Warner Bros. Discovery Inc. Series A Common Stock Earnings Recaps
Q1 2026
May 7, 2026
Warner Bros. Discovery’s shares edged down 0.4% following Q1 2026 results as investors appeared to weigh progress in subscriber growth and content launches against limited margin commentary and cautious forward outlook signals.
Key takeaways
- HBO Max successfully launched in the U.K., Germany, Italy, and Ireland, expanding its global footprint beyond reliance on Sky licensing.
- Total subscribers surpassed 140 million by quarter-end, ahead of prior guidance, with plans to exceed 150 million by year-end.
- Viewer engagement remains strong with flagship series like *The Pitt* (20M viewers/episode) and *A Knight of the Seven Kingdoms* (36M viewers/episode).
- Management projects accelerating subscriber-related revenue growth throughout the year, though quantification and margin impact remain unclear.
- The quarter’s solid content slate and studio momentum contrast with the mildly negative stock reaction suggesting investor reservations about pace of profitability or broader strategic execution.
Q3 2025
Nov 6, 2025
Warner Bros. Discovery reported a strong Q3 2025, leading the global box office with significant gains in both film and streaming segments, further solidifying its position as a top media entity.
Key takeaways
- Warner Bros. led the global box office in 2025, becoming the first studio to surpass $4 billion in ticket sales.
- The Streaming segment is projected to deliver over $1.3 billion in EBITDA, a turnaround from a $2.5 billion loss three years ago.
- HBO Max has expanded globally to over 100 countries, adding more than 30 million subscribers in the last three years.
- Q3 saw HBO's robust content pipeline contribute to strong viewer engagement, including a highly successful premiere of *It: Welcome to Derry*.
- The company is set to exceed its $2.4 billion EBITDA target for studios this year, on track towards a $3 billion goal.