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

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Streaming
$344M+17.0%
Global Linear Networks
$137M+19.1%

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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:MarketingExpense.

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 studios — marketing expense?
Warner Bros. Discovery, Inc. (WBD) reported studios — marketing expense of $307M in Q2 2026.
How has Warner Bros. Discovery, Inc.'s studios — marketing expense changed year-over-year?
Warner Bros. Discovery, Inc.'s studios — marketing expense decreased by 15.4% year-over-year, from $363M to $307M.
What is the long-term trend for Warner Bros. Discovery, Inc.'s studios — marketing expense?
Over 3 years (2022 to 2025), Warner Bros. Discovery, Inc.'s studios — marketing expense has grown at a 18.1% compound annual growth rate (CAGR), from $647M to $1.07B.
What does studios — marketing expense mean?
Expenditures related to the promotion, advertising, and marketing of content produced or distributed by the studios segment. This investment is critical for driving audience engagement and box office or licensing performance.

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