Warner Bros. Discovery Inc. Series A Common Stock Q2 2026 Earnings Recap

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.