditional networks segment facing structural decline - Content amortization and impairment charges create earnings volatility but don't affect cash flow directly
Recent development
Over the past several years, Warner Bros. Discovery has undergone significant strategic transformation following the 2022 merger of WarnerMedia and Discovery. The company's primary focus has been integrating the two organizations while pivoting toward a streaming-first strategy centered around the Max platform. The most significant development has been the global expansion and repositioning of the Max streaming service. Originally launched as HBO Max, the platform was rebranded to Max and expanded internationally to over 70 countries by 2024. The company achieved profitability in its streaming operations, reaching nearly $700 million in EBITDA for 2024, representing a $3 billion improvement over two years. Management has set ambitious targets of reaching 150 million subscribers by the end of 2026 and generating over $1 billion in streaming EBITDA in 2025. The Studios segment has undergone major restructuring with a renewed focus on franchise-driven content. The company established DC Studios under new creative leadership, with plans for a comprehensive 10-year content strategy beginning with a new Superman film scheduled for July 2025. Warner Bros. Pictures has refocused on theatrical releases and high-quality intellectual property, moving away from the previous "quantity over quality" approach. The gaming division has been streamlined to focus on four core franchises: Harry Potter, Mortal Kombat, Game of Thrones, and DC properties. Cost management and operational efficiency have been central themes, with the company targeting $4 billion in merger synergies. This has involved significant workforce reductions, content write-offs, and the elimination of overlapping services. The company recorded substantial impairment charges, including a $9 billion write-down of its networks segment in 2024, reflecting the structural challenges facing traditional linear television. Debt reduction has been a consistent priority, with the company paying down $19 billion in debt since the merger completion. This deleveraging effort has improved financial flexibility while reducing interest expense burdens. The company has also explored various strategic options, including potential asset sales and partnerships, while maintaining what management calls "optionality" in its corporate structure. The networks business has been repositioned as a cash generation engine rather than a growth driver, with management securing multi-year distribution agreements with major pay-TV providers while acknowledging the segment's long-term decline. Advertising initiatives have focused on growing streaming ad revenue, which doubled year-over-year in recent quarters, while traditional linear advertising continues to face headwinds.
WBD company profile · for informational purposes only — not investment advice.
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