The financials
Warner Bros. Discovery by the numbers
Warner Bros. Discovery (WBD) reported revenue of $8.72B in Q2 2026 (quarter ended June 30, 2026), down 11% from the same quarter a year earlier. That came with a gross margin of 47% and net income of $149M (1.7% of revenue). For the full year FY2025, revenue was $37.3B (−5.1% year on year) and net income $727M. Its largest product in 2026-Q1 was Distribution at $4.91B, 55% of the disclosed total, just ahead of Product And Service Content at 21%.
| Income statement | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $8.72B | $9.81B | −11% |
| Gross profit | $4.10B | $3.85B | +6.5% |
| Operating income | $237M | −$185M | to a profit |
| Net income | $149M | $1.58B | −91% |
| Diluted EPS | $0.06 | $0.63 | −90% |
| Product | Revenue | Share |
|---|---|---|
| Distribution | $4.91B | 55% |
| Product And Service Content | $1.89B | 21% |
| Advertising | $1.85B | 21% |
| Service Other | $253M | 2.8% |
| Product And Service Other | $2.0M | 0.0% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q1 2026Total $8.89B (-1.7%)
Service Other grew +2.4% year on yearAdvertising -6.7% year on year
Segment Latestquarter on quarteryear on year
- Distribution$4.91B$4.91BQoQ +4.3%year on year +0.41%+4.3%+0.41%
- Product And Service Content$1.89B$1.89BQoQ -29%year on year +1.1%-29%+1.1%
- Advertising$1.85B$1.85BQoQ +31%year on year -6.7%+31%-6.7%
- Service Other$253.0M$253.0MQoQ -12%year on year +2.4%-12%+2.4%
- Product And Service Other$2.0M$2.0MQoQ 0.00%year on year 0.00%0.00%0.00%