Warner Bros. Discovery, Inc. WBD Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Global Linear Networks | $4.38B+4.3% | $4.2B+8.1% | $3.88B-19.2% | $4.8B+0.6% | $4.77B+0.1% | |
| Streaming | $2.89B+3.3% | $2.79B+6.1% | $2.63B-5.7% | $2.79B+5.2% | $2.66B+0.2% | |
| Studios | $3.13B-1.8% | $3.18B-4.2% | $3.32B-12.6% | $3.8B+64.3% | $2.31B-36.7% | |
| Segment Adjusted EBITDA by Business | ||||||
| Global Linear Networks | $1.63B+16.3% | $1.41B-17.5% | $1.7B+12.6% | $1.51B-15.7% | $1.79B-6.5% | |
| Streaming | $438M+11.5% | $393M+13.9% | $345M+17.7% | $293M-13.6% | $339M-17.1% | |
| Studios | $775M+6.5% | $728M+4.7% | $695M-19.5% | $863M+233% | $259M-72.7% | |
| Other segment expenses by Business | ||||||
| Global Linear Networks | $493M-10.4% | $550M+6.0% | $519M-8.3% | $566M+3.1% | $549M-2.3% | |
| Streaming | $447M+19.8% | $373M-8.1% | $406M-2.2% | $415M+2.0% | $407M+10.9% | |
| Studios | $221M-21.9% | $283M+33.5% | $212M+1.9% | $208M-11.1% | $234M+43.6% | |
| Personnel expense by Business | ||||||
| Global Linear Networks | $529M0.0% | $529M+10.4% | $479M-5.1% | $505M+1.8% | $496M-3.7% | |
| Streaming | $186M-10.6% | $208M+18.9% | $175M-8.4% | $191M+2.7% | $186M0.0% | |
| Studios | $251M-3.8% | $261M+8.8% | $240M+3.4% | $232M+0.9% | $230M-5.3% | |
| Restructuring Reserve by Business | ||||||
| Global Linear Networks | $81M+17.4% | $69M-14.8% | $81M-14.7% | $95M+2.2% | $93M-11.4% | |
| Streaming | $30M+30.4% | $23M+21.1% | $19M-50.0% | $38M-5.0% | $40M+29.0% | |
| Studios | $63M+8.6% | $58M+18.4% | $49M0.0% | $49M-25.8% | $66M-30.5% | |
| Consulting fees and other accruals and adjustments by Business | ||||||
| Global Linear Networks | $0— | $0-100% | $3M— | $0— | $0+100% | |
| Streaming | $11M— | —— | —— | —— | $0+100% | |
| Studios | -$6M-100% | -$3M— | $0— | $0— | $0— | |
| Restructuring and other charges by Business | ||||||
| Global Linear Networks | $42M+250% | $12M-25.0% | $16M-36.0% | $25M+56.3% | $16M-40.7% | |
| Streaming | $26M+271% | $7M+600% | $1M-85.7% | $7M-41.7% | $12M+500% | |
| Studios | $9M-25.0% | $12M0.0% | $12M+1,300% | -$1M+80.0% | -$5M-102% | |
| Payments for Restructuring by Business | ||||||
| Global Linear Networks | $30M+25.0% | $24M-20.0% | $30M+20.0% | $25M-3.8% | $26M-42.2% | |
| Streaming | $19M+533% | $3M-85.0% | $20M+122% | $9M+200% | $3M-77.4% | |
| Studios | $4M+33.3% | $3M-75.0% | $12M-25.0% | $16M-33.3% | $24M+700% | |
| Restructuring Reserve, Accrual Adjustment by Business | ||||||
| Global Linear Networks | -$36M+70.0% | -$120M-1,023% | $13M-51.9% | $27M+92.9% | $14M+167% | |
| Streaming | -$15M— | —— | —— | —— | $12M+300% | |
| Studios | -$9M+66.7% | -$27M-325% | $12M+1,300% | -$1M+80.0% | -$5M— | |
| Marketing expense by Business | ||||||
| Global Linear Networks | $129M-29.1% | $182M+42.2% | $128M+11.3% | $115M+10.6% | $104M-17.5% | |
| Streaming | $285M+3.3% | $276M+31.4% | $210M-28.6% | $294M+33.6% | $220M-9.1% | |
| Studios | $275M+129% | $120M-63.7% | $331M-8.8% | $363M+44.0% | $252M+27.3% | |
| Content expense by Business | ||||||
| Global Linear Networks | $1.59B+4.1% | $1.53B+45.0% | $1.06B-49.9% | $2.11B+14.9% | $1.83B+11.2% | |
| Streaming | $1.53B-0.8% | $1.54B+3.1% | $1.5B-6.4% | $1.6B+6.4% | $1.5B+3.9% | |
| Studios | $1.6B-10.5% | $1.79B-2.8% | $1.84B-13.7% | $2.14B+59.4% | $1.34B-36.3% | |
| Revenue by Product | ||||||
| Advertising | $1.85B+8.5% | $1.7B+21.0% | $1.41B-36.5% | $2.22B+11.9% | $1.98B+8.2% | |
| Content | $1.89B-29.1% | $2.66B+0.5% | $2.65B+7.2% | $2.47B+32.4% | $1.87B-35.9% | |
| Distribution | $4.91B+2.4% | $4.79B+1.9% | $4.7B-3.7% | $4.89B0.0% | $4.89B-0.6% | |
| Service Other | $253M-17.6% | $307M+7.0% | $287M+19.6% | $240M-2.8% | $247M-33.4% | |
| Remaining performance obligations by Product | ||||||
| Advertising | $1.01B-10.7% | $1.13B+19.5% | $943M+45.5% | $648M-4.1% | $676M-10.7% | |
| Brand Licensing Contracts | $3.95B-1.7% | $4.02B+13.4% | $3.55B+17.8% | $3.01B— | —— | |
| Content Licensing Contracts | $4.53B-1.6% | $4.6B-9.6% | $5.09B+8.8% | $4.68B— | —— | |
| Distribution | $2.85B+14.4% | $2.49B+29.9% | $1.92B-6.4% | $2.05B-10.1% | $2.28B-5.3% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Warner Bros. Discovery, Inc. break its business down?
- Warner Bros. Discovery, Inc. (WBD) reports revenue by business across 3 parts — Global Linear Networks, Streaming and Studios. Each is extracted from the segment footnotes and tracked over time.
- Where does Warner Bros. Discovery, Inc.'s segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Warner Bros. Discovery, Inc.'s SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
