Warner Bros. Discovery, Inc.

NasdaqGS-WBD

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	356	-11,482	-3,079	-7,297	1,197	1,355	2,213	681	-313	1,218	1,048
Net Income
Depreciation & Amortization	18,172	20,983	24,009	21,354	5,083	4,315	4,200	4,686	2,240	2,095	2,039
Depreciation and Amortization
Content Rights Amortization and Impairment
Launch Amortization Expense
Stock Based Compensation	678	557	500	412	178	110	142	80	39	69	35
Share-Based Compensation Expense
Other Adjustments	-315	7,443	-1,964	817	-423	58	-183	49	1,558	69	65
Content Restructuring Impairments and Write-Offs
Deferred Income Taxes
Preferred Stock Conversion Premium
Impairment of Goodwill and Other Intangible Assets
Realized Gain from Derivative Instruments, Net
Other-Than-Temporary Impairment of AFS Investments
Gain on Disposition
Equity in Losses of Equity Method Investee Companies and Cash Distributions
Loss on Extinguishment of Debt
Other Noncash Expenses, Net
Gain on Sale of Investments
Equity in Earnings of Discovery Communications Holding, LLC
Remeasurement Gain on Previously Held Equity Interests
Gain on Extinguishment of Debt
Impairments and Loss on Dispositions
Gain from Derivative Instruments, Net
Other, Net
Changes in Trade Receivables	295	1,012	312	181	47	105	-7	-84	-258	-25	-44
Receivables, Net
Changes in Inventories	-11,939	-12,349	-12,305	-12,562	-3,381	-3,053	-3,060	-2,883	-1,947	-1,904	-1,773
Film and Television Content Rights, Games, and Production Payables, Net
Changes in Accounts Payable	562	-529	-820	1,529	185	-131	122	-74	265	-10	-2
Accounts Payable, Accrued Liabilities, Deferred Revenues and Other Noncurrent Liabilities
Changes in Income Taxes Payable	—	—	—	—	—	—	—	—	20	-31	-64
Prepaid Income Taxes and Income Taxes Receivable
Changes in Other Operating Activities	-11,708	-12,609	-11,481	-12,692	-3,469	-3,073	-3,088	-2,762	-1,922	-2,005	-1,783
Share-Based Compensation Liabilities
Foreign Currency and Other, Net
Foreign Currency, Prepaid Expenses and Other Assets, Net
Film and Television Content Rights, Games, and Production Payables, Net
Cash from Operating Activities	5,230	5,375	7,477	4,304	2,798	2,739	3,399	2,576	1,629	1,380	1,294
Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-1,096	-948	-1,316	-987	-373	-402	-289	-147	-135	-88	-103
Purchases of Property and Equipment
Purchases of Investments	-102	-109	-112	-168	-287	-431	-254	-61	-444	-272	-272
Purchases of Investments
Investments in and Advances to Equity Investments
Proceeds from Sale of Investments	—	541	—	306	599	69	125	—	—	—	—
Proceeds from Sales of Investments
Payments for Business Acquisitions	—	—	-50	3,612	-2	-39	-73	-8,565	-60	—	-80
Business Acquisitions, Net of Cash Acquired
Net Cash Acquired from Discovery Formation
Cash Acquired from Business Acquisitions and Working Capital Settlement
Proceeds from Business Divestments	—	—	—	—	—	—	—	107	29	19	61
Proceeds from Dispositions, Net of Cash Disposed
Other Investing Activities	36	167	219	761	7	100	53	73	-23	83	93
Proceeds from Derivative Instruments, Net
Distributions from Equity Method Investees
Other Investing Activities, Net
Cash from Investing Activities	-755	-349	-1,259	3,524	-56	-703	-438	-8,593	-633	-256	-301
Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	14,203	5,207	2,393	—	500	—	—	350	613	1,016
Borrowings Under Revolving Credit Facility
Borrowings Under Commercial Paper Program and Revolving Credit Facility
Repayments of Short-Term Debt	—	-14,203	-5,214	-2,395	—	-500	-225	-200	-523	-880	-401
Repayments Under Revolving Credit Facility
Repayments Under Commercial Paper Program and Revolving Credit Facility
Commercial Paper Repayments, Net
Net Issuance / (Repayments) of Short-Term Debt	—	—	-7	-2	—	—	-225	-200	-173	-267	615
Issuance of Long-Term Debt	—	1,617	1,496	—	—	1,979	1,479	2,000	7,488	498	936
Borrowings from Debt, Net of Discount and Issuance Costs
Borrowings Under Term Loan Facilities
Repayments of Long-Term Debt	-22,156	-5,043	-6,860	-7,315	-574	-2,193	-2,658	-2,016	-683	-28	-881
Principal Repayments of Term Loans
Principal Repayments of Debt, Including Premiums and Discounts to Par Value
Principal Repayments of Finance Lease Obligations
Net Issuance / (Repayments) of Long-Term Debt	-22,156	-3,426	-5,364	-7,315	-574	-214	-1,179	-16	6,805	470	55
Issuance of Common Shares	—	—	—	—	—	—	—	—	16	39	-6
Equity-Based Plan Proceeds, Net
Share-Based Plan Proceeds, Net
Repurchases of Common Shares	—	—	—	—	—	-969	-633	—	-603	-1,431	-951
Repurchases of Stock
Cash Settlement (Prepayments) of Common Stock Repurchase Contracts
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	-969	-633	—	-587	-1,392	-957
Other Financing Activities	-544	-323	-466	-425	-279	-366	-320	-67	-94	-52	-632
Ascent Media Corporation Spin-Off
Cash Settlement (Prepayments) of Common Stock Repurchase Contracts
Distributions to Noncontrolling Interests and Redeemable Noncontrolling Interests
Purchase of Redeemable Noncontrolling Interests
Debt Issuance Cost
Hedge of Borrowings from Debt Instruments
Excess Tax Benefits from Equity-Based Compensation
Other Financing Activities, Net
Cash from Financing Activities	-3,723	-3,749	-5,837	-7,742	-853	-1,549	-2,357	-283	5,951	-1,184	-919
Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	4,134	4,427	6,161	3,317	2,425	2,337	3,110	2,429	1,494	1,292	1,191
NOPAT	116	-10,114.8	-1,233.8	-6,002.1	1,680.6	1,972.1	2,902.8	1,288.7	1,629	1,500.1	1,334.4
Levered Free Cash Flow	-27,680	-20,189	-10,410	-18,046	-1,523	-1,339	-1,450	-802	4,816	-546	18
Unlevered Free Cash Flow	-5,893	-15,566.8	-3,146.8	-9,360.1	-274.4	-371.9	787.8	108.7	150	-442.9	-351.6
Net Change in Cash	752	1,277	381	86	1,889	487	604	-6,300	6,947	-60	74