A Business at a Glance
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Warner Bros. Discovery, Inc.
WBD
$64.7B
Mkt Cap
$25.77
-0.69%
Warner Bros. Discovery, Inc. (WBD) has a current P/E ratio of 88.9, compared to its historical median P/E of 14.8. The stock is currently considered Expensive based on its historical valuation range.
Warner Bros. Discovery, Inc. (WBD) has a 5-year average return on invested capital (ROIC) of -4.4%. This is below average and may indicate limited pricing power.
Warner Bros. Discovery, Inc. (WBD) has a market capitalization of $64.6B. It is classified as a large-cap stock.
Warner Bros. Discovery, Inc. (WBD) does not currently pay a regular dividend.
Based on historical P/E analysis, Warner Bros. Discovery, Inc. (WBD) appears expensive. The current P/E of 88.9 is 502% above its historical median of 14.8. The estimated fair value CAGR (P/E method) is -4.9%.
Warner Bros. Discovery, Inc. (WBD) operates in the Cable & Other Pay Television Services industry, within the Communication Services sector.
Warner Bros. Discovery, Inc. (WBD) reported annual revenue of $37.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including HBO Max, Discovery Channel, CNN, DC Studios, TNT Sports, HBO, Food Network, and Warner Bros. Motion Picture Group. The company operates three reportable segments: Streaming (premium pay-TV and streaming services including HBO Max and discovery+, with 131.6 million subscribers as of December 31, 2025), Studios (production and release of feature films, television programs, home entertainment distribution, consumer products, and interactive gaming), and Global Linear Networks (domestic and international television networks). Revenue is generated through distribution fees from cable, satellite, and digital service providers; direct-to-consumer subscription services; advertising on networks and digital platforms; theatrical film releases and licensing; home entertainment sales; gaming; and other sources such as studio tours and production services. The company's strategy centers on growing its streaming business globally, enhancing its Studios segment, and managing linear networks for long-term shareholder value, leveraging one of the largest collections of owned content and intellectual property across sports, news, lifestyle, and entertainment across most languages and regions globally.
【Streaming momentum accelerating】 Management expects to exceed 150 million total streaming subscribers by the end of 2026, with healthy acceleration in subscriber-related revenue growth anticipated to accelerate in Q2 and through the rest of the year, driven by successful HBO Max launches in new markets including Germany, Italy, and the UK, combined with high-quality content engagement. Studios guidance for adjusted EBITDA in 2026 is expected to be relatively in line with 2025 levels, with the company making strong progress toward its $3 billion EBITDA goal, supported by a strong theatrical slate and continued investment in franchises and new IP. On the linear networks side, management is seeing encouraging signals with better delivery and share gains in key international markets, though the company is not providing specific longer-term guidance for revenue trajectory given ongoing industry headwinds including pressures on linear distribution, declines in linear subscribers, and softness in the U.S. linear advertising market. The company is navigating significant strategic uncertainty following the termination of the Netflix merger agreement in February 2026 and the entry into a merger agreement with PSKY, with completion subject to regulatory approvals and other customary closing conditions.
| Metric | Target | Period |
|---|---|---|
| Streaming subscribers | more than 150 million | end of 2026 |
| Studios adjusted EBITDA | relatively in line with 2025 | 2026 |
Streaming subscribers (end of 2026): “We have strong and accelerating momentum and expect to finish the year with more than 150 million subscribers globally.”
