Warner Bros. Discovery

WBD · Communication Services · Market cap $64.1B

Q3 FY25 Sep 30, 2025 reported Nov 6, 2025

Revenue$9B −6% year over year

Gross profit$4.5B

Operating profit$0.6B

Net profit$-0.1B -2% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	9	100%	−6%
Distribution Revenue	4.7	52%	−4%
Content	2.6	29%	−3%
Advertising	1.4	16%	−16%
Service Other	0.3	3%	−4%
Cost of revenue	−4.6	51%
Gross profit	4.5	50% margin	+3pp
SG&A	−2.4	26%	+1pp
Other	−1.5	17%	+0pp
Operating profit	0.6	7% margin	+4pp
Tax	−0.2
Interest & other costs	−0.5
Net profit	-0.1	-2%	−3pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	9.8	100%	+1%
Distribution Revenue	4.9	50%	+0%
Content	2.5	26%	+17%
Advertising	2.2	22%	−9%
Service Other	0.2	2%	−19%
Cost of revenue	−6	61%
Gross profit	3.8	39% margin	+3pp
SG&A	−2.5	25%	+0pp
Other	−1.6	16%	+0pp
Operating profit	-0.2	-2% margin	+103pp
Tax	−0.8
Net profit	1.6	16%	+119pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	9	100%	−10%
Distribution Revenue	4.9	54%	−2%
Advertising	2	22%	−8%
Content	1.9	21%	−27%
Service Other	0.2	2%	−7%
Cost of revenue	−5.1	57%
Gross profit	3.8	43% margin	+4pp
SG&A	−2.2	24%	+2pp
Other	−1.7	19%	+0pp
Operating profit	0	0% margin	+2pp
Interest & other costs	−0.5
Net profit	-0.5	-5%	+5pp

All figures in billions of U.S. dollars, for Q4 FY24 (period ends Dec 31, 2024).
Item	Value	Share of revenue	Year over year
Revenue	10	100%	−2%
Distribution Revenue	4.9	49%	+0%
Content	2.9	29%	−2%
Advertising	1.8	18%	−12%
Service Other	0.4	4%	+16%
Cost of revenue	−5.5	55%
Gross profit	4.5	45% margin	+2pp
SG&A	−2.2	22%	−2pp
Other	−2.1	21%	+0pp
Operating profit	0.2	2% margin	+3pp
Tax	−0.3
Interest & other costs	−0.4
Net profit	-0.5	-5%	−1pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25	Sep 30, 2025	Nov 6, 2025	$9B	−6%	7%	$-0.1B	-2%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 7, 2025	$9.8B	+1%	-2%	$1.6B	16%
Q1 FY25	Jan 1 – Mar 31, 2025	May 8, 2025	$9B	−10%	0%	$-0.5B	-5%
Q4 FY24	Oct 1 – Dec 31, 2024	Feb 27, 2025	$10B	−2%	2%	$-0.5B	-5%