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Warner Bros. Discovery, Inc. WBD Global Linear Networks — Content expense

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Other financials

Income statement

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Revenue$8.7B-11.2%
Gross profit$4.1B+6.5%
Operating income$237.0M+228%
Net income$149.0M-90.6%
EPS (diluted)$0.06-90.5%

Balance sheet

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Cash & equivalents$3.4B-31.1%
Total debt$32.0B+14,390%
Total equity$32.8B-8.9%
Total assets$97.2B-4.4%

Cash flow

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Operating cash flow$848.0M-13.7%
CapEx$276.0M-1.8%
Free cash flow$572.0M-18.5%

Valuation

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Market cap$67.14B+152%
Enterprise value$95.8B+335%
P/S1.9×+1.2×

Profitability

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Gross margin47.2%+4.0pp
Operating margin-3.5%-3.7pp
Net margin1.3%+0.7pp
FCF margin6%-4.5pp

Returns & leverage

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Return on equity1.4%+0.7pp
Debt / equity+1.0×
Current ratio0.8×-0.3×

Where this comes from

Reported directly by Warner Bros. Discovery, Inc. in its filing.

Tagged under the XBRL concept wbd:ContentExpense.

The source filing: Warner Bros. Discovery, Inc.’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 9:42 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001437107-26-000075
Line itemStreamingStudiosGlobal Linear Networks
Revenues$3,079$2,328$3,991
Less:
Content expense (a)1,5691,4421,400
Personnel expense (b)187235509
Marketing expense344307137
Other segment expenses (c)467248499
Segment Adjusted EBITDA$512$96$1,446

ITEM 1. Unaudited Financial Statements.

FAQ

What is Warner Bros. Discovery, Inc.'s global linear networks — content expense?
Warner Bros. Discovery, Inc. (WBD) reported global linear networks — content expense of $1.4B in Q2 2026.
How has Warner Bros. Discovery, Inc.'s global linear networks — content expense changed year-over-year?
Warner Bros. Discovery, Inc.'s global linear networks — content expense decreased by 33.5% year-over-year, from $2.11B to $1.4B.
What is the long-term trend for Warner Bros. Discovery, Inc.'s global linear networks — content expense?
Over 2 years (2023 to 2025), Warner Bros. Discovery, Inc.'s global linear networks — content expense has grown at a -4.4% compound annual growth rate (CAGR), from $7.14B to $6.52B.
What does global linear networks — content expense mean?
The costs associated with producing, acquiring, and amortizing content for the linear networks segment. This is typically the largest operating expense, reflecting the investment required to maintain viewership and advertising value.

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