Warner Bros. Discovery, Inc. Series A ( (WBD) ) has released its Q3 earnings. Here is a breakdown of the information Warner Bros. Discovery, Inc. Series A presented to its investors.
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Warner Bros. Discovery, Inc. is a global media and entertainment company that creates and distributes a diverse portfolio of branded content across television, film, streaming, and gaming, with iconic brands like HBO, CNN, and Warner Bros.
In its third-quarter 2025 earnings report, Warner Bros. Discovery reported total revenues of $9.0 billion, a 6% decrease from the previous year. Despite a net loss of $148 million, the company saw growth in its streaming and studios segments, with streaming subscribers increasing by 2.3 million to a total of 128 million.
Key financial highlights include a 2% increase in Adjusted EBITDA to $2.5 billion, driven by growth in the Streaming and Studios segments. The Studios segment saw a 23% revenue increase, bolstered by strong theatrical releases, while the Streaming segment maintained stable revenues with a 24% increase in Adjusted EBITDA. However, the Global Linear Networks segment experienced a 23% revenue decline, impacted by the absence of the 2024 Olympics and a decrease in domestic linear pay TV subscribers.
The company reported a free cash flow of $701 million, an 11% increase from the previous year, and repaid $1.2 billion of debt during the quarter. Warner Bros. Discovery ended the quarter with $4.3 billion in cash and a net leverage ratio of 3.3x.
Looking forward, Warner Bros. Discovery remains focused on strategic growth in its streaming and studios divisions while managing challenges in its linear networks. The company aims to leverage its strong content portfolio and expanding subscriber base to drive future growth.