S&P 500
7,416.60
+0.12%
Dow Jones
50,800.60
+0.03%
Nasdaq 100
29,482.20
+0.25%
Russell 2000
2,858.83
+0.07%
FTSE 100
10,353.00
-0.03%
Nikkei 225
64,483.70
-1.48%
Warner Bros Discovery

WBD Q1 2026 Earnings

Reported May 6, 2026 at 4:02 PM ET · SEC Source

Q1 26 EPS

$-1.17

Q1 26 Revenue

$8.89B

BEAT +0.06%

Est. $8.89B

vs S&P Since Q1 26

-3.3%

TRAILING MARKET

WBD -2.3% vs S&P +1.0%

Market Reaction

Did WBD Beat Earnings? Q1 2026 Results

Warner Bros. Discovery posted a jarring first-quarter earnings miss, with a net loss of $2.92 billion driving an EPS of negative $1.17, against a consensus estimate of negative $0.09, a gap of more than 1,162%, even as revenue of $8.89 billion came i… Read more Warner Bros. Discovery posted a jarring first-quarter earnings miss, with a net loss of $2.92 billion driving an EPS of negative $1.17, against a consensus estimate of negative $0.09, a gap of more than 1,162%, even as revenue of $8.89 billion came in essentially on target and declined just 1.0% year over year. The culprit was a $2.80 billion termination fee paid to Netflix under the terms of WBD's pending merger with Paramount Skydance Corporation, a one-time charge that overwhelmed otherwise solid operational progress. Strip out that noise and the underlying business showed genuine momentum, particularly in Streaming, where revenues rose 7% ex-FX to $2.89 billion and global subscribers exceeded the company's 140 million target, with management now guiding toward 150 million by year-end. Studios delivered a standout quarter with Adjusted EBITDA up 156% ex-FX to $775 million. The Paramount deal, already approved by WBD shareholders, remains on track to close in Q3 2026, with Paramount itself showing encouraging revenue stabilization ahead of that combination.

Key Takeaways

  • • HBO Max international launches in U.K., Ireland, Germany, and Italy drove Streaming subscriber and revenue growth
  • • Intercompany content licensing from HBO Max international launches drove Studios revenue and EBITDA surge
  • • Strong content slate including A Knight of the Seven Kingdoms (36M global viewers per episode) and The Pitt (20M+ global viewers per episode)
  • • Q4 2025 U.S. price increase benefited distribution revenue with limited churn impact
  • • 50% of global retail gross adds taking ad-supported tier
  • • NCAA March Madness averaged nearly 11 million viewers, highest since 2015
  • • CNN total minutes across platforms grew 30% year-over-year

WBD Forward Guidance & Outlook

For Streaming, the company expects another strong year for revenues and Adjusted EBITDA, with subscriber-related revenue growth expected to accelerate. It targets surpassing 150 million global streaming subscribers by year-end 2026. In Q2, Streaming advertising will face a 16% ex-FX headwind from the absence of the NBA, while the domestic distribution renewal headwind will be lapped by the end of May. For Studios, 2026 Adjusted EBITDA is expected to be relatively in line with 2025, with theatrical releases ramping from 11 in 2025 to 14 in 2026 and up to 18 in 2027; the segment is progressing toward a target of at least $3 billion in Adjusted EBITDA. For Global Linear Networks, a high single-digit year-over-year improvement in operating expenses is expected for the full year. Q2 will face a 20% ex-FX negative impact on ad revenues from the absence of the NBA, partially offset by a net 400 bps ex-FX benefit from NCAA Final Four/Championship and absence of the NHL Stanley Cup Final. The absence of the NBA is expected to benefit Adjusted EBITDA in H1 2026. FCF conversion is expected within the historical 33%-50% range on an underlying basis, with additional transaction-related cash costs ahead of the Paramount deal closing. The Paramount Skydance merger is expected to close in Q3 2026.

24/7 Wall St

WBD YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

WBD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
Back to WBD Stock Page