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Edge28 Aug 2026
Bigger, Sharper, IMAX: A Blockbuster Business
How IMAX turned an unscalable, large-screen format into the center of blockbuster filmmaking through cameras, projection, and remastering technology.
Warner Bros. Discovery
Warner Bros. Discovery (WBD) investor relations material
Warner Bros. Discovery Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Streaming segment surpassed $3 billion in revenue for the first time, with subscriber-related revenue growth accelerating to 10% sequentially, ex-FX, and strong engagement trends.
Adjusted EBITDA for streaming reached $512 million, up 63% ex-FX year-over-year, with a 17% margin, marking a turnaround from prior losses.
Total revenues for Q2 2026 were $8.7 billion, down 12% ex-FX year-over-year, with declines in advertising and content revenues offsetting modest growth in distribution revenues.
Net income available was $149 million, down 91% year-over-year, impacted by $1.1 billion in pre-tax acquisition-related amortization and restructuring expenses.
The Fifth Amendment to the Fourth Amended and Restated Receivables Purchase Agreement, effective June 30, 2026, updates the terms governing Warner Bros. Discovery Receivables Funding, LLC’s receivables securitization facility.
Financial highlights
Streaming adjusted EBITDA improved by 63% ex-FX year-over-year, reaching $512 million and a 17% margin.
Double-digit distribution growth in streaming, with underlying growth in the low teens when excluding a related party deal.
Advertising revenues fell 22% ex-FX, mainly due to the absence of NBA content and continued linear audience declines.
Licensing business generated strong margins and healthy demand, including for decade-old content.
Cash provided by operating activities was $848 million, and free cash flow was $572 million, both down year-over-year.
Outlook and guidance
Streaming momentum expected to continue with upcoming high-profile content and a robust 2027 pipeline.
Studio segment targets over $3 billion in adjusted EBITDA long-term, with a richer film slate and more tentpole IP in 2027.
Management expects best-ever retention and lower churn in 2026, driven by content strength and bundling strategies.
Forward-looking statements highlight risks related to the proposed transaction with Paramount Skydance Corporation, regulatory approvals, and market conditions.
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Latest events from Warner Bros. Discovery
- $2.9B net loss on $8.9B revenue; streaming up, linear down, Paramount Skydance merger approved.WBD
Q1 2026 - Proxy outlines merger, record results, and major governance and compensation actions.WBDProxy filing
- Director elections, auditor ratification, and executive pay up for vote; board opposes sustainability report.WBDProxy filing
- Merger with Paramount Skydance approved; compensation proposal rejected by shareholders.WBDAGM 2026
- Shareholders to vote on PSKY merger amid litigation and detailed supplemental disclosures.WBDProxy filing
- Shareholders to vote on a Paramount merger with a 147% premium and Q3 2026 closing target.WBDProxy filing
- Shareholders to vote on $31.00 per share all-cash merger with PSKY, unanimously backed by the board.WBDProxy filing
- Streaming subscribers rose to 131.6 million as Q4 revenue declined and separation plans advanced.WBDQ4 2025
- Separation into two public companies and $35.5bn bond tender target mid-2026 completion.WBDInvestor Update
Next Warner Bros. Discovery earnings date
Q3 20266 Nov, 2026
Warner Bros. Discovery
Next Warner Bros. Discovery earnings date
Q3 20266 Nov, 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+.