Warner Bros. Discovery, Inc. (WBD) Research

Forward Estimates

EPS Estimates

Current Qtr

$-0.07

$-0.19$0.12

vs $0.63-110.4%

12 analysts

Next Qtr

$0.01

$-0.17$0.25

vs $-0.06+124.6%

14 analysts

Current Yr

$-1.25

$-1.61$-0.59

vs $0.29-532.2%

13 analysts

Next Yr

$0.02

$-0.53$0.49

vs $-1.25+101.3%

14 analysts

Revenue Estimates

Current Qtr

$9.21B

$8.26B$9.87B

vs $9.81B-6.1%

16 analysts

Next Qtr

$8.93B

$8.67B$9.30B

vs $9.04B-1.3%

16 analysts

Current Yr

$36.94B

$36.24B$38.29B

vs $37.30B-0.9%

19 analysts

Next Yr

$38.17B

$36.42B$40.80B

vs $36.94B+3.3%

21 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for WBD on EDGAR.

WBD filing events and research context
Filed	Item	Context
May 6, 2026	mda_quarterly	Warner Bros. Discovery (WBD) is currently navigating a transformative period defined by the pending acquisition of the company by Paramount Skydance Corporation (PSKY). Under the terms of the PSKY Merger Agreement, WBD stockholders are set to receive $31.00 per share in cash, with potential "ticking consideration" if the deal closes after September 30, 2026. This follows the termination of a prior merger agreement with Netflix, which cost WBD a $2.8 billion termination fee. Operationally, WBD faces significant headwinds in its Global Linear Networks segment, where revenue declined 9% due to a 10% drop in domestic subscribers and the loss of NBA broadcasting rights. Conversely, the Streaming segment reported a 17% increase in Adjusted EBITDA, driven by global HBO Max expansion and ad-lite subscriber growth. The Studios segment saw a 35% revenue surge, bolstered by television and theatrical licensing, though games revenue declined. Financial results for the first quarter of 2026 were heavily impacted by the $2.8 billion Netflix termination fee and restructuring costs, resulting in a net loss of $2.9 billion. While WBD maintains sufficient liquidity through its $4 billion revolving credit facility, the company remains under pressure from high leverage and credit rating downgrades linked to the secular decline of linear television.
Feb 27, 2026	business	Warner Bros. Discovery is navigating a structural transition from linear networks to streaming, with total streaming subscribers reaching 131.6 million in 2025, driven by a 21% increase in international users. However, global ARPU declined 11% to $6.92, reflecting a shift toward lower-cost ad-supported tiers and expansion into lower-ARPU international markets. The Studios segment reported a 9% revenue increase to $12.6 billion, bolstered by a 15% rise in theatrical revenue from titles such as Superman and A Minecraft Movie, though games revenue fell 32%. Conversely, Global Linear Networks revenue declined 12% to $17.7 billion, pressured by a 9% drop in domestic linear subscribers and a 25% decline in domestic audiences. Financial risks are centered on a $32.8 billion debt load, including a $15 billion bridge loan and $17.8 billion in senior notes, alongside $19.7 billion in content purchase obligations. Credit rating downgrades from S&P, Moody’s, and Fitch highlight concerns regarding high leverage and the deteriorating linear operating environment. The company continues to prioritize HBO Max expansion and content acquisition while managing the expected continued decline of its linear subscriber base.
Feb 27, 2026	risk_factors	WBD faces critical execution risk regarding the pending PSKY merger; failure to close by mid-2027 could trigger a $3 billion termination fee and significant reimbursement obligations. The company is navigating a structural decline in linear television viewership and advertising, evidenced by a $9.1 billion impairment of its Global Linear Networks unit. While expanding streaming via HBO Max and discovery+, WBD must compete against vertically integrated tech giants and FAST platforms for subscribers and digital ad spend. Financial stability is pressured by $32.5 billion in total debt and a restrictive $17 billion Bridge Loan Facility with variable interest rates. Operational risks include escalating costs for sports rights and "event" films, labor volatility following WGA and SAG-AFTRA strikes, and the disruptive potential of generative AI on content creation and piracy. Additionally, WBD is exposed to global regulatory shifts in data privacy (GDPR/CCPA), international content quotas, and cybersecurity threats. These factors, combined with high leverage and credit rating volatility, limit operational flexibility and the ability to refinance debt on favorable terms.

Filed

Item

Context

May 6, 2026

mda_quarterly

Warner Bros. Discovery (WBD) is currently navigating a transformative period defined by the pending acquisition of the company by Paramount Skydance Corporation (PSKY). Under the terms of the PSKY Merger Agreement, WBD stockholders are set to receive $31.00 per share in cash, with potential "ticking consideration" if the deal closes after September 30, 2026. This follows the termination of a prior merger agreement with Netflix, which cost WBD a $2.8 billion termination fee. Operationally, WBD faces significant headwinds in its Global Linear Networks segment, where revenue declined 9% due to a 10% drop in domestic subscribers and the loss of NBA broadcasting rights. Conversely, the Streaming segment reported a 17% increase in Adjusted EBITDA, driven by global HBO Max expansion and ad-lite subscriber growth. The Studios segment saw a 35% revenue surge, bolstered by television and theatrical licensing, though games revenue declined. Financial results for the first quarter of 2026 were heavily impacted by the $2.8 billion Netflix termination fee and restructuring costs, resulting in a net loss of $2.9 billion. While WBD maintains sufficient liquidity through its $4 billion revolving credit facility, the company remains under pressure from high leverage and credit rating downgrades linked to the secular decline of linear television.

Feb 27, 2026

business

Warner Bros. Discovery is navigating a structural transition from linear networks to streaming, with total streaming subscribers reaching 131.6 million in 2025, driven by a 21% increase in international users. However, global ARPU declined 11% to $6.92, reflecting a shift toward lower-cost ad-supported tiers and expansion into lower-ARPU international markets. The Studios segment reported a 9% revenue increase to $12.6 billion, bolstered by a 15% rise in theatrical revenue from titles such as *Superman* and *A Minecraft Movie*, though games revenue fell 32%. Conversely, Global Linear Networks revenue declined 12% to $17.7 billion, pressured by a 9% drop in domestic linear subscribers and a 25% decline in domestic audiences. Financial risks are centered on a $32.8 billion debt load, including a $15 billion bridge loan and $17.8 billion in senior notes, alongside $19.7 billion in content purchase obligations. Credit rating downgrades from S&P, Moody’s, and Fitch highlight concerns regarding high leverage and the deteriorating linear operating environment. The company continues to prioritize HBO Max expansion and content acquisition while managing the expected continued decline of its linear subscriber base.

Feb 27, 2026

risk_factors

WBD faces critical execution risk regarding the pending PSKY merger; failure to close by mid-2027 could trigger a $3 billion termination fee and significant reimbursement obligations. The company is navigating a structural decline in linear television viewership and advertising, evidenced by a $9.1 billion impairment of its Global Linear Networks unit. While expanding streaming via HBO Max and discovery+, WBD must compete against vertically integrated tech giants and FAST platforms for subscribers and digital ad spend. Financial stability is pressured by $32.5 billion in total debt and a restrictive $17 billion Bridge Loan Facility with variable interest rates. Operational risks include escalating costs for sports rights and "event" films, labor volatility following WGA and SAG-AFTRA strikes, and the disruptive potential of generative AI on content creation and piracy. Additionally, WBD is exposed to global regulatory shifts in data privacy (GDPR/CCPA), international content quotas, and cybersecurity threats. These factors, combined with high leverage and credit rating volatility, limit operational flexibility and the ability to refinance debt on favorable terms.

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WBD filing events and research context

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