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Warner Bros. Discovery, Inc. WBD Streaming — 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 streaming — content expense?
Warner Bros. Discovery, Inc. (WBD) reported streaming — content expense of $1.57B in Q2 2026.
How has Warner Bros. Discovery, Inc.'s streaming — content expense changed year-over-year?
Warner Bros. Discovery, Inc.'s streaming — content expense decreased by 1.9% year-over-year, from $1.6B to $1.57B.
What is the long-term trend for Warner Bros. Discovery, Inc.'s streaming — content expense?
Over 2 years (2023 to 2025), Warner Bros. Discovery, Inc.'s streaming — content expense has grown at a -2.4% compound annual growth rate (CAGR), from $6.45B to $6.15B.
What does streaming — content expense mean?
The costs associated with producing, acquiring, and amortizing content for the streaming platform. This is typically the largest operating expense for a streaming business and directly impacts segment profitability. It reflects the company's investment in its competitive library and original programming.

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