WBD Chart
About

Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers streaming services, such as HBO Max and discovery+, and premium pay-TV services, including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment is involved in the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and its networks/streaming services. This segment also distributes films and television programs to various third-party and internal television, streaming services, and physical and digital home entertainment markets; related consumer products and themed experience licensing; and publishes, develops, licenses, and distributes content for the interactive space in platforms, including console, handheld, mobile, and PC-based gaming for both internal and third-party game titles. The Global Linear Networks segment provides general and lifestyle entertainment networks, news networks; and hosts international media networks and global sports networks. In addition, the company offers a portfolio of content and products for television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products under the Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and other brands. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.

Fundamentals
Scroll to Statements
Sector Communication Services Industry Entertainment Market Cap 68.58B
Enterprise Value 101.65B Income 728.00M Sales 37.30B
Book/sh 14.48 Cash/sh 1.85 Dividend Yield
Payout 0.00% Employees 35500 IPO
P/E 95.31 Forward P/E -1658.07 PEG
P/S 1.84 P/B 1.91 P/C
EV/EBITDA 13.81 EV/Sales 2.73 Quick Ratio 0.70
Current Ratio 1.06 Debt/Eq 98.91 LT Debt/Eq
EPS (ttm) 0.29 EPS next Y -0.02 EPS Growth
Revenue Growth -5.70% Earnings 2026-05-07 ROA 1.02%
ROE 2.08% ROIC Gross Margin 44.55%
Oper. Margin 7.38% Profit Margin 1.95% Shs Outstand 2.48B
Shs Float 2.34B Short Float 2.81% Short Ratio 2.52
Short Interest 52W High 30.00 52W Low 7.52
Beta 1.68 Avg Volume 28.29M Volume 23.25M
Target Price $29.40 Recom Hold Prev Close $27.51
Price $27.64 Change 0.47%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$29.40
Mean price target
2. Current target
$27.64
Latest analyst target
3. DCF / Fair value
$116.21
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$27.64
Low
$26.00
High
$31.25
Mean
$29.40

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-27 main TD Cowen Hold → Hold $26
2026-02-27 down Raymond James Outperform → Underperform
2026-02-27 down Benchmark Buy → Hold
2026-02-25 main Bernstein Market Perform → Market Perform $28
2026-01-28 main UBS Neutral → Neutral $30
2026-01-15 main Benchmark Buy → Buy $32
2026-01-14 main Guggenheim Neutral → Neutral $30
2025-12-09 down Seaport Global Buy → Neutral
2025-12-08 main Benchmark Buy → Buy $30
2025-12-05 down Barrington Research Outperform → Market Perform
2025-11-14 main Barrington Research Outperform → Outperform $25
2025-11-07 main Wells Fargo Equal-Weight → Equal-Weight $25
2025-10-30 up Rothschild & Co Neutral → Buy $28
2025-10-28 up Argus Research Hold → Buy $27
2025-10-28 main Barrington Research Outperform → Outperform $25
2025-10-22 main Benchmark Buy → Buy $25
2025-10-16 main Wells Fargo Equal-Weight → Equal-Weight $21
2025-10-08 main Guggenheim Buy → Buy $22
