Warner Bros. Discovery Q2 2026: Streaming Profits Surge Despite Revenue Miss

Warner Bros. Discovery reported Q2 2026 earnings per share of $0.06, crushing the Wall Street estimate of negative $0.10 — a beat of nearly 159%. Revenue, however, came in at $8.72 billion, about 5.4% below the consensus estimate of roughly $9.21 billion, as the loss of NBA rights weighed on both the Global Linear Networks and Studios segments.

The standout in the quarter was the streaming business, where Adjusted EBITDA jumped 63% excluding foreign-exchange effects to $512 million. That profit momentum was enough to absorb the top-line shortfall, and management indicated it expects subscriber revenue growth to accelerate into 2027, giving investors a forward-looking reason to focus on the streaming trajectory rather than the near-term linear headwinds.

On the deal front, the company's planned merger with Paramount Skydance remains on pause. The transaction will stay on hold until related legal proceedings are resolved or until June 1, 2027, whichever comes first. Looking at the recent EPS history, WBD has delivered some sharply uneven results — including a reported loss of $1.17 per share in Q1 2026 — making the positive Q2 print a notable, if tentative, step in the right direction.