Warner Bros Discovery (WBD) Q3 2025 Earnings
How Did WBD Stock React to Q3 2025 Earnings?
Did WBD Beat Earnings? Q3 2025 Results
Yes. Warner Bros Discovery reported Q3 2025 earnings of $-0.06 a share on Nov 6, 2025, beating the $-0.09 consensus estimate by 29.6%. Revenue was $9.0B against a $9.2B estimate.
Warner Bros. Discovery delivered a mixed but strategically charged Q3 2025, posting a loss per share of $0.06 that beat the consensus estimate of $0.09 by 29.58%, even as revenue of $9.04 billion fell 6.0% year-over-year and narrowly missed the $9.18 billion Wall Street expected. The headline revenue decline was heavily distorted by the absence of European Olympic rights that boosted year-ago comparisons; strip that out and underlying revenues were essentially flat. A net loss of $148 million reflected $1.30 billion in acquisition-related amortization and restructuring charges, while Adjusted EBITDA rose 2% to $2.47 billion, signaling operational resilience beneath the noise. Studios emerged as the quarter's brightest spot, with revenue surging 23% to $3.32 billion, prompting management to raise its full-year Studios Adjusted EBITDA outlook well above the prior $2.40 billion floor toward a longer-term $3.00 billion target. Speculation that a major streaming rival could pursue a bid for the company added an additional dimension to the Board's ongoing review of strategic alternatives ahead of a planned mid-2026 corporate separation.
- Strong theatrical performance from Superman, The Conjuring: Last Rites, Weapons, and F1 carry-over drove Studios revenue up 23% ex-FX
- Streaming subscriber growth of 16% YoY to 128 million, with HBO Max now in 100+ global markets
- Streaming Adjusted EBITDA grew 24% ex-FX driven by subscriber growth and lower SG&A
- Global Linear Networks decline driven by absence of 2024 Olympics in Europe and domestic linear pay TV subscriber declines of 9%
- Advertising revenue decreased 17% ex-FX due to domestic linear audience declines
- Streaming advertising revenue increased 14% ex-FX driven by ad-lite subscriber growth
- Warner Bros. was the first studio to surpass $4 billion in 2025 global box office with only 11 films
What Was Warner Bros Discovery's Outlook in Q3 2025?
WBD expects Studios to meaningfully exceed prior guidance of at least $2.4 billion in Adjusted EBITDA for 2025, with a longer-term target of at least $3 billion. Streaming is expected to generate at least $1.3 billion of Adjusted EBITDA in 2025. The company targets at least 150 million streaming subscribers by end of 2026. Q4 Streaming distribution revenue growth is expected in the low single digit range, with reacceleration expected in H1 2026 driven by European market launches, password sharing enforcement, and a recent U.S. price increase. The absence of the NBA is expected to create a negative 300 basis point impact on Streaming advertising revenue in Q4, with greater headwinds in H1 2026. For Global Linear Networks, the absence of the NBA is expected to have a negative 400 basis point impact on global advertising revenue in Q4, though MLB playoffs and new sports rights are expected to drive improved year-over-year advertising trends vs. Q3. Studios faces a difficult Q4 comparison due to a prior-year library licensing deal with HBO Max. The planned separation into Warner Bros. and Discovery Global remains on track for mid-2026, while the Board reviews strategic alternatives including potential transactions for the entire company or separate businesses. Further healthy free cash flow generation is expected in Q4.
WBD YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $9.0B | $9.6B | −6.0% |
| Operating Income | $611.0M | $281.0M | +117.4% |
WBD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.