10-K – 2026-02-27 – wbd-20251231.htm

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2 · Del 3 · Del 4

wbd-20251231 0001437107 2025 FY false P1Y P3Y0D P3Y0D 5 7 37.02 7 4 http://fasb.org/us-gaap/2025#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization http://fasb.org/us-gaap/2025#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization http://fasb.org/us-gaap/2025#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization http://fasb.org/us-gaap/2025#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization http://fasb.org/us-gaap/2025#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization http://fasb.org/us-gaap/2025#CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization .1 .1 http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#InterestExpenseNonoperating http://fasb.org/us-gaap/2025#InterestExpenseNonoperating http://fasb.org/us-gaap/2025#InterestExpenseNonoperating http://fasb.org/us-gaap/2025#FairValueMeasuredAtNetAssetValuePerShareMember http://fasb.org/us-gaap/2025#FairValueMeasuredAtNetAssetValuePerShareMember http://fasb.org/us-gaap/2025#FairValueMeasuredAtNetAssetValuePerShareMember http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent iso4217:USD xbrli:shares iso4217:USD xbrli:shares wbd:company iso4217:USD wbd:day wbd:segment xbrli:pure wbd:restructuringInitiative iso4217:GBP iso4217:EUR wbd:renewalPeriod 0001437107 2025-01-01 2025-12-31 0001437107 wbd:SeriesACommonStockMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesDue20304.302Member 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesDue20334.693Member 2025-01-01 2025-12-31 0001437107 2025-06-30 0001437107 2026-02-12 0001437107 wbd:DistributionRevenueMember 2025-01-01 2025-12-31 0001437107 wbd:DistributionRevenueMember 2024-01-01 2024-12-31 0001437107 wbd:DistributionRevenueMember 2023-01-01 2023-12-31 0001437107 us-gaap:AdvertisingMember 2025-01-01 2025-12-31 0001437107 us-gaap:AdvertisingMember 2024-01-01 2024-12-31 0001437107 us-gaap:AdvertisingMember 2023-01-01 2023-12-31 0001437107 wbd:ProductAndServiceContentMember 2025-01-01 2025-12-31 0001437107 wbd:ProductAndServiceContentMember 2024-01-01 2024-12-31 0001437107 wbd:ProductAndServiceContentMember 2023-01-01 2023-12-31 0001437107 us-gaap:ServiceOtherMember 2025-01-01 2025-12-31 0001437107 us-gaap:ServiceOtherMember 2024-01-01 2024-12-31 0001437107 us-gaap:ServiceOtherMember 2023-01-01 2023-12-31 0001437107 2024-01-01 2024-12-31 0001437107 2023-01-01 2023-12-31 0001437107 2025-12-31 0001437107 2024-12-31 0001437107 2023-12-31 0001437107 2022-12-31 0001437107 us-gaap:CommonStockMember 2022-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001437107 us-gaap:TreasuryStockCommonMember 2022-12-31 0001437107 us-gaap:RetainedEarningsMember 2022-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001437107 us-gaap:ParentMember 2022-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2022-12-31 0001437107 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0001437107 us-gaap:ParentMember 2023-01-01 2023-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0001437107 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001437107 us-gaap:CommonStockMember 2023-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001437107 us-gaap:TreasuryStockCommonMember 2023-12-31 0001437107 us-gaap:RetainedEarningsMember 2023-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001437107 us-gaap:ParentMember 2023-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2023-12-31 0001437107 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001437107 us-gaap:ParentMember 2024-01-01 2024-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001437107 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001437107 us-gaap:CommonStockMember 2024-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001437107 us-gaap:TreasuryStockCommonMember 2024-12-31 0001437107 us-gaap:RetainedEarningsMember 2024-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001437107 us-gaap:ParentMember 2024-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2024-12-31 0001437107 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001437107 us-gaap:ParentMember 2025-01-01 2025-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001437107 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001437107 us-gaap:CommonStockMember 2025-12-31 0001437107 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001437107 us-gaap:TreasuryStockCommonMember 2025-12-31 0001437107 us-gaap:RetainedEarningsMember 2025-12-31 0001437107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001437107 us-gaap:ParentMember 2025-12-31 0001437107 us-gaap:NoncontrollingInterestMember 2025-12-31 0001437107 2025-06-01 2025-06-30 0001437107 wbd:NetflixMergerAgreementMember wbd:ParamountSkydanceCorporationMember us-gaap:SubsequentEventMember 2026-02-27 2026-02-27 0001437107 wbd:PSKYMergerAgreementMember us-gaap:SubsequentEventMember 2026-02-27 2026-02-27 0001437107 wbd:PSKYMergerAgreementMember us-gaap:SubsequentEventMember 2026-02-27 0001437107 wbd:TheatricalFilmMember 2025-01-01 2025-12-31 0001437107 wbd:TelevisionDeliveryOfFirstEpisodeMember 2025-01-01 2025-12-31 0001437107 wbd:TelevisionDeliveryOfMostRecentEpisodeMember 2025-01-01 2025-12-31 0001437107 wbd:GamesMember 2025-01-01 2025-12-31 0001437107 srt:MinimumMember us-gaap:PerformanceSharesMember 2025-01-01 2025-12-31 0001437107 srt:MaximumMember us-gaap:PerformanceSharesMember 2025-01-01 2025-12-31 0001437107 us-gaap:PerformanceSharesMember us-gaap:ShareBasedCompensationAwardTrancheOneMember srt:MinimumMember 2025-01-01 2025-12-31 0001437107 us-gaap:PerformanceSharesMember us-gaap:ShareBasedCompensationAwardTrancheOneMember srt:MaximumMember 2025-01-01 2025-12-31 0001437107 us-gaap:PerformanceSharesMember 2025-01-01 2025-12-31 0001437107 us-gaap:PerformanceSharesMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2025-01-01 2025-12-31 0001437107 srt:MinimumMember us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001437107 srt:MaximumMember us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001437107 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001437107 srt:MinimumMember us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001437107 srt:MaximumMember us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001437107 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001437107 us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementAndThirdPartyMember 2025-01-01 2025-12-31 0001437107 us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementAndThirdPartyMember 2024-01-01 2024-12-31 0001437107 us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementAndThirdPartyMember 2023-01-01 2023-12-31 0001437107 wbd:OneCustomerMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2025-01-01 2025-12-31 0001437107 wbd:OneCustomerMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-12-31 0001437107 wbd:TwoCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2023-01-01 2023-12-31 0001437107 wbd:OneCustomerMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-01 2025-12-31 0001437107 wbd:February2020RepurchaseProgramMember us-gaap:CommonStockMember 2020-02-29 0001437107 wbd:May2019RepurchaseProgramMember us-gaap:CommonStockMember 2019-05-31 0001437107 us-gaap:CommonClassAMember 2025-12-31 0001437107 us-gaap:CommonClassCMember 2025-12-31 0001437107 wbd:StockOptionsAndRsuMemberMember 2025-01-01 2025-12-31 0001437107 wbd:StockOptionsAndRsuMemberMember 2024-01-01 2024-12-31 0001437107 wbd:StockOptionsAndRsuMemberMember 2023-01-01 2023-12-31 0001437107 wbd:BluTVMember 2023-11-30 0001437107 wbd:BluTVMember 2023-12-31 0001437107 wbd:BluTVMember 2023-12-01 2023-12-31 0001437107 wbd:All3MediaMember 2024-05-31 0001437107 2024-05-01 2024-05-31 0001437107 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember wbd:FormulaEMember 2024-10-01 2024-10-31 0001437107 