WBD Warner Bros. Discovery

Q3 2025 10-Q

Filed: Nov 6, 2025Period ending Sep 30, 2025

Communication Services

Cable & Other Pay Television ServicesSEC EDGAR

Warner Bros. Discovery (WBD) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 6, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

AI Filing Analysis
Q3 2025 10-Q

Management Discussion & Analysis

• Revenue $9.045B, down 6% YoY ($9.623B in Q3 2024), driven by Global Linear Networks decline and partially offset by growth in Streaming & Studios
• Operating loss $(63)M vs $(109)M YoY; Global Linear Networks segment Adjusted EBITDA down 20% to $1.702B; Streaming & Studios Adjusted EBITDA up, exact % not provided

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Risk Factors

• New risk: Separation transaction uncertainty triggered by June 2025 announcement of split into Warner Bros. and Discovery Global, subject to approvals and market conditions
• Material update: Debt refinancing and Tender Offers in 2025, including $16B bridge loan at 7.16% interest and $17.7B notes repurchased with $3.0B gain on extinguishment

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Quarterly Financial Summary
XBRL

Revenue

$9.0B

Net Income

-$148M

Net Margin

-1.6%

Source: XBRL data from Warner Bros. Discovery Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

Other Warner Bros. Discovery Quarterly Reports

Q2 2025 10-Q

Q1 2025 10-Q

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