WBD Warner Bros. Discovery

company

SEC Filings & Insider Trading Activity 2026

Business Overview

• • Global media company monetizing content across streaming (131.6M subscribers), Studios, and declining linear TV networks
• • PSKY merger announced Feb 2026 at $31.00/share cash, with Larry Ellison guaranteeing $45.72B; terminated prior Netflix deal requiring $2.8B breakup fee
• • Company announced June 2025 plan to split into two public companies (Warner Bros. + Discovery Global), then pivoted to full-company sale via PSKY agreement
• • Warner Bros. Games refocused on four core franchises only: Harry Potter, Game of Thrones, DC, and Mortal Kombat; CNN launched All Access streaming product Oct 2025
• • Added 14.7M streaming subscribers in 2025; first Hollywood studio to open seven consecutive films above $40M domestic box office

Risk Factors

• • PSKY Merger termination fee exposure: $3.0B Company Termination Fee plus up to $1,528M in PSKY Reimbursements if deal collapses
• • Consolidated debt $32,567M as of Dec 31, 2025; $17B Bridge Loan Facility due June 2027 at variable rate; S&P, Moody's, Fitch all downgraded WBD in 2025
• • Global Linear Networks goodwill impairment $9.1B pre-tax non-cash charge in 2024, with further write-downs possible as linear ad revenue and viewership decline
• • AI adoption by competitors threatens advertising revenue; rival streaming services with larger subscriber bases already offering ad-supported tiers eroding WBD's ad pricing power
• • OECD 15% global minimum corporate tax framework being adopted across operating jurisdictions; EU state aid scrutiny threatens material production incentives WBD currently receives

Management Discussion & Analysis

• • Total revenue $37.3B in 2025, down 5% YoY from $39.3B; advertising worst-performing revenue line, down 11% to $7.3B
• • Consolidated Adjusted EBITDA $8.74B vs $9.03B; operating income swung to $738M from $(10.0B) loss, aided by absence of $9.1B 2024 goodwill impairment
• • Best segment: Studios Adjusted EBITDA $2.55B, up 52% YoY; worst: Global Linear Networks Adjusted EBITDA $6.4B, down 21%, driven by 25% domestic audience decline and 9% linear subscriber loss
• • Operating cash flow $4.32B vs $5.38B; capex $1.23B; $23.5B senior notes repurchased/repaid; $2.96B gain on debt extinguishment recorded; no share buybacks or dividends
• • Key risks: $15B Bridge Loan Facility requires refinancing, credit ratings downgraded by S&P/Moody's/Fitch; linear subscriber declines expected to continue; tariff uncertainty and streaming ARPU pressure from wholesale deals flagged

What are the latest WBD SEC filings in 2026?

Warner Bros. Discovery (WBD) has filed a 10-K annual report on February 27, 2026, a 10-Q quarterly report on May 6, 2026, an 8-K current report on August 6, 2026 with the SEC. SignalX tracks every new SEC EDGAR filing daily, including 10-K, 10-Q, 8-K, and Form 4 insider transactions, with AI-powered summaries of key sections.

When did WBD file its most recent 10-K annual report?

Warner Bros. Discovery (WBD) filed its most recent 10-K annual report on February 27, 2026. The 10-K includes audited financial statements, business overview, risk factors, and management discussion, all available on SignalX with AI-generated summaries and XBRL financial data.

How do I view WBD 10-Q quarterly reports?

Warner Bros. Discovery (WBD)'s most recent 10-Q quarterly report was filed on May 6, 2026. SignalX displays every WBD 10-Q with AI-generated summaries of the MD&A (Management Discussion & Analysis) and Risk Factors sections, plus links to the original SEC EDGAR document.

What 8-K current reports has WBD filed recently?

Warner Bros. Discovery (WBD)'s most recent 8-K was filed on August 6, 2026. 8-K filings disclose material corporate events such as earnings releases, executive changes, mergers, and other significant developments. SignalX surfaces each 8-K with item-level summaries so you can quickly see what happened.

Where can I find WBD insider trading activity (Form 4)?

SignalX aggregates every WBD Form 4 insider transaction from SEC EDGAR. Form 4 reports show when officers, directors, and 10% shareholders buy or sell company stock, with transaction code, share count, and price per share.

How often does WBD file with the SEC?

Warner Bros. Discovery (WBD) files a 10-K annual report once per year (typically within 60 days of fiscal year-end) and 10-Q quarterly reports three times per year. 8-K current reports are filed as needed when material events occur, and Form 4 insider transaction reports are due within two business days of a trade. SignalX monitors SEC EDGAR daily to surface every new WBD filing with AI-powered analysis.

What is the difference between 10-K, 10-Q, and 8-K SEC filings?

A 10-K is a comprehensive annual report with audited financials, business overview, and risk factors. A 10-Q is a shorter quarterly report with unaudited financials and management discussion. An 8-K is a current report filed when a material event occurs, such as earnings releases, executive changes, acquisitions, or other significant developments. SignalX provides AI-generated summaries for all three filing types for Warner Bros. Discovery (WBD).

What is WBD's SEC CIK number?

Warner Bros. Discovery (WBD)'s SEC CIK (Central Index Key) number is 1437107. The CIK is a unique identifier assigned by the SEC to every filing entity. You can use CIK 1437107 to look up all WBD filings on SEC EDGAR, or browse them here on SignalX with AI-powered analysis.

Where can I find WBD return on equity (ROE) and financial data?

SignalX extracts XBRL financial data from Warner Bros. Discovery (WBD) 10-K annual filings, including revenue, net income, gross profit, operating income, EPS, total assets, stockholders' equity, and operating cash flow. Return on equity (ROE) can be derived from net income divided by stockholders' equity. Multi-year financial trends are displayed in the Financial Summary table above.