The call was largely positive, with significant achievements in box office performance, subscriber growth, and Emmy nominations. However, there were challenges related to content licensing strategy, distribution deals, and churn management that need attention.

Company Guidance -

Q3 2025

In the Warner Bros. Discovery Q2 2025 earnings call, the company highlighted several key metrics and strategic objectives. Warner Bros. achieved a milestone by opening five consecutive films with over $45 million in domestic box office. HBO Max added more than 3.4 million subscribers in Q2, aiming for over 150 million subscribers by the end of 2026. The Studios business is on track to deliver at least $2.4 billion in adjusted EBITDA in 2025, with aspirations to reach $3 billion. The Streaming business is expected to exceed $1.3 billion in adjusted EBITDA in 2025. The company's net leverage ratio improved, reducing from over 5x to 3.3x. Warner Bros. Discovery is also preparing to split into two independent publicly traded companies by 2026. Additionally, Warner Bros. TV led all studios in Emmy nominations, while HBO set a record with 142 nominations.

Warner Bros. Box Office Success

Warner Bros. became the first studio ever to open 5 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 as it continues to launch in markets around the world.

Emmy Nominations Leadership

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

Debt Reduction Achievement

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

Ambitious Strategic Objectives

The company aims to deliver $2.4 billion in adjusted EBITDA in 2025 with a goal of reaching $3 billion. Also, the streaming business is on track to exceed $1.3 billion in adjusted EBITDA in 2025.

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)	-0.09 / -	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.