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-8.3% | $4.2B-12.0% | $3.88B-22.5% | $4.8B-8.9% | $4.77B-6.8% | |
| Streaming | $2.89B+8.7% | $2.79B+5.4% | $2.63B0.0% | $2.79B+8.8% | $2.66B+8.0% | |
| Studios | $3.13B+35.0% | $3.18B-13.0% | $3.32B+23.9% | $3.8B+55.2% | $2.31B-18.0% | |
| Segment Adjusted EBITDA by Business | ||||||
| Global Linear Networks | $1.63B-8.9% | $1.41B-26.7% | $1.7B-19.5% | $1.51B-24.3% | $1.79B-15.4% | |
| Streaming | $438M+29.2% | $393M-3.9% | $345M+19.4% | $293M+374% | $339M+294% | |
| Studios | $775M+199% | $728M-23.4% | $695M+126% | $863M+311% | $259M+40.8% | |
| Other segment expenses by Business | ||||||
| Global Linear Networks | $493M-10.2% | $550M-2.1% | $519M-8.5% | $566M-9.9% | $549M+4.2% | |
| Streaming | $447M+9.8% | $373M+1.6% | $406M-2.9% | $415M-1.7% | $407M+24.8% | |
| Studios | $221M-5.6% | $283M+73.6% | $212M+33.3% | $208M0.0% | $234M+48.1% | |
| Personnel expense by Business | ||||||
| Global Linear Networks | $529M+6.7% | $529M+2.7% | $479M-8.6% | $505M-10.8% | $496M-9.5% | |
| Streaming | $186M0.0% | $208M+11.8% | $175M-9.8% | $191M-5.0% | $186M-3.1% | |
| Studios | $251M+9.1% | $261M+7.4% | $240M+4.8% | $232M+0.4% | $230M-4.2% | |
| Restructuring Reserve by Business | ||||||
| Global Linear Networks | $81M-12.9% | $69M-34.3% | $81M— | $95M— | $93M— | |
| Streaming | $30M-25.0% | $23M-25.8% | $19M— | $38M— | $40M— | |
| Studios | $63M-4.5% | $58M-38.9% | $49M0.0% | $49M-30.0% | $66M+8.2% | |
| Consulting fees and other accruals and adjustments by Business | ||||||
| Global Linear Networks | $0— | $0+100% | $3M+700% | $0+100% | $0+100% | |
| Streaming | $11M— | —— | —— | —— | $0+100% | |
| Studios | -$6M— | -$3M— | $0— | $0— | $0— | |
| Restructuring and other charges by Business | ||||||
| Global Linear Networks | $42M+163% | $12M-55.6% | $16M+220% | $25M-40.5% | $16M+45.5% | |
| Streaming | $26M+117% | $7M+250% | $1M+106% | $7M-53.3% | $12M+500% | |
| Studios | $9M+280% | $12M-94.8% | $12M+500% | -$1M-105% | -$5M-145% | |
| Payments for Restructuring by Business | ||||||
| Global Linear Networks | $30M+15.4% | $24M-46.7% | $30M-33.3% | $25M-44.4% | $26M-42.2% | |
| Streaming | $19M+533% | $3M-77.4% | $20M+50.9% | $9M-32.1% | $3M-77.4% | |
| Studios | $4M-83.3% | $3M0.0% | $12M-47.8% | $16M+60.0% | $24M-48.9% | |
| Restructuring Reserve, Accrual Adjustment by Business | ||||||
| Global Linear Networks | -$36M-357% | -$120M-471% | $13M+162% | $27M+229% | $14M+167% | |
| Streaming | -$15M-225% | —— | —— | —— | $12M+300% | |
| Studios | -$9M-80.0% | -$27M— | $12M— | -$1M— | -$5M+50.0% | |
| Marketing expense by Business | ||||||
| Global Linear Networks | $129M+24.0% | $182M+44.4% | $128M+2.4% | $115M0.0% | $104M+18.2% | |
| Streaming | $285M+29.5% | $276M+14.0% | $210M-20.2% | $294M-16.7% | $220M-23.9% | |
| Studios | $275M+9.1% | $120M-39.4% | $331M+7.1% | $363M+35.4% | $252M-12.8% | |
| Content expense by Business | ||||||
| Global Linear Networks | $1.59B-13.1% | $1.53B-7.2% | $1.06B-37.2% | $2.11B+7.1% | $1.83B-0.6% | |
| Streaming | $1.53B+1.8% | $1.54B+6.7% | $1.5B+1.8% | $1.6B-5.8% | $1.5B-4.0% | |
| Studios | $1.6B+19.7% | $1.79B-14.8% | $1.84B+10.0% | $2.14B+39.4% | $1.34B-31.3% | |
| Revenue by Product | ||||||
| Advertising | $1.85B-6.7% | $1.7B-6.9% | $1.41B-16.3% | $2.22B-8.8% | $1.98B-7.8% | |
| Content | $1.89B+1.1% | $2.66B-8.5% | $2.65B-2.6% | $2.47B+17.2% | $1.87B-27.1% | |
| Distribution | $4.91B+0.4% | $4.79B-2.6% | $4.7B-4.4% | $4.89B+0.1% | $4.89B-2.0% | |
| Service Other | $253M+2.4% | $307M-17.3% | $287M-4.3% | $240M-18.6% | $247M-7.5% | |
| Remaining performance obligations by Product | ||||||
| Advertising | $1.01B+48.8% | $1.13B+48.9% | $943M+49.4% | $648M+5.7% | $676M-14.1% | |
| Brand Licensing Contracts | $3.95B— | $4.02B+33.8% | $3.55B— | $3.01B— | —— | |
| Content Licensing Contracts | $4.53B— | $4.6B+4.2% | $5.09B— | $4.68B— | —— | |
| Distribution | $2.85B+25.0% | $2.49B+3.4% | $1.92B-31.6% | $2.05B-38.0% | $2.28B-30.1% |
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.
