Q4 25 EPS
$-0.10
MISS 150.00%
Est. $-0.04
Q4 25 Revenue
$9.46B
BEAT +0.02%
Est. $9.46B
vs S&P Since Q4 25
-16.2%
TRAILING MARKET
WBD -8.4% vs S&P +7.8%
Full Year 2025 Results
FY 25 EPS
$0.29
MISS 23.84%
Est. $0.38
FY 25 Revenue
$37.30B
BEAT +0.01%
Est. $37.29B
Market Reaction
Did WBD Beat Earnings? Q4 2025 Results
Warner Bros. Discovery closed out Q4 2025 with a mixed report that underscored the company's ongoing transition pains, delivering an EPS loss of $0.10 that fell well short of the $0.04 consensus loss, a 150% miss, even as revenue of $9.46 billion lan… Read more Warner Bros. Discovery closed out Q4 2025 with a mixed report that underscored the company's ongoing transition pains, delivering an EPS loss of $0.10 that fell well short of the $0.04 consensus loss, a 150% miss, even as revenue of $9.46 billion landed almost precisely in line with expectations despite sliding 5.7% year over year. The deeper-than-expected loss reflected the weight of separation and transaction-related costs, which consumed roughly $600 million in free cash flow during the quarter alone, pulling that figure down 43% to $1.38 billion. Strategically, the quarter was anything but quiet; WBD's planned split and the competing acquisition interest from Paramount Skydance now cloud the Netflix deal announced in December 2025, creating meaningful uncertainty around the company's future structure. On the brighter side, the streaming business crossed 131.6 million global subscribers, and management is targeting over 150 million by year-end 2026, with subscriber-related revenue growth expected to accelerate as price increases take fuller effect and NBA-related headwinds begin to lap.
Key Takeaways
- • Studios segment achieved $4.4 billion at the global box office in 2025 with nine #1 openings
- • Streaming segment added 3.5 million subscribers in Q4, reaching 131.6 million globally
- • Streaming advertising revenue increased 17% ex-FX driven by ad-lite subscriber growth
- • Corporate Adjusted EBITDA improved by $44 million from lower overhead costs
- • Global Linear Networks debuted 17 of the top 25 freshman cable series in the U.S.
WBD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
WBD Revenue by Segment
With YoY comparisons, source: SEC Filings
WBD Earnings Trends
WBD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WBD EPS Trend
Earnings per share: estimate vs actual
WBD Revenue Trend
Quarterly revenue: estimate vs actual
WBD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-1.17 | — | $8.89B | +0.06% |
| Q4 25 MISS FY | $-0.04 | $-0.10 | -150.00% | $9.46B | +0.02% |
| FY Full Year | $0.38 | $0.29 | -23.84% | $37.30B | +0.01% |
| Q3 25 BEAT | $-0.09 | $-0.06 | +29.58% | $9.05B | -1.51% |
| Q2 25 BEAT | $-0.23 | $0.63 | +376.19% | $9.81B | -0.21% |
| Q1 25 MISS | $-0.13 | $-0.18 | -39.00% | $8.98B | -6.49% |