2025-10-06 main UBS Neutral → Neutral $20
2025-10-02 main Raymond James Outperform → Outperform $22
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 35000 961800.0 Sale at price 27.48 per share. MERCHANT FAZAL F Director 2026-03-16 00:00:00 D
1 98651 2747430.0 Sale at price 27.85 per share. AIYAR PRIYA Officer 2026-03-10 00:00:00 D
2 77243 851218.0 Conversion of Exercise of derivative security at price 11.02 per share. AIYAR PRIYA Officer 2026-03-10 00:00:00 D
3 41784 1162431.0 Sale at price 27.82 per share. CAMPBELL BRUCE L Officer 2026-03-09 00:00:00 D
4 991903 27946395.0 Sale at price 28.05 - 28.25 per share. WIEDENFELS GUNNAR Chief Financial Officer 2026-03-04 00:00:00 D
5 600000 16812000.0 Sale at price 28.02 per share. ZEILER GERHARD Officer 2026-03-04 00:00:00 D
6 1635449 45792572.0 Sale at price 28.00 per share. CAMPBELL BRUCE L Officer 2026-03-04 00:00:00 D/I
7 346133 3871909.0 Conversion of Exercise of derivative security at price 8.67 - 15.02 per share. WIEDENFELS GUNNAR Chief Financial Officer 2026-03-04 00:00:00 D
8 755109 11840949.0 Conversion of Exercise of derivative security at price 8.67 - 25.70 per share. CAMPBELL BRUCE L Officer 2026-03-04 00:00:00 D
9 223512 6311979.0 Sale at price 28.24 per share. AIYAR PRIYA Officer 2026-03-03 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems469.98M-1.99B-178.39M-684.19M
TaxRateForCalcs0.210.210.200.19
NormalizedEBITDA19.02B21.10B23.25B17.77B
TotalUnusualItems2.24B-9.49B-879.00M-3.60B
TotalUnusualItemsExcludingGoodwill2.24B-9.49B-879.00M-3.60B
NetIncomeFromContinuingOperationNetMinorityInterest727.00M-11.31B-3.13B-7.37B
ReconciledDepreciation17.54B20.98B24.01B21.35B
ReconciledCostOfRevenue9.03B9.02B8.50B6.28B
EBITDA21.26B11.61B22.37B14.17B
EBIT3.72B-9.37B-1.64B-7.18B
NetInterestIncome-1.88B-1.81B-2.04B-1.71B
InterestExpense2.08B2.02B2.22B1.78B
InterestIncome206.00M210.00M179.00M67.00M
NormalizedIncome-1.04B-3.81B-2.43B-4.45B
NetIncomeFromContinuingAndDiscontinuedOperation727.00M-11.31B-3.13B-7.37B
TotalExpenses35.99B39.30B42.21B37.31B
TotalOperatingIncomeAsReported738.00M-10.03B-1.55B-7.37B
DilutedAverageShares2.53B2.45B2.44B1.94B
BasicAverageShares2.48B2.45B2.44B1.94B
DilutedEPS0.29-4.62-1.28-3.82
BasicEPS0.29-4.62-1.28-3.82
DilutedNIAvailtoComStockholders728.00M-11.31B-3.13B-7.42B
AverageDilutionEarnings0.000.00110.00M
NetIncomeCommonStockholders728.00M-11.31B-3.13B-7.42B
OtherunderPreferredStockDividend-1.00M3.00M0.000.00
PreferredStockDividends49.00M110.00M
NetIncome727.00M-11.31B-3.13B-7.37B
MinorityInterests-22.00M171.00M-47.00M-74.00M
NetIncomeIncludingNoncontrollingInterests749.00M-11.48B-3.08B-7.30B
NetIncomeContinuousOperations749.00M-11.48B-3.08B-7.30B
TaxProvision890.00M94.00M-784.00M-1.66B
PretaxIncome1.64B-11.39B-3.86B-8.96B
OtherIncomeExpense2.21B-9.60B-935.00M-3.75B
OtherNonOperatingIncomeExpenses-5.00M13.00M26.00M7.00M
SpecialIncomeCharges2.20B-9.15B-698.00M-3.68B
GainOnSaleOfBusiness0.00194.00M0.00195.00M
OtherSpecialCharges-2.77B-709.00M36.00M10.00M
ImpairmentOfCapitalAssets172.00M9.60B77.00M117.00M
RestructuringAndMergernAcquisition399.00M447.00M585.00M3.76B
EarningsFromEquityInterest-24.00M-121.00M-82.00M-160.00M
