Warner Bros. Discovery
Runs HBO Max, Warner Bros. studios, and global news, sports, and lifestyle networks.
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Profile
Operates HBO Max, Warner Bros. film and television studios, and global networks such as CNN, TNT Sports, Discovery, HGTV, and Food Network. Revenue comes from subscriptions and carriage fees, advertising, content licensing, games, and consumer products; an approved acquisition by Paramount Skydance remains pending regulatory clearance.
Runs three reportable segments: Streaming, Studios, and Global Linear Networks. HBO Max, discovery+, and HBO sell subscriptions; Warner Bros. Motion Picture Group, Warner Bros. Television, DC Studios, and Warner Bros. Games produce and license film, television, franchises, and games; CNN, TNT Sports, Discovery, HGTV, Food Network, TLC, and other channels sell advertising and earn distribution fees across U.S. and international markets.
Extends owned film, television, and character libraries across theaters, third-party licensing, streaming, home entertainment, games, consumer products, and themed experiences. Results depend on audience demand, distributor agreements, advertising conditions, sports rights, content protection, and servicing significant debt, while linear distribution continues to lose subscribers. The shareholder-approved all-cash acquisition by Paramount Skydance remains subject to regulatory clearances.
Company facts
Categories
Key statistics
Year to date +0.9% · Average volume (30d) 21.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Wells Fargo | Upgrade | Equal-Weight | Overweight | ||
| Jul 27, 2026 | Seaport Global | Downgrade | Buy | Neutral | ||
| Jul 26, 2026 | Seaport Global | Downgrade | Buy | Neutral | ||
| Jul 13, 2026 | Jefferies | Upgrade | Buy | |||
| Jul 13, 2026 | Cowen & Co. | Downgrade | Hold | Sell |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.14 | $0.06 | +142.7% | $9.25B | $8.72B | −5.8% | +1.66% |
| May 6, 2026Q1 FY26 | −$0.11 | −$1.17 | −975.4% | $8.89B | $8.89B | 0.0% | −0.29% |
| Feb 26, 2026Q4 FY25 | −$0.03 | −$0.10 | −209.8% | $9.35B | $9.46B | +1.2% | −2.19% |
| Nov 6, 2025Q3 FY25 | −$0.07 | −$0.06 | +11.6% | $9.18B | $9.05B | −1.4% | +1.12% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $8.98B | $9.81B | $9.05B | $9.46B | $8.89B | $8.72B | |
| Gross profit | $3.85B | $3.85B | $4.48B | $2.86B | $4.25B | $4.10B | |
| Operating income | −$37.0M | −$185.0M | $611.0M | $536.0M | $549.0M | $237.0M | |
| Net income | −$453.0M | $1.58B | −$148.0M | −$252.0M | −$2.92B | $149.0M | |
| Diluted EPS | −$0.18 | $0.63 | −$0.06 | −$0.10 | −$1.17 | $0.06 | |
| Gross margin | 42.9% | 39.2% | 49.5% | 30.2% | 47.8% | 47.0% | |
| Operating margin | -0.4% | -1.9% | 6.8% | 5.7% | 6.2% | 2.7% |
Fiscal years (4-quarter sums)FY21 $12.19B · FY22 $33.82B · FY23 $41.32B · FY24 $39.32B · FY25 $37.30B
Revenue by product · Q2 FY26
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $3.37B · Total debt $32.02B · Total assets $97.25B · Shareholders' equity $32.84B
Dividends
No dividends on record.
Ownership
Shares outstanding 2.51B · Float 2.38B · 95.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 198.09M | 7.90% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 158.64M | 6.33% | 13F | Aug 13, 2026 |
| State Street Corp | 128.36M | 5.12% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 105.10M | 4.19% | 13F | Aug 13, 2026 |
| Invesco Ltd. | 80.09M | 3.19% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | David Zaslav | director, officer: Chief Executive Officer & Pres | −194,999 | $28.02 |
| Aug 13, 2026 | David Zaslav | director, officer: Chief Executive Officer & Pres | −773,173 | $28.01 |
| Aug 13, 2026 | Fazal F. Merchant | director | −71,539 | $27.75 |
| Aug 12, 2026 | Richard W. Fisher | director | −20,000 | $27.46 |
| Aug 10, 2026 | Gerhard Zeiler | officer: President, International | −591,038 | $27.05 |
Peers
- Netflix
Global SVOD leader, 325M paid subscribers; Max's most direct streaming rival.
- Walt Disney
Broadest multi-front rival: streaming, studio, sports (ESPN), and theme parks.
- Paramount Skydance
Legacy studio/SVOD rival (CBS, Paramount+, Skydance); pending acquirer of WBD.
- Comcast
Rival SVOD (Peacock/44M), Universal studio (#2 box office), NBA rights, MSNBC.
- Fox Class A
Dominant cable news rival (Fox News ~50%) and sports rival (NFL/MLB); Tubi AVOD.
- Amazon
Scale SVOD rival (Prime Video/130M U.S.) with MGM studio and sports rights.
- Apple
Premium SVOD niche (Apple TV+/~45M subs) competing on prestige originals.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Warner Bros. Discovery | $28.79 | +0.05% | $72.13B | — | — | 2.0 | −11.2% |
| Netflix | $81.62 | −0.12% | $340.28B | 25.7 | 23.6 | 7.0 | +13.4% |
| Walt Disney | $108.09 | −0.01% | $187.72B | 22.3 | 14.6 | 1.9 | +7.1% |
| Paramount Skydance | $10.88 | +0.09% | $11.83B | — | 13.7 | 0.4 | +0.9% |
| Comcast | $27.08 | +0.09% | $96.03B | 8.8 | 7.7 | 0.8 | −1.2% |
| Fox Class A | $68.42 | −0.01% | $30.00B | 17.8 | 11.6 | 1.6 | +28.1% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Apple | $320.07 | +0.15% | $4.70T | 36.6 | 34.7 | 10.1 | +16.4% |
| Median | 21.9 | 14.6 | 1.9 | +13.4% |