Warner Bros. Discovery, Inc.WBD
NasdaqGS•Communication Services•Entertainment
Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers streaming services, such as HBO Max and discovery+, and premium pay-TV services, including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment is involved in the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and its networks/streaming services. This segment also distributes films and television programs to various third-party and internal television, streaming services, and physical and digital home entertainment markets; related consumer products and themed experience licensing; and publishes, develops, licenses, and distributes content for the interactive space in platforms, including console, handheld, mobile, and PC-based gaming for both internal and third-party game titles. The Global Linear Networks segment provides general and lifestyle entertainment networks, news networks; and hosts international media networks and global sports networks. In addition, the company offers a portfolio of content and products for television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products under the Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and other brands. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.
Warner Bros. Discovery, Inc. - (WBD) reported trailing twelve months revenue of $37.21B as of March 2026, a 3.0% decline year-over-year. Quarterly revenue reached $8.89B, reflecting a contraction in sales.
Warner Bros. Discovery, Inc. - reported a TTM net loss of $1.74B, with quarterly EBITDA of $1.19B. The operating margin expanded from -0.4% to 6.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (6.2%) and net margin (-32.8%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from -5.0% a year ago, reflecting increased costs or interest expense.
WBD trades at a P/S of 1.8x. The price-to-book ratio of 2.1x reflects a moderate premium to book value.
The company reported negative free cash flow of $-476.00M, indicating cash consumption over the period. The balance sheet shows $97.84B in total assets with $30.97B in long-term debt against $32.58B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -10.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -1.3x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue declined in 6 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation