financial statements

The full income statement, balance sheet, and cash-flow statement for Warner Bros. Discovery Inc. Series A Common Stock (WBD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	37.3B YoY-5.1%	39.3B YoY-4.8%	41.3B YoY+22.2%	33.8B YoY+177.4%	12.2B YoY+14.2%
Selling, general & administrative	9.42B YoY+1.3%	9.30B YoY-4.1%	9.70B YoY+0.2%	9.68B YoY+141.0%	4.02B YoY+47.5%
Restructuring	399M YoY-10.7%	447M YoY-23.6%	585M YoY-84.4%	3.76B YoY+11640.6%	32.0M YoY-64.8%
Amortization of intangibles	4.61B YoY-22.4%	5.93B YoY-13.4%	6.85B YoY+9.9%	6.24B YoY+379.8%	1.30B YoY+18.2%
Operating income	738M YoY+107.4%	-10.0B YoY-548.1%	-1.55B YoY+79.0%	-7.37B YoY-466.3%	2.01B YoY-20.0%
Interest expense	2.08B YoY+3.4%	2.02B YoY-9.2%	2.22B YoY+25.0%	1.78B YoY+180.7%	633M YoY-2.3%
Other non-operating income	65.0M YoY-56.7%	150M YoY+617.2%	-29.0M YoY-108.4%	347M YoY+381.9%	72.0M YoY+311.8%
Equity-method income	-24.0M YoY+80.2%	-121M YoY-47.6%	-82.0M YoY+48.8%	-160M YoY-788.9%	-18.0M YoY+82.9%
Pre-tax income	1.64B YoY+114.4%	-11.4B YoY-194.8%	-3.86B YoY+56.9%	-8.96B YoY-725.3%	1.43B YoY-17.1%
Income tax	890M YoY+846.8%	94.0M YoY+112.0%	-784M YoY+52.9%	-1.66B YoY-804.7%	236M YoY-36.7%
	727M YoY+106.4%	-11.3B YoY-261.8%	-3.13B YoY+57.6%	-7.37B YoY-832.7%	1.01B YoY-17.5%
Net income to common	728M YoY+106.4%	-11.3B YoY-261.9%	-3.13B YoY+57.9%	-7.42B YoY-913.6%	912M YoY-16.4%
	$0.29 YoY+106.3%	-$4.62 YoY-260.9%	-$1.28 YoY+66.5%	-$3.82 YoY-348.1%	$1.54 YoY-14.9%
EPS (basic)	$0.29 YoY+106.3%	-$4.62 YoY-260.9%	-$1.28 YoY+66.5%	-$3.82 YoY-346.5%	$1.55 YoY-14.8%
Weighted-avg shares (basic)	2.48B YoY+1.0%	2.45B YoY+0.6%	2.44B YoY+25.6%	1.94B YoY+229.9%	588M YoY-1.8%
Weighted-avg shares (diluted)	2.53B YoY+3.3%	2.45B YoY+0.6%	2.44B YoY+25.6%	1.94B YoY+192.2%	664M YoY-1.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	13.2B YoY-6.2%	14.1B YoY-1.0%	14.2B YoY+1.6%	14.0B YoY+92.7%	7.26B YoY+18.5%
Cash & equivalents	4.57B YoY-14.0%	5.31B YoY+40.5%	3.78B YoY+1.3%	3.73B YoY-4.5%	3.90B YoY+86.8%
Accounts receivable	5.29B YoY+7.0%	4.95B YoY-18.2%	6.05B YoY-5.2%	6.38B YoY+160.8%	2.45B YoY-3.6%
Inventory	149M YoY+0.0%	149M YoY+0.0%	149M YoY+0.0%	149M YoY+14800.0%	1.00M
Prepaid expenses	3.35B YoY-12.4%	3.82B YoY-13.0%	4.39B YoY+12.9%	3.89B YoY+325.8%	913M YoY-5.9%
Other current assets	1.95B YoY-5.1%	2.06B YoY-9.9%	2.28B YoY+8.1%	2.11B YoY+131.3%	913M YoY+275.7%
	100B YoY-4.3%	105B YoY-14.8%	123B YoY-8.4%	134B YoY+289.2%	34.4B YoY+1.0%
Property, plant & equipment	6.68B YoY+9.8%	6.09B YoY+2.2%	5.96B YoY+12.4%	5.30B YoY+296.8%	1.34B YoY+10.8%