Studios adjusted EBITDA (2026): “As we think about studios, the guidance I think for adjusted EBITDA is relatively in line with 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 37.2B | 37.3B | 39.3B | 41.3B | 33.8B | 12.2B |
| Net Income | -1.7B | 728M | -11.3B | -3.1B | -7.4B | 912M |
| EPS | $-0.69 | $0.29 | $-4.62 | $-1.28 | $-3.82 | $0.30 |
| Free Cash Flow | 2.3B | 3.1B | 4.4B | 6.2B | 3.3B | 2.4B |
| ROIC | -2.2% | 0.6% | -14.3% | -3.4% | -12.2% | 7.2% |
| Gross Margin | - | 44.0% | 41.6% | 40.6% | 39.6% | 62.1% |
| Debt/Equity | 1.00 | 1.12 | 1.67 | 1.15 | 1.16 | 1.33 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -1.7B | 738M | -10.0B | -1.5B | -7.4B | 2.0B |
| Operating Margin | -4.6% | 2.0% | -25.5% | -3.7% | -21.8% | 16.5% |
| ROE | -5.3% | 2.1% | -28.5% | -6.8% | -25.3% | 8.3% |
| Shares Outstanding | 2,507M | 2,510M | 2,449M | 2,442M | 1,942M | 3,042M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.3B | 6.4B | 6.5B | 6.9B | 10.6B | 11.1B | 10.7B | 12.2B | 33.8B | 41.3B | 39.3B | 37.3B | 37.2B |
| Gross Margin | 66.1% | 0.7% | 1.3% | 1.1% | 62.7% | 65.7% | 63.8% | 62.1% | 39.6% | 40.6% | 41.6% | 44.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.7B | 1.7B | 1.7B | 1.8B | 2.6B | 2.8B | 2.7B | 4.0B | 9.7B | 9.7B | 9.3B | 9.4B | 9.7B |
| EBIT | 2.1B | 2.0B | 2.1B | 713M | 1.9B | 3.0B | 2.5B | 2.0B | -7.4B | -1.5B | -10.0B | 738M | -1.7B |
| Op. Margin | 32.9% | 31.0% | 31.7% | 10.4% | 18.3% | 27.0% | 23.6% | 16.5% | -21.8% | -3.7% | -25.5% | 2.0% | -4.6% |
| Net Income | 902M | 921M | 1.1B | -296M | 529M | 1.8B | 1.1B | 912M | -7.4B | -3.1B | -11.3B | 728M | -1.7B |
| Net Margin | 14.4% | 14.4% | 16.2% | -4.3% | 5.0% | 16.6% | 10.2% | 7.5% | -21.9% | -7.6% | -28.8% | 2.0% | -4.7% |
| Non-Recurring | 66M | 12M | 118M | 1.4B | 429M | 181M | 210M | 103M | 4.0B | 585M | 9.8B | 403M | 549M |
| Returns on Capital | |||||||||||||
| ROIC | 10.8% | 10.5% | 11.7% | 5.7% | 7.1% | 11.9% | 8.2% | 7.2% | -12.2% | -3.4% | -14.3% | 0.6% | -2.2% |
| ROE | 15.3% | 16.7% | 19.9% | -6.1% | 8.1% | 20.2% | 10.7% | 8.3% | -25.3% | -6.8% | -28.5% | 2.1% | -5.3% |
| ROA | 5.8% | 5.8% | 6.7% | -1.5% | 1.9% | 5.6% | 3.2% | 2.7% | -8.8% | -2.4% | -10.0% | 0.7% | -1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.3B | 1.4B | 1.6B | 2.6B | 3.4B | 2.7B | 2.8B | 4.3B | 7.5B | 5.4B | 4.3B | 3.6B |
| Free Cash Flow | 1.2B | 1.2B | 1.3B | 1.5B | 2.4B | 3.1B | 2.3B | 2.4B | 3.3B | 6.2B | 4.4B | 3.1B | 2.3B |
| Owner Earnings | 911M | 929M | 989M | 1.3B | 1.1B | 1.9B | 1.3B | 1.0B | -3.3B | -1.0B | -2.2B | -2.1B | -2.6B |
| CapEx | 120M | 103M | 88M | 135M | 147M | 289M | 402M | 373M | 987M | 1.3B | 948M | 1.2B | 1.2B |
| Maint. CapEx | 329M | 330M | 322M | 330M | 1.4B | 1.3B | 1.4B | 1.6B | 7.2B | 8.0B | 7.0B | 5.7B | 5.4B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 329M | 330M | 322M | 330M | 1.4B | 1.3B | 1.4B | 1.6B | 7.2B | 8.0B | 7.0B | 5.7B | 5.4B |
