--- title: "Warner Bros. Discovery | 10-K: FY2025 Revenue Beats Estimate at USD 37.3 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277256249.md" published_at: "2026-02-27T22:26:32.000Z" --- # Warner Bros. Discovery | 10-K: FY2025 Revenue Beats Estimate at USD 37.3 B Revenue: As of FY2025, the actual value is USD 37.3 B, beating the estimate of USD 37.29 B. EPS: As of FY2025, the actual value is USD 0.29, missing the estimate of USD 0.3808. EBIT: As of FY2025, the actual value is USD 2.823 B. #### Consolidated Results of Operations - **Costs of Revenues, excluding depreciation and amortization**: Decreased by 9% (ex-FX) to $20,885 million in 2025 from $22,970 million in 2024. - **Selling, General and Administrative Expenses**: Increased by 1% (ex-FX) to $9,418 million in 2025 from $9,296 million in 2024. - **Depreciation and Amortization**: Decreased by 19% (ex-FX) to $5,684 million in 2025 from $7,037 million in 2024. - **Restructuring and Other Charges**: Decreased by 11% (ex-FX) to $399 million in 2025 from $447 million in 2024. - **Impairments and Loss on Dispositions**: Decreased significantly to $172 million in 2025 from $9,603 million in 2024, a 98% (ex-FX) decrease, with the 2024 loss primarily due to a $9,147 million non-cash goodwill impairment related to the Global Linear Networks reporting unit. - **Operating Income (Loss)**: Improved to an income of $738 million in 2025 from a loss of - $10,032 million in 2024. - **Interest Expense, net**: Increased to - $2,085 million in 2025 from - $2,017 million in 2024. - **Gain on Extinguishment of Debt**: Increased to $2,945 million in 2025 from $632 million in 2024, primarily due to the purchase of senior notes and debentures totaling $17,665 million. - **Loss from Equity Investees, net**: Decreased to - $24 million in 2025 from - $121 million in 2024. - **Other Income, net**: Decreased to $65 million in 2025 from $150 million in 2024. - **Net Income (Loss) available to Warner Bros. Discovery, Inc.**: Improved to an income of $727 million in 2025 from a loss of - $11,311 million in 2024. #### Streaming Segment - **Costs of revenues, excluding depreciation and amortization**: Decreased by 1% (ex-FX) to $7,401 million in 2025, mainly due to lower sports costs and timing of releases, partially offset by higher international content costs for HBO Max launches. - **Selling, General and Administrative Expenses**: Decreased by 4% (ex-FX) to $2,105 million in 2025, primarily from lower marketing costs. - **Adjusted EBITDA**: Increased by $693 million to $1,370 million in 2025 from $677 million in 2024. - **Total Streaming Subscribers**: Grew by 13% to 131.6 million as of December 31, 2025, from 116.9 million as of December 31, 2024. - **Domestic Subscribers**: Increased by 4% to 59.2 million as of December 31, 2025, from 57.1 million as of December 31, 2024. - **International Subscribers**: Increased by 21% to 72.4 million as of December 31, 2025, from 59.8 million as of December 31, 2024. - **Global ARPU**: Decreased by 11% (ex-FX) to $6.92 in 2025 from $7.76 in 2024, attributed to broader wholesale distribution of HBO Max Basic with Ads, the domestic wholesale deal renewal, and growth in lower ARPU international markets. - **Domestic ARPU**: Decreased by 9% (ex-FX) to $10.79 in 2025 from $11.89 in 2024. - **International ARPU**: Decreased by 1% (ex-FX) to $3.80 in 2025 from $3.85 in 2024. #### Studios Segment - **Costs of revenues, excluding depreciation and amortization**: Decreased by 2% (ex-FX) to $7,397 million in 2025, mainly due to a 55% decrease in games content expense, partially offset by increases in television product content expense (6%) and theatrical product content expense (6%). - **Selling, General and Administrative Expenses**: Increased by 10% (ex-FX) to $2,677 million in 2025 due to higher overhead costs. - **Adjusted EBITDA**: Increased by 52% (ex-FX) to $2,545 million in 2025 from $1,652 million in 2024. #### Global Linear Networks Segment - **Costs of revenues, excluding depreciation and amortization**: Decreased by 8% (ex-FX) to $8,479 million in 2025, primarily due to the broadcast of the Olympics in 2024 (which had a - $664 million unfavorable impact) and timing of content, production, and news related spend. - **Selling, General and Administrative Expenses**: Decreased by 2% (ex-FX) to $2,765 million in 2025, mainly due to lower overhead costs, partially offset by higher marketing expenses. - **Adjusted EBITDA**: Decreased by 21% (ex-FX) to $6,412 million in 2025 from $8,149 million in 2024. #### Corporate Segment - **Adjusted EBITDA**: Improved by 15% (ex-FX) to - $1,096 million in 2025 from - $1,260 million in 2024, mainly due to lower facility costs from office consolidations and closures and the release of previously recorded non-income tax reserves, partially offset by higher securitization expenses. #### Cash Flow Metrics - **Cash provided by operating activities**: Was $4,319 million in 2025, down from $5,375 million in 2024, primarily due to a decrease in net income excluding non-cash items, partially offset by improved working capital. - **Cash used in investing activities**: Increased to - $1,179 million in 2025 from - $349 million in 2024, driven by reduced proceeds from investment sales, increased property and equipment purchases, and reduced proceeds from derivative instruments. - **Cash used in financing activities**: Increased to - $4,240 million in 2025 from - $3,749 million in 2024, primarily due to higher net debt repayments, partially offset by proceeds from contributing 70% of the music catalog to a joint venture. #### Other Key Financial Metrics - **Total Debt**: Warner Bros. Discovery, Inc.’s consolidated indebtedness was $32,567 million as of December 31, 2025, with $139 million classified as current. - **Cash and Cash Equivalents**: $4,566 million as of December 31, 2025. - **Capital Expenditures**: $1,231 million in 2025, including amounts supporting HBO Max development. - **Cash Payments for Income Taxes**: $1,926 million in 2025, up from $1,113 million in 2024. - **Cash Payments for Interest on Outstanding Debt**: $2,295 million in 2025, up from $1,996 million in 2024. #### Outlook / Guidance Warner Bros. Discovery, Inc. expects its cash balance, cash generated from operations, and available credit to be sufficient for both short-term and long-term cash needs. The company anticipates refinancing the Bridge Loan Facility before its maturity, though favorable terms or timely execution are not assured. 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