wbd:StreamingMember 2023-12-31 0001437107 wbd:StudiosSegmentMember 2023-12-31 0001437107 wbd:GlobalLinearNetworksMember 2023-12-31 0001437107 wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 wbd:StreamingMember 2024-12-31 0001437107 wbd:StudiosSegmentMember 2024-12-31 0001437107 wbd:GlobalLinearNetworksMember 2024-12-31 0001437107 wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 wbd:StreamingMember 2025-12-31 0001437107 wbd:StudiosSegmentMember 2025-12-31 0001437107 wbd:GlobalLinearNetworksMember 2025-12-31 0001437107 us-gaap:TrademarksAndTradeNamesMember 2025-12-31 0001437107 us-gaap:TrademarksAndTradeNamesMember 2024-12-31 0001437107 us-gaap:CustomerRelationshipsMember 2025-12-31 0001437107 us-gaap:CustomerRelationshipsMember 2024-12-31 0001437107 us-gaap:FranchiseRightsMember 2025-12-31 0001437107 us-gaap:FranchiseRightsMember 2024-12-31 0001437107 us-gaap:ArtisticRelatedIntangibleAssetsMember 2025-12-31 0001437107 us-gaap:ArtisticRelatedIntangibleAssetsMember 2024-12-31 0001437107 us-gaap:OtherIntangibleAssetsMember 2025-12-31 0001437107 us-gaap:OtherIntangibleAssetsMember 2024-12-31 0001437107 us-gaap:IntangibleAssetsAmortizationPeriodMember us-gaap:TradeNamesMember 2024-01-01 2024-12-31 0001437107 wbd:TrademarksTradenamesAndFranchiseRightsMember 2024-01-01 2024-12-31 0001437107 wbd:GlobalLinearNetworksMember us-gaap:MeasurementInputLongTermRevenueGrowthRateMember 2024-04-01 2024-06-30 0001437107 wbd:GlobalLinearNetworksMember us-gaap:MeasurementInputDiscountRateMember 2024-04-01 2024-06-30 0001437107 wbd:GlobalLinearNetworksMember 2024-04-01 2024-06-30 0001437107 2024-07-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StreamingMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StudiosSegmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:GlobalLinearNetworksMember 2023-01-01 2023-12-31 0001437107 wbd:CorporateAndEliminationsMember 2025-01-01 2025-12-31 0001437107 wbd:CorporateAndEliminationsMember 2024-01-01 2024-12-31 0001437107 wbd:CorporateAndEliminationsMember 2023-01-01 2023-12-31 0001437107 wbd:OrganizationRestructuringCostsMember 2024-01-01 2024-12-31 0001437107 wbd:ContentImpairmentContentDevelopmentCostsAndWriteOffsMember 2024-01-01 2024-12-31 0001437107 wbd:ContractTerminationAndOtherRestructuringCostsMember 2024-01-01 2024-12-31 0001437107 wbd:FacilityConsolidationActivitiesMember 2024-01-01 2024-12-31 0001437107 wbd:ContractTerminationAndFacilityConsolidationActivitiesMember wbd:WarnerMediaMember 2023-01-01 2023-12-31 0001437107 wbd:ContentImpairmentContentDevelopmentCostsAndWriteOffsMember 2023-01-01 2023-12-31 0001437107 wbd:OrganizationRestructuringCostsMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StreamingMember 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StudiosSegmentMember 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:GlobalLinearNetworksMember 2023-12-31 0001437107 us-gaap:CorporateNonSegmentMember 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ContractTerminationMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ContractTerminationMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ContractTerminationMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 us-gaap:CorporateNonSegmentMember us-gaap:ContractTerminationMember 2024-01-01 2024-12-31 0001437107 us-gaap:ContractTerminationMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 us-gaap:CorporateNonSegmentMember us-gaap:EmployeeSeveranceMember 2024-01-01 2024-12-31 0001437107 us-gaap:EmployeeSeveranceMember 2024-01-01 2024-12-31 0001437107 us-gaap:CorporateNonSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StreamingMember 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StudiosSegmentMember 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:GlobalLinearNetworksMember 2024-12-31 0001437107 us-gaap:CorporateNonSegmentMember 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ContractTerminationMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ContractTerminationMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ContractTerminationMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 us-gaap:CorporateNonSegmentMember us-gaap:ContractTerminationMember 2025-01-01 2025-12-31 0001437107 us-gaap:ContractTerminationMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 us-gaap:CorporateNonSegmentMember us-gaap:EmployeeSeveranceMember 2025-01-01 2025-12-31 0001437107 us-gaap:EmployeeSeveranceMember 2025-01-01 2025-12-31 0001437107 us-gaap:CorporateNonSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StreamingMember 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:StudiosSegmentMember 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:GlobalLinearNetworksMember 2025-12-31 0001437107 us-gaap:CorporateNonSegmentMember 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 wbd:CorporateAndEliminationsMember wbd:DistributionRevenueMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 wbd:CorporateAndEliminationsMember us-gaap:AdvertisingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 wbd:CorporateAndEliminationsMember wbd:ProductAndServiceContentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:StreamingMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:StudiosSegmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:GlobalLinearNetworksMember 2025-01-01 2025-12-31 0001437107 wbd:CorporateAndEliminationsMember us-gaap:ProductAndServiceOtherMember 2025-01-01 2025-12-31 0001437107 us-gaap:ProductAndServiceOtherMember 2025-01-01 2025-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 wbd:CorporateAndEliminationsMember wbd:DistributionRevenueMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 wbd:CorporateAndEliminationsMember us-gaap:AdvertisingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 wbd:CorporateAndEliminationsMember wbd:ProductAndServiceContentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:StreamingMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:StudiosSegmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:GlobalLinearNetworksMember 2024-01-01 2024-12-31 0001437107 wbd:CorporateAndEliminationsMember us-gaap:ProductAndServiceOtherMember 2024-01-01 2024-12-31 0001437107 us-gaap:ProductAndServiceOtherMember 2024-01-01 2024-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:StreamingMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:StudiosSegmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:DistributionRevenueMember wbd:GlobalLinearNetworksMember 2023-01-01 2023-12-31 0001437107 wbd:CorporateAndEliminationsMember wbd:DistributionRevenueMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:StreamingMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:StudiosSegmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:AdvertisingMember wbd:GlobalLinearNetworksMember 2023-01-01 2023-12-31 0001437107 wbd:CorporateAndEliminationsMember us-gaap:AdvertisingMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:StreamingMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:StudiosSegmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember wbd:ProductAndServiceContentMember wbd:GlobalLinearNetworksMember 2023-01-01 2023-12-31 0001437107 wbd:CorporateAndEliminationsMember wbd:ProductAndServiceContentMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:StreamingMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:StudiosSegmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember wbd:GlobalLinearNetworksMember 2023-01-01 2023-12-31 0001437107 wbd:CorporateAndEliminationsMember us-gaap:ProductAndServiceOtherMember 2023-01-01 2023-12-31 0001437107 us-gaap:ProductAndServiceOtherMember 2023-01-01 2023-12-31 0001437107 wbd:DistributionRevenueMember 2026-01-01 2025-12-31 0001437107 wbd:ContentLicensingContractsMember 2026-01-01 2025-12-31 0001437107 wbd:BrandLicensingContractsMember 2026-01-01 2025-12-31 0001437107 