| CapEx/OCF | 9.1% | 8.1% | 6.4% | 8.3% | 5.7% | 8.5% | 14.7% | 13.3% | 22.9% | 17.6% | 17.6% | 28.5% | 35.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.2B | 698M | 1.4B | 603M | 0 | 633M | 969M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 11.9% | 10.8% | N/A | 7.4% | N/A | 6.0% | 10.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 78M | 35M | 69M | 39M | 80M | 142M | 110M | 178M | 412M | 500M | 557M | 769M | 798M |
| Debt Repayment | 6.0M | 0 | 0 | 1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 7.0B | 7.4B | 7.7B | 7.5B | 15.8B | 14.6B | 14.0B | 11.5B | 51.0B | 48.4B | 51.4B | 35.7B | 29.5B |
| Cash & Equiv. | 367M | 390M | 300M | 7.3B | 986M | 1.6B | 2.1B | 3.9B | 3.7B | 3.8B | 5.3B | 4.6B | 3.3B |
| Long-Term Debt | 6.0B | 7.6B | 7.8B | 14.8B | 15.0B | 14.8B | 15.1B | 14.4B | 48.6B | 41.9B | 36.8B | 32.4B | 31.0B |
| Debt/Equity | 1.31 | 1.44 | 1.54 | 3.21 | 2.00 | 1.63 | 1.54 | 1.33 | 1.16 | 1.15 | 1.67 | 1.12 | 1.00 |
| Interest Coverage | 6.3 | 6.0 | 5.8 | 1.5 | 2.7 | 4.4 | 3.9 | 3.2 | -4.1 | -0.7 | -5.0 | 0.4 | 0.4 |
| Equity | 5.6B | 5.5B | 5.2B | 4.6B | 8.4B | 9.9B | 10.5B | 11.6B | 47.1B | 45.2B | 34.0B | 35.9B | 32.6B |
| Total Assets | 16.0B | 15.9B | 15.7B | 22.6B | 32.5B | 33.7B | 34.1B | 34.4B | 134.0B | 122.8B | 104.6B | 100.1B | 97.8B |
| Total Liabilities | 9.6B | 10.2B | 10.3B | 17.5B | 22.0B | 21.8B | 21.7B | 21.0B | 85.3B | 76.3B | 69.6B | 62.9B | 64.1B |
| Intangibles | 2.0B | 1.7B | 1.5B | 1.8B | 9.7B | 8.7B | 7.6B | 6.3B | 45.0B | 38.3B | 32.3B | 27.8B | 26.8B |
| Retained Earnings | 3.8B | 4.5B | 5.2B | 4.6B | 5.3B | 7.3B | 8.5B | 9.6B | 2.2B | -928M | -12.2B | -11.5B | -14.4B |
| Working Capital | -113M | 1.0B | 941M | 8.1B | 234M | 2.0B | 3.0B | 3.8B | -1.0B | -1.1B | -1.7B | 706M | -4.4B |
| Current Assets | 2.5B | 2.6B | 2.5B | 10.0B | 4.2B | 5.2B | 6.1B | 7.3B | 14.0B | 14.2B | 14.1B | 13.2B | 11.7B |
| Current Liabilities | 2.6B | 1.6B | 1.6B | 1.9B | 4.0B | 3.2B | 3.1B | 3.5B | 15.0B | 15.3B | 15.8B | 12.5B | 16.1B |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | N/A | N/A | N/A | 0.10 | 0.30 | -3.82 | -1.28 | -4.62 | 0.29 | -0.69 |
| Owner EPS | N/A | N/A | N/A | N/A | N/A | N/A | 0.12 | 0.34 | -1.70 | -0.41 | -0.91 | -0.85 | -1.04 |
| Book Value | N/A | N/A | N/A | N/A | N/A | N/A | 0.96 | 3.81 | 24.25 | 18.52 | 13.90 | 14.31 | 12.99 |
| Cash Flow/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.25 | 0.92 | 2.22 | 3.06 | 2.19 | 1.72 | 1.45 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | N/A | N/A | N/A | 10.8B | 3.0B | 1.9B | 2.4B | 2.4B | 2.5B | 2.5B |
| Valuation | |||||||||||||
| P/E Ratio | 10.5 | 8.5 | N/A | N/A | 14.8 | 5.1 | 8.0 | 46.9 | N/A | N/A | N/A | 99.3 | -37.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | 136.7 | 30.5 | 5.2 | 4.6 | 5.9 | 23.4 | 28.0 |
| EV/EBIT | 9.4 | 8.0 | N/A | 11.7 | 13.1 | 7.8 | 8.5 | 33.0 | N/A | N/A | N/A | 129.8 | N/A |
| Price/Book | 2.1 | 1.6 | 1.2 | 1.8 | 1.0 | 1.1 | 0.9 | 5.1 | 0.4 | 0.6 | 0.8 | 2.0 | 2.0 |
| Price/Sales | 2.2 | 1.6 | N/A | 1.3 | 0.9 | 0.8 | 0.7 | 6.8 | 1.0 | 0.7 | 0.5 | 0.9 | 1.7 |
| FCF Yield | 10.0% | 13.6% | N/A | 18.4% | 27.7% | 29.5% | 24.0% | 4.1% | 19.4% | 21.6% | 17.0% | 4.3% | 3.6% |
