Warner Bros. Discovery

Communication Services Broadcasting New York City, New York Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$37.3B
                    3y CAGR +3.3%
                    
                    P43
                    
                    -5.1%
                    
                    Net income
                    FY2025
                
$727.0M
                    Net margin +1.9%
                    
                    P14
                    
                    +106.4%
                    
                    Total assets
                    FY2025
                
$100.1B
                    ROA +0.7%
                    
                    P14
                    
                    -4.3%
                    
                    Operating cash flow
                    FY2025
                
$4.3B
                    FCF margin +8.3%
                    
                    P25
                    
                    -19.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $100.1B

Total liabilities $62.9B

Shareholders equity $35.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	12.2%	13.5%	9.1%
Accounts Receivable	14.2%	12.6%	14.6%
Prepaid Expenses	9.0%	9.7%	10.6%
Total Current Assets	35.4%	35.8%	34.4%
Property,Plant and Equipment	17.9%	15.5%	14.4%
Goodwill	69.5%	65.3%	84.6%
Intangible Assets	74.4%	82.1%	92.7%
Other Noncurrent Assets	71.0%	67.2%	71.0%
Total Assets	268.4%	265.9%	297.1%
Liabilities
Accounts Payable	2.9%	2.7%	3.0%
Accrued Liabilities	25.8%	26.5%	25.1%
Deferred Revenue	4.4%	4.0%	4.7%
Current Portion of Long Term Debt	0.4%	7.0%	4.3%
Total Current Liabilities	33.5%	40.2%	37.1%
Long Term Debt	86.9%	93.5%	101.4%
Deferred Tax Liabilities	17.1%	17.8%	21.1%
Other Noncurrent Liabilities	31.1%	25.6%	25.0%
Total Liabilities	168.7%	177.1%	184.6%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	150.3%	141.3%	133.4%
Retained Earnings	-30.9%	-31.1%	-2.2%
Treasury Stock	22.1%	21.0%	20.0%
Accumulated Other Comprehensive Income	-1.1%	-2.7%	-1.8%
Total Stockholders Equity	96.3%	86.6%	109.5%
Noncontrolling Interest	3.3%	2.0%	2.6%
Temporary Equity and Other	0.1%	0.3%	0.4%
Total Liabilitiesand Equity	268.4%	265.9%	297.1%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $37.3B

Operating income $738.0M

Net income $727.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	56.0%	58.4%	59.4%
Expenses Selling,General and Administrative	25.3%	23.6%	23.5%
Expenses Depreciation and Amortization	15.2%	17.9%	19.3%
Expenses Restructuring and Asset Impairment	1.5%	25.6%	1.6%
Other Income Expense Operating Income	2.0%	-25.5%	-3.7%
Other Income Expense Interest Expense	5.6%	5.1%	5.4%
Other Income Expense Other Income/expense	8.0%	1.7%	-0.2%
Other Income Expense Income Before Tax	4.4%	-29.0%	-9.3%
Income Tax Income Tax Expense	2.4%	0.2%	-1.9%
net Income Other Items Below Tax	-0.1%	0.4%	-0.1%
net Income net Income	1.9%	-28.8%	-7.6%
net Income Comprehensive Income	3.7%	-29.6%	-5.7%
Earnings Per Share Basic Eps	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Diluted	6.8%	6.2%	5.9%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $4.3B

Investing cash flow $-1.2B

Financing cash flow $-4.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	2.0%	-29.2%	-7.5%
Operating Activities Depreciation and Amortization	47.0%	53.4%	58.1%
Operating Activities Stock Based Compensation	2.1%	1.4%	1.2%
Operating Activities Deferred Income Taxes	-1.9%	-4.4%	-5.7%
Operating Activities Changes In Operating Assets and Liabilities	-30.3%	-30.8%	-29.0%
Operating Activities Other Non Cash Items	-7.3%	23.3%	0.9%
Operating Activities net Cash From Operating Activities	11.6%	13.7%	18.1%
Investing Activities Capital Expenditures	-3.3%	-2.4%	-3.2%
Investing Activities Business Acquisitions	0.0%	0.0%	-0.1%
Investing Activities Purchases of Investments	-0.3%	-0.3%	-0.3%
Investing Activities Proceeds From Sale of Investments	0.1%	1.4%	0.0%
Investing Activities Other Investing Activities	0.3%	0.4%	0.5%
Investing Activities net Cash From Investing Activities	-3.2%	-0.9%	-3.0%
Financing Activities Proceeds From Debt	60.4%	40.2%	16.2%
Financing Activities Repayment of Debt	-72.6%	-49.3%	-29.5%
Financing Activities Other Financing Activities	0.9%	-0.5%	-0.8%
Financing Activities net Cash From Financing Activities	-11.4%	-9.5%	-14.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.7%	-0.5%	0.0%
Cash Reconciliation net Change In Cash	-2.3%	2.8%	0.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+44.0%	+41.6%	+40.6%
Operating margin	+2.0%	-25.5%	-3.7%
Net margin	+1.9%	-28.8%	-7.6%
FCF margin	+8.3%	+11.3%	+14.9%
Growth
Revenue CAGR (3y)	+3.3%	+47.8%	+57.0%
Returns
ROE	+2.0%	-33.2%	-6.9%
ROA	+0.7%	-10.8%	-2.5%
ROIC	+0.5%	-14.7%	-1.8%
Liquidity
Current ratio	1.06x	0.89x	0.93x
Quick ratio	0.79x	0.65x	0.64x
Leverage
D/E	1.75x	2.05x	1.69x
Interest coverage	0.35x	-4.97x	-0.70x
Efficiency
Asset turnover	0.37x	0.38x	0.34x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Warner Bros. Discovery

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