us-gaap:AdvertisingMember 2026-01-01 2025-12-31 0001437107 us-gaap:ProductAndServiceOtherMember 2026-01-01 2025-12-31 0001437107 2026-01-01 2025-12-31 0001437107 us-gaap:AssetPledgedAsCollateralMember 2025-12-31 0001437107 us-gaap:AssetPledgedAsCollateralMember 2024-12-31 0001437107 us-gaap:AccountsReceivableMember us-gaap:AssetPledgedAsCollateralMember 2025-12-31 0001437107 us-gaap:AccountsReceivableMember us-gaap:AssetPledgedAsCollateralMember 2024-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:AssetPledgedAsCollateralMember 2025-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:AssetPledgedAsCollateralMember 2024-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:AssetPledgedAsCollateralMember 2025-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:AssetPledgedAsCollateralMember 2024-12-31 0001437107 wbd:ContractTerminationAndFacilityConsolidationActivitiesMember wbd:WarnerMediaMember 2024-01-01 2024-12-31 0001437107 wbd:TCG20ALPMember 2025-12-31 0001437107 wbd:TCG20ALPMember 2024-12-31 0001437107 wbd:NCMember 2025-12-31 0001437107 wbd:NCMember 2024-12-31 0001437107 wbd:TNTSportsMember 2025-12-31 0001437107 wbd:TNTSportsMember 2024-12-31 0001437107 wbd:OtherEquityInvestmentsMember 2025-12-31 0001437107 wbd:OtherEquityInvestmentsMember 2024-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2024-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2025-12-31 0001437107 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-12-31 0001437107 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-12-31 0001437107 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-12-31 0001437107 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-12-31 0001437107 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2023-01-01 2023-12-31 0001437107 wbd:TNTSportsMember 2025-01-01 2025-12-31 0001437107 wbd:TNTSportsMember 2024-01-01 2024-12-31 0001437107 wbd:TNTSportsMember 2023-01-01 2023-12-31 0001437107 wbd:All3MediaMember 2024-05-01 2024-05-31 0001437107 wbd:BridgeLoansMaturingOf18MonthsMember 2025-01-01 2025-12-31 0001437107 wbd:BridgeLoansMaturingOf18MonthsMember srt:WeightedAverageMember wbd:TermLoanMember 2025-12-31 0001437107 wbd:BridgeLoansMaturingOf18MonthsMember wbd:TermLoanMember 2025-12-31 0001437107 wbd:BridgeLoansMaturingOf18MonthsMember wbd:TermLoanMember 2024-12-31 0001437107 wbd:SeniorNotesMaturingInFiveYearsOrLessMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveYearsOrLessMember srt:WeightedAverageMember us-gaap:SeniorNotesMember 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveYearsOrLessMember us-gaap:SeniorNotesMember 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveYearsOrLessMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesMaturingInFiveToTenYearsMember srt:MinimumMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveToTenYearsMember srt:MaximumMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveToTenYearsMember srt:WeightedAverageMember us-gaap:SeniorNotesMember 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveToTenYearsMember us-gaap:SeniorNotesMember 2025-12-31 0001437107 wbd:SeniorNotesMaturingInFiveToTenYearsMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesMaturingInGreaterThanTenYearsMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesMaturingInGreaterThanTenYearsMember srt:WeightedAverageMember us-gaap:SeniorNotesMember 2025-12-31 0001437107 wbd:SeniorNotesMaturingInGreaterThanTenYearsMember us-gaap:SeniorNotesMember 2025-12-31 0001437107 wbd:SeniorNotesMaturingInGreaterThanTenYearsMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:BridgeLoansMaturingOfEighteenMonthsMember wbd:TermLoanMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesDueJuly2025Member us-gaap:SeniorNotesMember 2025-01-01 2025-12-31 0001437107 us-gaap:SeniorNotesMember 2025-12-31 0001437107 us-gaap:UnsecuredDebtMember wbd:UnsecuredSeniorTermLoanMember wbd:DiscoveryGlobalHoldingsIncMember 2025-12-31 0001437107 wbd:UnsecuredSeniorTermLoanMember us-gaap:UnsecuredDebtMember 2025-10-01 2025-12-31 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2026-01-01 2026-03-30 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2026-03-31 2026-12-30 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2026-03-31 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2026-06-30 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2027-03-31 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2026-12-31 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember 2026-09-30 0001437107 wbd:BridgeLoanFacilityMember wbd:DiscoveryGlobalHoldingsIncMember us-gaap:BridgeLoanMember 2025-06-30 2025-06-30 0001437107 us-gaap:UnsecuredDebtMember wbd:UnsecuredSeniorTermLoanMember wbd:DiscoveryGlobalHoldingsIncMember 2025-01-01 2025-12-31 0001437107 us-gaap:SeniorNotesMember 2025-06-30 0001437107 us-gaap:SeniorNotesMember 2025-06-01 2025-06-30 0001437107 wbd:SeniorNotesDueJune2025Member us-gaap:SeniorNotesMember 2025-06-01 2025-06-30 0001437107 wbd:SeniorNotesDueMarch2025Member us-gaap:SeniorNotesMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesDueMarch2025Member 2025-01-01 2025-12-31 0001437107 wbd:UnsecuredSeniorTermLoanMember us-gaap:UnsecuredDebtMember 2025-01-01 2025-12-31 0001437107 wbd:SeniorNotesDue20243.900Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20554.000Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20504.650Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20424.950Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20434.875Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20475.200Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20495.300Member wbd:DiscoveryCommunicationsLLCMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20243.900Member wbd:ScrippsNetworksInteractiveInc.Member us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20444.650Member wbd:LegacyWarnerMediaBusinessMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20454.850Member wbd:LegacyWarnerMediaBusinessMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20424.900Member wbd:LegacyWarnerMediaBusinessMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20435.350Member wbd:LegacyWarnerMediaBusinessMember us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20425.050Member wbd:WarnerMediaHoldingsInc.Member us-gaap:SeniorNotesMember 2024-12-31 0001437107 us-gaap:SeniorNotesMember 2024-06-30 0001437107 us-gaap:SeniorNotesMember 2024-06-01 2024-06-30 0001437107 wbd:SeniorNotesDueNovember2024Member us-gaap:SeniorNotesMember 2024-01-01 2024-12-31 0001437107 wbd:SeniorNotesDueSeptember2024Member us-gaap:SeniorNotesMember 2024-01-01 2024-12-31 0001437107 wbd:SeniorNotesDueJune2024Member us-gaap:SeniorNotesMember 2024-01-01 2024-12-31 0001437107 wbd:SeniorNotesDueFebruaryAndMarch2024Member us-gaap:SeniorNotesMember 2024-01-01 2024-12-31 0001437107 us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20304.302Member us-gaap:SeniorNotesMember 2024-12-31 0001437107 wbd:SeniorNotesDue20334.693Member us-gaap:SeniorNotesMember 2024-12-31 0001437107 srt:ScenarioForecastMember 2026-12-30 0001437107 wbd:WarnerMediaMember 2025-12-31 0001437107 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-06-30 0001437107 wbd:RevolverSublimitForStandbyLettersOfCreditMember us-gaap:LineOfCreditMember 2025-06-30 0001437107 wbd:AdditionalCommitmentsUponSatisfactionOfCertainConditionsMember us-gaap:LineOfCreditMember 2025-06-30 0001437107 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-06-01 2025-06-30 0001437107 us-gaap:CommercialPaperMember 2025-06-30 0001437107 us-gaap:CommercialPaperMember 2025-02-28 0001437107 us-gaap:CommercialPaperMember 2025-03-31 0001437107 us-gaap:LineOfCreditMember 2024-12-31 0001437107 us-gaap:CommercialPaperMember 2025-12-31 0001437107 us-gaap:CommercialPaperMember 2024-12-31 0001437107 us-gaap:LineOfCreditMember 2025-12-31 0001437107 srt:MaximumMember 2025-01-01 2025-12-31 0001437107 