Warner Bros. Discovery Inc (WBD) Stock Price & Analysis
Warner Bros. Discovery Inc (WBD) closed at USD 30.95 on Monday, October 5, 2026, up 0.00% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 30.95; the Oct 5, 2026 session ranged USD 30.94–30.99 on volume of 40 shares. Market capitalization is $77.60B, with a 52-week range of USD 18–30.99 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:23 UTC.
Also available as compact Markdown for AI agents: nexqual.com/WBD.md
Key facts (WBD)
- Last four reported quarters (through Jun 30, 2026): revenue $36.1B, net income -$3.17B (-8.8% margin), free cash flow $2.18B (SEC filings).
- 5 of 80 tracked superinvestors hold WBD (13F, Q2 2026): 2 new, 1 added, 2 reduced, 0 unchanged.
- Analysts: Hold (mean 2.83 on a 1–5 scale) (12 analysts), mean target USD 30.63 (range 27.75–31.25).
- Next earnings: 2026-11-05, EPS estimate USD -0.04, revenue estimate $8.71B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (WBD)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.2B | $33.8B | $41.3B | $39.3B | $37.3B | $36.1B |
| Operating income | $2.01B | -$7.37B | -$1.55B | -$10.0B | $738M | -$1.27B |
| Net income | $1.01B | -$7.37B | -$3.13B | -$11.3B | $727M | -$3.17B |
| EPS (diluted) | $1.54 | -$3.82 | -$1.28 | -$4.62 | $0.29 | — |
| Free cash flow | $2.42B | $3.32B | $6.16B | $4.43B | $3.09B | $2.18B |
| Operating margin | 16.5% | -21.8% | -3.7% | -25.5% | 2.0% | -3.5% |
| Net margin | 8.3% | -21.8% | -7.6% | -28.8% | 1.9% | -8.8% |
| Revenue growth | +14.2% | +177.4% | +22.2% | -4.8% | -5.1% | — |
| Cash + short-term investments | $3.90B | $3.73B | $3.78B | $5.31B | $4.57B | — |
| Total debt | $14.8B | $49.4B | $45.4B | $42.3B | $32.7B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (WBD)
P/S 2.1x · EV/EBITDA 28.3x · EV/Sales 3.0x · P/FCF 35.6x · P/B 2.4x · FCF yield 2.81% · Earnings yield -4.08% · Net debt $30.1B · EV $108B
Superinvestors (SEC 13F-HR, Q2 2026) (WBD)
5 of 80 tracked investors hold WBD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Daniel Loeb | Third Point | 11.48% | $533M | New position |
| Hillman Capital | Hillman Capital Management | 3.67% | $5.1M | Reduced -3.2% |
| David Einhorn | Greenlight Capital | 1.53% | $59.9M | New position |
| Bill Nygren | Oakmark Funds | 0.17% | $128M | Reduced -85.4% |
| Prem Watsa | Fairfax Financial Holdings | 0.08% | $2.2M | Added +41.5% |
Analysts (WBD)
Consensus Hold (mean 2.83 on a 1–5 scale), 12 analysts; mean target USD 30.63 (low 27.75, high 31.25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Argus Research | Downgrade | Hold → Sell | |
| 2026-09-22 | Morgan Stanley | Target raised | Equal-Weight | $29 → $31 |
| 2026-08-18 | Argus Research | Reiterated | Buy | $31 |
| 2026-07-27 | Seaport Global | Downgrade | Buy → Neutral | |
| 2026-06-29 | Seaport Global | Upgrade | Neutral → Buy | $31 |
WBD revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Global Linear Networks | $3.99B | 45.8% | -16.9% |
| Streaming | $3.08B | 35.3% | +10.2% |
| Studios | $2.33B | 26.7% | -38.8% |
| Total revenue | $8.72B | 100% | — |
WBD revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Distribution | $4.95B | 56.8% | +1.3% |
| Content | $1.83B | 21.0% | -26.0% |
| Advertising | $1.72B | 19.8% | -22.2% |
| Other | $215.0M | 2.5% | -10.4% |
| Total revenue | $8.72B | 100% | — |
WBD revenue by region (fiscal year ended Dec 31, 2025)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $24.95B | 66.9% | -5.6% |
| Non Us | $12.35B | 33.1% | -4.2% |
| Total revenue | $37.30B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
WBD suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Paramount Skydance | “Uncertainty regarding the outcome of the PSKY Merger and our future could disrupt our business relationships with our existing and potential customers, suppliers, distributors, advertisers, content providers, vendors and other business partners, who may attempt to negotiate changes to existing business relationships or consider entering into business relationships with parties other than us.” |
| Partner | Walt Disney (DIS) | “On February 6, 2024, the Company announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company ("Disney"), and Fox Corporation ("Fox") to form Venu Sports, a sports-centric streaming service in the United States.” |
| Related party | Liberty Global Ltd. (LBTYA) | “In October 2024, the Company sold its minority interests in Formula E, which were recorded as an equity method investment and an investment without readily determinable fair value, to Liberty Global Ltd. ("Liberty Global"), a related party, for total proceeds of $217 million and recorded a gain of $61 million in other income (expense), net in the consolidated statements of operations.” |
Quoted from the company's 10-K filed Feb 27, 2026.
WBD customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 12% of revenue, per the company's 10-K filed Feb 27, 2026. The company does not name it.
