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.<h4>Consolidated Results of Operations</h4><ul><li>Costs of Revenues, excluding depreciation and amortization: Decreased by 9% (ex-FX) to $20,885 million in 2025 from $22,970 million in 2024.</li><li>Selling, General and Administrative Expenses: Increased by 1% (ex-FX) to $9,418 million in 2025 from $9,296 million in 2024.</li><li>Depreciation and Amortization: Decreased by 19% (ex-FX) to $5,684 million in 2025 from $7,037 million in 2024.</li><li>Restructuring and Other Charges: Decreased by 11% (ex-FX) to $399 million in 2025 from $447 million in 2024.</li><li>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.</li><li>Operating Income (Loss): Improved to an income of $738 million in 2025 from a loss of - $10,032 million in 2024.</li><li>Interest Expense, net: Increased to - $2,085 million in 2025 from - $2,017 million in 2024.</li><li>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.</li><li>Loss from Equity Investees, net: Decreased to - $24 million in 2025 from - $121 million in 2024.</li><li>Other Income, net: Decreased to $65 million in 2025 from $150 million in 2024.</li><li>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.</li></ul><h4>Streaming Segment</h4><ul><li>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.</li><li>Selling, General and Administrative Expenses: Decreased by 4% (ex-FX) to $2,105 million in 2025, primarily from lower marketing costs.</li><li>Adjusted EBITDA: Increased by $693 million to $1,370 million in 2025 from $677 million in 2024.</li><li>Total Streaming Subscribers: Grew by 13% to 131.6 million as of December 31, 2025, from 116.9 million as of December 31, 2024.</li><li>Domestic Subscribers: Increased by 4% to 59.2 million as of December 31, 2025, from 57.1 million as of December 31, 2024.</li><li>International Subscribers: Increased by 21% to 72.4 million as of December 31, 2025, from 59.8 million as of December 31, 2024.</li><li>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.</li><li>Domestic ARPU: Decreased by 9% (ex-FX) to $10.79 in 2025 from $11.89 in 2024.</li><li>International ARPU: Decreased by 1% (ex-FX) to $3.80 in 2025 from $3.85 in 2024.</li></ul><h4>Studios Segment</h4><ul><li>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%).</li><li>Selling, General and Administrative Expenses: Increased by 10% (ex-FX) to $2,677 million in 2025 due to higher overhead costs.</li><li>Adjusted EBITDA: Increased by 52% (ex-FX) to $2,545 million in 2025 from $1,652 million in 2024.</li></ul><h4>Global Linear Networks Segment</h4><ul><li>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.</li><li>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.</li><li>Adjusted EBITDA: Decreased by 21% (ex-FX) to $6,412 million in 2025 from $8,149 million in 2024.</li></ul><h4>Corporate Segment</h4><ul><li>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.</li></ul><h4>Cash Flow Metrics</h4><ul><li>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.</li><li>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.</li><li>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.</li></ul><h4>Other Key Financial Metrics</h4><ul><li>Total Debt: Warner Bros. Discovery, Inc.’s consolidated indebtedness was $32,567 million as of December 31, 2025, with $139 million classified as current.</li><li>Cash and Cash Equivalents: $4,566 million as of December 31, 2025.</li><li>Capital Expenditures: $1,231 million in 2025, including amounts supporting HBO Max development.</li><li>Cash Payments for Income Taxes: $1,926 million in 2025, up from $1,113 million in 2024.</li><li>Cash Payments for Interest on Outstanding Debt: $2,295 million in 2025, up from $1,996 million in 2024.</li></ul><h4>Outlook / Guidance</h4>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. Declines in linear subscribers are expected to continue, and the company is monitoring the potential impact of OECD Pillar Two GloBE minimum tax legislation on future tax liability.

Warner Bros. Discovery | 10-K: FY2025 Revenue Beats Estimate at USD 37.3 B