Warner Bros. Discovery (WBD) FY2025 10-K Annual Report
Warner Bros. Discovery (WBD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Warner Bros. Discovery FY2025 10-K Analysis
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
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
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
Warner Bros. Discovery FY2025 Key Financial MetricsXBRL
Revenue
$37.3B
▼ -5.1% YoY
Net Income
$727M
▲ +106.4% YoY
Operating Margin
2.0%
▲ +2749bp YoY
Net Margin
1.9%
▲ +3072bp YoY
ROE
2.0%
▲ +3526bp YoY
Total Assets
$100.1B
▼ -4.3% YoY
EPS (Diluted)
$0.29
▲ +106.3% YoY
Operating Cash Flow
$4.3B
▼ -19.6% YoY
Source: XBRL data from Warner Bros. Discovery FY2025 10-K filing on SEC EDGAR. All figures in USD.
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