wbd:FacilityConsolidationActivitiesMember 2025-01-01 2025-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember 2025-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2025-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember 2025-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember 2024-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:OtherNoncurrentAssetsMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:EuroDenominatedNotesMember 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:EuroDenominatedNotesMember 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2024-01-01 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2023-01-01 2023-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember wbd:DistributionRevenueMember 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember wbd:DistributionRevenueMember 2024-01-01 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember wbd:DistributionRevenueMember 2023-01-01 2023-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:AdvertisingMember 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:AdvertisingMember 2024-01-01 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:AdvertisingMember 2023-01-01 2023-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2024-01-01 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:CostOfSalesMember 2023-01-01 2023-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2023-01-01 2023-12-31 0001437107 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2023-01-01 2023-12-31 0001437107 wbd:GainLossOnExtinguishmentOfDebtMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:DeferredLossOnEarlyExtinguishmentOfDebtMember 2025-01-01 2025-12-31 0001437107 wbd:GainLossOnExtinguishmentOfDebtMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:DeferredLossOnEarlyExtinguishmentOfDebtMember 2024-01-01 2024-12-31 0001437107 wbd:GainLossOnExtinguishmentOfDebtMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:DeferredLossOnEarlyExtinguishmentOfDebtMember 2023-01-01 2023-12-31 0001437107 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2023-01-01 2023-12-31 0001437107 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:LongTermDebtMember 2024-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember 2024-01-01 2024-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:SeniorNotesMember 2024-01-01 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-01-01 2025-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-01-01 2024-12-31 0001437107 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2023-01-01 2023-12-31 0001437107 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:EuroDenominatedBorrowingsMember 2025-01-01 2025-12-31 0001437107 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:EuroDenominatedBorrowingsMember 2024-01-01 2024-12-31 0001437107 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:EuroDenominatedBorrowingsMember 2023-01-01 2023-12-31 0001437107 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:SterlingNotesMember 2025-01-01 2025-12-31 0001437107 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:SterlingNotesMember 2024-01-01 2024-12-31 0001437107 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember wbd:SterlingNotesMember 2023-01-01 2023-12-31 0001437107 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-12-31 0001437107 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-12-31 0001437107 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2025-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2024-12-31 0001437107 us-gaap:ForwardContractsMember wbd:EuroDenominatedBorrowingsMember 2025-06-30 0001437107 us-gaap:ForwardContractsMember 2025-06-01 2025-06-30 0001437107 us-gaap:CreditDefaultSwaptionMember 2025-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-01 2025-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-01 2024-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-01-01 2023-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-01 2025-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-01 2024-12-31 0001437107 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-01-01 2023-12-31 0001437107 us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:NondesignatedMember 2025-01-01 2025-12-31 0001437107 us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:NondesignatedMember 2024-01-01 2024-12-31 0001437107 us-gaap:SellingGeneralAndAdministrativeExpensesMember us-gaap:NondesignatedMember 2023-01-01 2023-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2023-01-01 2023-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2023-01-01 2023-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2023-01-01 2023-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2025-01-01 2025-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-01-01 2024-12-31 0001437107 us-gaap:CreditDefaultSwaptionMember us-gaap:NondesignatedMember us-gaap:OtherNonoperatingIncomeExpenseMember 2023-01-01 2023-12-31 0001437107 us-gaap:OtherNonoperatingIncomeExpenseMember us-gaap:NondesignatedMember 2025-01-01 2025-12-31 0001437107 us-gaap:OtherNonoperatingIncomeExpenseMember us-gaap:NondesignatedMember 2024-01-01 2024-12-31 0001437107 us-gaap:OtherNonoperatingIncomeExpenseMember us-gaap:NondesignatedMember 2023-01-01 2023-12-31 0001437107 us-gaap:NondesignatedMember 2025-01-01 2025-12-31 0001437107 us-gaap:NondesignatedMember 2024-01-01 2024-12-31 0001437107 us-gaap:NondesignatedMember 2023-01-01 2023-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember 2025-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:CashAndCashEquivalentsMember 2024-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 wbd:CommonClassAAndCommonClassBMember 2025-12-31 0001437107 us-gaap:PerformanceSharesMember 2024-01-01 2024-12-31 0001437107 us-gaap:PerformanceSharesMember 2023-01-01 2023-12-31 0001437107 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-12-31 0001437107 us-gaap:RestrictedStockUnitsRSUMember 2023-01-01 2023-12-31 0001437107 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-12-31 0001437107 us-gaap:EmployeeStockOptionMember 2023-01-01 2023-12-31 0001437107 us-gaap:PerformanceSharesMember 2024-12-31 0001437107 us-gaap:PerformanceSharesMember 2025-12-31 0001437107 us-gaap:RestrictedStockUnitsRSUMember 2024-12-31 0001437107 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001437107 us-gaap:CashSettlementMember us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001437107 wbd:StockSettlementMember us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001437107 us-gaap:CashSettlementMember us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001437107 us-gaap:EmployeeStockOptionMember 2024-12-31 0001437107 us-gaap:EmployeeStockOptionMember 2025-12-31 0001437107 us-gaap:BlackScholesMertonModelMember 2025-01-01 2025-12-31 0001437107 us-gaap:BlackScholesMertonModelMember 2024-01-01 2024-12-31 0001437107 us-gaap:BlackScholesMertonModelMember 2023-01-01 2023-12-31 0001437107 us-gaap:MonteCarloModelMember 2025-01-01 2025-12-31 0001437107 country:GB 2025-01-01 2025-12-31 0001437107 country:CA 2025-01-01 2025-12-31 0001437107 us-gaap:ForeignTaxJurisdictionOtherMember 2025-01-01 2025-12-31 0001437107 country:US 2025-01-01 2025-12-31 0001437107 country:BR 2025-01-01 2025-12-31 0001437107 country:CN 2025-01-01 2025-12-31 0001437107 country:MX 2025-01-01 2025-12-31 0001437107 country:ES 2025-01-01 2025-12-31 0001437107 country:IT 2025-01-01 2025-12-31 0001437107 country:CL 2025-01-01 2025-12-31 0001437107 country:AU 2025-01-01 2025-12-31 0001437107 country:AR 2025-01-01 2025-12-31 0001437107 us-gaap:SeniorNotesMember 2025-01-01 2025-12-31 0001437107 us-gaap:DomesticCountryMember 2025-12-31 0001437107 us-gaap:StateAndLocalJurisdictionMember 2025-12-31 0001437107 us-gaap:ForeignCountryMember 2025-12-31 0001437107 us-gaap:PensionPlansDefinedBenefitMember 2025-01-01 2025-12-31 