WBD at a glance
Warner Bros. Discovery (WBD, SEC CIK 1437107) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on October 6, 2026 and Form 4 insider filings as recently as October 6, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Warner Bros. Discovery (WBD) reported revenue of $37.3 billion (down 5.1% from FY2024) and net income of $727.0 million. Diluted EPS was $0.29.
- As of June 30, 2026, 49 institutional investment managers tracked by SignalX reported holding Warner Bros. Discovery (WBD) shares worth $28.0 billion in 13F-HR filings.
- In the last 90 days, WBD insiders reported 0 open-market purchases ($0) and 19 open-market sales ($141.3M) on Form 4, a net sale of $141.3M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $37.3B
- −5.1% vs prior year
- Insiders · 90 days
- 0 buys · 19 sells
- Net −$141.3M
- 13F holders
- 49 funds
- $28.0B · +2 vs prior quarter
- Latest 8-K
- Aug 6, 2026
- Item 2.02 · Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
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
AI summary of the WBD 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $8.717B, down 11% from $9.812B YoY
- Operating margin 2.7% vs negative 1.9% YoY
- Best segment Streaming: revenue $3.079B, up 10%; Adjusted EBITDA $512M, up 75%
- Worst segment Studios: revenue $2.328B, down 39%; Adjusted EBITDA $96M, down 89%
- Near-term headwinds: linear subscriber and advertising declines, digital ad competition, tariffs, and uncertain PSKY merger litigation
Risk Factors
- Risk Factors section not provided; submitted text contains Exhibits and Signatures only
AI summary of the WBD 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 earnings release for quarter ended June 30, 2026
- Exhibit 99.1 contains the financial results and management commentary
Item 7.01: Regulation FD Disclosure
- Shareholder letter issued August 6, 2026 alongside earnings release, providing management’s quarterly commentary
- Exhibit 99.2 contains the letter and may include material operating or financial information
Item 5.07: Submission of Matters to a Vote of Security Holders
- All 13 director nominees elected to one-year terms, preserving board continuity
- Say-on-pay rejected decisively, with 1.314B votes against versus 245M for
AI summaries of WBD 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for WBD
Don't miss the next WBD filing
- Alerts as it files. A push when WBD files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut WBD, by share count.
- Ask anything. An AI agent that reads every WBD filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| LOWE KENNETH W | D | Oct 6, 2026 | 793 | $31.02 |
| FISHER RICHARD W | D | Oct 6, 2026 | 16,106 | $31.02 |
| LOWE KENNETH W | D | Oct 6, 2026 | 581,041 | $31.02 |
| FISHER RICHARD W | D | Oct 6, 2026 | 9,067 | - |
| FISHER RICHARD W | D | Oct 6, 2026 | 27,673 | $31.02 |
| Sanchez Daniel E. | D | Oct 6, 2026 | 44,054 | $31.02 |
| Sanchez Daniel E. | D | Oct 6, 2026 | 9,067 | - |
| Price Paula A | D | Oct 6, 2026 | 33,067 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $41.3B | $39.3B | $37.3B |
| Operating Income | -$1.5B | -$10.0B | $738.0M |
| Net Income | -$3.1B | -$11.3B | $727.0M |
| Op. Margin | -3.7% | -25.5% | 2.0% |
| Net Margin | -7.6% | -28.8% | 1.9% |
| Balance Sheet | |||
| Total Assets | - | $104.6B | $100.1B |
| Equity | - | $34.0B | $35.9B |
| ROE | - | -33.2% | 2.0% |
| Per Share | |||
| EPS | - | $-4.62 | $0.29 |
| Cash Flow | |||
| Operating CF | - | $5.4B | $4.3B |
| CapEx | $1.3B | $948.0M | $1.2B |
Source: XBRL data in Warner Bros. Discovery (WBD)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate WBD share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 49 | $28.00B |
| Q1 2026 | 47 | $26.06B |
| Q4 2025 | 41 | $28.26B |
| Q3 2025 | 44 | $18.15B |
| Q2 2025 | 39 | $9.71B |
| Q1 2025 | 36 | $7.00B |
| Q4 2024 | 35 | $5.86B |
| Q3 2024 | 29 | $2.35B |
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- First Bancorp, Inc /ME/+1.4K
Source: 13F-HR filings on SEC EDGAR (aggregated from 320 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
WBD filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 8-K | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 11, 2026 | - | - | - |
| 4 | Sep 10, 2026 | - | - | - |
| 4 | Sep 8, 2026 | - | - | - |
| 4 | Sep 4, 2026 | - | - | - |
| 4 | Aug 31, 2026 | - | - | - |
| 4 | Aug 18, 2026 | - | - | - |
| 4 | Aug 14, 2026 | - | - | - |
| 4 | Aug 14, 2026 | - | - | - |
| 4 | Aug 14, 2026 | - | - | - |
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WBD SEC filings: frequently asked questions
Are WBD insiders buying or selling?
In the last 90 days, Warner Bros. Discovery (WBD) officers, directors and 10% owners reported no open-market purchases and 19 open-market sales worth $141.3 million by 9 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold WBD stock?
As of June 30, 2026, the largest Warner Bros. Discovery (WBD) holders among the 13F filers tracked by SignalX were BlackRock ($5.3 billion), Vanguard Capital Management LLC ($4.2 billion), State Street Corp ($3.4 billion), Vanguard Portfolio Management LLC ($2.8 billion), Invesco Ltd ($2.1 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was WBD's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Warner Bros. Discovery (WBD) reported revenue of $37.3 billion (down 5.1% from FY2024) and net income of $727.0 million. Diluted EPS was $0.29. The figures come from the XBRL data in the 10-K.
What are the main risks in WBD's latest 10-K?
In the 10-K filed February 27, 2026, Warner Bros. Discovery (WBD) flagged: 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. (AI summary of the Risk Factors section.)
What did WBD report in its latest 8-K?
Warner Bros. Discovery (WBD) filed an 8-K on August 6, 2026 reporting Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure). Q2 2026 earnings release for quarter ended June 30, 2026.
What are the latest WBD SEC filings?
Warner Bros. Discovery (WBD) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on October 6, 2026 and a Form 4 insider filing on October 6, 2026.
What is WBD's SEC CIK number?
Warner Bros. Discovery (WBD)'s SEC Central Index Key (CIK) is 1437107. EDGAR lists every WBD filing under that number.
Ask anything about WBD
The research agent reads WBD's filings, financials, insider trades and 13F holders, then answers with sources.