Warner Bros. Discovery

WBD Communication Services Market cap $70.6B as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 1 – Jun 30, 2026 reported Aug 6, 2026

Revenue$8.72B −11% year over year

Gross profit$4.10B 47% margin

Operating profit$0.24B 3% margin

Net profit$0.15B 2% margin

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	8.72	100%	−11%
Cost of revenue	−4.62	53%
Gross profit	4.10	47% margin	+8pp
SG&A	−2.56	29%	+4pp
Other	−1.30	15%	+0pp
Operating profit	0.24	3% margin	+5pp
Interest & other costs	−0.52
Tax benefit	0.43
Net profit	0.15	2% margin	−14pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	8.89	100%	−1%
Distribution	4.91	55%	+0%
Content	1.89	21%	+1%
Advertising	1.85	21%	−7%
Service other	0.25	3%	+2%
Cost of revenue	−4.64	52%
Gross profit	4.25	48% margin	+5pp
SG&A	−2.48	28%	+3pp
Other	−4.24	48%
Operating profit	−2.47	−28% margin	−27pp
Interest & other costs	−0.66
Tax benefit	0.21
Net profit	−2.92	−33% margin	−28pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	9.05	100%	−6%
Distribution	4.70	52%	−4%
Content	2.65	29%	−3%
Advertising	1.41	16%	−16%
Service other	0.29	3%	−4%
Cost of revenue	−4.56	50%
Gross profit	4.48	50% margin	+3pp
SG&A	−2.36	26%	+1pp
Other	−1.51	17%	+0pp
Operating profit	0.61	7% margin	+4pp
Interest & other costs	−0.59
Tax	−0.17
Net profit	−0.15	−2% margin	−3pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	9.81	100%	+1%
Distribution	4.89	50%	+0%
Content	2.47	25%	+17%
Advertising	2.22	23%	−9%
Service other	0.24	2%	−19%
Cost of revenue	−5.97	61%
Gross profit	3.85	39% margin	+3pp
SG&A	−2.48	25%	+0pp
Other	−1.55	16%	+0pp
Operating profit	−0.19	−2% margin	+103pp
Other income, net	2.63
Tax	−0.87
Net profit	1.58	16% margin	+119pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	8.98	100%	−10%
Distribution	4.89	54%	−2%
Advertising	1.98	22%	−8%
Content	1.87	21%	−27%
Service other	0.25	3%	−7%
Cost of revenue	−5.13	57%
Gross profit	3.85	43% margin	+4pp
SG&A	−2.19	24%	+2pp
Other	−1.69	19%	+0pp
Operating profit	−0.04	0% margin	+2pp
Interest & other costs	−0.40
Net profit	−0.45	−5% margin	+5pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	10.03	100%	−2%
Distribution	4.92	49%	+0%
Content	2.91	29%	−2%
Advertising	1.83	18%	−12%
Service other	0.37	4%	+16%
Cost of revenue	−5.53	55%
Gross profit	4.50	45% margin	+2pp
SG&A	−2.22	22%	−2pp
Other	−2.12	21%	+0pp
Operating profit	0.16	2% margin	+3pp
Interest & other costs	−0.37
Tax	−0.28
Net profit	−0.49	−5% margin	−1pp

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 1 – Jun 30, 2026 reported Aug 6, 2026 Operating margin 3% Net profit $0.15B	Apr 1 – Jun 30, 2026	Aug 6, 2026	$8.72B	−11%	3%	$0.15B	2%
Q1 FY26 Jan 1 – Mar 31, 2026 reported May 6, 2026 Operating margin −28% Net profit −$2.92B	Jan 1 – Mar 31, 2026	May 6, 2026	$8.89B	−1%	−28%	−$2.92B	−33%
Q3 FY25 Jul 1 – Sep 30, 2025 reported Nov 6, 2025 Operating margin 7% Net profit −$0.15B	Jul 1 – Sep 30, 2025	Nov 6, 2025	$9.05B	−6%	7%	−$0.15B	−2%
Q2 FY25 Apr 1 – Jun 30, 2025 reported Aug 7, 2025 Operating margin −2% Net profit $1.58B	Apr 1 – Jun 30, 2025	Aug 7, 2025	$9.81B	+1%	−2%	$1.58B	16%
Q1 FY25 Jan 1 – Mar 31, 2025 reported May 8, 2025 Operating margin 0% Net profit −$0.45B	Jan 1 – Mar 31, 2025	May 8, 2025	$8.98B	−10%	0%	−$0.45B	−5%
Q4 FY24 Oct 1 – Dec 31, 2024 reported Feb 27, 2025 Operating margin 2% Net profit −$0.49B	Oct 1 – Dec 31, 2024	Feb 27, 2025	$10.03B	−2%	2%	−$0.49B	−5%