Warner Bros. Discovery, Inc.

Listed Company

WBDCIK 0001437107NasdaqLarge AcceleratedCable & Other Pay Television ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$37.30B

Net Income

$727.00M

Total Assets

$100.08B

Equity

$35.92B

Shares Out

2.48B

Op. Cash Flow

$4.32B

Business

Warner Bros. Discovery, Inc. is a global media and entertainment company that creates, produces, licenses and distributes content across film, television, streaming, interactive gaming, publishing, themed experiences and consumer products. It offers theatrical and television productions, streaming services, premium pay-TV, news and sports programming, advertising-supported and subscription digital platforms, interactive games, publishing and brand licensing. The company reports three principal segments: Studios, Networks and Direct-to-Consumer (DTC). Its content is distributed worldwide via theatrical exhibition, linear networks, DTC streaming services, digital platforms, physical and digital home entertainment, and licensing to third-party distributors.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	37,296	39,321	41,321	33,817	12,191
Costs of revenues, excluding depreciation and amortization	20,885	22,970	24,526	20,442	4,620
Selling, general and administrative	9,418	9,296	9,696	9,678	4,016
Depreciation and amortization	5,684	7,037	7,985	7,193	1,582
Restructuring and other charges	399	447	585	3,757	32
Impairments and loss on dispositions	172	9,603	77	117	−71
Total costs and expenses	36,558	49,353	42,869	41,187	10,179
Operating income (loss)	738	−10,032	−1,548	−7,370	2,012
Interest expense, net	−2,085	−2,017	−2,221	−1,777	—
Gain on extinguishment of debt	2,945	632	17	0	−10
Loss from equity investees, net	−24	−121	−82	−160	−18
Other income (expense), net	65	150	−29	347	72
Income (loss) before income taxes	1,639	−11,388	−3,863	−8,960	1,433
Income tax (expense) benefit	−890	−94	784	1,663	−236
Net income (loss)	749	−11,482	−3,079	−7,297	1,197
Net (income) loss attributable to noncontrolling interests	−24	129	−38	−68	−138
Net loss (income) attributable to redeemable noncontrolling interests	2	42	−9	−6	−53
Net income (loss) available to Warner Bros. Discovery, Inc.	727	−11,311	−3,126	−7,371	1,006
Basic (in dollars per share)	0.29	−4.62	−1.28	−3.82	1.55
Diluted (in dollars per share)	0.29	−4.62	−1.28	−3.82	1.54
Basic (in shares)	2,475	2,450	2,436	1,940	588
Diluted (in shares)	2,530	2,450	2,436	1,940	664

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,566	5,312	3,780	3,731	3,905
Receivables, net	5,294	4,947	6,047	6,380	2,446
Prepaid expenses and other current assets	3,346	3,819	4,391	3,888	913
Total current assets	13,206	14,078	14,218	13,999	7,264
Film and television content rights and games	19,114	19,102	21,229	26,652	3,832
Property and equipment, net	6,685	6,087	5,957	5,301	1,336
Goodwill	25,933	25,667	34,969	34,438	12,912
Intangible assets, net	27,764	32,299	38,285	44,982	6,317
Other noncurrent assets	7,383	7,327	8,099	8,629	2,766
Total assets	100,085	104,560	122,757	134,001	34,427
Accounts payable	1,093	1,055	1,260	1,454	412
Accrued liabilities	9,626	10,438	10,368	11,504	2,230
Deferred revenues	1,642	1,569	1,924	1,694	478
Current portion of debt	139	2,748	1,780	365	339
Total current liabilities	12,500	15,810	15,332	15,017	3,459
Noncurrent portion of debt	32,428	36,757	41,889	48,634	14,420
Deferred income taxes	6,383	6,985	8,736	11,014	1,225
Other noncurrent liabilities	11,608	10,070	10,328	10,669	1,927
Total liabilities	62,919	69,622	76,285	85,334	21,031
Commitments and contingencies (See Note 22)	—	—	—	—	—
Redeemable noncontrolling interests	19	109	165	318	363
Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,710 and 2,684 shares issued; and 2,480 and 2,454 shares outstanding	27	27	27	27	—
Preferred stock: $0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding	0	0	0	0	—
Additional paid-in capital	56,055	55,560	55,112	54,630	11,086
Treasury stock, at cost: 230 and 230 shares	−8,244	−8,244	−8,244	−8,244	−8,244
Accumulated deficit	−11,512	−12,239	−928	2,205	9,580
Accumulated other comprehensive loss	−407	−1,067	−741	−1,523	−830
Total Warner Bros. Discovery, Inc. stockholders equity	35,919	34,037	45,226	47,095	11,599
Noncontrolling interests	1,228	792	1,081	1,254	1,434
Total equity	37,147	34,829	46,307	48,349	13,033
Total liabilities and equity	100,085	104,560	122,757	134,001	34,427

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Content rights amortization and impairment	11,855	13,946	16,024	14,161	3,501
Content restructuring impairments and write-offs	0	165	115	2,808	0
Depreciation and amortization	5,684	7,037	7,985	7,193	1,582
Deferred income taxes	−710	−1,732	−2,344	−2,842	−511
Equity in losses of equity method investee companies and cash distributions	75	167	157	211	63
Share-based compensation expense	769	557	500	412	178
Gain from derivative instruments, net	−93	−16	−151	−501	49
Gain on sale of investments	−4	−227	0	−199	−19
Other, net	69	115	199	435	66
Receivables, net	−336	1,012	312	181	47
Film and television content rights, games and production payables, net	−11,401	−12,349	−12,305	−12,562	−3,381
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities	108	−529	−820	1,529	185
Foreign currency, prepaid expenses and other assets, net	327	−260	824	−130	−88
Cash provided by operating activities	4,319	5,375	7,477	4,304	2,798
Purchases of property and equipment	−1,231	−948	−1,316	−987	−373
Cash used for business acquisitions	0	0	−50	3,612	−2
Investments in and advances to equity investments	−100	−109	−112	−168	−184
Proceeds from sales and maturities of investments	54	541	0	306	599
Proceeds from derivative instruments, net	26	136	121	752	−86
Other investing activities, net	72	31	98	9	93
Cash used in investing activities	−1,179	−349	−1,259	3,524	−56
Principal repayments of term loans	0	0	−4,000	−6,000	0
Principal repayments of debt, including premiums and discounts to par value	−22,664	−5,043	−2,860	−1,315	−574
Borrowings from debt, net of discount and issuance costs	18,306	1,617	1,496	0	0
Distributions to noncontrolling interests and redeemable noncontrolling interests	−198	−193	−301	−300	−251
Purchase of redeemable noncontrolling interest	0	0	−49	0	0
Proceeds for noncontrolling interest in joint venture	633	0	0	—	—
Borrowings under commercial paper program and revolving credit facility	4,228	14,203	5,207	2,393	0
Repayments under commercial paper program and revolving credit facility	−4,228	−14,203	−5,214	−2,395	0
Principal repayments of finance and other lease obligations	202	142	132	—	—
Other financing activities, net	−115	12	16	−125	−28
Cash used in financing activities	−4,240	−3,749	−5,837	−7,742	−853
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	254	−180	8	−61	−106
Net change in cash, cash equivalents, and restricted cash	−846	1,097	389	25	1,783

Filings

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