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Warner Bros. Discovery (WBD) investor relations material
Warner Bros. Discovery Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved industry leadership in motion pictures, surpassing $4 billion in 2025 box office revenue and leading globally.
Announced plans to separate into two public companies, targeting completion by mid-2026, with the Board evaluating strategic alternatives.
Net loss for Q3 2025 was $148 million, including $1.3 billion in pre-tax amortization, content step-up, and restructuring expenses.
HBO Max expanded to over 100 countries, adding 30 million subscribers in three years, with a target of 150 million by end of next year.
Significant debt reduction, with net leverage ratio down to 3.3x EBITDA after paying down $1 billion in Q3.
Financial highlights
Q3 2025 revenue was $9.05 billion, down 6% year-over-year; nine-month revenue was $27.84 billion, down 5%.
Adjusted EBITDA for Q3 was $2.47 billion, up 2% year-over-year, driven by Streaming and Studios growth.
Streaming segment to contribute over $1.3 billion in EBITDA this year, reversing a $2.5 billion loss three years ago.
Studios revenue for Q3 rose 24% to $3.32 billion, with Adjusted EBITDA more than doubling to $695 million.
Free cash flow increased 11% to $701 million, despite a $500 million impact from separation-related items.
Outlook and guidance
Remains on track to complete the planned separation by mid-2026, subject to conditions and market factors.
Streaming launches in major markets (Germany, Italy, U.K., Ireland) set for 2026, expected to drive further subscriber growth.
2026 projected as the biggest year of growth for HBO Max, with strong content pipeline and international expansion.
Quantify ARPU impact from deal renewal & legal ruling
Detail the $500M FCF separation-related items
Linear Networks ex-Olympics: underlying trend?
Bridge to $3B studio EBITDA target
HBO Max ARPU growth drivers post-2025
U.S. sports app monetization strategy
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Next Warner Bros. Discovery earnings date
Q4 202527 Feb, 2026
Next Warner Bros. Discovery earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Mass Media Conglomerate
Warner Bros Discovery is an American media conglomerate formed after a significant merger between WarnerMedia and Discovery Inc. Its business activities encompass the production and distribution of movies, television shows, and a variety of digital content. The company owns and operates a wide range of television networks, streaming services, and film studios. Warner Bros Discovery is headquartered in NYC, and its shares are listed on the Nasdaq.
A Titanic Merger
As previously mentioned, the current form of the company was formed in 2021 through the merger of WarnerMedia and Discovery, Inc. WarnerMedia was a major entertainment conglomerate with assets including Warner Bros. studios, HBO, and CNN. Discovery, Inc. on the other hand was primarily known for its wide range of reality and non-fiction programming across networks like the Discovery Channel and TLC. The merger aimed to combine WarnerMedia's extensive film, TV, and news operations with Discovery's reality and documentary-focused content. The resulting entity, Warner Bros Discovery, sought to create a diversified media portfolio capable of competing in an increasingly digital and streaming-oriented entertainment industry, something that the company so far has succeeded in.
Warner Bros
The Warner Bro’s subsidiary is a prominent player in the entertainment industry. It operates in various sectors within film, television, and gaming. Warner Bros. is well known for its film production and distribution and is responsible for popular movies and franchises such as Harry Potter and the DC Universe. In television, it produces and distributes a wide array of popular TV shows, ranging from sitcoms to dramas, through Warner Bros. Television and most notably HBO. Additionally, Warner Bros. has a significant presence in the video game industry through Warner Bros. Interactive Entertainment, creating and distributing games based on its various intellectual properties. The company is also active in digital distribution and streaming, through its platform HBO Max, which is one of the most popular alternatives for consumers along with names like Netflix and Disney+.
Discovery
Discovery specializes in non-fiction, lifestyle, sports, and factual programming. The subsidiary owns and operates an extensive network of cable channels, including the flagship Discovery Channel, which broadcasts nature and science-themed documentaries and reality shows. Other notable channels under its umbrella include TLC, which focuses on reality and lifestyle content, Animal Planet, dedicated to wildlife and nature programs, and the Science Channel, which offers content related to science and technology. Additionally, Discovery is also active in sports broadcasting, particularly through Eurosport, which covers a wide range of sporting events in Europe. Just like Warner Bros, Discovery operates a streaming platform called Discovery+.
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