Warner Bros. Discovery, Inc. has announced financial results for the quarter ended 30 September 2025. Please visit the “Investor Relations” section of the Company’s website to view the financial results and other earnings materials, including a Shareholder Letter.
The Company recently conducted a conference call to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at https://ir.wbd.com/.
A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q3 2025 Highlights:
- Total revenues were $9.0 billion, a 6 percent ex-FX decrease from the prior-year quarter. Total revenues excluding the impact of the 2024 Olympics in Europe were flat ex-FX compared to the prior-year quarter.
- Distribution revenues decreased 4 percent ex-FX, as dynamic underlying growth in global streaming subscribers was more than offset by continued domestic linear pay TV subscriber declines and the first full quarter impact of the HBO Max domestic distribution deal renewal with a former related party, previously disclosed in Q2.
- Advertising revenues decreased 17 percent ex-FX, as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines.
- Content revenues decreased 3 percent ex-FX, primarily driven by the sublicensing of Olympic sports rights to broadcast networks throughout Europe in the prior year, partially offset by stronger performance of theatrical releases in the current-year quarter. Content revenues excluding the impact of the 2024 Olympics in Europe increased 23 percent ex-FX.
- Net loss available to Warner Bros. Discovery, Inc. was $148.0 million, which includes $1.3 billion of pre-tax acquisition-related amortisation of intangibles, content fair value step-up, and restructuring expenses.
- Total Adjusted EBITDA was $2.5 billion, a 2 percent ex-FX increase compared to the prior-year quarter, primarily due to growth in the Streaming and Studios segments, partially offset by a decline in the Global Linear Networks segment.
- Cash provided by operating activities was $1.0 billion. Free cash flow was $0.7 billion. Free cash flow was unfavourably impacted by approximately $500 million of separation-related items.
- The Company repaid $1.2 billion of debt during the quarter, including $1.0 billion of the bridge loan facility.
- The Company ended the quarter with $4.3 billion of cash on hand, $34.5 billion of gross debt, and 3.3x net leverage.
- The Company ended the quarter with 128.0 million streaming subscribers, an increase of 2.3 million subscribers vs. Q2.
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