Operating lease right-of-use	2.75B YoY+15.8%	2.37B YoY-22.8%	3.07B YoY-3.6%	3.19B YoY+496.1%	535M YoY-7.0%
Goodwill	25.9B YoY+1.0%	25.7B YoY-26.6%	35.0B YoY+1.5%	34.4B YoY+166.7%	12.9B YoY-1.2%
Intangible assets	27.8B YoY-14.0%	32.3B YoY-15.6%	38.3B YoY-14.9%	45.0B YoY+612.1%	6.32B YoY-17.3%
Deferred tax assets	20.0M YoY+0.0%	20.0M YoY+0.0%	20.0M YoY+0.0%	20.0M YoY+0.0%	20.0M YoY+0.0%
Other non-current assets	7.38B YoY+0.8%	7.33B YoY-9.5%	8.10B YoY-6.1%	8.63B YoY+212.0%	2.77B YoY+32.0%
	12.5B YoY-20.9%	15.8B YoY+3.1%	15.3B YoY+2.1%	15.0B YoY+334.1%	3.46B YoY+12.2%
Accounts payable	1.09B YoY+3.6%	1.05B YoY-16.3%	1.26B YoY-13.3%	1.45B YoY+252.9%	412M YoY+3.8%
Accrued liabilities	9.63B YoY-7.8%	10.4B YoY+0.7%	10.4B YoY-9.9%	11.5B YoY+415.9%	2.23B YoY+24.4%
Deferred revenue	1.64B YoY+4.7%	1.57B YoY-18.5%	1.92B YoY+13.6%	1.69B YoY+254.4%	478M YoY-14.2%
Short-term & current debt	139M YoY-94.9%	2.75B YoY+54.4%	1.78B YoY+387.7%	365M YoY+7.7%	339M YoY+1.2%
Current lease liability	285M YoY-7.2%	307M YoY-7.5%	332M YoY-3.8%	345M YoY+456.5%	62.0M YoY-12.7%
Other current liabilities	45.0M YoY+0.0%	45.0M YoY+0.0%	45.0M YoY+0.0%	45.0M YoY+0.0%	45.0M YoY+0.0%
	62.9B YoY-9.6%	69.6B YoY-8.7%	76.3B YoY-10.6%	85.3B YoY+305.8%	21.0B YoY-3.1%
Long-term debt	32.6B YoY-17.6%	39.5B YoY-9.5%	43.7B YoY-10.9%	49.0B YoY+239.8%	14.4B YoY-4.3%
Deferred revenue (non-current)	355M YoY+72.3%	206M YoY+28.7%	160M YoY-55.7%	361M YoY+280.0%	95.0M YoY-44.4%
Non-current lease liability	3.23B YoY+18.1%	2.73B YoY-9.5%	3.02B YoY+1.0%	2.99B YoY+427.3%	567M YoY-4.2%
Deferred tax liabilities	6.38B YoY-8.6%	6.99B YoY-20.0%	8.74B YoY-20.7%	11.0B YoY+799.1%	1.23B YoY-20.1%
Other non-current liabilities	11.6B YoY+15.3%	10.1B YoY-2.5%	10.3B YoY-3.2%	10.7B YoY+453.7%	1.93B YoY-4.6%
	35.9B YoY+5.5%	34.0B YoY-24.7%	45.2B YoY-4.0%	47.1B YoY+306.0%	11.6B YoY+10.8%
Preferred stock	0.00	0.00	0.00	0.00	—
Common stock	27.0M YoY+0.0%	27.0M YoY+0.0%	27.0M YoY+0.0%	27.0M	—
Additional paid-in capital	56.1B YoY+0.9%	55.6B YoY+0.8%	55.1B YoY+0.9%	54.6B YoY+392.8%	11.1B YoY+2.6%
Retained earnings	-11.5B YoY+5.9%	-12.2B YoY-1218.9%	-928M YoY-142.1%	2.21B YoY-77.0%	9.58B YoY+12.1%
Treasury stock	8.24B YoY+0.0%	8.24B YoY+0.0%	8.24B YoY+0.0%	8.24B YoY+0.0%	8.24B YoY+0.0%
Accumulated other comprehensive income	-407M YoY+61.9%	-1.07B YoY-44.0%	-741M YoY+51.3%	-1.52B YoY-83.5%	-830M YoY-27.5%
Non-controlling interest	1.23B YoY+55.1%	792M YoY-26.7%	1.08B YoY-13.8%	1.25B YoY-12.6%	1.43B YoY-6.6%
Total equity incl. non-controlling	37.1B YoY+6.7%	34.8B YoY-24.8%	46.3B YoY-4.2%	48.3B YoY+271.0%	13.0B YoY+8.6%
Total liabilities & equity	100B YoY-4.3%	105B YoY-14.8%	123B YoY-8.4%	134B YoY+289.2%	34.4B YoY+1.0%
