Warner Bros. Discovery (WBD) Financial Statements & Analysis

Warner Bros. Discovery (WBD) Income Statement

Warner Bros. Discovery reported revenue of $37.30B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 5.1% from $39.32B a year earlier. Net income was $727.00M, a net margin of 1.9%. Gross margin was 44.0% and operating margin 3.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $8.72B, down 11.2% from the same quarter a year earlier.

Warner Bros. Discovery Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Warner Bros. Discovery, Inc. income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	37.30	39.32	41.32	33.82	12.19	10.67	11.14	10.55	6.87
Cost of Revenue	20.89	22.58	24.53	20.39	4.62	3.81	3.82	3.94	2.66
Gross Profit	16.41	16.35	16.80	13.38	7.57	6.86	7.33	6.62	4.22
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	9.42	9.20	9.70	8.48	3.92	2.72	2.79	2.62	1.77
Operating Expenses	15.10	26.38	17.68	20.75	5.56	4.08	4.32	4.68	3.50
Operating Income	1.31	-10.03	-0.89	-7.37	2.01	2.78	3.01	1.93	0.71
Other Income/Expense
Interest Income	0.21	-0.12	0.18	-0.16	-0.02	0.01	0.02	0.02	0.02
Interest Expense	2.09	-2.01	2.22	-1.30	-0.68	-0.69	0.68	0.73	0.48
Other Income/Expense	2.21	-1.36	-0.94	-1.59	-0.58	0.00	-0.72	-0.91	-0.85
Income
Income Before Tax	1.64	-11.39	-3.86	-8.96	1.43	1.73	2.29	1.02	-0.14
Income Tax Expense	0.89	0.09	-0.78	-1.66	0.24	0.37	0.08	0.34	0.18
Net Income	0.73	-11.31	-3.13	-7.37	1.01	1.22	2.07	0.59	-0.34
Net Income - Continuous Operations	0.75	-11.48	-3.08	-7.37	1.20	1.22	2.07	0.59	-0.34
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	21.26	7.55	22.37	4.94	3.66	4.14	7.17	6.44	2.58
EBIT	3.72	0.51	-1.64	-2.25	2.07	2.78	-	-	-
Depreciation & Amortization	5.68	7.04	7.99	7.19	1.58	1.36	4.20	4.69	2.24
Earnings Per Share
Basic EPS	-	-5.00	-1.00	-4.00	2.00	2.00	3.00	1.00	-1.00
Diluted EPS	-	-5.00	-1.00	-4.00	2.00	2.00	3.00	1.00	-1.00
Basic Shares Outstanding	2.48	2.45	2.44	1.94	0.59	0.60	0.54	0.69	0.38
Diluted Shares Outstanding	2.53	2.45	2.44	1.94	0.66	0.67	0.72	0.69	0.58

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Warner Bros. Discovery Financial Statements

What was Warner Bros. Discovery's revenue in fiscal 2025?

Warner Bros. Discovery reported revenue of $37.30B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 5.1% from $39.32B a year earlier.

Is Warner Bros. Discovery profitable?

Yes. Warner Bros. Discovery earned net income of $727.00M in fiscal 2025, a net margin of 1.9%. In fiscal 2024 it lost $11.31B.

What is Warner Bros. Discovery's operating margin?

Warner Bros. Discovery's operating income was $1.31B on revenue of $37.30B in fiscal 2025, an operating margin of 3.5%, compared with -25.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition