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Warner Bros. Discovery Inc. Series A Common Stock Earnings Recaps

WBD Communication Services 3 recaps
Next earnings: November 5, 2026 (estimated) · full calendar
Q2 2026 Aug 8, 2026

The stock rose 3.1% following Q2 results driven by better-than-expected growth and margin expansion in the Streaming segment, which delivered over $3 billion in revenue and significant adjusted EBITDA improvement.

Key takeaways
  • Streaming revenue surpassed $3 billion for the first time, with subscriber-related revenue growth accelerating 200 basis points sequentially to 10% ex-FX.
  • Streaming adjusted EBITDA grew more than 60% year-over-year to $512 million, achieving a near 17% margin.
  • HBO Max’s global audience strength continues, with multiple series averaging at least 25 million global viewers per episode so far in 2026.
  • Network segment showed resilience despite headwinds, highlighted by significant viewership gains in TNT Sports, MLB, NHL playoffs, CNN, and Discovery’s Shark Week.
  • Studio performance mixed, with some film underperformance noted, but management emphasized ongoing transformation and diversification to reduce volatility.
Full recap
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.
Full recap
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.
Full recap

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