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Warner Bros. Discovery, Inc.WBD

Sector
Other
Industry
Cable & Other Pay Television Services
Exchange
Nasdaq

Stock Price $WBD

Latest filings

You are here#8 of 17 in Communication by market cap

Filing record · 2016–202610-K1110-Q328-K223

WBD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 223 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’17Aug ’17
  2. Leadership change8-K · May ’19May ’19
  3. Deal closed8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $37.30B
YoY changeLargest recent move+177.4%in FY22Latest −5.1%

2 older moves run past ±150% (largest +4350.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All WBD Financial Metrics58 metrics

Income Statement14

Balance Sheet26

Cash Flow14

Per Share4

02—Overview

Warner Bros. Discovery, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Warner Bros. Discovery executed a definitive exit strategy, agreeing to a $31.00a per share cash buyout from Paramount Skydance Corporation during FY2025. This acquisition rescues the media conglomerate from the accelerating collapse of its traditional television business. Management ultimately traded a grueling standalone turnaround for a guaranteed buyout before legacy cable declines could permanently cripple its balance sheet.

The transaction caps a highly volatile operational arc following the original WarnerMedia merger. Direct-to-consumer subscribers expanded rapidly from 22 million in FY2021 to 131.6 million by the end of FY2025, driven by global streaming expansion. However, this digital growth was repeatedly undermined by deteriorating legacy assets. Global Linear Networks revenue dropped 12% in FY2025, a structural decline that previously forced a massive $9.1 billionb goodwill impairment charge in FY2024. To stabilize its financial footing ahead of the transition, the company executed aggressive debt repurchases, yielding a $2.96 billion extinguishment gain in FY2025. The market valued the company at $28.82 per share at the close of FY2025, pricing in a slight discount to the final merger consideration as the standalone business recorded sustained net losses.

Recent Developments (Q4 2025 and Q1 2026)

Stockholders approved the pending Paramount Skydance merger in April 2026. Operations during Q1 2026 featured a $2.916 billionc net loss, driven by a $2.8 billion termination fee from a scrapped Netflix deal. Total revenues experienced a 1% decline year-over-year to $8.893 billion amid advertising softness. Conversely, Streaming Adjusted EBITDA saw a 29% increase to $438 million and Studios Adjusted EBITDA reached $775 million. Management also secured $13 billion and €1.717 billion in new term loans to refinance bridge facilities.

Bulls argue accelerating streaming profitability provides a strong growth engine. Bears note continued top-line contraction in linear networks remains a structural anchor. The stock traded at -5.9x earnings as of the Q1 2026 reporting date, pushed into negative territory by one-time fees driving annual EPS to $-4.62.

What to watch: Paramount Skydance acquisition closing conditions; stockholder pushback on executive compensation.