| Market Cap | 12.0B | 8.8B | N/A | 8.1B | 8.8B | 10.5B | 9.7B | 59.1B | 17.1B | 28.5B | 26.0B | 72.2B | 64.6B |
| Avg. Price | 39.53 | 30.78 | 26.71 | 24.58 | 26.55 | 28.96 | 23.83 | 34.27 | 17.82 | 12.58 | 8.68 | 14.09 | 25.77 |
| Year-End Price | 34.87 | 26.84 | 27.89 | 22.55 | 24.64 | 33.13 | 29.45 | 24.33 | 8.87 | 11.69 | 10.61 | 28.80 | 25.77 |
Warner Bros. Discovery, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Warner Bros. Discovery, Inc. trades at 88.9x trailing earnings, compared to its 15-year median P/E of 14.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.9x vs a median of 5.9x. The company's 5-year average gross margin is 45.6%. At current prices, the estimated annualized return to fair value is -24.3%.
Warner Bros. Discovery, Inc. (WBD) has a net profit margin of 2.0%. This is a modest margin.
Warner Bros. Discovery, Inc. (WBD) generated $3.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Warner Bros. Discovery, Inc. (WBD) has a debt-to-equity ratio of 1.12. This indicates moderate leverage.
Warner Bros. Discovery, Inc. (WBD) reported earnings per share (EPS) of $0.29 in its most recent fiscal year.
Warner Bros. Discovery, Inc. (WBD) has a return on equity (ROE) of 2.1%. This indicates moderate shareholder returns.
Warner Bros. Discovery, Inc. (WBD) has a 5-year average gross margin of 45.6%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for Warner Bros. Discovery, Inc. (WBD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Warner Bros. Discovery, Inc. (WBD) has a book value per share of $14.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to exceed 150 million total streaming subscribers by the end of 2026, with healthy acceleration in subscriber-related revenue growth anticipated to accelerate in Q2 and through the rest of the year, driven by successful HBO Max launches in new markets including Germany, Italy, and the UK, combined with high-quality content engagement. Studios guidance for adjusted EBITDA in 2026 is expected to be relatively in line with 2025 levels, with the company making strong progress toward its $3 billion EBITDA goal, supported by a strong theatrical slate and continued investment in franchises and new IP. On the linear networks side, management is seeing encouraging signals with better delivery and share gains in key international markets, though the company is not providing specific longer-term guidance for revenue trajectory given ongoing industry headwinds including pressures on linear distribution, declines in linear subscribers, and softness in the U.S. linear advertising market. The company is navigating significant strategic uncertainty following the termination of the Netflix merger agreement in February 2026 and the entry into a merger agreement with PSKY, with completion subject to regulatory approvals and other customary closing conditions.
Based on recent SEC filings and earnings calls, Warner Bros. Discovery, Inc. (WBD) has provided the following forward guidance: Streaming subscribers: more than 150 million (end of 2026); Studios adjusted EBITDA: relatively in line with 2025 (2026).