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Warner Bros. Discovery, Inc. WBD Studios — FX & Other Adjustments

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Global Linear Networks
$107M
Streaming
$20M

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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 us-gaap:GoodwillTranslationAndPurchaseAccountingAdjustments.

The source filing: Warner Bros. Discovery, Inc.’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 5:20 PM EST
Fiscal year
FY2025
Accession
0001437107-26-000020
Line itemStreamingStudiosGlobal Linear NetworksTotal
December 31, 2023$8,067$9,272$17,630$34,969
Impairment of goodwill(9,147)(9,147)
Foreign currency translation and other adjustments(16)(75)(64)(155)
December 31, 2024$8,051$9,197$8,419$25,667
Dispositions(16)(16)
Foreign currency translation and other adjustments20155107282
December 31, 2025$8,071$9,352$8,510$25,933

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Warner Bros. Discovery, Inc.'s studios — FX & other adjustments?
Warner Bros. Discovery, Inc. (WBD) reported studios — FX & other adjustments of $38.75M in Q4 2025.
How has Warner Bros. Discovery, Inc.'s studios — FX & other adjustments changed year-over-year?
Warner Bros. Discovery, Inc.'s studios — FX & other adjustments increased by 306.7% year-over-year, from -$18.75M to $38.75M.
What is the long-term trend for Warner Bros. Discovery, Inc.'s studios — FX & other adjustments?
Over 3 years (2022 to 2025), Warner Bros. Discovery, Inc.'s studios — FX & other adjustments has grown at a 22.7% compound annual growth rate (CAGR), from -$84M to $155M.
What does studios — FX & other adjustments mean?
Captures the impact of exchange rate fluctuations on the Studios segment's financial results, alongside miscellaneous non-operating adjustments. It reconciles the difference between reporting currency and the functional currencies of international production and distribution operations.

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