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Warner Bros. Discovery, Inc. WBD Q4 2025 Annual earnings

Reported February 25, 2026 · Before market open

Revenue$9.5BBeat by $109.3MDiluted EPS-$0.10Miss by $0.07
Revenue estimate$9.4B
EPS estimate-$0.03

Next report

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

Financials

Q4 2025

Income statement

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Revenue$9.5B-5.7%
Gross profit$4.2B-5.8%
Operating income$349.0M—

Balance sheet

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Cash & equivalents$4.6B-14.0%
Total debt$4.3B-30.7%
Total equity$35.9B+5.5%
Total assets$100.09B-4.3%

Cash flow

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Operating cash flow$1.8B-33.6%
CapEx$421.0M+47.2%
Free cash flow$1.4B-43.1%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$71.43B+175%
Enterprise value$71.19B+165%
P/S1.9×+1.3×

Profitability

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Gross margin44%+2.4pp
Operating margin2%+1.0pp
FCF margin8.3%-3.0pp

Returns & leverage

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Debt / equity0.1×-0.1×
Current ratio1.1×+0.2×

Segments

By segment

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Global Linear Networks$4.2B—
Studios$3.2B-13.0%
Streaming$2.8B—

By product

See full
Distribution$4.8B-2.6%
Advertising$1.7B-6.9%

Versus estimates

Revenue

Q1 2026$8.9BIn line
Q4 2025$9.5BBeat by $109.3M
Q3 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 $0.07
Q3 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 Q4 2025 earnings?
Warner Bros. Discovery, Inc. (WBD) reported Q4 2025 earnings on February 25, 2026 before market open.
What were Warner Bros. Discovery, Inc.'s Q4 2025 revenue and EPS?
Warner Bros. Discovery, Inc. reported revenue of $9.5B and diluted EPS of $-0.10 for Q4 2025.
Did Warner Bros. Discovery, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $9.4B by $109.3M. EPS missed the consensus estimate of $-0.03 by $0.07.
How did Warner Bros. Discovery, Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 5.7% from $10.0B a year earlier and diluted EPS grew 50.0% from $-0.20.
Where can I find Warner Bros. Discovery, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001437107-26-000011) and the 10-K periodic report (0001437107-26-000020) directly on SEC EDGAR. The filing index links above go to sec.gov.