Warner Bros. Discovery, Inc.
wbd.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2026 10-Q, filed Aug 6, 2026. Its latest SEC filing is a 15-15D from Oct 16, 2026.
10-Q for Q2 FY2026, filed Aug 6, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Provides television networks and streaming services to distributors and viewers, and makes films and television programs for audiences and other media companies.
10-K for FY2025, filed Feb 27, 2026We generate revenue from fees charged to distributors that carry our network brands and programming, including cable, direct-to-home…View ↗
Streaming - Our Streaming segment primarily consists of our premium pay-TV and streaming services. Studios - Our Studios segment primarily…View ↗
WBD’s Streaming segment includes our streaming services, such as HBO Max and discovery+, premium pay-TV services, such as HBO, and certain…View ↗
WBD’s Studios segment includes the Warner Bros. Motion Picture Group (“WBMPG”), DC Studios, Warner Bros. Television Group (“WBTVG”)…View ↗
How Did They Make Money?
Distributors pay for network carriage, with most distribution fees collected monthly; streaming fees are earned over subscription periods. Advertisers buy campaigns tied to aired spots or delivered digital impressions, while film and program license fees are generally due when titles become available and some royalties follow sales.
10-K for FY2025, filed Feb 27, 2026Distribution revenues are generated from fees charged to distributors, which include cable, direct-to-home (“DTH”) satellite…View ↗
For DTC streaming subscription services, the Company recognizes revenue as the service fee is earned over the subscription period.View ↗
Advertising revenues are principally generated from the sale of commercial time on linear (television networks and authenticated TVE…View ↗
For digital advertising contracts, advertising revenues are recognized as the advertising impressions are delivered. Each impression is…View ↗
Television programs are initially produced for broadcast networks, cable networks, premium pay services, first-run syndication or streaming…View ↗
In general, fixed payments for the licensing of intellectual property are recognized as revenue at either the inception of the license term…View ↗
$37.3B
-
10-K for FY2025, filed Feb 27, 2026
$37.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Distribution
Recurring
10-K for FY2025, filed Feb 27, 2026 |
52%
FY2022: 48%
|
Distribution, FY2025
$19.3B Sources
|
Recurring |
|
Advertising
Mix
10-K for FY2025, filed Feb 27, 2026 |
20%
FY2022: 25%
|
Advertising, FY2025
$7.3B Sources
|
Mix |
|
Content
Mix
10-K for FY2025, filed Feb 27, 2026 |
26%
FY2022: 25%
|
Content, FY2025
$9.6B Sources
|
Mix |
|
Other
|
2.9%
FY2022: 2.3%
|
Other, FY2025
$1.1B Sources
|
Who Were Their Customers?
Cable, satellite, telecom and digital service providers carry WBD networks, while consumers subscribe to streaming services. Advertisers buy campaigns, and television and streaming services license films and programs.
10-K for FY2025, filed Feb 27, 2026Distribution revenues are generated from fees charged to network distributors, which include cable, DTH satellite, telecommunications and…View ↗
We generate revenue from fees charged to distributors that carry our network brands and programming, including cable, direct-to-home…View ↗
Advertising revenues are principally generated from the sale of commercial time on linear (television networks and authenticated TVE…View ↗
Television programs are initially produced for broadcast networks, cable networks, premium pay services, first-run syndication or streaming…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$738MView ↗
10-K for FY2025, filed Feb 27, 2026
$727MView ↗
10-K for FY2025, filed Feb 27, 2026
$3.1BView ↗
How Were They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Grew. Revenue grew 3.1x in 4 years, from $12.2B in FY2021 to $37.3B in FY2025, about 32% a year.
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