The earnings call highlights Warner Bros. Discovery's strong box office performance, subscriber growth, and strategic franchise focus, alongside significant debt reduction and Emmy success. However, challenges include short-term financial pressure from content strategy changes, a dampened growth period due to distribution deal restructuring, and impact from NBA rights costs.

Company Guidance -

Q3 2025

During Warner Bros. Discovery's Q2 2025 earnings call, the company provided extensive guidance on its strategic objectives and financial metrics. CEO David Zaslav highlighted the company's achievements, including Warner Bros. being the first studio to open five consecutive films with over $45 million in domestic box office, leading all studios in Emmy nominations, and HBO Max adding over 3.4 million subscribers in Q2. The Studios division is on track to deliver at least $2.4 billion in adjusted EBITDA in 2025, aiming for $3 billion, while the Streaming business is projected to exceed $1.3 billion in adjusted EBITDA by 2025 with a target of 150 million subscribers by 2026. The company has reduced its net leverage from over 5x to 3.3x, the lowest since its merger. Additionally, Warner Bros. Discovery is planning to split into two independent publicly traded companies in 2026, leveraging its current momentum for long-term success.

Record-Breaking Box Office Success

Warner Bros. became the first studio to open five consecutive films with more than $45 million in domestic box office.

HBO Max Subscriber Growth

HBO Max added more than 3.4 million subscribers in Q2 and continues to expand globally.

Significant Debt Reduction

The company reduced net leverage from over 5x to 3.3x, the lowest since the merger.

Strong Performance at the Emmys

Warner Bros. TV led all studios in nominations, and HBO set a new record with 142 nominations.

Strategic Focus on Franchises

Plans to revive major franchises like Superman, Lord of the Rings, and Harry Potter, with strategic global marketing.

Warner Bros (WBD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WBD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.07 / -	0.05	―	―	―
Aug 07, 2025	2025 (Q2)	-0.24 / 0.63	-4.07	115.48% (+4.70)	―
May 08, 2025	2025 (Q1)	-0.17 / -0.18	-0.4	55.00% (+0.22)	―
Feb 27, 2025	2024 (Q4)	-0.03 / -0.20	-0.16	-25.00% (-0.04)	―
Nov 07, 2024	2024 (Q3)	-0.11 / 0.05	-0.17	129.41% (+0.22)	―
Aug 07, 2024	2024 (Q2)	-0.26 / -4.07	-0.51	-698.04% (-3.56)	―
May 09, 2024	2024 (Q1)	-0.20 / -0.40	0.12	-433.33% (-0.52)	―
Feb 23, 2024	2023 (Q4)	-0.10 / -0.16	-0.58	72.41% (+0.42)
Nov 08, 2023	2023 (Q3)	-0.11 / -0.17	-0.762	77.69% (+0.59)
Aug 03, 2023	2023 (Q2)	-0.34 / -0.51	-1.5	66.00% (+0.99)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WBD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$12.79	$11.86	-7.27%
May 08, 2025	$8.56	$9.01	+5.26%
Feb 27, 2025	$10.50	$11.00	+4.76%
Nov 07, 2024	$8.38	$9.37	+11.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.