Warner Bros. Discovery (WBD) Q3 2025 10-Q Quarterly Report
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.
Warner Bros. Discovery Q3 2025 10-Q Analysis
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
- • Best performing segment: Studios with 24%+ revenue growth to $3.321B, Adjusted EBITDA +$387M YoY; Worst performing: Global Linear Networks revenue down 22% to $3.883B, Adjusted EBITDA -20%
- • Cash $4.3B; repaid $1B Bridge Loan in Q3; repurchased/paid down $21.7B senior notes YTD; Operating cash flow $2.515B for 9 months; capital expenditure $810M YTD
- • Near-term outlook cautious: plans to separate into Warner Bros. and Discovery Global by mid-2026; ongoing strategic alternatives review with no set timetable; industry headwinds on linear subscribers, advertising pressures and tariffs noted
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
- • Legal risk: Securities class action and consolidated derivative suits filed in late 2024/early 2025 alleging false statements about NBA contract negotiations, motions pending
- • Operational risk: Increased competition in digital advertising impacting Streaming and Global Linear Networks segments, affecting revenue performance in near term
- • Financial risk: Liquidity affected by bridge loan facility and tender offers; as of Sept 30, 2025, $33.8B debt outstanding with $4.3B cash, compliance with credit covenant ratios maintained
Warner Bros. Discovery Q3 2025 Quarterly FinancialsXBRL
Revenue
$9.0B
▼ -6.0% YoY▼ -7.8% QoQ
Net Income
-$148M
▼ -209.6% YoY▼ -109.4% QoQ
Net Margin
-1.6%
▼ -304bp YoY▼ -1774bp QoQ
Source: XBRL data from Warner Bros. Discovery Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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