0001437107 us-gaap:PensionPlansDefinedBenefitMember 2024-01-01 2024-12-31 0001437107 us-gaap:PensionPlansDefinedBenefitMember 2023-01-01 2023-12-31 0001437107 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2025-01-01 2025-12-31 0001437107 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2024-01-01 2024-12-31 0001437107 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2023-01-01 2023-12-31 0001437107 srt:MinimumMember 2025-01-01 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2025-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember 2025-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanRealEstateMember 2025-12-31 0001437107 us-gaap:HedgeFundsMember 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel12And3Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel3Member 2025-01-01 2025-12-31 0001437107 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanDebtSecurityMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember 2024-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember 2024-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanMultiAssetCreditFundMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanCashMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel12And3Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001437107 wbd:DefinedBenefitPlanSecuritiesMultiAssetCreditFundAndCashMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanRealEstateMember 2024-12-31 0001437107 us-gaap:HedgeFundsMember 2024-12-31 0001437107 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-12-31 0001437107 us-gaap:DefinedBenefitPlanDerivativeMember 2024-12-31 0001437107 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel3Member 2023-12-31 0001437107 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel3Member 2024-01-01 2024-12-31 0001437107 srt:MinimumMember wbd:EquipmentFurnitureFixturesAndOtherMember 2025-12-31 0001437107 srt:MaximumMember wbd:EquipmentFurnitureFixturesAndOtherMember 2025-12-31 0001437107 wbd:EquipmentFurnitureFixturesAndOtherMember 2025-12-31 0001437107 wbd:EquipmentFurnitureFixturesAndOtherMember 2024-12-31 0001437107 srt:MinimumMember us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-12-31 0001437107 srt:MaximumMember us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-12-31 0001437107 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-12-31 0001437107 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2024-12-31 0001437107 srt:MinimumMember wbd:LandBuildingsAndLeaseholdImprovementsMember 2025-12-31 0001437107 srt:MaximumMember wbd:LandBuildingsAndLeaseholdImprovementsMember 2025-12-31 0001437107 wbd:LandBuildingsAndLeaseholdImprovementsMember 2025-12-31 0001437107 wbd:LandBuildingsAndLeaseholdImprovementsMember 2024-12-31 0001437107 wbd:PropertyPlantAndEquipmentExcludingConstructionInProgressMember 2025-12-31 0001437107 wbd:PropertyPlantAndEquipmentExcludingConstructionInProgressMember 2024-12-31 0001437107 us-gaap:ConstructionInProgressMember 2025-12-31 0001437107 us-gaap:ConstructionInProgressMember 2024-12-31 0001437107 wbd:RanchAndBurbankStudiosLotsMember 2025-01-01 2025-12-31 0001437107 wbd:RanchAndBurbankStudiosLotsMember 2024-01-01 2024-12-31 0001437107 wbd:RanchAndBurbankStudiosLotsMember 2023-01-01 2023-12-31 0001437107 wbd:JCOMCoLtdJCOMMember 2025-01-01 2025-12-31 0001437107 wbd:JCOMCoLtdJCOMMember 2024-01-01 2024-12-31 0001437107 wbd:JCOMCoLtdJCOMMember 2023-01-01 2023-12-31 0001437107 wbd:FuboTVInc.AndFuboTVMediaInc.Member wbd:TheWaltDisneyCompanyFoxCorporationAndWarnerBrothersDiscoveryMember 2025-01-01 2025-01-31 0001437107 2025-01-01 2025-01-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2022-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-12-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-01-01 2023-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-12-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-12-31 0001437107 us-gaap:AccumulatedTranslationAdjustmentMember 2025-12-31 0001437107 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-12-31 0001437107 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-12-31 0001437107 wbd:DiscoveryFamilyMember 2025-12-31 0001437107 wbd:DiscoveryFamilyMember 2024-12-31 0001437107 wbd:OtherNoncontrollingInterestsMember 2025-12-31 0001437107 wbd:OtherNoncontrollingInterestsMember 2024-12-31 0001437107 wbd:HasbroIncMember wbd:DiscoveryFamilyMember 2021-12-31 0001437107 wbd:MotorTrendGroupLLCJointVentureMember wbd:GoldenTreeAssetManagementLPMember 2022-12-31 0001437107 wbd:MotorTrendGroupLLCJointVentureMember 2023-12-31 0001437107 wbd:MotorTrendGroupLLCJointVentureMember 2023-01-01 2023-12-31 0001437107 wbd:DiscoveryJapanIncJVCoMember 2023-07-31 0001437107 wbd:DiscoveryJapanIncJVCoMember wbd:JCOMCoLtdJCOMMember 2023-07-31 0001437107 wbd:DiscoveryJapanIncJVCoMember 2023-08-31 0001437107 wbd:DiscoveryJapanIncJVCoMember wbd:JCOMCoLtdJCOMMember 2023-08-31 0001437107 wbd:CuttingEdgeGroupMember 2025-12-31 0001437107 wbd:CuttingEdgeGroupMember 2025-01-01 2025-12-31 0001437107 wbd:TribuneMediaCompanyMember wbd:TheFoodNetworkandCookingChannelMember 2025-12-31 0001437107 us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0001437107 us-gaap:RelatedPartyMember 2024-01-01 2024-12-31 0001437107 us-gaap:RelatedPartyMember 2023-01-01 2023-12-31 0001437107 srt:DirectorMember 2025-12-31 0001437107 srt:DirectorMember 2024-12-31 0001437107 wbd:ContentMember 2025-12-31 0001437107 us-gaap:OtherCreditDerivativesMember 2025-12-31 0001437107 wbd:OtherEmployeeObligationsMember 2025-12-31 0001437107 srt:MinimumMember us-gaap:OtherCreditDerivativesMember 2025-01-01 2025-12-31 0001437107 srt:MaximumMember us-gaap:OtherCreditDerivativesMember 2025-01-01 2025-12-31 0001437107 wbd:SixFlagsGuaranteeMember 2025-12-31 0001437107 wbd:SixFlagsGuaranteeMember 2025-01-01 2025-12-31 0001437107 wbd:PostProductionTermAdvanceObligationMember 2025-12-31 0001437107 us-gaap:CorporateNonSegmentMember 2023-01-01 2023-12-31 0001437107 us-gaap:IntersegmentEliminationMember 2025-01-01 2025-12-31 0001437107 us-gaap:IntersegmentEliminationMember 2024-01-01 2024-12-31 0001437107 us-gaap:IntersegmentEliminationMember 2023-01-01 2023-12-31 0001437107 country:US 2025-01-01 2025-12-31 0001437107 country:US 2024-01-01 2024-12-31 0001437107 country:US 2023-01-01 2023-12-31 0001437107 us-gaap:NonUsMember 2025-01-01 2025-12-31 0001437107 us-gaap:NonUsMember 2024-01-01 2024-12-31 0001437107 us-gaap:NonUsMember 2023-01-01 2023-12-31 0001437107 country:US 2025-12-31 0001437107 country:US 2024-12-31 0001437107 country:GB 2025-12-31 0001437107 country:GB 2024-12-31 0001437107 wbd:NonUSorUKMember 2025-12-31 0001437107 wbd:NonUSorUKMember 2024-12-31 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember us-gaap:SubsequentEventMember 2026-09-30 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember us-gaap:SubsequentEventMember 2026-12-31 0001437107 wbd:BridgeLoanFacilityMember srt:ScenarioForecastMember us-gaap:BridgeLoanMember us-gaap:SubsequentEventMember 2027-03-31 0001437107 srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember 2026-01-02 2026-01-02 0001437107 srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember 2026-01-02 0001437107 us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember 2026-01-05 2026-01-05 0001437107 us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember 2026-01-05 0001437107 2025-10-01 2025-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-01-01 2025-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-01-01 2024-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2022-12-31 0001437107 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-01-01 2023-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM
10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31 , 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                    
Commission File Number: 001-34177