Common shares issued	2.71B YoY+1.0%	2.68B YoY+0.6%	2.67B YoY+0.3%	2.66B YoY+1464.7%	170M
Common shares outstanding	2.48B YoY+1.1%	2.45B YoY+0.6%	2.44B YoY+0.4%	2.43B YoY+1337.9%	169M
Shares outstanding (cover)	2.48B YoY+1.0%	2.45B YoY+0.6%	2.44B YoY+0.4%	2.43B YoY+1695.8%	135M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.32B YoY-19.6%	5.38B YoY-28.1%	7.48B YoY+73.7%	4.30B YoY+53.8%	2.80B YoY+2.2%
Depreciation & amortization	5.68B YoY-19.2%	7.04B YoY-11.9%	7.99B YoY+11.0%	7.19B YoY+354.7%	1.58B YoY+16.4%
Share-based compensation	769M YoY+38.1%	557M YoY+11.4%	500M YoY+21.4%	412M YoY+131.5%	178M YoY+61.8%
Deferred income taxes	-710M YoY+59.0%	-1.73B YoY+26.1%	-2.34B YoY+17.5%	-2.84B YoY-456.2%	-511M YoY-174.7%
	-1.18B YoY-237.8%	-349M YoY+72.3%	-1.26B YoY-135.7%	3.52B YoY+6392.9%	-56.0M YoY+92.0%
Capital expenditure	1.23B YoY+29.9%	948M YoY-28.0%	1.32B YoY+33.3%	987M YoY+164.6%	373M YoY-7.2%
Acquisitions	0.00	0.00 YoY-100.0%	50.0M YoY+101.4%	-3.61B YoY-180700.0%	2.00M YoY-94.9%
Other investing activities	-72.0M YoY-132.3%	-31.0M YoY+68.4%	-98.0M YoY-988.9%	-9.00M YoY+90.3%	-93.0M YoY-520.0%
	-4.24B YoY-13.1%	-3.75B YoY+35.8%	-5.84B YoY+24.6%	-7.74B YoY-807.6%	-853M YoY+44.9%
Long-term debt issued	18.3B YoY+1032.1%	1.62B YoY+8.1%	1.50B	0.00	0.00 YoY-100.0%
Other financing activities	-115M YoY-1058.3%	12.0M YoY-25.0%	16.0M YoY+112.8%	-125M YoY-346.4%	-28.0M YoY+75.0%
FX effect on cash	254M YoY+241.1%	-180M YoY-2350.0%	8.00M YoY+113.1%	-61.0M YoY+42.5%	-106M YoY-227.7%
Net change in cash	-846M YoY-177.1%	1.10B YoY+182.0%	389M YoY+1456.0%	25.0M YoY-98.6%	1.78B YoY+212.8%
Interest paid	2.29B YoY+15.0%	2.00B YoY-10.8%	2.24B YoY+45.4%	1.54B YoY+131.8%	664M YoY-1.3%
Income taxes paid	1.93B YoY+73.0%	1.11B YoY-22.7%	1.44B YoY+40.2%	1.03B YoY+59.7%	643M YoY+0.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	71.4B YoY+175.4%	25.9B YoY-6.6%	27.8B YoY+20.5%	23.0B YoY+623.2%	3.18B YoY-21.8%
P/E	98.2×	—	—	—	3.2× YoY-5.2%
P/S	1.9× YoY+190.4%	0.7× YoY-0.0%	0.7× YoY-25.5%	0.9× YoY+239.0%	0.3× YoY-31.5%
P/B	2.0× YoY+161.0%	0.8× YoY+23.0%	0.6× YoY+30.6%	0.5× YoY+72.8%	0.3× YoY-29.4%
P/FCF	23.1× YoY+294.8%	5.9× YoY+12.6%	5.2× YoY-63.4%	14.2× YoY+982.9%	1.3× YoY-24.6%
Earnings yield	1.0%	—	—	—	31.6% YoY+5.5%
FCF yield	4.3% YoY-74.7%	17.1% YoY-11.2%	19.2% YoY+173.3%	7.0% YoY-90.8%	76.2% YoY+32.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WBD's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WBD filings on SEC EDGAR → Not investment advice.

WBD▼ financial statements

About this data

financial statements