Warner Bros. Discovery (WBD): financials, SEC filings and peers

Warner Bros. Discovery (WBD) is a broadcasting company in the Communication Services sector of the S&P 500, headquartered in New York City, New York.

It was founded in 2022 and joined the S&P 500 on April 11, 2022.

Its fiscal year ends in December, and its shares trade on the Nasdaq.

In its SEC filings it is classified as “Cable & Other Pay Television Services”.

Warner Bros. Discovery at a glance

Revenue (12 months): $36.1B
Revenue growth: -6.1%
Operating margin: -3.5%
Net income (12 months): −$3.2B
Free cash flow (12 months): $2.2B
Cash: $3.4B
Debt: $32.0B
Diluted EPS (12 months): $-1.27

Twelve months to June 30, 2026, from the 10-Q filed August 6, 2026.

Latest twelve months

Over the twelve months to June 30, 2026, Warner Bros. Discovery reported revenue of $36.1 billion, down 6.1% from $38.4 billion a year earlier.

Its operating margin was -3.5%, down 4.1 percentage points from a year earlier: for every $100 of sales, about $0 was left as operating profit.

Warner Bros. Discovery reported a net loss of $3.2 billion over the period.

Operating cash flow was $3.4 billion and capital spending $1.2 billion, leaving free cash flow of $2.2 billion (6.0% of revenue).

At the end of the period it held $3.4 billion in cash and $32.0 billion in debt, a net debt position of $28.7 billion.

The diluted share count rose 3.0% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $10.7 billion in fiscal 2020 to $37.3 billion in fiscal 2025, about 28.4% a year.
Operating margin narrowed from 23.6% to 2.0% over the same years.
Free cash flow was positive in each of the last 6 fiscal years.
Warner Bros. Discovery reported a net loss in 3 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$12.2B	$33.8B	$41.3B	$39.3B	$37.3B
Revenue growth	14.2%	177.4%	22.2%	-4.8%	-5.1%
Operating margin	16.5%	-21.8%	-3.7%	-25.5%	2.0%
Net income	$1.0B	−$7.4B	−$3.1B	−$11.3B	$727M
Free cash flow	$2.4B	$3.3B	$6.2B	$4.4B	$3.1B
Diluted EPS	$1.54	$-3.82	$-1.28	$-4.62	$0.29

Fiscal years as reported in Warner Bros. Discovery’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-Q filed August 6, 2026 — quarterly report
8-K filed August 6, 2026 — Earnings results; Regulation FD disclosure
8-K filed June 12, 2026 — Shareholder vote results
8-K filed June 4, 2026 — Material agreement; New debt obligation
8-K filed May 27, 2026 — Material agreement; Other event
8-K filed May 19, 2026 — Other event
10-Q filed May 6, 2026 — quarterly report
8-K filed May 6, 2026 — Earnings results; Regulation FD disclosure

All Warner Bros. Discovery filings on SEC EDGAR

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Questions about Warner Bros. Discovery

Is Warner Bros. Discovery's revenue growing?

No. Revenue for the twelve months to June 30, 2026 was $36.1 billion, down 6.1% from a year earlier, according to its SEC filings.

Is Warner Bros. Discovery profitable?

Not over the latest twelve months: it reported a net loss of $3.2 billion for the period to June 30, 2026.

Does Warner Bros. Discovery have more cash or more debt?

At June 30, 2026 it had $3.4 billion in cash and $32.0 billion in debt, so more debt than cash.

When did Warner Bros. Discovery last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on August 6, 2026.

Which companies are similar to Warner Bros. Discovery?

In the S&P 500, Warner Bros. Discovery is grouped in Broadcasting within the Communication Services sector. Fox Corporation (Class B) (FOX), Fox Corporation (Class A) (FOXA) are in the same group.

Understand the numbers

Source: Warner Bros. Discovery’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.