W

Warner Bros. Discovery, Inc.

WBD · CIK 0001437107

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$37.30B5.1%
FY2025
Net income (FY)
$727.0M106.4%
FY2025
Free cash flow (FY)
$3.09B30.2%
FY2025
Diluted EPS (FY)
$0.29106.3%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$20B$40BFY2007 · Revenue $76.0M · Net income −$68.0M · 0001193125-10-035850 · filed 2010-02-22FY07Revenue $76.0MNet income −$68.0M0001193125-10-035850 · filed 2010-02-22FY2008 · Revenue $3.38B · Net income $317.0M · 0001193125-11-040418 · filed 2011-02-18FY08Revenue $3.38BNet income $317.0M0001193125-11-040418 · filed 2011-02-18FY2009 · Revenue $3.46B · Net income $549.0M · 0001193125-12-066285 · filed 2012-02-17FY09Revenue $3.46BNet income $549.0M0001193125-12-066285 · filed 2012-02-17FY2010 · Revenue $3.71B · Net income $653.0M · 0001437107-13-000006 · filed 2013-02-14FY10Revenue $3.71BNet income $653.0M0001437107-13-000006 · filed 2013-02-14FY2011 · Revenue $4.17B · Net income $1.13B · 0001437107-14-000016 · filed 2014-02-20FY11Revenue $4.17BNet income $1.13B0001437107-14-000016 · filed 2014-02-20FY2012 · Revenue $4.49B · Net income $943.0M · 0001437107-15-000004 · filed 2015-02-19FY12Revenue $4.49BNet income $943.0M0001437107-15-000004 · filed 2015-02-19FY2013 · Revenue $5.54B · Net income $1.07B · 0001437107-16-000059 · filed 2016-02-18FY13Revenue $5.54BNet income $1.07B0001437107-16-000059 · filed 2016-02-18FY2014 · Revenue $6.26B · Net income $1.14B · 0001437107-17-000007 · filed 2017-02-14FY14Revenue $6.26BNet income $1.14B0001437107-17-000007 · filed 2017-02-14FY2015 · Revenue $6.39B · Net income $1.03B · 0001437107-18-000028 · filed 2018-02-28FY15Revenue $6.39BNet income $1.03B0001437107-18-000028 · filed 2018-02-28FY2016 · Revenue $6.50B · Net income $1.19B · 0001437107-19-000013 · filed 2019-03-01FY16Revenue $6.50BNet income $1.19B0001437107-19-000013 · filed 2019-03-01FY2017 · Revenue $6.87B · Net income −$337.0M · 0001437107-20-000006 · filed 2020-02-27FY17Revenue $6.87BNet income −$337.0M0001437107-20-000006 · filed 2020-02-27FY2018 · Revenue $10.55B · Net income $594.0M · 0001437107-21-000018 · filed 2021-02-22FY18Revenue $10.55BNet income $594.0M0001437107-21-000018 · filed 2021-02-22FY2019 · Revenue $11.14B · Net income $2.07B · 0001437107-22-000031 · filed 2022-02-24FY19Revenue $11.14BNet income $2.07B0001437107-22-000031 · filed 2022-02-24FY2020 · Revenue $10.67B · Net income $1.22B · 0001437107-23-000019 · filed 2023-02-24FY20Revenue $10.67BNet income $1.22B0001437107-23-000019 · filed 2023-02-24FY2021 · Revenue $12.19B · Net income $1.01B · 0001437107-24-000017 · filed 2024-02-23FY21Revenue $12.19BNet income $1.01B0001437107-24-000017 · filed 2024-02-23FY2022 · Revenue $33.82B · Net income −$7.37B · 0001437107-25-000031 · filed 2025-02-27FY22Revenue $33.82BNet income −$7.37B0001437107-25-000031 · filed 2025-02-27FY2023 · Revenue $41.32B · Net income −$3.13B · 0001437107-26-000020 · filed 2026-02-27FY23Revenue $41.32BNet income −$3.13B0001437107-26-000020 · filed 2026-02-27FY2024 · Revenue $39.32B · Net income −$11.31B · 0001437107-26-000020 · filed 2026-02-27FY24Revenue $39.32BNet income −$11.31B0001437107-26-000020 · filed 2026-02-27FY2025 · Revenue $37.30B · Net income $727.0M · 0001437107-26-000020 · filed 2026-02-27FY25Revenue $37.30BNet income $727.0M0001437107-26-000020 · filed 2026-02-27FY25Revenue $37.30BNet income $727.0M0001437107-26-000020 · filed 2026-02-27FY07FY10FY13FY16FY19FY22FY25

