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NASDAQ NMS - GLOBAL MARKET · Media · CIK 0001437107
$30.95
0.00% · stale — last known price
Last price from Oct 6, 2026
$76.76B market value
From Warner Bros. Discovery, Inc.'s FY2025 10-K, filed Feb 27, 2026 · read the filing
Warner Bros. Discovery broadcasts television and radio. It took in $37.30B last year, which makes it a large company. Of every dollar it sells, about 2 cents is left as profit.
The financial picture is led by accounting, with profitability worth watching, while growth and debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Received a delisting or listing-standard notice, in a filing on 2026-10-06.
Form 8-K, item 3.01 · Read the filing
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.32
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Warner Bros. Discovery, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
-$10.03B → $738.0M
Profit
-$11.31B → $727.0M
Operating margin
-25.5% → 2.0%
Profit margin
-28.8% → 1.9%
Measured against FY2024, from the 10-K filed Feb 27, 2026
Improved: turned positive
-$10.03B to $738.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$11.31B to $727.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote stale — last known price), and what was published around it
WBD was unchanged on the latest quote. The average Communication Services company tracked here moved +4.95%, and the S&P 500 −1.04%. That is 5.0 points below its sector and 1.0 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 13% a year for the next 10 years. Over the last 10 years it grew by about 10% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 2 cents of every dollar of sales as profit, earning $727.0M last year.
No. Sales shrank 5.1% last year.
Yes. Clearing its debt would take roughly 6.5 years of cash flow. For every $1 it owes, it owns $1.59 in assets. Its operating profit does not cover its interest bill — 0.35x against the interest it owes. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $727.0M and generated $4.32B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 27, 2026Filing for FY2025 | FY202410-K · Feb 27, 2025Filing for FY2024 | FY202310-K · Feb 23, 2024Filing for FY2023 | FY202210-K · Feb 24, 2023Filing for FY2022 | FY202110-K · Feb 24, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $37.30B | $39.32B | $41.32B | $33.82B | $12.19B | −5.1% |
| Cost of revenue | $20.89B | $22.97B | $24.53B | $20.44B | $4.62B | −9.1% |
| Gross profit | $16.41B† | $16.35B† | $16.80B† | $13.38B† | $7.57B† | +0.4% |
| Gross marginGross profit ÷ revenueWhat is this? | 44.0% | 41.6% | 40.6% | 39.6% | 62.1% | +2.4 pts |
| Selling, general and administrative | $9.42B | $9.30B | $9.70B | $9.68B | $4.02B | +1.3% |
| Operating income | $738.0M | -$10.03B | -$1.55B | -$7.37B | $2.01B | n/m |
| Operating marginOperating income ÷ revenueWhat is this? | 2.0% | -25.5% | -3.7% | -21.8% | 16.5% | +27.5 pts |
| Interest expense | $2.08B | $2.02B | $2.22B | $1.78B | $633.0M | +3.4% |
| Income before tax | $1.64B | -$11.39B | -$3.86B | -$8.96B | $1.43B | n/m |
| Net income | $727.0M | -$11.31B | -$3.13B | -$7.37B | $1.01B | n/m |
| Net marginNet income ÷ revenueWhat is this? | 1.9% | -28.8% | -7.6% | -21.8% | 8.3% | +30.7 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.2931 | $-4.61 | $-1.28 | $-3.03 | $5.95 | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| WBDWarner Bros. Discovery, Inc. · this page | 5.0/10 | 8/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Shares were sold back to the company — 897,844 shares at $31.02 ($27.8M)
Holds 0 shares after this filing.
