Income StatementBalance SheetCash FlowSegments
Warner Bros. Discovery, Inc. logo

Warner Bros. Discovery, Inc. Business Segments

Business, geographic, and product segment breakdowns

Warner Bros. Discovery, Inc. generates $37.2B in annual revenue across 3 key segments: Global Linear Networks ($17.3B), Streaming ($11.1B), and Studios ($13.4B). The company-wide operating margin is -4.55%. Based on the Q1 2026 filing.

Global Linear Networks (TTM)$17.3BStreaming (TTM)$11.1BStudios (TTM)$13.4B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$67.8B
ROE-5.83%

Products & Services

Remaining performance obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Content Licensing Contracts$4.4B—$4.7B$5.1B$4.6B$4.5B
Brand Licensing Contracts$3.0B—$3.0B$3.5B$4.0B$4.0B
Distribution$2.4B$2.3B$2.0B$1.9B$2.5B$2.8B
Advertising$757.0M$676.0M$648.0M$943.0M$1.1B$1.0B

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Distribution$4.9B$4.9B$4.9B$4.7B$4.8B$4.9B
Content$2.9B$1.9B$2.5B$2.6B$2.7B$1.9B
Advertising$1.8B$2.0B$2.2B$1.4B$1.7B$1.8B
Service Other$371.0M$247.0M$240.0M$287.0M$307.0M$253.0M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$371.0M$247.0M$240.0M$287.0M$307.0M$253.0M

Geographic

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us$3.2B$3.1B$3.1B$3.1B$3.1B—

Property, Plant and Equipment, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-U.S.$666.0M———$805.0M—

Business Segments

Consulting fees and other accruals and adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Streaming-$5.0M$0.0———$11.0M
Studios—$0.0$0.0$0.0-$3.0M-$6.0M
Global Linear Networks-$500.0K$0.0$0.0$3.0M$0.0$0.0

Content expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Studios$2.1B$1.3B$2.1B$1.8B$1.8B$1.6B
Global Linear Networks$1.6B$1.8B$2.1B$1.1B$1.5B$1.6B
Streaming$1.4B$1.5B$1.6B$1.5B$1.5B$1.5B

FX & Other Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks-$16.0M$26.8M$26.8M$26.8M$26.8M—
Streaming-$4.0M$5.0M$5.0M$5.0M$5.0M—
Studios-$18.8M$38.8M$38.8M$38.8M$38.8M—

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$8.4B———$8.5B—
Streaming$8.1B———$8.1B—

Goodwill, accumulated impairments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$10.8B———$10.8B—
Streaming$0.0———$0.0—

Goodwill, Written off Related to Sale of Business Unit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks—$4.0M$4.0M$4.0M$4.0M—
Streaming—$0.0$0.0$0.0$0.0—
Studios—$0.0$0.0$0.0$0.0—

Marketing expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Streaming$242.0M$220.0M$294.0M$210.0M$276.0M$285.0M
Studios$198.0M$252.0M$363.0M$331.0M$120.0M$275.0M
Global Linear Networks$126.0M$104.0M$115.0M$128.0M$182.0M$129.0M

Other segment expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$562.0M$549.0M$566.0M$519.0M$550.0M$493.0M
Streaming$367.0M$407.0M$415.0M$406.0M$373.0M$447.0M
Studios$163.0M$234.0M$208.0M$212.0M$283.0M$221.0M

Payments for Restructuring

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$45.0M$26.0M$25.0M$30.0M$24.0M$30.0M
Streaming$13.3M$3.0M$9.0M$20.0M$3.0M$19.0M
Studios$3.0M$24.0M$16.0M$12.0M$3.0M$4.0M

Personnel expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$515.0M$496.0M$505.0M$479.0M$529.0M$529.0M
Studios$243.0M$230.0M$232.0M$240.0M$261.0M$251.0M
Streaming$186.0M$186.0M$191.0M$175.0M$208.0M$186.0M

Restructuring and other charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$27.0M$16.0M$25.0M$16.0M$12.0M$42.0M
Streaming$2.0M$12.0M$7.0M$1.0M$7.0M$26.0M
Studios$231.0M-$5.0M-$1.0M$12.0M$12.0M$9.0M

Restructuring Reserve

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$105.0M$93.0M$95.0M$81.0M$69.0M$81.0M
Studios$95.0M$66.0M$49.0M$49.0M$58.0M$63.0M
Streaming$31.0M$40.0M$38.0M$19.0M$23.0M$30.0M

Restructuring Reserve, Accrual Adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks-$21.0M$14.0M$27.0M$13.0M-$120.0M-$36.0M
Streaming-$6.0M$12.0M———-$15.0M
Studios—-$5.0M-$1.0M$12.0M-$27.0M-$9.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$4.8B$4.8B$4.8B$3.9B$4.2B$4.4B
Studios$3.7B$2.3B$3.8B$3.3B$3.2B$3.1B
Streaming$2.7B$2.7B$2.8B$2.6B$2.8B$2.9B

Segment Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$1.9B$1.8B$1.5B$1.7B$1.4B$1.6B
Studios$950.0M$259.0M$863.0M$695.0M$728.0M$775.0M
Streaming$409.0M$339.0M$293.0M$345.0M$393.0M$438.0M

Total content amortization and impairment expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Global Linear Networks$1.1B$1.5B$1.5B$1.5B$1.5B—
Streaming$1.6B$1.4B$1.4B$1.4B$1.4B—
Studios$1.4B$776.5M$776.5M$776.5M$776.5M—