Monitor the competitive bidding situation between Netflix and Paramount Skydance for Warner Bros., as this could significantly impact shareholder value. The company's streaming growth and studio performance provide fundamental strength, but the transaction outcome will likely be the primary driver of stock movement in the near term.
Price Chart
Executive Summary
Warner Bros. Discovery reported declining financial performance in Q4 and full-year 2025, with total revenue down 7% ex-FX and adjusted EBITDA down 20% ex-FX year-over-year. However, the company highlighted strong operational progress in its Studios segment (52% ex-FX EBITDA growth) and Streaming segment (doubled EBITDA), while announcing a potential transformative transaction with Netflix that could be challenged by a competing offer from Paramount Skydance.
Key Financial Metrics
Key Facts
- Total revenue declined 7% ex-FX to $9.46 billion in Q4 2025 and 5% ex-FX to $37.3 billion for full-year 2025
- Adjusted EBITDA declined 20% ex-FX to $2.2 billion in Q4 and 3% ex-FX to $8.7 billion for full-year 2025
- Streaming segment revenue grew 4% ex-FX to $2.79 billion in Q4 with 131.6 million subscribers
- Studios segment full-year adjusted EBITDA grew 52% ex-FX to $2.55 billion
- Company entered into a definitive agreement for Netflix to acquire Warner Bros. following separation of Discovery Global
- Board determined that a proposal from Paramount Skydance could reasonably be expected to lead to a superior proposal
Financial Impact
Revenue decreased by $567 million in Q4 and $2.025 billion for full-year 2025; Adjusted EBITDA decreased by $506 million in Q4 but increased by $288 million for full-year 2025
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Streaming | $2.8B | +4.0% |
| Studios | $3.2B | -13.0% |
| Global Linear Networks | $4.2B | -12.0% |
Risk Factors
- Uncertainty around the Netflix transaction being completed as planned
- Potential regulatory hurdles for any acquisition deal
- Continuing decline in linear TV business offsetting streaming growth
- Integration risks if either transaction proceeds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437107-26-000011 |
| Document: wbd4q25earningssharehold.htm | 0001437107-26-000011 |
| Document: disca-20260226.htm | 0001437107-26-000011 |
| Document: 0001437107-26-000011-index-headers.html | 0001437107-26-000011 |
| Document: 0001437107-26-000011-index.html | 0001437107-26-000011 |
| Document: 0001437107-26-000011.txt | 0001437107-26-000011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 4w ago | Insider Cluster | $28.07 $30.76 | ▲ +9.58% | ▲ +7.02% | — |
Sep 14, 2026 5w ago | Insider Cluster | $28.10 $30.80 | ▲ +9.61% | ▲ +9.50% | — |
Sep 12, 2026 5w ago | Insider Cluster | $28.10 $30.80 | ▲ +9.61% | ▲ +9.50% | — |
Sep 11, 2026 5w ago | 144 | $28.04 $27.80 | ▼ −0.86% | ▼ −0.63% | — |
Sep 10, 2026 5w ago | Insider Cluster | $28.04 $27.80 | ▼ −0.86% | ▼ −0.63% | — |
Sep 4, 2026 6w ago | Insider Cluster | $28.12 $28.03 | ▼ −0.32% | ▲ +0.80% | — |
Sep 3, 2026 6w ago | 144 | $28.25 $28.10 | ▼ −0.53% | ▲ +0.68% | — |
Sep 3, 2026 6w ago | 144 | $28.37 $28.04 | ▼ −1.16% | ▼ −0.01% | — |
Aug 15, 2026 9w ago | Insider Cluster | $27.93 $28.70 | ▲ +2.76% | ▲ +3.95% | — |
Aug 14, 2026 9w ago | Insider Cluster | $27.99 $28.55 | ▼ −2.00% | ▼ −3.37% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access