Warner Bros Discovery (WBD) financial statements
Warner Bros Discovery reported revenue of $37.3B in fiscal 2025, up 21.4% a year over 9 years.
Net income was $727M and the operating margin 2.0%, against 31.7% in 2016.
Free cash flow was $3.1B.
The diluted share count rose 276% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Warner Bros Discovery's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5B | $6.9B | $10.6B | $11.1B | $10.7B | $12.2B | $33.8B | $41.3B | $39.3B | $37.3B |
| Cost of revenue | $2.4B | $2.7B | $3.9B | $3.8B | $3.9B | $4.6B | $20.4B | $24.5B | $23.0B | $20.9B |
| Gross profit | $4.1B | $4.2B | $6.6B | $7.3B | $6.8B | $7.6B | $13.4B | $16.8B | $16.4B | $16.4B |
| Selling, general and admin | $1.7B | $1.8B | $2.6B | $2.8B | $2.7B | $4.0B | $9.7B | $9.7B | $9.3B | $9.4B |
| Operating income | $2.1B | $713M | $1.9B | $3.0B | $2.5B | $2.0B | -$7.4B | -$1.5B | -$10.0B | $738M |
| Interest expense | $353M | $475M | $729M | $677M | $648M | $633M | $1.8B | $2.2B | $2.0B | $2.1B |
| Pre-tax income | $1.7B | -$137M | $1.0B | $2.3B | $1.7B | $1.4B | -$9.0B | -$3.9B | -$11.4B | $1.6B |
| Income tax | $453M | $176M | $341M | $81M | $373M | $236M | -$1.7B | -$784M | $94M | $890M |
| Net income | $1.2B | -$337M | $594M | $2.1B | $1.2B | $1.0B | -$7.4B | -$3.1B | -$11.3B | $727M |
| EPS (diluted) | — | — | — | — | $1.81 | $1.54 | -$3.82 | -$1.28 | -$4.62 | $0.29 |
| Diluted shares | — | — | — | — | 672M | 664M | 1.94B | 2.44B | 2.45B | 2.53B |
| Gross margin | 62.6% | 61.4% | 62.7% | 65.7% | 63.8% | 62.1% | 39.6% | 40.6% | 41.6% | 44.0% |
| Operating margin | 31.7% | 10.4% | 18.3% | 27.0% | 23.6% | 16.5% | -21.8% | -3.7% | -25.5% | 2.0% |
| Net margin | 18.4% | -4.9% | 5.6% | 18.6% | 11.4% | 8.3% | -21.8% | -7.6% | -28.8% | 1.9% |
Balance sheet
Fiscal years, from Warner Bros Discovery's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $300M | $7.3B | $986M | $1.6B | $2.1B | $3.9B | $3.7B | $3.8B | $5.3B | $4.6B |
| Receivables | $1.5B | $1.8B | $2.6B | $2.6B | $2.5B | $2.4B | $6.4B | $6.0B | $4.9B | $5.3B |
| Inventory | — | — | — | — | — | $1M | — | — | — | — |
| Total current assets | $2.5B | $10.0B | $4.2B | $5.2B | $6.1B | $7.3B | $14.0B | $14.2B | $14.1B | $13.2B |
| Property, plant and equipment | $482M | $597M | $800M | $951M | $1.2B | $1.3B | $5.3B | $6.0B | $6.1B | $6.7B |
| Goodwill | $8.0B | $7.1B | $13.0B | $13.1B | $13.1B | $12.9B | $34.4B | $35.0B | $25.7B | $25.9B |
| Total assets | $15.7B | $22.6B | $32.5B | $33.7B | $34.1B | $34.4B | $134.0B | $122.8B | $104.6B | $100.1B |
| Total current liabilities | $1.6B | $1.9B | $4.0B | $3.2B | $3.1B | $3.5B | $15.0B | $15.3B | $15.8B | $12.5B |
| Long-term debt | $7.8B | $14.8B | $15.0B | $14.8B | $15.1B | $14.4B | $48.6B | $41.9B | $36.8B | $32.4B |
| Total liabilities | $10.3B | $17.5B | $22.0B | $21.8B | $21.7B | $21.0B | $85.3B | $76.3B | $69.6B | $62.9B |
| Shareholders' equity | $5.2B | $4.6B | $8.4B | $9.9B | $10.5B | $11.6B | $47.1B | $45.2B | $34.0B | $35.9B |
| Net debt | $7.5B | $7.4B | $15.8B | $13.9B | $13.3B | $10.9B | $45.3B | $39.9B | $34.2B | $28.0B |
Cash flow
Fiscal years, from Warner Bros Discovery's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.6B | $2.6B | $3.4B | $2.7B | $2.8B | $4.3B | $7.5B | $5.4B | $4.3B |
| Capital spending | $88M | $135M | $147M | $289M | $402M | $373M | $987M | $1.3B | $948M | $1.2B |
| Free cash flow | $1.3B | $1.5B | $2.4B | $3.1B | $2.3B | $2.4B | $3.3B | $6.2B | $4.4B | $3.1B |
| Stock-based compensation | $69M | $39M | $80M | $142M | $110M | $178M | $412M | $500M | $557M | $769M |
| Share buybacks (net) | -$1.4B | -$603M | $0 | — | — | — | — | — | — | — |
| Net borrowing | $453M | $7.4B | -$5M | $1.5B | $2.0B | $0 | $0 | $1.5B | $1.6B | $18.3B |
| Free cash flow margin | 19.9% | 21.7% | 23.0% | 27.9% | 21.9% | 19.9% | 9.8% | 14.9% | 11.3% | 8.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WBD.
Open WBD in InvestinglyQuestions
What was Warner Bros Discovery's revenue in 2025?
$37.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Warner Bros Discovery generate?
$3.1B in fiscal 2025 (operating cash flow minus capital spending).
From Warner Bros Discovery's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.