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Warner Bros Discovery Inc
NASDAQ:WBD

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Warner Bros Discovery Inc
NASDAQ:WBD
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Price: 27.925 USD -0.27% Market Closed
Market Cap: $69.2B

Warner Bros Discovery Inc
Investor Relations

Warner Bros Discovery Inc. emerges as a dynamic powerhouse in the media and entertainment industry, representing the fusion of two iconic names: WarnerMedia and Discovery, Inc. This corporate merger, consummated in 2022, was orchestrated to blend WarnerMedia's strength in film and television production with Discovery's expertise in non-fiction and international content. The combined entity leverages an extensive portfolio that includes beloved brands such as HBO, Warner Bros., CNN, and the Discovery Channel. This diverse range of assets positions Warner Bros Discovery to thrive in an ever-evolving media landscape where streaming services, traditional television, and cinematic experiences blend seamlessly. The strategic alignment allows Warner Bros Discovery to create, distribute, and monetize content across multiple platforms, catering to global audiences.

In monetizing its vast array of content, Warner Bros Discovery employs a multifaceted approach. The company generates revenue through various streams, such as direct-to-consumer subscriptions, advertising, content licensing, and theatrical distribution. Platforms like HBO Max and Discovery+ serve as integral components of its digital strategy, where subscribers pay to access a vast library of films, series, documentaries, and original programming. In parallel, its traditional cable networks and production units capitalize on advertising revenue and syndication deals. The theatrical release of films provides another significant income stream, bolstered by a storied history of blockbuster hits. Through these revenue channels, Warner Bros Discovery not only captures diverse market segments but also adapts to shifts in consumer behavior, ensuring its place at the forefront of the entertainment industry.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 26, 2026
AI Summary
Q4 2025

Box Office Success: Warner Bros. set records with 9 films debuting #1 at the box office in 2025 and significant franchise and original film performance.

Streaming Growth: HBO Max surpassed 130 million subscribers and is on track to exceed 140 million by Q1 2026, with a goal of 150 million by year-end.

International Expansion: Streaming launches in Germany and Italy succeeded, with UK and Ireland to follow; international ad sales are expected to be flat or slightly up in 2026.

Profitability Focus: International streaming markets are profitable within 1–2 years of launch, outpacing original expectations.

Ad Sales Recovery: Advertising trends improved in Q4 and into Q1, with strong network performance despite NBA headwinds.

Leverage Concerns: Discovery Global will launch with about 3.3x net leverage, which management views as sustainable and not a concern.

Cost Efficiencies: NBA rights savings and ongoing AI-driven efficiencies are expected to support margins and profitability.

Games Pipeline Reset: 2026 will see the launch of two major games, with bigger franchise releases expected from 2027 onward.

Key Financials
Box Office #1 Films
9 films
Consecutive Films Opening >$40M
7 films
Weeks Atop Global Box Office
16 weeks
Golden Globe Awards Won
9 awards
Academy Award Nominations
30 nominations
Weathering Heights Box Office (2 weeks)
$160 million
Weathering Heights Opening Weekend
$83 million
HBO Max Subscribers
over 130 million
Prime Time U.S. Cable Viewing Share
30%
Milano Katina Olympic Winter Games Linear View Growth
over 50%
Milano Katina Olympic Streaming Audience Growth
over 3x
Discovery Global Net Leverage (at spin-off)
3.3x
HBO Series 'I Welcome to Dairy' Average Viewers
27 million per episode
HBO Series 'Heated Rivalry' Average Viewers
13 million per episode
HBO Series 'The Pit' Audience Growth
30% increase
HBO Series 'Industry' Audience Growth
50% increase
HBO Series 'A Night of the Seven Kingdoms' Average Viewers
over 24 million per episode
Linear Networks Top 25 New Cable TV Series
17 series
Earnings Call Recording
Other Earnings Calls

Management

Mr. David M. Zaslav
President, CEO & Director
No Bio Available
Dr. Gunnar Wiedenfels Ph.D.
Senior EVP & CFO
No Bio Available
Mr. Bruce L. Campbell
Chief Revenue & Strategy Officer
No Bio Available
Mr. Jean-Briac Perrette
President and CEO of Global Streaming & Games
No Bio Available
Mr. Gerhard Zeiler
President of International
No Bio Available
Ms. Lori C. Locke
Chief Accounting Officer & Executive VP
No Bio Available
Mr. Avi Saxena
Chief Technology Officer
No Bio Available
Mr. Dave Duvall
Chief Information Officer
No Bio Available
Mr. Robert Lane Gibbs
Chief Communications & Public Affairs Officer
No Bio Available
Ms. Jennifer Remling
Chief People & Culture Officer
No Bio Available

Contacts

Address
NEW YORK
New York City
230 Park Avenue South
Contacts
+12125485555
wbd.com
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