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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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

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Net Income Available to Warner Bros. Discovery, Inc.

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Net Income Available to Warner Bros. Discovery, Inc. Common Size

Basic

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Cost of Sales

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Selling, General & Administrative Expenses

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Net Income Attributable to Minority Interests and Other

Revenue

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Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	18,791	19,650	19,671	20,263	21,058	20,831
Total Revenues %Chg	-4.5%	-3%	-6.6%	-2.7%	62.2%	228.7%
Distribution
Advertising
Content
Other
Cost of Sales	11,098	10,708	12,262	11,205	13,321	12,581
Costs of Revenues, Excluding Depreciation and Amortization
Gross Profit	7,693	8,942	7,409	9,058	7,737	8,250
Gross Profit Margin	40.9%	45.5%	37.7%	44.7%	36.7%	39.6%
Selling, General & Administrative Expenses	4,671	4,603	4,693	4,746	4,950	5,100
Selling, General and Administrative
Depreciation & Amortization Expenses	2,994	3,405	3,632	4,013	3,972	4,402
Depreciation and Amortization
Other Operating Expenses	250	491	9,559	384	278	2,832
Restructuring and Other Charges
Impairments and Loss on Dispositions
Loss on Disposition
Operating Profit	-222	443	-10,475	-85	-1,463	-4,084
Operating Income
Operating Margin	-1.2%	2.3%	-53.3%	-0.4%	-6.9%	-19.6%
Interest and Investment Income	-2	-50	-71	-23	-59	-103
Income from Equity Investees, Net
Interest Expense	-931	-984	-1,033	-1,076	-1,145	-1,113
Interest Expense, Net
Non-Operating Income	3,175	57	725	39	-51	-92
Gain on Extinguishment of Debt, Net
Other Expense, Net
Total Non-Operating Income	2,242	-977	-379	-1,060	-1,255	-1,308
Income Before Provision for Income Taxes	2,020	-534	-10,854	-1,145	-2,718	-5,392
Income Before Income Taxes
Provision for Income Taxes	881	-35	129	-346	-438	-1,028
Income Tax Expense
Consolidated Net Income	1,139	-499	-10,983	-799	-2,280	-4,364
Net Income Attributable to Minority Interests and Other	12	-140	-31	18	29	45
Net Income Attributable to Noncontrolling Interests
Net Loss Attributable to Redeemable Noncontrolling Interests
Net Income Attributable to Common Shareholders	1,127	135	-10,952	-817	-2,309	-4,409
Net Income Available to Warner Bros. Discovery, Inc.
Basic EPS	0.5	-0.1	-4.5	-0.3	-1	-1.7
Diluted EPS	0.5	-0.1	-4.5	-0.3	-1	-1.7
Basic Weighted Average Shares Outstanding	2,469	2,453	2,447	2,438	2,434	2,437
Total Shares Outstanding	2,475	2,454	2,451	2,439	2,437	2,430
Diluted Weighted Average Shares Outstanding	2,500	2,453	2,447	2,438	2,434	2,437
EBITDA	9,623	10,047	904	10,591	11,870	7,888
Effective Tax Rate	43.6%	6.6%	-1.2%	30.2%	16.1%	19.1%