Short answer
Warner Bros. Discovery (WBD) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $9.0B (down 6.0% year over year) with net income of −$148M.
Q3 2025 key financials · XBRL
- Revenue
- $9.0B
- −6.0% YoY · −7.8% QoQ
- Net income
- −$148M
- −209.6% YoY · −109.4% QoQ
- Operating margin
- 6.8%
- EPS (diluted)
- −$0.06
- −200.0% YoY · −109.5% QoQ
Source: XBRL data from the Warner Bros. Discovery (WBD) Q3 2025 10-Q on SEC EDGAR. USD.
Warner Bros. Discovery Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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