Was granted or awarded shares — 948,656 shares
Holds 948,656 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Received a delisting or listing-standard notice · Signed a material agreement · Terminated a material agreement · Completed an acquisition or disposal · Took on a direct financial obligation · Changed the rights attached to its shares · Changed control of the company · Had a director or senior officer leave or join · Amended its charter or changed its financial year · Reported another event
Read the filingQuarterly report for Q2 FY2026
Revenue -11.2% · Operating margin +4.6 pts · Operating income turned positive — against Q2 FY2025
Read the filingWrite down why you are following Warner Bros. Discovery, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 1,011 subsidiaries named in its 10-K, incorporated across 61 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from WBD's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 27, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 5.0 | 8/9 | 10-K, filed Feb 27, 2026 |
| FY2024 | 4.0 | 5/9 | 10-K, filed Feb 27, 2025 |
| FY2023 | 6.0 | 7/9 | 10-K, filed Feb 23, 2024 |
| FY2022 | 4.0 | 3/9 | 10-K, filed Feb 24, 2023 |
| FY2021 | 7.0 | 6/8 | 10-K, filed Feb 24, 2022 |
| FY2020 | 7.0 | 5/8 | 10-K, filed Feb 22, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
8 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
0.32
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.55
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +27.5 pts
-25.5% to 2.0%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +30.7 pts
-28.8% to 1.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$4.61 to $0.29Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -30.2%
$4.43B to $3.09BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: -17.6%
$39.51B to $32.57BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +29.9%
$948.0M to $1.23BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: -5.1%
$39.32B to $37.30BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +2.4 pts
41.6% to 44.0%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: -14.0%
$5.31B to $4.57BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +1.1%
2.45B to 2.48BNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 6, 2026 — read it.
Improved: turned positive
-$185.0M to $237.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -90.6%
$1.58B to $149.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −14.4 pts
16.1% to 1.7%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -90.7%
$0.64 to $0.06Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +7.8 pts
39.2% to 47.0%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +4.6 pts
-1.9% to 2.7%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -31.1%
$4.89B to $3.37BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -11.2%
$9.81B to $8.72BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +6.5%
$3.85B to $4.10BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: -7.5%
$34.63B to $32.02BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: +1.3%
2.48B to 2.51BNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 6, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: turned positive
-$2.47B to $237.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$2.92B to $149.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +30.5 pts
-27.8% to 2.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +34.5 pts
-32.8% to 1.7%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$1.16 to $0.06Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 10% and 15%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 28 analysts covering this company, as of . Their views, not this site's.
Of 28 analysts publishing on this company, 2 say buy, 19 say hold, 5 say sell and 2 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 2.3% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
| -5.1% |
| 1.9% |
| 105.58x |
| 1.75x |
| NFLXNETFLIX INC | 10.0/10 | 7/9 | 15.9% | 24.3% | 25.78x | 1.09x |
|---|
| DISWalt Disney Co | 8.7/10 | 7/8 | 3.4% | 13.1% | 17.33x | 0.80x |
|---|
| LYVLive Nation Entertainment, Inc. | 4.7/10 | 5/8 | 8.8% | 2.0% | 82.83x | 83.55x |
|---|
| Median of peers | 8.7/10 | — | 8.8% | 13.1% | 25.78x | 1.09x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Shares were sold back to the company — 948,656 shares at $31.02 ($29.4M)
Holds 0 shares after this filing.
Shares were sold back to the company — 1,500,000 shares at $31.02 ($46.5M)
Holds 5,307,934 shares after this filing.
Shares were sold back to the company — 1,570,772 shares at $31.02 ($48.7M)
Holds 3,737,162 shares after this filing.
Shares were sold back to the company — 3,737,162 shares at $31.02 ($115.9M)
Holds 0 shares after this filing.
Was granted or awarded shares — 425,986 shares
Holds 425,986 shares after this filing.
Shares were sold back to the company — 425,986 shares at $31.02 ($13.2M)
Holds 0 shares after this filing.
Shares were sold back to the company — 147 shares at $31.02 ($4.6K)
Holds 604,519 shares after this filing.
Shares were sold back to the company — 376,987 shares at $31.02 ($11.7M)
Holds 227,532 shares after this filing.