revenue 490.7× since FY2007 · net margin -89.5% → 1.9%

MarginsNet marginFCF margin
-50%0%FY2007 · Net margin -89.5% · FCF margin 14.5%FY07Net margin -89.5%FCF margin 14.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 9.4% · FCF margin 13.9%FY08Net margin 9.4%FCF margin 13.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 15.9% · FCF margin 17.0%FY09Net margin 15.9%FCF margin 17.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 17.6% · FCF margin 16.7%FY10Net margin 17.6%FCF margin 16.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 27.2% · FCF margin 25.0%FY11Net margin 27.2%FCF margin 25.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 21.0% · FCF margin 22.8%FY12Net margin 21.0%FCF margin 22.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 19.4% · FCF margin 21.1%FY13Net margin 19.4%FCF margin 21.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 18.2% · FCF margin 19.1%FY14Net margin 18.2%FCF margin 19.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 16.2% · FCF margin 18.6%FY15Net margin 16.2%FCF margin 18.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 18.4% · FCF margin 19.9%FY16Net margin 18.4%FCF margin 19.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin -4.9% · FCF margin 21.7%FY17Net margin -4.9%FCF margin 21.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 5.6% · FCF margin 23.0%FY18Net margin 5.6%FCF margin 23.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 18.6% · FCF margin 27.9%FY19Net margin 18.6%FCF margin 27.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 11.4% · FCF margin 21.9%FY20Net margin 11.4%FCF margin 21.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 8.3% · FCF margin 19.9%FY21Net margin 8.3%FCF margin 19.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -21.8% · FCF margin 9.8%FY22Net margin -21.8%FCF margin 9.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin -7.6% · FCF margin 14.9%FY23Net margin -7.6%FCF margin 14.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin -28.8% · FCF margin 11.3%FY24Net margin -28.8%FCF margin 11.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 1.9% · FCF margin 8.3%FY25Net margin 1.9%FCF margin 8.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 1.9%FCF margin 8.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 1.9% · free cash flow 8.3% of revenue