Warner Bros. Discovery, Inc.
(Exact name of Registrant as specified in its charter)

Delaware   35-2333914
(State or other jurisdiction of
incorporation or organization)   (I.R.S. Employer
Identification No.)

230 Park Avenue South   10003
New York , New York
(Zip Code)
(Address of principal executive offices)  

( 212 )  548-5555
(Registrant’s telephone number, including area code)

 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class Trading Symbols Name of Each Exchange on Which Registered
Series A Common Stock WBD The Nasdaq Global Select Market
4.302% Senior Notes due 2030 WBDI30 The Nasdaq Global Market
4.693% Senior Notes due 2033 WBDI33 The Nasdaq Global Market

Securities registered pursuant to Section 12(g) of the Act:
None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes    ý     No   ¨
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes   ¨      No    ý
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ý     No   ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).     Yes    ý     No   ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer   ý    Accelerated filer   ☐

Non-accelerated filer   ☐    Smaller reporting company   ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No   ý
The aggregate market value of voting and non-voting common stock held by non-affiliates of the Registrant computed by reference to the last sales price of such stock, as of the last business day of the Registrant’s most recently completed second fiscal quarter, which was June 30, 2025, was approximately $ 28 billion.
Total number of shares outstanding of each class of the Registrant’s common stock as of February 12, 2026 was:
 
Series A Common Stock, par value $0.01 per share 2,479,929,515  

DOCUMENTS INCORPORATED BY REFERENCE
Certain information required in Item 10 through Item 14 of Part III of this Annual Report on Form 10-K is incorporated herein by reference to the Registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Stockholders, which shall be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended.

WARNER BROS. DISCOVERY, INC.
FORM 10-K
TABLE OF CONTENTS

  Page

PART I

ITEM 1. Business.
6

ITEM 1A. Risk Factors.
15

ITEM 1B. Unresolved Staff Comments.
32

ITEM 1C. Cybersecurity.
32

ITEM 2. Properties.
33

ITEM 3. Legal Proceedings.
35

ITEM 4. Mine Safety Disclosures.
36

PART II
37

ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
37

ITEM 6. [Reserved.]
38

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
39

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk.
59

ITEM 8. Financial Statements and Supplementary Data.
61

ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
126

ITEM 9A. Controls and Procedures.
126

ITEM 9B. Other Information.
126

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
126

PART III
127

ITEM 10. Directors, Executive Officers and Corporate Governance.
127

ITEM 11. Executive Compensation.
127

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
127

ITEM 13. Certain Relationships and Related Transactions, and Director Independence.
127