Shares were sold back to the company — 227,532 shares at $31.02 ($7.1M)
Holds 0 shares after this filing.
Was granted or awarded shares — 3,264,855 shares
Holds 3,264,855 shares after this filing.
Shares were sold back to the company — 3,264,855 shares at $31.02 ($101.3M)
Holds 0 shares after this filing.
Shares were sold back to the company — 539,374 shares at $31.02 ($16.7M)
Holds 0 shares after this filing.
Was granted or awarded shares — 195,494 shares
Holds 195,494 shares after this filing.
Shares were sold back to the company — 195,494 shares at $31.02 ($6.1M)
Holds 0 shares after this filing.
Shares were sold back to the company — 86,906 shares at $31.02 ($2.7M)
Holds 0 shares after this filing.
Was granted or awarded shares — 61,093 shares
Holds 61,093 shares after this filing.
Shares were sold back to the company — 61,093 shares at $31.02 ($1.9M)
Holds 0 shares after this filing.
Shares were sold back to the company — 432,477 shares at $31.02 ($13.4M)
Holds 614,539 shares after this filing.
Shares were sold back to the company — 387,007 shares at $31.02 ($12.0M)
Holds 227,532 shares after this filing.
Shares were sold back to the company — 227,532 shares at $31.02 ($7.1M)
Holds 0 shares after this filing.
Was granted or awarded shares — 3,264,855 shares
Holds 3,264,855 shares after this filing.
Shares were sold back to the company — 3,264,855 shares at $31.02 ($101.3M)
Holds 0 shares after this filing.
Shares were sold back to the company — 41,784 shares at $31.02 ($1.3M)
Holds 649,473 shares after this filing.
Shares were sold back to the company — 14,140 shares at $31.02 ($438.6K)
Holds 0 shares after this filing.
Shares were sold back to the company — 421,941 shares at $31.02 ($13.1M)
Holds 227,532 shares after this filing.
Shares were sold back to the company — 227,532 shares at $31.02 ($7.1M)
Holds 0 shares after this filing.
Was granted or awarded shares — 2,982,465 shares
Holds 2,982,465 shares after this filing.
Shares were sold back to the company — 2,982,465 shares at $31.02 ($92.5M)
Holds 0 shares after this filing.
Shares were sold back to the company — 103,922 shares at $31.02 ($3.2M)
Holds 433,514 shares after this filing.
Shares were sold back to the company — 262,864 shares at $31.02 ($8.2M)
Holds 170,650 shares after this filing.
Shares were sold back to the company — 170,650 shares at $31.02 ($5.3M)
Holds 0 shares after this filing.
Was granted or awarded shares — 2,236,849 shares
Holds 2,236,849 shares after this filing.
Shares were sold back to the company — 2,236,849 shares at $31.02 ($69.4M)
Holds 0 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 29,115 shares ($819.0K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 6,700 shares ($188.0K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 262,285 shares ($7.3M) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 200,000 shares ($5.6M) on or after .
Shares originally obtained via Equity compensation.
Filed notice to sell 200,000 shares ($5.7M) on or after .
Shares originally obtained via Equity Compensation.
Filed notice to sell 340,000 shares ($9.7M) on or after .
Shares originally obtained via Open Market Purchase.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingSigned a material agreement · Changed the rights attached to its shares · Reported another event
Read the filingReported another event
Read the filingQuarterly report for Q1 FY2026
Operating margin −27.4 pts · Operating income $2.43B wider · Profit $2.46B wider — against Q1 FY2025
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join
Read the filingProxy statement for a shareholder meeting
Read the filingHeld a shareholder vote
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue -5.1% · Operating margin +27.5 pts · Operating income turned positive — against FY2024
Read the filingSigned a material agreement · Terminated a material agreement · Made a Regulation FD disclosure · Reported another event
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingSigned a material agreement · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join
Read the filingSigned a material agreement · Had a director or senior officer leave or join
Read the filingThe first 40 of 1,011. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-27. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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