Warner Bros. Discovery Q1 FY26: where the revenue came from and where it went
The whole income statement of Warner Bros. Discovery for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jan 1 – Mar 31, 2026
- Reported
- May 6, 2026
Revenue$8.89B
−1% year over year
Gross profit$4.25B
48% margin
Operating profit−$2.47B
−28% margin
Net profit−$2.92B
−33% margin
The numbers
| 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 |
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