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Warner Bros. Discovery, Inc. WBD Q3 2025 earnings

Reported November 6, 2025 · Before market open

Revenue$9.0BMiss by $131.1M
EPS-$0.06Beat by $0.01
Revenue estimate$9.2B
EPS estimate-$0.07

Next report

Nov 5, 2026 (in a month)
Revenue estimate$8.7B
EPS estimate$0.02

Financials

Q3 2025

Income statement

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Revenue$9.0B-6.0%
Gross profit$4.5B+0.9%
Operating income$611.0M+117%
Net income-$148.0M-210%
EPS (diluted)-$0.06-220%

Balance sheet

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Cash & equivalents$4.3B+28.7%
Total debt$139.0M-95.4%
Total equity$36.0B+2.6%
Total assets$100.52B-5.5%

Cash flow

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Operating cash flow$979.0M+15.6%
CapEx$278.0M+29.3%
Free cash flow$701.0M+10.9%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$48.35B+139%
Enterprise value$44.2B+122%
P/E99.7×—
P/S1.3×+0.8×

Profitability

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Gross margin44%+3.0pp
Operating margin1%+0.5pp
Net margin1.3%+0.7pp
FCF margin10.9%-2.5pp

Returns & leverage

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Return on equity1.4%+0.7pp
Debt / equity0×-0.1×
Current ratio1.1×+0.3×

Segments

By segment

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Global Linear Networks$3.9B—
Studios$3.3B—

By product

See full
Distribution$4.7B—
Advertising$1.4B-16.3%

By geography

See full
Non Us$3.1B-4.2%

FAQ

When did Warner Bros. Discovery, Inc. report Q3 2025 earnings?
Warner Bros. Discovery, Inc. (WBD) reported Q3 2025 earnings on November 6, 2025 before market open.
What were Warner Bros. Discovery, Inc.'s Q3 2025 revenue and EPS?
Warner Bros. Discovery, Inc. reported revenue of $9.0B and eps of $-0.06 for Q3 2025.
Did Warner Bros. Discovery, Inc. beat estimates in Q3 2025?
Revenue missed the consensus estimate of $9.2B by $131.1M. EPS beat the consensus estimate of $-0.07 by $0.01.
How did Warner Bros. Discovery, Inc.'s Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 6.0% from $9.6B a year earlier.
Where can I find Warner Bros. Discovery, Inc.'s Q3 2025 SEC filings?
You can read the 8-K earnings release (0001437107-25-000213) and the 10-Q periodic report (0001437107-25-000216) directly on SEC EDGAR. The filing index links above go to sec.gov.