8-K ·Filed Feb 26, 2026

WBD

Warner Bros. Discovery, Inc.
MIXED
Impact 7/10
Horizonweeks Processed7mo ago SEC0001437107-26-000011
8-K Item 2.02: Earnings release
Actionable Insight ◆ Mixed

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.

DirectionMixed
Confidencehigh
Horizonweeks
Final — all horizons settled through T+60d ⚠ clustered
WBD ▼ -5.90% at T+60d
NEUTRAL call ✗ call lost -5.90% · α vs SPY -13.65% · entry $28.80 → $27.10
Entry anchored
Feb 25, 04:53 PM ET
via exchange tick
T+1d
-2.19%
call -2.19% · α -1.73%
$28.17
settled 8mo ago
T+5d
-2.78%
call -2.78% · α -1.65%
$28.00
settled 8mo ago
T+20d
-6.01%
call -6.01% · α +0.40%
$27.07
settled 7mo ago
T+60d
-5.90%
call -5.90% · α -13.65%
$27.10
settled 5mo ago

Price Chart

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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

Revenue
$9.5B
-6.0% YoY
EPS
$-10.00
Free Cash Flow
$1.4B

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

revenueepsebitdacashFlow

Segment Breakdown

SegmentRevenueGrowth
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

Exchange
Nasdaq

Investment Themes

Streaming & Digital Media

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001437107-26-000011
Document: wbd4q25earningssharehold.htm0001437107-26-000011
Document: disca-20260226.htm0001437107-26-000011
Document: 0001437107-26-000011-index-headers.html0001437107-26-000011
Document: 0001437107-26-000011-index.html0001437107-26-000011
Document: 0001437107-26-000011.txt0001437107-26-000011
34 reports for WBD
Performance horizon
73% Hit rate 8 of 11 directional calls best @ T+20▲ +10.37%Jul 22, 2026
Filters
Rows
Reports for WBD — sortable, filterable
TypeNow
Sep 16, 2026
4w ago
Insider Cluster
NEUTRAL ★ 4/10
$28.07 $30.76▲ +9.58%▲ +7.02%—
Sep 14, 2026
5w ago
Insider Cluster
NEUTRAL ★ 3/10
$28.10 $30.80▲ +9.61%▲ +9.50%—
Sep 12, 2026
5w ago
Insider Cluster
NEUTRAL ★ 2/10
$28.10 $30.80▲ +9.61%▲ +9.50%—
Sep 11, 2026
5w ago
144
NEUTRAL ★ 2/10
$28.04 $27.80▼ −0.86%▼ −0.63%—
Sep 10, 2026
5w ago
Insider Cluster
NEUTRAL ★ 2/10
$28.04 $27.80▼ −0.86%▼ −0.63%—
Sep 4, 2026
6w ago
Insider Cluster
NEUTRAL ★ 3/10
$28.12 $28.03▼ −0.32%▲ +0.80%—
Sep 3, 2026
6w ago
144
NEUTRAL ★ 3/10
$28.25 $28.10▼ −0.53%▲ +0.68%—
Sep 3, 2026
6w ago
144
NEUTRAL ★ 3/10
$28.37 $28.04▼ −1.16%▼ −0.01%—
Aug 15, 2026
9w ago
Insider Cluster
NEUTRAL ★ 3/10
$27.93 $28.70▲ +2.76%▲ +3.95%—
Aug 14, 2026
9w ago
Insider Cluster
BEARISH ★ 5/10
$27.99 $28.55▼ −2.00%▼ −3.37%—
Showing 10 of 34

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