GainOnSaleOfSecurity35.00M-344.00M-181.00M78.00M
NetNonOperatingInterestIncomeExpense-1.88B-1.81B-2.04B-1.71B
InterestExpenseNonOperating2.08B2.02B2.22B1.78B
InterestIncomeNonOperating206.00M210.00M179.00M67.00M
OperatingIncome1.31B18.00M-886.00M-3.50B
OperatingExpense15.10B16.33B17.68B16.87B
DepreciationAmortizationDepletionIncomeStatement5.68B7.04B7.99B7.19B
DepreciationAndAmortizationInIncomeStatement5.68B7.04B7.99B7.19B
SellingGeneralAndAdministration9.42B9.30B9.70B9.68B
GrossProfit16.41B16.35B16.80B13.38B
CostOfRevenue20.89B22.97B24.53B20.44B
TotalRevenue37.30B39.32B41.32B33.82B
OperatingRevenue36.22B38.09B40.14B33.03B
Line Item2025-12-312024-12-312023-12-312022-12-31
TreasurySharesNumber230.00M230.00M230.00M230.00M
PreferredSharesNumber13.00M13.00M13.00M13.00M
OrdinarySharesNumber2.48B2.45B2.44B2.43B
ShareIssued2.71B2.68B2.67B2.66B
NetDebt28.00B34.19B39.89B45.27B
TotalDebt32.57B39.51B43.67B49.00B
TangibleBookValue-36.89B-43.03B-49.26B-58.98B
InvestedCapital68.49B73.54B88.89B96.09B
WorkingCapital706.00M-1.73B-1.11B-1.02B
NetTangibleAssets-36.89B-43.03B-49.26B-58.98B
CommonStockEquity35.92B34.04B45.23B47.09B
TotalCapitalization68.35B70.79B87.11B95.73B
TotalEquityGrossMinorityInterest37.17B34.94B46.47B48.67B
MinorityInterest1.25B901.00M1.25B1.57B
StockholdersEquity35.92B34.04B45.23B47.09B
GainsLossesNotAffectingRetainedEarnings-407.00M-1.07B-741.00M-1.52B
OtherEquityAdjustments-407.00M-1.07B-741.00M-1.52B
TreasuryStock8.24B8.24B8.24B8.24B
RetainedEarnings-11.51B-12.24B-928.00M2.21B
AdditionalPaidInCapital56.05B55.56B55.11B54.63B
CapitalStock27.00M27.00M27.00M27.00M
CommonStock27.00M27.00M27.00M27.00M
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest62.92B69.62B76.28B85.33B
TotalNonCurrentLiabilitiesNetMinorityInterest50.42B53.81B60.95B70.32B
OtherNonCurrentLiabilities11.61B10.07B10.33B10.67B
NonCurrentDeferredLiabilities6.38B6.99B8.74B11.01B
NonCurrentDeferredTaxesLiabilities6.38B6.99B8.74B11.01B
LongTermDebtAndCapitalLeaseObligation32.43B36.76B41.89B48.63B
LongTermDebt32.43B36.76B41.89B48.63B
CurrentLiabilities12.50B15.81B15.33B15.02B
CurrentDeferredLiabilities1.64B1.57B1.92B1.69B
CurrentDeferredRevenue1.64B1.57B1.92B1.69B
CurrentDebtAndCapitalLeaseObligation139.00M2.75B1.78B365.00M
CurrentDebt139.00M2.75B1.78B365.00M
OtherCurrentBorrowings139.00M2.75B1.78B339.00M
PayablesAndAccruedExpenses10.72B11.49B11.63B12.96B
CurrentAccruedExpenses8.96B9.79B8.25B8.35B
Payables1.76B1.70B3.38B4.61B
OtherPayable2.12B3.15B772.00M
TotalTaxPayable668.00M644.00M
AccountsPayable1.09B1.05B1.26B1.45B
TotalAssets100.08B104.56B122.76B134.00B
TotalNonCurrentAssets86.88B90.48B108.54B120.00B
OtherNonCurrentAssets7.38B7.33B8.10B8.63B
InvestmentsAndAdvances543.00M
LongTermEquityInvestment543.00M
GoodwillAndOtherIntangibleAssets72.81B77.07B94.48B106.07B
OtherIntangibleAssets46.88B51.40B59.51B71.63B
Goodwill25.93B25.67B34.97B34.44B
NetPPE6.68B6.09B5.96B5.30B
AccumulatedDepreciation-4.83B-4.04B-3.08B-2.06B
GrossPPE11.51B10.12B9.04B7.36B
ConstructionInProgress819.00M601.00M344.00M568.00M
OtherProperties672.00M
MachineryFurnitureEquipment6.65B5.69B4.68B3.54B
Properties4.04B3.83B4.01B3.25B
CurrentAssets13.21B14.08B14.22B14.00B
OtherCurrentAssets1.95B2.06B2.28B2.11B
PrepaidAssets322.00M784.00M843.00M545.00M
Receivables6.37B5.93B7.31B7.61B
OtherReceivables1.07B979.00M1.26B1.23B
AccountsReceivable5.29B4.95B6.05B6.38B
AllowanceForDoubtfulAccountsReceivable-54.00M
GrossAccountsReceivable2.50B
CashCashEquivalentsAndShortTermInvestments4.57B5.31B3.78B3.73B
CashAndCashEquivalents4.57B5.31B3.78B3.73B
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow3.09B4.43B6.16B3.32B
RepurchaseOfCapitalStock0.000.00
RepaymentOfDebt-27.09B-19.39B-12.21B-9.71B
IssuanceOfDebt22.53B15.82B6.70B2.39B
CapitalExpenditure-1.23B-948.00M-1.32B-987.00M
InterestPaidSupplementalData2.29B2.00B2.24B
IncomeTaxPaidSupplementalData1.93B1.11B1.44B
EndCashPosition4.57B5.42B4.32B3.93B
BeginningCashPosition5.42B4.32B3.93B3.90B
EffectOfExchangeRateChanges254.00M-180.00M8.00M-61.00M
ChangesInCash-1.10B1.28B381.00M86.00M
FinancingCashFlow-4.24B-3.75B-5.84B-7.74B
CashFlowFromContinuingFinancingActivities-4.24B-3.75B-5.84B-7.74B
NetOtherFinancingCharges320.00M-181.00M-334.00M-425.00M
NetCommonStockIssuance0.000.00
CommonStockPayments0.000.00
NetIssuancePaymentsOfDebt-4.56B-3.57B-5.50B-7.32B
NetShortTermDebtIssuance0.000.00-7.00M-2.00M
ShortTermDebtPayments-4.23B-14.20B-5.21B-2.40B
ShortTermDebtIssuance4.23B14.20B5.21B2.39B
NetLongTermDebtIssuance-4.56B-3.57B-5.50B-7.32B
LongTermDebtPayments-22.87B-5.18B-6.99B-7.32B
LongTermDebtIssuance18.31B1.62B1.50B0.00
InvestingCashFlow-1.18B-349.00M-1.26B3.52B
CashFlowFromContinuingInvestingActivities-1.18B-349.00M-1.26B3.52B
NetOtherInvestingChanges72.00M31.00M98.00M9.00M
NetInvestmentPurchaseAndSale80.00M677.00M121.00M1.06B
SaleOfInvestment80.00M677.00M121.00M1.06B
PurchaseOfInvestment0.000.00-189.00M
NetBusinessPurchaseAndSale-100.00M-109.00M-162.00M3.44B
SaleOfBusiness3.61B
PurchaseOfBusiness-100.00M-109.00M-162.00M-168.00M
NetPPEPurchaseAndSale-1.23B-948.00M-1.32B-987.00M
PurchaseOfPPE-1.23B-948.00M-1.32B-987.00M
OperatingCashFlow4.32B5.38B7.48B4.30B
CashFlowFromContinuingOperatingActivities4.32B5.38B7.48B4.30B
ChangeInWorkingCapital-11.30B-12.13B-11.99B-10.98B
ChangeInOtherWorkingCapital327.00M-260.00M824.00M-130.00M
ChangeInPayablesAndAccruedExpense-11.29B-12.88B-13.12B-11.03B
ChangeInPayable-11.29B-12.88B-13.12B-11.03B
ChangeInAccountPayable108.00M-529.00M-820.00M1.53B
ChangeInReceivables-336.00M1.01B312.00M181.00M
OtherNonCashItems69.00M280.00M314.00M4.03B
StockBasedCompensation769.00M557.00M500.00M412.00M
AssetImpairmentCharge172.00M9.60B77.00M116.00M
DeferredTax-710.00M-1.73B-2.34B-2.84B
DeferredIncomeTax-710.00M-1.73B-2.34B-2.84B
DepreciationAmortizationDepletion17.54B20.98B24.01B21.35B
DepreciationAndAmortization17.54B20.98B24.01B21.35B
AmortizationCashFlow11.86B13.95B16.02B14.16B
AmortizationOfIntangibles11.86B13.95B16.02B14.16B
Depreciation5.68B7.04B7.99B7.19B
OperatingGainsLosses-2.97B-708.00M-11.00M-489.00M
EarningsLossesFromEquityInvestments75.00M167.00M157.00M211.00M
GainLossOnInvestmentSecurities-97.00M-243.00M-151.00M-700.00M
GainLossOnSaleOfPPE116.00M-71.00M
NetIncomeFromContinuingOperations749.00M-11.48B-3.08B-7.30B
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for WBD
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status