# Warner Bros. Discovery Inc (WBD)

> Source: Nexqual · https://nexqual.com/WBD · data as of 2026-10-05 20:00 UTC · cite as "Nexqual, Warner Bros. Discovery Inc (WBD), nexqual.com/WBD" · informational, not investment advice.

**Price:** USD 30.95 (+0.00% on the day) · last close of Oct 5, 2026; US market pre market, not a live price. Prev close 30.95 · day 30.94–30.99 · 52w 18–30.99 · market cap $77.6B · NMS

## Key facts
- 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)
| 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)
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)
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
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 |

## Peers (Entertainment)
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%

## More
Full page: https://nexqual.com/WBD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WBD's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1437107/000143710726000020/wbd-20251231.htm):

| 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…" |
| 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 streami…" |
| 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…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 107.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $24.95B | 66.9% | -5.6% |
| Non Us | $12.35B | 33.1% | -4.2% |
| Total revenue | $37.30B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 12% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.04 | $0.01 | -459.1% | $8.71B | 8 |
| Next quarter (ends 2026-12-31) | $-0.08 | $0.01 | -610.7% | $9.77B | 8 |
| Current fiscal year (ends 2026-12-31) | $-1.21 | $-1.25 | -2.8% | $36.19B | 9 |
| Next fiscal year (ends 2027-12-31) | $-0.10 | $0.05 | -290.1% | $37.15B | 9 |