ITEM 14. Principal Accountant Fees and Services.
128

PART IV
129

ITEM 15. Exhibits and Financial Statement Schedules.
129

ITEM 16. Form 10-K Summary.
141

SIGNATURES
142

3

PART I
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business, marketing and operating strategies, integration of acquired businesses, new product and service offerings, financial prospects and anticipated sources and uses of capital. Words such as “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would,” among other terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be accomplished. The following is a list of some, but not all, of the factors that could cause actual results or events to differ materially from those anticipated:
• the completion of the proposed transaction with Paramount Skydance Corporation (“PSKY”) pursuant to which PSKY will acquire Warner Bros. Discovery, Inc. (the “Company”) (the “PSKY Merger”) on the anticipated terms and timing;
• the occurrence of any event, change or other circumstance that could give rise to the termination of the PSKY Merger, including the risk that the Company’s stockholders may not approve the PSKY Merger and the risk that the necessary regulatory approvals for the PSKY Merger may not be obtained or are obtained subject to unanticipated conditions;
• failure to satisfy in a timely manner any of the conditions to the PSKY Merger or complete the PSKY Merger in a timely or favorable manner or at all;
• the effects of the announcement, pendency or completion of the PSKY Merger on our ongoing business operations or on the market price of WBD common stock;
• unforeseen costs, execution risks, and operational challenges related to the PSKY Merger, including risks relating to disruption of management time away from ongoing business operations;
• more intense competitive pressure from existing or new competitors in the industries in which we operate;
• reduced spending on domestic and foreign television advertising, due to macroeconomic conditions, industry or consumer behavior trends or unexpected reductions in our number of subscribers;
• the imposition of tariffs, including tariffs directly or indirectly applicable to our industry, by the U.S. government and any retaliatory tariffs from foreign governments;
• uncertainties associated with product and service development and market acceptance, including the development and provision of programming for new television and telecommunications technologies, and the success of our streaming services;
• market demand for foreign first-run and existing content libraries;
• negative publicity or damage to our brands, reputation or talent;
• realizing streaming subscriber goals;
• disagreements with our distributors or other business partners;
• continued consolidation of distribution customers and production studios;
• industry trends, including the timing of, and spending on, sports programming, feature film, television and television commercial production;
• the possibility or duration of an industry-wide strike, such as the strikes of the Writers Guild of America (“WGA”) and Screen Actors Guild-American Federation of Television and Radio Artists (“SAG-AFTRA”) in 2023, player lock-outs or other job action affecting a major entertainment industry union, athletes or others involved in the development and production of our sports programming, television programming, feature films and interactive entertainment (e.g., games) who are covered by collective bargaining agreements;
• inherent uncertainties involved in the estimates and assumptions used in the preparation of financial forecasts;
• our level of debt, including the significant indebtedness incurred in connection with the acquisition of the WarnerMedia Business, and our future compliance with debt covenants;
• challenges related to obtaining or consummating financing or refinancing on favorable terms in a timely manner or at all;
• changes to our corporate or debt-specific credit ratings or outlook;
4

• changes in, or failure or inability to comply with, laws and government regulations, including, without limitation, regulations of the U.S. government and other international governments, the Federal Communications Commission and similar authorities internationally and data privacy regulations;
• adverse outcomes of legal proceedings or disputes, including those related to our acquisition of the WarnerMedia Business or the PSKY Merger, or adverse outcomes from regulatory proceedings;
• threatened or actual cyber-attacks and cybersecurity breaches;
• theft of our content and unauthorized duplication, distribution and exhibition of such content; and
• general economic and business conditions, fluctuations in foreign currency exchange rates, global events such as pandemics, natural disasters impacting the geographic areas where our businesses and operations are located, and political uncertainty or unrest in the markets in which we operate.
Forward-looking statements are subject to various risks and uncertainties which change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results.
These risks have the potential to impact the recoverability of the assets recorded on our balance sheets, including goodwill and other intangibles. Management’s expectations and assumptions, and the continued validity of any forward-looking statements we make, cannot be foreseen with certainty and are subject to change due to a broad range of factors affecting the U.S. and global economies and regulatory environments, factors specific to the Company and other factors described under Item 1A, “Risk Factors” and elsewhere in this Annual Report on Form 10-K, including under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Actual outcomes and results may differ materially from what is expressed in our forward-looking statements and from our historical financial results due to the factors discussed in this section and elsewhere in this Annual Report on Form 10-K or disclosed in our other SEC filings. These forward-looking statements and such risks, uncertainties, and other factors speak only as of the date of this Annual Report on Form 10-K, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.
Risk Factor Summary
Risks Related to the PSKY Merger
• The completion of the PSKY Merger is subject to a number of conditions, many of which are largely outside the parties’ control, and, if these conditions are not satisfied or waived, the PSKY Merger may not be completed within the expected timeframe or at all.
• Failure to complete the PSKY Merger could adversely affect our business, including in the event WBD is required to pay the Company Termination Fee and reimburse PSKY for certain amounts PSKY has paid or may pay to or on behalf of the Company in connection with the PSKY Merger.
• While the PSKY Merger is pending, we will be subject to business uncertainties and certain contractual restrictions that could adversely affect our business.
Risks Related to Our Business and Industry
• Our businesses operate in highly competitive industries and if we are unable to compete effectively, our business could suffer.
• Our advertising revenues may be adversely impacted by the changing landscape of television advertising spending and advertising market conditions.
• Changes in consumer behavior, technological innovations and distribution models may negatively affect our business.
• The success of our business depends on acceptance of our content, which may be unpredictable and volatile.
• If our streaming products fail to attract and retain subscribers, our business, financial condition and results of operations may be adversely impacted.
• Failure to renew, renewal with less favorable terms or termination of our content licenses and distribution agreements may cause a decline in our revenue.
• We rely on platforms owned by our competitors for distribution of our content.
• We invest significant resources in sports programming, and there can be no assurance that we will obtain or maintain such licenses or recoup our investment.
5

• Our businesses may be subject to labor disruption.
• We have recognized, and could continue to recognize, impairment charges related to goodwill and other intangible assets.
• Service disruptions or outages of communications satellites or other technology infrastructure, including cloud-based platforms and connectivity services, could adversely impact our business.
Risks Related to Our Financial, Capital and Corporate Structure
• The terms of the Bridge Loan Facility may restrict our current and future operations, and we may be unable to obtain permanent financing to refinance the Bridge Loan Facility.
• We have significant debt and may incur additional debt, which could adversely affect our financial health and operational flexibility, and the use of our funds could be limited by the restrictive covenants in the agreements governing our indebtedness.
• We may be unable to obtain sufficient cash to meet our financial obligations.
• Our financial forecasts require judgments and estimates that may differ materially from actual results.
• Corporate restructurings, strategic transactions and acquisitions present many risks and we may not realize the financial and strategic goals that were contemplated at the time of any transaction.
• Potential conflicts may arise from joint ventures or partnerships, which involve shared control.
• Certain provisions contained in our charter and bylaws could make it difficult for a third party to acquire us.
Risks Related to Domestic and Foreign Laws and Regulations and International Operations
• Changes in domestic and foreign laws and regulations and other risks related to international operations could adversely affect our business.
• We are subject to evolving privacy and data protection laws that could impose costly obligations and generate regulatory and litigation risk.
• Foreign exchange rate fluctuations may adversely affect our business.
• Increasing complexity of global tax policy could increase our tax liability.
General Risks
• Theft of our intellectual property and unauthorized duplication, distribution and exhibition of our intellectual property may decrease our revenue and adversely affect our business.
• Our success depends on attracting and retaining key employees and creative talent, and significant shortfalls in recruitment or retention could adversely affect our ability to compete.
• Cybersecurity risks could lead to disclosure of confidential information, service disruptions, reputational damage, legal liabilities and financial losses.
• Our business may be negatively impacted by the outcome of uncertainties related to litigation.
• Global economic conditions and other global events may adversely affect our business.
• The market price of our common stock has been, and may continue to be, highly volatile.
• Our participation in multiemployer defined benefit pension plans could subject us to liabilities.