03—Filings

Recent SEC Filings

  1. 8-KWarner Bros. Discovery, Inc. 8-K Report, Material Agreement (Oct 6, 2026)Warner Bros. Discovery, Inc. (WBD) has filed an 8-K report detailing the completion of its merger with SKYD. As of October 6, 2026, WBD common stock has been delisted from the Nasdaq, and all outstanding shares were converted into the right to receive a cash payment of approximately $31.02 per share, including accrued "Ticking Consideration." This transaction represents a significant change in control, with WBD now operating as a wholly owned subsidiary of SKYD. In conjunction with the merger's closing, WBD has terminated existing credit facilities and entered into new guarantees and credit agreements under SKYD. The report also outlines the treatment of WBD's equity awards, including stock options, RSUs, PRSUs, and DSUs, which have either been cashed out or assumed by SKYD. Furthermore, the report discloses the departure of WBD's former directors and officers, including David M. Zaslav, and the appointment of new directors and officers from SKYD. Significant transaction bonuses for key WBD employees, totaling up to $38.7 million, have been approved and will be paid out.
  2. 8-KWarner Bros. Discovery, Inc. 8-K Report, Financial Results (Aug 6, 2026)Warner Bros. Discovery, Inc. (WBD) has filed an 8-K report on August 6, 2026, to announce its earnings for the quarter ended June 30, 2026. The report primarily serves to furnish the company's earnings press release and a letter to shareholders, both dated August 6, 2026, which are included as exhibits. These documents provide the key financial and operational results for the reported period. Investors should refer to the furnished earnings press release (Exhibit 99.1) and the shareholder letter (Exhibit 99.2) for detailed insights into WBD's performance. The company also reiterated its commitment to using its Investor Relations website (ir.wbd.com) as a primary channel for disclosing material non-public information and fulfilling its Regulation FD obligations, urging stakeholders to monitor this platform for updates.
  3. 8-KWarner Bros. Discovery, Inc. 8-K Report, Shareholder Vote Results (Jun 12, 2026)Warner Bros. Discovery, Inc. (WBD) filed an 8-K detailing the results of its 2026 Annual Meeting of Stockholders held on June 9, 2026. The report indicates that all thirteen director nominees were elected to serve one-year terms. Additionally, stockholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with a significant majority in favor. However, the meeting also revealed stockholder dissatisfaction with executive compensation, as the "Say-on-Pay" proposal for 2025 named executive officer compensation did not pass on an advisory basis. Furthermore, a stockholder proposal concerning a "Sustainability ROI Report" also failed to gain approval. These outcomes highlight potential investor concerns regarding executive remuneration and the company's sustainability reporting, which warrants further attention from management and investors alike.
  4. 8-KWarner Bros. Discovery, Inc. 8-K Report, Material Agreement (Jun 4, 2026)Warner Bros. Discovery, Inc. (WBD) announced a significant refinancing transaction via an 8-K filing on June 4, 2026. The company's subsidiary, Discovery Global Holdings, Inc. (DGH), entered into a new First Lien Credit Agreement, securing $13,000 million in U.S. dollar-denominated term loans and €1,717 million in Euro-denominated term loans, both maturing in seven years. The primary purpose of this new debt is to fully repay the outstanding $15,000 million under its previous Non-Investment Grade Leveraged Bridge Loan Agreement, which was originally dated June 26, 2025. This move represents a strategic refinancing aimed at extending debt maturities and potentially improving borrowing costs or flexibility. The new facility is secured by substantially all assets of the Company, DGH, and certain domestic subsidiaries, and is guaranteed by the Company and the same subsidiaries that guarantee the existing revolving credit facility. Investors should note that while this transaction addresses near-term debt obligations, the new facility contains customary covenants that restrict certain corporate actions, including mergers, asset sales, and restricted payments, and mandates immediate repayment upon specific events like a change of control, such as the proposed acquisition by Paramount Skydance Corporation.
  5. 8-KWarner Bros. Discovery, Inc. 8-K Report, Material Agreement (May 27, 2026)Warner Bros. Discovery, Inc. (WBD) announced that its wholly-owned subsidiaries, Discovery Communications, LLC and Discovery Global Holdings, Inc., have successfully obtained the required consents to amend certain indentures governing their outstanding senior notes. This action is directly related to the previously announced acquisition of WBD by Paramount Skydance Corporation. The amendments, which have become effective upon execution and are expected to become operative around May 29, 2026, primarily aim to extend the deadline for offering "Junior Lien Exchange Notes" to current noteholders in exchange for their existing notes. The new deadline is tied to the closing of the Paramount acquisition, now anticipated by March 4, 2027, or potentially earlier depending on the merger agreement's termination. The key implications for investors center on the potential terms of these "Junior Lien Exchange Notes." If the acquisition by Paramount proceeds, these new notes will notably exclude restrictive lien covenants and restricted debt prepayment clauses. They will also be guaranteed by WBD and certain subsidiaries, secured by WBD's assets, with liens junior to the primary debt facility for the acquisition. The principal amount of new notes exchanged will also be removed as a requirement. If the acquisition does not proceed, the terms of the "Junior Lien Exchange Notes" will revert to terms previously outlined in a June 2025 offering statement, with certain modifications.
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04—See also

Related Companies

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