WBDNasdaqCable & Other Pay Television ServicesFiscal year ends December 31
Warner Bros. Discovery, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$30.95+0.01 (+0.03%)
Close on Oct 5, 2026
- Market cap
- $79.70B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
44.0%−19.8 pts over 5 years
Operating margin
2.0%−21.6 pts over 5 years
Net margin
1.9%−9.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -5.1% | +3.3% | +28.4% | +19.3% | |
| Gross profit | +0.4% | +7.1% | +19.2% | +15.0% | |
| Operating income | – | – | -21.7% | -9.4% | |
| Net income | – | – | -9.8% | -3.5% | |
| EPS, diluted | – | – | -30.7% | – | |
| Free cash flow | -30.2% | -2.4% | +5.7% | +10.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 12.0% | 2.1% | |
| Return on assets | 7.6% | 3.6% | 0.7% | |
| Current ratio | 1.60 | 1.99 | 1.06 | |
| Debt to equity | – | 1.47 | 0.91 | |
| Net debt to EBITDA | 3.22× | 3.43× | 4.36× | |
| Interest coverage | 5.8× | 3.9× | 0.4× | |
| Capex to revenue | 1.4% | 3.8% | 3.3% | |
| Diluted shares | – | 672M | 2.53B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Warner Bros. Discovery generated $24.27B from operations and spent $4.86B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$24.27B
Used
$4.86B
Capital expenditure$4.86B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.9%
×Asset turnover0.36×
×Equity multiplier2.93×
=Return on equity, FY20252.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.9% | 0.36× | 2.93× | 2.1% |
| FY2024 | -28.8% | 0.35× | 2.87× | -28.5% |
| FY2023 | -7.6% | 0.32× | 2.78× | -6.8% |
| FY2022 | -21.8% | 0.40× | 2.87× | -25.1% |
| FY2021 | 8.3% | 0.36× | 3.11× | 9.1% |
| FY2020 | 11.4% | 0.31× | 3.33× | 12.0% |
| FY2019 | 18.6% | 0.34× | 3.63× | 22.6% |
| FY2018 | 5.6% | 0.38× | 4.24× | 9.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$727.00M
- Cash generatingOperating cash flow above zero$4.32B
- Return on assets improvedROA up on the prior year-9.2% → 0.7%
- Earnings backed by cashOperating cash flow above net income$4.32B vs $727.00M
- Less leverageLong-term debt to assets fell35.2% → 32.4%
- Better liquidityCurrent ratio rose0.89 → 1.06
- No dilutionShare count did not rise2.45B → 2.53B
- Gross margin improvedGross margin up on the prior year41.58% → 44.00%
- More efficientAsset turnover rose0.32 → 0.36