WBD analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.04 | $0.01 | -459.1% | $8.71B | 8 |
| Next quarter (ends Dec 2026) | $-0.08 | $0.01 | -610.7% | $9.77B | 8 |
| Current fiscal year (ends Dec 2026) | $-1.21 | $-1.25 | -2.8% | $36.19B | 9 |
| Next fiscal year (ends Dec 2027) | $-0.10 | $0.05 | -290.1% | $37.15B | 9 |
Key Statistics (as of October 23, 2026 at 09:23 UTC)
| Price | USD 30.95 |
|---|---|
| Change | ▲ 0.00% (up) |
| Previous Close | USD 30.95 |
| Open | USD 0 |
| Day Range | USD 30.94 – 30.99 |
| 52-Week Range | USD 18 – 30.99 |
| Volume | 40 shares |
| Market Cap | $77.60B |
| Exchange | NMS |
Analyst Ratings (WBD)
Wall Street analysts rate WBD "Hold" based on 12 analysts, with a mean price target of USD 30.63 (range USD 27.75–31.25), per Nexqual as of October 23, 2026 at 09:23 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 12 |
| Mean Target | USD 30.63 |
| High Target | USD 31.25 |
| Low Target | USD 27.75 |
| Buy / Hold / Sell | 2 / 10 / 0 |
Earnings (WBD)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD -0.02 |
| Revenue Estimate | $8.71B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.06 vs est -0.11 ▲ beat |
| 2026-03-31 | USD -1.17 vs est -0.09 ▼ miss |
| 2025-12-31 | USD -0.1 vs est -0 ▼ miss |
| 2025-09-30 | USD -0.06 vs est -0.08 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financials & Fundamentals (WBD)
| Total Revenue | $36.12B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -11.20% |
| Gross Margin | +47.81% |
| Operating Margin | +5.10% |
| Profit Margin | -8.77% |
| ROE | -8.79% |
| Debt / Equity | 0.94 |
| Current Ratio | 0.78 |
| Total Cash | $3.41B |
| Total Debt | $32.02B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $2.18B (6.0% of revenue) |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financial Health Score (WBD)
Nexqual rates Warner Bros. Discovery Inc's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:23 UTC.
| Growth | Weak — Revenue -5% YoY (annual), declining |
|---|---|
| Profitability | Strong — Gross margin 48%, operating 5% (last 12 months) |
| Balance Sheet | Weak — $3.37B cash and investments vs $33.5B debt (Jun 2026, SEC) |
| Cash Flow | Solid — FCF $2.18B (last 4 quarters to Jun 2026, SEC), 6% margin |
| Efficiency | Critical — ROE -9%, ROA 1.7% |
Ownership (WBD)
| Insider Ownership | +4.14% |
|---|---|
| Institutional Ownership | +79.24% |
| Shares Outstanding | 2.51B |
| Float | 2.39B |
| Short % of Float | +2.37% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Major Backers & Investors (WBD)
Notable institutional backers of Warner Bros. Discovery Inc include Invesco, Millennium Management, Pentwater Capital Management Lp, according to Nexqual as of October 23, 2026 at 09:23 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Invesco | 3.19% |
| Millennium Management | 2.3% |
| Pentwater Capital Management Lp | 1.89% |
| FMR, LLC | 1.8% |
| Citadel | 1.78% |
| SELECT SECTOR SPDR TRT-State Street Communication Services Select Sect | 1.46% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 10.51% |
| BlackRock | 7.89% |
| State Street | 5.11% |
| Geode Capital | 2.78% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
From Warner Bros. Discovery Inc's Latest SEC 10-K Filing (filed 2026-02-27)
Key Strengths & Strategy (as disclosed to the SEC)
- HBO Max is a streaming destination for a variety of programming including HBO Originals, Warner Bros. films, HBO Max Originals, the DC universe, the Wizarding World of Harry Potter, CNN, and programming across food, home, reality, lifestyle, and documentaries from leading brands like HGTV, Food Network, Discovery Channel, and more.
- Discovery is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros.
- Termination under specified circumstances will require WBD to pay PSKY a termination fee of $3.0 billion and reimburse PSKY for (i) any payment made by PSKY, which will in no event be more than $1,528 million, in connection with WBD's obligation to complete the Junior Lien Exchange Offer (as defined herein) by December 30, 2026 and (ii) the Netflix Termination Fee, or PSKY to pay WBD a termination fee of $7.0 billion.
Partnerships
- In connection with the termination of the Netflix Merger Agreement, PSKY, on behalf of the Company, paid Netflix a termination fee of $2.8 billion in cash (the "Netflix Termination Fee") as required by the terms of the Netflix Merger Agreement.
- Concurrently with the execution of the PSKY Merger Agreement, Larry J.
Legal & Regulatory Risks (Item 1A, quoted)
- Changes in laws and regulations could adversely affect our business, financial condition and results of operations.
- We are subject to domestic and international privacy and data protection laws, which impact our ability to collect, transfer and use personal information. Our efforts to comply with such laws, which are continually evolving, could impose costly obligations on us and generate additional regulatory and litigation risk.
- Environmental, social and governance laws, and regulations may adversely impact our businesses.
- Increasing complexity of global tax policy and regulations could increase our tax liability and adversely impact our business and results of operations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| LYV | Live Nation Entertainment, Inc. | USD 174.5 | ▲ 0.09% |
| SKYD | Skydance Corporation | USD 7.79 | ▼ 1.02% |
| TKO | TKO Group Holdings, Inc. | USD 177.72 | ▼ 0.12% |
| DIS | Walt Disney Company (The) | USD 113.13 | ▲ 1.16% |
| FOXA | Fox Corporation | USD 68.27 | ▲ 3.69% |
| ROKU | Roku, Inc. | USD 160.06 | ▲ 1.45% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:23 UTC. This page is informational and not investment advice.
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