Cash engineOperating cash flowFree cash flow
$0$5BFY2007 · OCF $58.0M · FCF $11.0M · 0001193125-10-035850 · filed 2010-02-22FY07OCF $58.0MFCF $11.0M0001193125-10-035850 · filed 2010-02-22FY2008 · OCF $573.0M · FCF $471.0M · 0001193125-11-040418 · filed 2011-02-18FY08OCF $573.0MFCF $471.0M0001193125-11-040418 · filed 2011-02-18FY2009 · OCF $642.0M · FCF $587.0M · 0001193125-12-066285 · filed 2012-02-17FY09OCF $642.0MFCF $587.0M0001193125-12-066285 · filed 2012-02-17FY2010 · OCF $668.0M · FCF $619.0M · 0001437107-13-000006 · filed 2013-02-14FY10OCF $668.0MFCF $619.0M0001437107-13-000006 · filed 2013-02-14FY2011 · OCF $1.10B · FCF $1.04B · 0001437107-13-000006 · filed 2013-02-14FY11OCF $1.10BFCF $1.04B0001437107-13-000006 · filed 2013-02-14FY2012 · OCF $1.10B · FCF $1.02B · 0001437107-13-000006 · filed 2013-02-14FY12OCF $1.10BFCF $1.02B0001437107-13-000006 · filed 2013-02-14FY2013 · OCF $1.28B · FCF $1.17B · 0001437107-16-000059 · filed 2016-02-18FY13OCF $1.28BFCF $1.17B0001437107-16-000059 · filed 2016-02-18FY2014 · OCF $1.32B · FCF $1.20B · 0001437107-17-000007 · filed 2017-02-14FY14OCF $1.32BFCF $1.20B0001437107-17-000007 · filed 2017-02-14FY2015 · OCF $1.29B · FCF $1.19B · 0001437107-18-000028 · filed 2018-02-28FY15OCF $1.29BFCF $1.19B0001437107-18-000028 · filed 2018-02-28FY2016 · OCF $1.38B · FCF $1.29B · 0001437107-19-000013 · filed 2019-03-01FY16OCF $1.38BFCF $1.29B0001437107-19-000013 · filed 2019-03-01FY2017 · OCF $1.63B · FCF $1.49B · 0001437107-20-000006 · filed 2020-02-27FY17OCF $1.63BFCF $1.49B0001437107-20-000006 · filed 2020-02-27FY2018 · OCF $2.58B · FCF $2.43B · 0001437107-21-000018 · filed 2021-02-22FY18OCF $2.58BFCF $2.43B0001437107-21-000018 · filed 2021-02-22FY2019 · OCF $3.40B · FCF $3.11B · 0001437107-22-000031 · filed 2022-02-24FY19OCF $3.40BFCF $3.11B0001437107-22-000031 · filed 2022-02-24FY2020 · OCF $2.74B · FCF $2.34B · 0001437107-23-000019 · filed 2023-02-24FY20OCF $2.74BFCF $2.34B0001437107-23-000019 · filed 2023-02-24FY2021 · OCF $2.80B · FCF $2.42B · 0001437107-24-000017 · filed 2024-02-23FY21OCF $2.80BFCF $2.42B0001437107-24-000017 · filed 2024-02-23FY2022 · OCF $4.30B · FCF $3.32B · 0001437107-25-000031 · filed 2025-02-27FY22OCF $4.30BFCF $3.32B0001437107-25-000031 · filed 2025-02-27FY2023 · OCF $7.48B · FCF $6.16B · 0001437107-26-000020 · filed 2026-02-27FY23OCF $7.48BFCF $6.16B0001437107-26-000020 · filed 2026-02-27FY2024 · OCF $5.38B · FCF $4.43B · 0001437107-26-000020 · filed 2026-02-27FY24OCF $5.38BFCF $4.43B0001437107-26-000020 · filed 2026-02-27FY2025 · OCF $4.32B · FCF $3.09B · 0001437107-26-000020 · filed 2026-02-27FY25OCF $4.32BFCF $3.09B0001437107-26-000020 · filed 2026-02-27FY25OCF $4.32BFCF $3.09B0001437107-26-000020 · filed 2026-02-27’09’13’17’21’25

FY2025: $4.32B operating cash − $1.23B capex = $3.09B free cash flow

Returns on capitalReturn on equityReturn on assets
-20%0%20%FY2008 · ROE 5.7% · ROA 3.0%FY08ROE 5.7%ROA 3.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 8.9% · ROA 5.0%FY09ROE 8.9%ROA 5.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 10.5% · ROA 5.9%FY10ROE 10.5%ROA 5.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 17.4% · ROA 9.5%FY11ROE 17.4%ROA 9.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 15.0% · ROA 7.3%FY12ROE 15.0%ROA 7.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 17.3% · ROA 7.2%FY13ROE 17.3%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 20.3% · ROA 7.1%FY14ROE 20.3%ROA 7.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 19.0% · ROA 6.5%FY15ROE 19.0%ROA 6.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 23.1% · ROA 7.6%FY16ROE 23.1%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE -7.3% · ROA -1.5%FY17ROE -7.3%ROA -1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 7.1% · ROA 1.8%FY18ROE 7.1%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 20.9% · ROA 6.1%FY19ROE 20.9%ROA 6.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 11.6% · ROA 3.6%FY20ROE 11.6%ROA 3.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 8.7% · ROA 2.9%FY21ROE 8.7%ROA 2.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -15.7% · ROA -5.5%FY22ROE -15.7%ROA -5.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE -6.9% · ROA -2.5%FY23ROE -6.9%ROA -2.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE -33.2% · ROA -10.8%FY24ROE -33.2%ROA -10.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 2.0% · ROA 0.7%FY25ROE 2.0%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 2.0%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 6% (FY2008) → 2% (FY2025) · on assets 0.7%

