Overview
Warner Bros. Discovery, Inc.
Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $37.30B
- 5.1%YoYdown from FY2024
- TotalRevenue
- Gross profit
- $16.41B
- 0.4%YoYup from FY2024
- GrossProfit
- Operating income
- $0.74B
- n/mYoY
- OperatingIncome
- Net income
- $0.73B
- n/mYoY
- NetIncome
- Diluted EPS
- $0.29
- n/mYoY
- EPSDiluted
- Diluted shares
- 2.53B
- 3.3%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Warner Bros. Discovery, Inc. reported revenue of $37.30B for fiscal 2025, down 5.1% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 2.0% and net margin was 1.9%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $0.29.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 24, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $37.30B5.1%down S&P 500 6.4% | $39.32B4.8%down S&P 500 4.5% | $41.32B22.2%up S&P 500 4.8% | $33.82B177.4%up S&P 500 10.3% | $12.19B14.2%up S&P 500 13.8% | 32.3% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | $16.41B0.4%up S&P 500 6.8% | $16.35B2.6%down S&P 500 5.5% | $16.80B25.6%up S&P 500 5.2% | $13.38B76.7%up S&P 500 8.3% | $7.57B11.2%up S&P 500 15.7% | 21.3% S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $0.74Bn/m S&P 500 7.3% | negative: -$10.03Bn/m S&P 500 7.4% | negative: -$1.55Bn/m S&P 500 4.9% | negative: -$7.37B466.3%down S&P 500 7.5% | $2.01B20.0%down S&P 500 23.5% | -22.2% S&P 500 7.2% |
| Net Income | $0.73Bn/m S&P 500 4.8% | negative: -$11.31Bn/m S&P 500 5.7% | negative: -$3.13Bn/m S&P 500 1.9% | negative: -$7.37B832.7%down S&P 500 1.3% | $1.01B17.5%down S&P 500 33.9% | -7.8% S&P 500 4.1% |
| EPS (Diluted) | $0.29n/m S&P 500 6.2% | negative: -$4.62n/m S&P 500 7.9% | negative: -$1.28n/m S&P 500 1.9% | negative: -$3.82‡n/m S&P 500 1.5% | $1.5414.9%down S&P 500 34.8% | n/m S&P 500 5.6% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $100.08B4.3%down S&P 500 5.6% | $104.56B14.8%down S&P 500 3.4% | $122.76B8.4%down S&P 500 4.1% | $134.00B289.2%up S&P 500 2.2% | $34.43B1.0%up S&P 500 6.7% | 30.6% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | $62.92B9.6%down S&P 500 6.4% | $69.62B8.7%down S&P 500 1.9% | $76.28B10.6%down S&P 500 2.9% | $85.33B305.8%up S&P 500 2.0% | $21.03B3.1%down S&P 500 5.2% | 31.5% S&P 500 4.4% |
| Stockholders' Equity | $37.15B6.7%up S&P 500 6.8% | $34.83B24.8%down S&P 500 5.4% | $46.31B4.2%down S&P 500 7.3% | $48.35B271.0%up S&P 500 2.5% | $13.03B8.6%up S&P 500 9.0% | 29.9% S&P 500 6.1% |
| Cash & Equivalents | $4.57B14.0%down S&P 500 5.2% | $5.31B40.5%up S&P 500 1.9% | $3.78B1.3%up S&P 500 6.7% | $3.73B4.5%down S&P 500 -8.6% | $3.90B86.8%up S&P 500 -2.9% | 4.0% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $32.57B†17.6%down S&P 500 2.3% | $39.51B†9.5%down S&P 500 0.1% | $43.67B†10.9%down S&P 500 0.1% | $49.00B†232.0%up S&P 500 0.1% | $14.76B†4.2%down S&P 500 0.0% | 21.9% S&P 500 3.7% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.32B19.6%down S&P 500 6.3% | $5.38B28.1%down S&P 500 4.8% | $7.48B73.7%up S&P 500 9.9% | $4.30B53.8%up S&P 500 -0.7% | $2.80B2.2%up S&P 500 10.7% | 11.5% S&P 500 7.0% |
| Capital Expenditures | $1.23B29.9%up S&P 500 5.4% | $0.95B28.0%down S&P 500 2.8% | $1.32B33.3%up S&P 500 11.3% | $0.99B164.6%up S&P 500 14.0% | $0.37B7.2%down S&P 500 8.1% | 34.8% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $3.09B30.2%down S&P 500 7.3% | $4.43B28.1%down S&P 500 6.1% | $6.16B85.7%up S&P 500 8.8% | $3.32B36.8%up S&P 500 -11.3% | $2.42B3.8%up S&P 500 10.2% | 6.2% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
1.0%
Wall Street
on net earnings
FY2024 n/m
4.2%
Value investor
on free cash flow
FY2024 17.1%
Gap +3.2 pts: Value-investor figure 3.2 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 99.4×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.4%
Wall Street
on EBITDA
FY2024 — Not reported
0.7%
Value investor
on EBIT
FY2024 — Not reported
Gap −5.7 pts: Value-investor figure 5.7 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 15.7×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
50.9%
Wall Street
on book equity
FY2024 134.5%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 2.0×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
2.0%
Wall Street
ROE: net income ÷ equity
FY2024 negative: −27.9%
0.6%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 negative: −9.2%
Gap −1.4 pts: Value-investor figure 1.4 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
17.2%
Wall Street
EBITDA margin
FY2024 negative: −7.6%
8.3%
Value investor
Free-cash-flow margin
FY2024 11.3%
Gap −8.9 pts: Value-investor figure 8.9 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.06×
Wall Street
Current ratio
FY2024 0.89×
1.06×
Value investor
Quick ratio, inventory excluded
FY2024 0.89×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.20×
Wall Street
EBITDA ÷ total debt
FY2024 negative: −0.08×
0.09×
Value investor
FCF ÷ total debt
FY2024 0.11×
Gap −0.11×: Value-investor figure 0.11 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 4.36×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
3.1×
Wall Street
EBITDA ÷ interest
FY2024 negative: −1.5×
0.4×
Value investor
EBIT ÷ interest
FY2024 negative: −5.0×
Gap −2.7×: Value-investor figure 2.7 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on WBD yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on WBD and publish the result to your public profile.
Cite this page
Data as of Oct 24, 2026. Canonical address: https://valuein.biz/data/WBD
Valuein. (2026, October 24). Warner Bros. Discovery, Inc. (WBD) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/WBD
@misc{valuein_wbd_2026,
author = {{Valuein}},
title = {Warner Bros. Discovery, Inc. (WBD) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/WBD}},
note = {Data as of 2026-10-24; source: SEC EDGAR filings}
}10-K filed Feb 27, 2026 · accession 0001437107-26-000020
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing