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Dec 31, 2025
Warner Bros Discovery Q4 2025 Earnings Report
Warner Bros. Discovery reported lower revenue and profitability in Q4 2025, driven by continued weakness in Global Linear Networks, partially offset by streaming growth.
Key Takeaways
Warner Bros. Discovery generated $9.46 billion in Q4 2025 revenue, down year-over-year, with a net loss of $252 million and Adjusted EBITDA of $2.22 billion. Streaming subscribers grew to 131.6 million, but Global Linear Networks saw a significant EBITDA decline.
Total revenue declined 6% year-over-year to $9.46 billion.
Net loss was $252 million, while Adjusted EBITDA fell 19% to $2.22 billion.
Streaming subscribers increased to 131.6 million, up 3.5 million sequentially.
Global Linear Networks Adjusted EBITDA declined 27% year-over-year.
Revenue by Segment
Forward Guidance
The company expects continued streaming growth and strong free cash flow conversion in 2026, while facing advertising headwinds from the absence of the NBA and ongoing transaction-related impacts.
Positive Outlook
- Expectation of exceeding 150 million streaming subscribers by end of 2026.
- Continued global expansion of HBO Max.
- Strong free cash flow conversion expected in 2026.
- Improved advertising trends in international markets.
- Ongoing cost discipline and operating expense improvements.
Challenges Ahead
- Advertising headwinds from absence of NBA in first half of 2026.
- Continued domestic linear subscriber declines.
- Transaction and separation-related costs in first half of 2026.
- Pressure on Global Linear Networks profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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