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Warner Bros. Discovery, Inc. WBD Studios — Content expense

Similar metrics at other companies

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PSKYStudios — Content costs
$816M
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CMCSAStudios — Programming and production
$2.24B+17.6%
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PSKYStudios — Total Costs & Expenses
$1.12B
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PSKYAmortization of content costs and participation and residuals expense
$6.03B+73.6%
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HASEntertainment — Program cost amortization
$4M-45.9%
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PSKYStudios — Advertising and marketing
$100M

Other financials

Income statement

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Revenue$8.9B-1.0%
Gross profit$4.3B+10.4%
Operating income-$2.5B-6,573%
Net income-$2.9B-544%
EPS (diluted)-$1.17-550%

Balance sheet

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Cash & equivalents$3.3B-15.6%
Total debt$1.5B-46.3%
Total equity$32.6B-3.7%
Total assets$97.8B-3.8%

Cash flow

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Operating cash flow-$208.0M-138%
CapEx$268.0M+6.8%
Free cash flow-$476.0M-258%

Valuation

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Market cap$67.64B+160%
Enterprise value$65.87B+164%
P/S1.8×+1.1×

Profitability

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Gross margin45.2%+2.7pp
Operating margin-4.6%-2.1pp
Net margin1.3%+0.7pp
FCF margin6.2%-5.1pp

Returns & leverage

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Return on equity1.4%+0.7pp
Debt / equity0.0×
Current ratio0.7×-0.1×

Where this comes from

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

Tagged under the XBRL concept wbd:ContentExpense.

The official record: Warner Bros. Discovery, Inc.’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Warner Bros. Discovery, Inc.'s studios — content expense?
Warner Bros. Discovery, Inc. (WBD) reported studios — content expense of $1.6B in Q1 2026.
How has Warner Bros. Discovery, Inc.'s studios — content expense changed year-over-year?
Warner Bros. Discovery, Inc.'s studios — content expense increased by 19.7% year-over-year, from $1.34B to $1.6B.
What is the long-term trend for Warner Bros. Discovery, Inc.'s studios — content expense?
Over 3 years (2022 to 2025), Warner Bros. Discovery, Inc.'s studios — content expense has grown at a 4.6% compound annual growth rate (CAGR), from $6.21B to $7.11B.
What does studios — content expense mean?
The costs incurred to produce, acquire, and amortize content for the studios segment. This includes production budgets, talent costs, and the amortization of capitalized content assets.