Short answer
Warner Bros. Discovery (WBD) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $39.3B (−4.8% year over year) and net income of −$11.3B.
- Top risk flagged: Multiemployer defined benefit pension plans with >5% total contributions as of Dec 31, 2024, risk of substantial withdrawal liabilities
FY2024 key financial metrics · XBRL
- Revenue
- $39.3B
- −4.8% YoY
- Net income
- −$11.3B
- −261.8% YoY
- Operating margin
- -25.5%
- −21.8 pp YoY
- EPS (diluted)
- −$4.62
- −260.9% YoY
- ROE
- -33.2%
- −26.3 pp YoY
- Operating cash flow
- $5.4B
- −28.1% YoY
Source: XBRL data from the Warner Bros. Discovery (WBD) FY2024 10-K on SEC EDGAR. USD.
Warner Bros. Discovery FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global media and entertainment focused on direct-to-consumer (DTC) streaming services and content distribution
- 2024 launch of Max streaming service in Europe and Latin America driving 20% DTC subscriber growth and 5% distribution revenue increase
- Strategic emphasis on growing ad-lite domestic subscribers led to 57% advertising revenue increase, offsetting domestic linear declines
- Total DTC subscribers up 20% to 116.9 million; adjusted EBITDA decreased 3% due to higher expenses despite $574 million absolute increase
- Sold 50% interest in All3Media for $324 million and minority Formula E stake for $217 million, reflecting portfolio simplification moves
Management Discussion & Analysis
- Revenue $39.3B, down 4% ex-FX YoY; Distribution $19.7B (-1%), Advertising $8.1B (-7%), Content $10.3B (-8%)
- Operating loss $(10.0B) in 2024 vs. loss $(1.5B) in 2023; margin affected by $9.1B goodwill impairment on Networks segment
- Best performing segment: Networks Adjusted EBITDA $8.1B, down 10% ex-FX; Worst performing: Studios Adjusted EBITDA $1.7B, down 23% ex-FX
- Cash flow/capital allocation: repurchased/paid $5.9B senior notes in 2024; restructuring cash expected $1.0-$1.5B with $4.7B charges incurred; interest expense $2.0B, down $204M
- Management highlights continued subscriber declines in Networks; expects ongoing restructuring completion and monitors global minimum tax impact; Olympics sublicensing drove content revenue increase in Networks
Risk Factors
- Multiemployer defined benefit pension plans with >5% total contributions as of Dec 31, 2024, risk of substantial withdrawal liabilities
- Exposure to potential additional contributions due to underfunded pension plans under federal law impacting financial results
- Pension liabilities influenced by union-represented employees' future work levels, investment returns, and plan funding status
Generated from the filing text; verify against the original. How to read a 10-K
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