Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gaming. The Network segment comprises domestic and international television networks. The DTC segment offers premium pay-tv and streaming services. In addition, the company offers portfolio of content, brands, and franchises across television, film, streaming, and gaming under the Warner Bros. Motion Picture Group, Warner Bros. Television Group, DC, HBO, HBO Max, Max, Discovery Channel, discovery+, CNN, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, Warner Bros. Games, Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings brands. Further, it provides content through distribution platforms, including linear network, free-to-air, and broadcast television; authenticated GO applications, digital distribution arrangements, content licensing arrangements, and direct-to-consumer subscription products. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.

Warner Bros. Discovery, Inc.

Distribution

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Advertising

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Content

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Other

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Total Revenues

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Costs of Revenues, Excluding Depreciation and Amortization

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Operating Income

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Net Income Attributable to Minority Interests and Other

Revenue

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CapEx

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Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	37,863	38,441	38,342	39,321	39,578	39,934
Total Revenues %Chg	-4.3%	-3.7%	-5.5%	-4.8%	-5.9%	-4.7%
Distribution
Advertising
Content
Other
Cost of Sales	21,189	21,806	22,043	22,970	23,339	23,467
Costs of Revenues, Excluding Depreciation and Amortization
Gross Profit	16,674	16,635	16,299	16,351	16,239	16,467
Gross Profit Margin	44%	43.3%	42.5%	41.6%	41%	41.2%
Selling, General & Administrative Expenses	9,250	9,274	9,258	9,296	9,533	9,439
Selling, General and Administrative
Depreciation & Amortization Expenses	6,012	6,399	6,696	7,037	7,418	7,645
Depreciation and Amortization
Other Operating Expenses	861	741	10,147	10,050	9,664	9,943
Restructuring and Other Charges
Impairments and Loss on Dispositions
Loss on Disposition
Operating Profit	551	221	-9,802	-10,032	-10,376	-10,560
Operating Income
Operating Margin	1.5%	0.6%	-25.6%	-25.5%	-26.2%	-26.4%
Interest and Investment Income	-17	-52	-80	-121	-98	-94
Income from Equity Investees, Net
Interest Expense	-1,991	-1,915	-1,970	-2,017	-2,029	-2,109
Interest Expense, Net
Non-Operating Income	3,148	3,232	849	782	858	764
Gain on Extinguishment of Debt, Net
Other Expense, Net
Total Non-Operating Income	1,140	1,265	-1,201	-1,356	-1,269	-1,439
Income Before Provision for Income Taxes	1,691	1,486	-11,003	-11,388	-11,645	-11,999
Income Before Income Taxes
Provision for Income Taxes	1,335	846	-27	94	-411	-217
Income Tax Expense
Consolidated Net Income	356	640	-10,976	-11,482	-11,234	-11,782
Net Income Attributable to Minority Interests and Other	-129	-128	-178	-171	-17	-13
Net Income Attributable to Noncontrolling Interests
Net Loss Attributable to Redeemable Noncontrolling Interests
Net Income Attributable to Common Shareholders	485	768	-10,798	-11,311	-11,217	-11,769
Basic EPS	0.2	0.3	-4.4	-4.6	-4.6	-4.8
Diluted EPS	0.2	0.3	-4.4	-4.6	-4.6	-4.8
Basic Weighted Average Shares Outstanding	2,466.9	2,460.8	2,454.3	2,450	2,446	2,442.6
Total Shares Outstanding	2,477	2,475	2,473	2,454	2,452	2,451
Diluted Weighted Average Shares Outstanding	2,472.4	2,466.3	2,454.3	2,450	2,446	2,442.6
EBITDA	18,723	19,670	10,158	10,951	11,398	11,495
Effective Tax Rate	78.9%	56.9%	0.2%	-0.8%	3.5%	1.8%