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Warner Bros. Discovery, Inc. WBD Q1 2026 earnings

Reported May 6, 2026 · After market close

Revenue$8.9BIn lineDiluted EPS-$1.17Miss by $1.06
Revenue estimate$8.9B
EPS estimate-$0.11

Next report

Aug 6, 2026 (In 3 weeks)
Revenue estimate$9.2B
EPS estimate-$0.12

Financials

Q1 2026

Income statement

See full
Revenue$8.9B-1.0%
Gross profit$4.3B+10.4%
Operating income-$2.5B-6,573%
Net income-$2.9B-544%
EPS (diluted)-$1.17-550%

Balance sheet

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Cash & equivalents$3.3B-15.6%
Total debt$1.5B-46.3%
Total equity$32.6B-3.7%
Total assets$97.8B-3.8%

Cash flow

See full
Operating cash flow-$208.0M-138%
CapEx$268.0M+6.8%
Free cash flow-$476.0M-258%

Valuation & ratios

Valuation

as of 07/09/26
See full
Market cap$65.56B+161%
Enterprise value$63.79B+166%
P/S1.8×+1.1×

Profitability

See full
Gross margin45.2%+2.7pp
Operating margin-4.6%-2.1pp
FCF margin6.2%-5.1pp

Returns & leverage

See full
Debt / equity0×0.0×
Current ratio0.7×-0.1×

Segments

By segment

See full
Global Linear Networks$4.4B—
Studios$3.1B—
Streaming$2.9B—

By product

See full
Distribution$4.9B—
Advertising$1.8B-6.7%

Versus estimates

Revenue

Q1 2026$8.9BIn line
Q4 2025$9.5BBeat by $109.3MQ3 2025$9.0BMiss by $131.1MQ2 2025$9.8BBeat by $38.4MQ1 2025$9.0BMiss by $612.3MQ4 2024$10.0BMiss by $151.5M

Diluted EPS

Q1 2026-$1.17Miss by $1.06
Q4 2025-$0.10Miss by $0.07Q3 2025-$0.06Beat by $0.01Q2 2025$0.63Beat by $0.87Q1 2025-$0.18Miss by $0.01Q4 2024-$0.20Miss by $0.17

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Questions, answered.

When did Warner Bros. Discovery, Inc. report Q1 2026 earnings?
Warner Bros. Discovery, Inc. (WBD) reported Q1 2026 earnings on May 6, 2026 after market close.
What were Warner Bros. Discovery, Inc.'s Q1 2026 revenue and EPS?
Warner Bros. Discovery, Inc. reported revenue of $8.9B and diluted EPS of $-1.17 for Q1 2026.
Did Warner Bros. Discovery, Inc. beat estimates in Q1 2026?
Revenue beat the consensus estimate of $8.9B by $4.3M. EPS missed the consensus estimate of $-0.11 by $1.06.
How did Warner Bros. Discovery, Inc.'s Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 1.0% from $9.0B a year earlier and diluted EPS declined 550.0% from $-0.18.
Where can I find Warner Bros. Discovery, Inc.'s Q1 2026 SEC filings?
You can read the 8-K earnings release (0001437107-26-000055) and the 10-Q periodic report (0001437107-26-000057) directly on SEC EDGAR. The filing index links above go to sec.gov.