Warner Bros. Discovery, Inc. (WBD) Earnings
Warner Bros. Discovery, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.11. WBD has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -175.0% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Commemorated Ted Turner's legacy, noting his impact on various Warner Bros. Discovery businesses. - Highlighted streaming progress with HBO Max launches in Europe, subscriber growth, and content success. - Discussed WB Studios' transformation, including Oscar wins, film and TV releases, and goal for adjusted EBITDA. - Addressed global linear networks' performance in sports, general entertainment, and news.
Guidance
- Streaming: Expect to finish the year with more than 150 million subscribers globally and see healthy acceleration in subscriber-related revenue growth. - WB Studios: Aim for at least $3 billion in annual WB Studios adjusted EBITDA. - Regarding the Paramount Skydance acquisition, shareholders approved the sale at $31 per share.
Segment performance
Streaming: In Q1, HBO Max launched in the UK, Germany, Italy, and Ireland, exceeding the 140 million total subscribers guidance by the end of Q1, expecting over 150 million by year-end, with strong subscriber-related revenue growth expected to pick up. WB Studios: Transformed creatively and financially, won 11 Oscars, released 14 films in 2026 with more slated for 2027, TV continues to be prolific with 80+ active shows, aiming for at least $3 billion in adjusted EBITDA. Global Linear Networks: Sports saw increased linear viewership of Milano-Katina Winter Olympics, record March Madness, strong MLB and NHL; general entertainment networks saw 16% sequential improvement in delivery trends, CNN had 30% year-over-year growth in total minutes spent.
Risks & headwinds
- Forward-looking statements are subject to significant risks and uncertainties outside of control that could cause actual results to differ materially from expectations. - Risks related to factors affecting expectations are detailed in the company's SEC filings, including Form 10-K, 10-Q, and 8-K.
Analyst Q&A
Q: Rich Greenfield asked about HBO Max's current state and sports on streaming.
A: JB discussed HBO Max's growth journey, subscriber and revenue growth, content slates, and sports experimentation for profitability.
Q: Robert Fishman asked about pay TV landscape and bundling.
A: David and JB talked about consumer experience, bundling benefits, network performance, and content creation.
Q: Stephen K hall asked about studios guidance and networks EBITDA.
A: Gunnar discussed internal licensing, studio profitability, consumer products contribution, and network efficiency and revenue trajectory.
Q: Kanan Venkateswar asked about scale and spin costs.
A: David and Gunnar talked about scale benefits, content and global footprint, and separation-related expenses in the PNL