Balance sheetLiabilitiesEquity
$0$50B$100BFY2008 · Liabilities $4.87B · Equity $5.54BFY08Liabilities $4.87BEquity $5.54B0001193125-10-035850 · filed 2010-02-22FY2009 · Liabilities $4.68B · Equity $6.20BFY09Liabilities $4.68BEquity $6.20B0001193125-11-040418 · filed 2011-02-18FY2010 · Liabilities $4.79B · Equity $6.22BFY10Liabilities $4.79BEquity $6.22B0001193125-12-066285 · filed 2012-02-17FY2011 · Liabilities $5.39B · Equity $6.52BFY11Liabilities $5.39BEquity $6.52B0001437107-13-000006 · filed 2013-02-14FY2012 · Liabilities $6.64B · Equity $6.29BFY12Liabilities $6.64BEquity $6.29B0001437107-14-000016 · filed 2014-02-20FY2013 · Liabilities $8.75B · Equity $6.20BFY13Liabilities $8.75BEquity $6.20B0001437107-15-000004 · filed 2015-02-19FY2014 · Liabilities $9.62B · Equity $5.60BFY14Liabilities $9.62BEquity $5.60B0001437107-16-000059 · filed 2016-02-18FY2015 · Liabilities $10.17B · Equity $5.45BFY15Liabilities $10.17BEquity $5.45B0001437107-17-000007 · filed 2017-02-14 · 0001437107-16-000059 · filed 2016-02-18FY2016 · Liabilities $10.26B · Equity $5.17BFY16Liabilities $10.26BEquity $5.17B0001437107-18-000028 · filed 2018-02-28FY2017 · Liabilities $17.53B · Equity $4.61BFY17Liabilities $17.53BEquity $4.61B0001437107-19-000013 · filed 2019-03-01FY2018 · Liabilities $22.03B · Equity $8.39BFY18Liabilities $22.03BEquity $8.39B0001437107-20-000006 · filed 2020-02-27FY2019 · Liabilities $21.77B · Equity $9.89BFY19Liabilities $21.77BEquity $9.89B0001437107-21-000018 · filed 2021-02-22FY2020 · Liabilities $21.70B · Equity $10.46BFY20Liabilities $21.70BEquity $10.46B0001437107-22-000031 · filed 2022-02-24FY2021 · Liabilities $21.03B · Equity $11.60BFY21Liabilities $21.03BEquity $11.60B0001437107-23-000019 · filed 2023-02-24FY2022 · Liabilities $85.33B · Equity $47.09BFY22Liabilities $85.33BEquity $47.09B0001437107-24-000017 · filed 2024-02-23FY2023 · Liabilities $76.28B · Equity $45.23BFY23Liabilities $76.28BEquity $45.23B0001437107-25-000031 · filed 2025-02-27FY2024 · Liabilities $69.62B · Equity $34.04BFY24Liabilities $69.62BEquity $34.04B0001437107-26-000020 · filed 2026-02-27FY2025 · Liabilities $62.92B · Equity $35.92BFY25Liabilities $62.92BEquity $35.92B0001437107-26-000020 · filed 2026-02-27FY25Liabilities $62.92BEquity $35.92B0001437107-26-000020 · filed 2026-02-27’09’13’17’21’25

FY2025: $100.08B assets · $62.92B liabilities · $35.92B equity

The receipts