Warner Bros. Discovery, Inc. WBD Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Global Linear Networks | $17.26B-12.9% | $17.66B-12.5% | $18.23B-12.0% | $19.36B-7.9% | $19.82B-5.9% | |
| Streaming | $11.11B+5.7% | $10.88B+5.5% | $10.73B+5.2% | $10.73B+6.2% | $10.51B+4.3% | |
| Studios | $13.43B+21.0% | $12.62B+8.7% | $13.09B+17.7% | $12.45B+6.7% | $11.1B-5.9% | |
| Segment Adjusted EBITDA by Business | ||||||
| Global Linear Networks | $6.25B-20.1% | $6.41B-21.3% | $6.92B-18.5% | $7.34B-15.2% | $7.82B-12.3% | |
| Streaming | $1.47B+58.0% | $1.37B+102% | $1.39B+372% | $1.33B+4,261% | $930M+470% | |
| Studios | $3.06B+77.2% | $2.55B+54.1% | $2.77B+122% | $2.38B+60.2% | $1.73B-5.2% | |
| Other segment expenses by Business | ||||||
| Global Linear Networks | $2.13B-7.7% | $2.18B-4.4% | $2.2B-5.7% | $2.24B-5.3% | $2.31B-1.8% | |
| Streaming | $1.64B+1.7% | $1.6B+4.4% | $1.6B+4.5% | $1.61B+9.5% | $1.61B+14.8% | |
| Studios | $924M+20.9% | $937M+36.2% | $817M+16.6% | $764M+6.6% | $764M+11.6% | |
| Personnel expense by Business | ||||||
| Global Linear Networks | $2.04B-2.8% | $2.01B-6.7% | $2B-8.5% | $2.04B-7.3% | $2.1B-3.5% | |
| Streaming | $760M-0.9% | $760M-1.7% | $738M-7.5% | $757M-7.1% | $767M-7.0% | |
| Studios | $984M+5.5% | $963M+2.1% | $945M+1.4% | $934M-0.1% | $933M-0.2% | |
| Restructuring Reserve by Business | ||||||
| Global Linear Networks | $326M— | $338M— | $374M— | —— | —— | |
| Streaming | $110M— | $120M— | $128M— | —— | —— | |
| Studios | $219M-21.8% | $222M-19.3% | $259M-6.8% | $259M-22.9% | $280M-20.2% | |
| Consulting fees and other accruals and adjustments by Business | ||||||
| Global Linear Networks | $3M+300% | $3M+250% | $2.5M— | -$1M— | -$1.5M— | |
| Studios | -$9M— | -$3M— | —— | —— | —— | |
| Restructuring and other charges by Business | ||||||
| Global Linear Networks | $95M+5.6% | $69M-18.8% | $84M-22.4% | $73M-52.4% | $90M-44.4% | |
| Streaming | $41M+215% | $27M+800% | $22M+25.7% | $5M-90.0% | $13M-74.8% | |
| Studios | $32M-87.0% | $18M-93.2% | $237M+541% | $227M+34.3% | $247M+54.4% | |
| Payments for Restructuring by Business | ||||||
| Global Linear Networks | $109M-32.3% | $105M-41.7% | $126M— | $141M— | $161M— | |
| Streaming | $51M+19.3% | $35M-34.0% | $45.25M— | $38.5M— | $42.75M— | |
| Studios | $35M-41.7% | $55M-33.7% | $55M-45.5% | $66M-29.0% | $60M-51.6% | |
| Restructuring Reserve, Accrual Adjustment by Business | ||||||
| Global Linear Networks | -$116M-137% | -$66M+21.4% | $33M— | -$1M— | -$49M— | |
| Studios | -$25M— | -$21M— | —— | —— | —— | |
| Marketing expense by Business | ||||||
| Global Linear Networks | $554M+17.9% | $529M+16.5% | $473M+8.1% | $470M+11.2% | $470M+12.6% | |
| Streaming | $1.07B-1.2% | $1B-12.8% | $966M-21.7% | $1.02B-21.5% | $1.08B-15.4% | |
| Studios | $1.09B+6.0% | $1.07B+0.2% | $1.14B-3.3% | $1.12B-5.8% | $1.03B-17.2% | |
| Content expense by Business | ||||||
| Global Linear Networks | $6.28B-11.8% | $6.52B-8.6% | $6.64B-8.7% | $7.26B-1.5% | $7.12B-1.0% | |
| Streaming | $6.17B+0.8% | $6.15B-0.6% | $6.05B-4.7% | $6.02B-7.3% | $6.12B-4.5% | |
| Studios | $7.37B+10.9% | $7.11B-2.1% | $7.42B+7.0% | $7.25B+3.0% | $6.65B-8.7% | |
| Revenue by Product | ||||||
| Advertising | $7.17B-9.5% | $7.31B-9.7% | $7.43B-11.0% | $7.71B-8.9% | $7.92B-7.3% | |
| Content | $9.67B+0.7% | $9.65B-6.3% | $9.9B— | $9.97B— | $9.61B— | |
| Distribution | $19.28B-1.6% | $19.26B-2.2% | $19.39B— | $19.61B— | $19.6B— | |
| Service Other | $1.09B-10.4% | $1.08B-12.3% | $1.15B-3.2% | $1.16B-3.5% | $1.21B+4.3% | |
| Remaining performance obligations by Product | ||||||
| Advertising | $3.72B+39.1% | $3.39B+21.7% | $3.02B+3.5% | $2.71B-12.8% | $2.68B-21.7% | |
| Brand Licensing Contracts | $14.54B— | —— | —— | —— | —— | |
| Content Licensing Contracts | $18.9B— | —— | —— | —— | —— | |
| Distribution | $9.3B-13.8% | $8.73B-25.8% | $8.65B-32.8% | $9.54B-30.4% | $10.79B-24.8% |
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.
