Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended June 30, 2025. Please visit the Company’s website to view the financial results and other earnings materials, including a Shareholder Letter.
The Company will conduct a conference call today at 8:00 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at https://ir.wbd.com/.
A telephone replay of the call will be available approximately two hours after the completion of the call until August 14, 2025. The replay can be accessed via phone by dialing +1 888-660-6264 or +1 646-517-3975 and using playback passcode 43643#. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q2 2025 Highlights:
- Total revenues were $9.8 billion, up modestly from the prior year quarter.
- Distribution revenues were relatively unchanged, as growth in global streaming subscribers was offset by continued domestic linear pay TV subscriber declines.
- Advertising revenues decreased 10% ex-FX, as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines.
- Content revenues increased 16% ex-FX, primarily driven by higher box office revenues due to the stronger performance of the theatrical releases in the current year quarter.
- Net income available to Warner Bros. Discovery, Inc. was $1.6 billion, which includes $1.7 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses, as well as a $3.0 billion pre-tax gain on the extinguishment of debt.
- Total Adjusted EBITDA was $2.0 billion, a 9% ex-FX increase compared to the prior year quarter, primarily due to growth in the Streaming and Studios segments, partially offset by a decline in the Global Linear Networks segment.
- Cash provided by operating activities was $1.0 billion. Free cash flow was $0.7 billion. Free cash flow was unfavorably impacted by approximately $250 million of separation-related items.
- In conjunction with the announcement of the separation of Streaming & Studios and Global Linear Networks, the Company successfully completed a tender offer and consent solicitation, as well as repaid the $1.5 billion term loan due 2026, financed by a $17.0 billion bridge facility, resulting in a $2.2 billion reduction in gross debt. Additionally, the Company repaid $0.5 billion of debt due in the quarter, resulting in a $2.7 billion total reduction in gross debt during Q2.
- The Company ended the quarter with $4.9 billion of cash on hand, $35.6 billion of gross debt, and 3.3x net leverage.
- The Company ended the quarter with 125.7 million streaming subscribers, an increase of 3.4 million subscribers vs. Q1.
WARNER BROS. DISCOVERY REPORTS SECOND QUARTER 2025 RESULTS
About Warner Bros. Discovery
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.
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Source: Warner Bros. Discovery, Inc.