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Warner Bros. Discovery $WBD

Communication Services · Broadcasting

Russell 1000 New York
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Warner Bros. Discovery (WBD) is a Communication Services company in the Russell 1000. Latest news and coverage below.

Warner Bros. Discovery revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)
$41.3B$15.0B−$11.3BFY2016 revenue: $6.50BFY2016 net income: $1.19B · Net margin 18.4%'16FY2017 revenue: $6.87BFY2017 net income: −$337.0M · Net margin −4.9%'17FY2018 revenue: $10.6BFY2018 net income: $594.0M · Net margin 5.6%'18FY2019 revenue: $11.1BFY2019 net income: $2.07B · Net margin 18.6%'19FY2020 revenue: $10.7BFY2020 net income: $1.22B · Net margin 11.4%'20FY2021 revenue: $12.2BFY2021 net income: $1.01B · Net margin 8.3%'21FY2022 revenue: $33.8BFY2022 net income: −$7.37B · Net margin −21.8%'22FY2023 revenue: $41.3BFY2023 net income: −$3.13B · Net margin −7.6%'23FY2024 revenue: $39.3BFY2024 net income: −$11.3B · Net margin −28.8%'24FY2025 revenue: $37.3BFY2025 net income: $727.0M · Net margin 1.9%'25−10.9%0%20%40%FY2016 net margin: 18.4%FY2017 net margin: −4.9%FY2018 net margin: 5.6%FY2019 net margin: 18.6%FY2020 net margin: 11.4%FY2021 net margin: 8.3%FY2022 net margin: −21.8% (off the scale, which stops at −10.9%)FY2023 net margin: −7.6%FY2024 net margin: −28.8% (off the scale, which stops at −10.9%)FY2025 net margin: 1.9%
Warner Bros. Discovery annual financial statements
FY2016Dec 2016FY2017Dec 2017FY2018Dec 2018FY2019Dec 2019FY2020Dec 2020FY2021Dec 2021FY2022Dec 2022FY2023Dec 2023FY2024Dec 2024FY2025Dec 2025
Income statement
Revenue$6.50B$6.87B$10.6B$11.1B$10.7B$12.2B$33.8B$41.3B$39.3B$37.3B
Growth (year over year)+1.6%+5.8%+53.5%+5.6%−4.2%+14.2%+177.4%+22.2%−4.8%−5.1%
Gross profit$4.07B$4.22B$6.62B$7.33B$6.81B$7.57B$13.4B$16.8B$16.4B$16.4B
Gross margin62.6%61.4%62.7%65.7%63.8%62.1%39.6%40.6%41.6%44.0%
Operating income$2.06B$713.0M$1.93B$3.01B$2.52B$2.01B−$7.37B−$1.55B−$10.0B$738.0M
Operating margin31.7%10.4%18.3%27.0%23.6%16.5%−21.8%−3.7%−25.5%2.0%
Net income$1.19B−$337.0M$594.0M$2.07B$1.22B$1.01B−$7.37B−$3.13B−$11.3B$727.0M
Net margin18.4%−4.9%5.6%18.6%11.4%8.3%−21.8%−7.6%−28.8%1.9%
EPS (diluted)————$1.81$1.54−$3.82−$1.28−$4.62$0.29
Balance sheet
Cash and equivalents$300.0M$7.31B$986.0M$1.55B$2.09B$3.90B$3.73B$3.78B$5.31B$4.57B
Total assets$15.7B$22.6B$32.5B$33.7B$34.1B$34.4B$134.0B$122.8B$104.6B$100.1B
Total liabilities$10.3B$17.5B$22.0B$21.8B$21.7B$21.0B$85.3B$76.3B$69.6B$62.9B
Long-term debt$7.84B$14.8B$15.0B$14.8B$15.1B$14.4B$48.6B$41.9B$36.8B$32.4B
Shareholders' equity$5.17B$4.61B$8.39B$9.89B$10.5B$11.6B$47.1B$45.2B$34.0B$35.9B
Cash flow
Operating cash flow$1.38B$1.63B$2.58B$3.40B$2.74B$2.80B$4.30B$7.48B$5.38B$4.32B
Capital expenditure$88.0M$135.0M$147.0M$289.0M$402.0M$373.0M$987.0M$1.32B$948.0M$1.23B
Free cash flow$1.29B$1.49B$2.43B$3.11B$2.34B$2.42B$3.32B$6.16B$4.43B$3.09B
Share buybacks$1.37B$603.0M$0———————

From Warner Bros. Discovery's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

About Warner Bros. Discovery

Warner Bros. Discovery, Inc. is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed through the spin-off of WarnerMedia by AT&T, and its merger with Discovery, Inc. on April 8, 2022.

Source: Wikipedia — Warner Bros. Discovery

Headquarters
New York, New York From SEC filings, Oct 2026

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