ITEM 1. Business.
For convenience, the terms “Warner Bros. Discovery”, “WBD”, the “Company,” “we,” “us” or “our” are used in this Annual Report on Form 10-K to refer to both Warner Bros. Discovery, Inc. and collectively to Warner Bros. Discovery, Inc. and one or more of its consolidated subsidiaries, unless the context otherwise requires.
6

Industry Trends
Headwinds in the industry, such as continued pressures on linear distribution and declines in linear subscribers and continued softness in the U.S. linear advertising market, have had, and are expected to continue to have, a material impact on the operations and results of the Company, including a negative impact on the results of operations attributed to declines in linear advertising revenue. The increase of digital advertising inventory available in the marketplace has also resulted in, and is expected to continue to result in, increased competition for advertising expenditures for both traditional linear networks and ad-supported tiers in streaming services. In addition, the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments, including tariffs directly or indirectly applicable to our industry, may negatively impact our operations and results, including by leading to higher productions costs or decreased spending by advertisers whose expenditures are sensitive to such actions or to general economic conditions. We continue to closely monitor the ongoing impact of industry trends to our business; however, the full effects on our operations and results will depend on future developments, which are highly uncertain and cannot be predicted.
Description of Business
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and others.
We are home to one of the largest collections of owned content in the world with assets and intellectual property across sports, news, lifestyle, and entertainment in most languages and regions of the globe. We create some of the best-in-class content using our renowned library, beloved franchises, and acclaimed creative expertise to serve our audiences and consumers. Our asset mix strongly positions us to execute our key strategies: grow our streaming business globally, enhance our Studios segment, and manage our linear networks for the best possible success in order to create long-term value for our shareholders.
We generate revenue from fees charged to distributors that carry our network brands and programming, including cable, direct-to-home (“DTH”) satellite, telecommunication and digital service providers, as well as through direct-to-consumer (“DTC”) subscription services (distribution revenue); the sale of advertising on our networks and digital platforms (advertising revenue); the release of feature films for initial exhibition in theaters, the licensing of feature films and television programs to various television, subscription video on demand (“SVOD”) and other digital markets, distribution of feature films and television programs in the physical and digital home entertainment markets, sales of console games and mobile in-game content, sublicensing of sports rights, and licensing of intellectual property such as characters and brands (content revenue); and other sources such as studio tours and production services (other revenue).
In the first quarter of 2025, the Company renamed its DTC reportable segment to Streaming and its Networks reportable segment to Global Linear Networks.
In June 2025, the Company announced its plans to separate the Company into two publicly traded companies, Warner Bros. and Discovery Global, and in October 2025, the Company announced that the board of directors would evaluate a broad range of strategic options, including continuing to advance the separation of the Company, a transaction for the entire company or separate transactions for Warner Bros. and/or Discovery Global, as well as an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global.
Termination of Netflix Merger
In January 2026, the Company entered into an amended and restated agreement and plan of merger, by and among the Company, Netflix, Inc. (“Netflix”), Nightingale Sub, Inc., a wholly owned subsidiary of Netflix, and New Topco 25, Inc., a wholly owned subsidiary of WBD (the “Netflix Merger Agreement”), under which Netflix would have acquired the Streaming and Studios segments (subject to certain deviations) and certain other assets and liabilities, including the Company’s film and television studios, HBO Max, and HBO, following the separation and distribution of Discovery Global to the Company’s stockholders (the “Separation Transaction”).
Following the board of directors’ determination that it had received a “Company Superior Proposal,” as defined in the Netflix Merger Agreement, from PSKY and Netflix’s waiver of its right to propose revisions to the Netflix Merger Agreement, on February 27, 2026, in accordance with the terms of the Netflix Merger Agreement, the Company terminated the Netflix Merger Agreement in connection with entering into the PSKY Merger Agreement (as defined below). In connection with the termination of the Netflix Merger Agreement, PSKY, on behalf of the Company, paid Netflix a termination fee of $2.8 billion in cash (the “Netflix Termination Fee”) as required by the terms of the Netflix Merger Agreement.
7

PSKY Merger
On February 27, 2026, the Company entered into an agreement and plan of merger, by and among the Company, PSKY and Prince Sub Inc., a wholly owned subsidiary of PSKY (“Merger Sub”) (as may be amended from time to time, the “PSKY Merger Agreement”), pursuant to which and subject to the terms and conditions therein, at the effective time, Merger Sub will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY.
Upon completion of the PSKY Merger, each issued and outstanding share of WBD common stock (subject to certain exceptions) will be converted into the right to receive an amount in cash equal to $31.00, without interest, plus, if the closing date of the PSKY Merger occurs after September 30, 2026, the Ticking Consideration (the “Merger Consideration”). The “Ticking Consideration” will be an amount in cash equal to $0.00277778 multiplied by the number of calendar days elapsed after September 30, 2026 to and including the closing date (which, for the avoidance of doubt, will not exceed $0.25 per 90 calendar day period).
Concurrently with the execution of the PSKY Merger Agreement, Larry J. Ellison and an associated trust entered into a guarantee in favor of WBD to, among other things, jointly and severally guarantee certain payments by PSKY under the PSKY Merger Agreement, including $45.72 billion of the Merger Consideration, and assist WBD with the consummation of the PSKY Merger.
The completion of the PSKY Merger is subject to the receipt of required regulatory approvals, the approval of WBD shareholders and other customary closing conditions. In addition, PSKY’s obligation to consummate the PSKY Merger is subject to WBD not having completed the separation of its Streaming & Studios business from its Global Linear Networks business nor having declared or made any dividend to WBD’s stockholders to effectuate the separation. There can be no assurance that the PSKY Merger will occur in accordance with the expected plans or anticipated timeline, or at all.
The PSKY Merger Agreement contains certain customary termination rights for WBD and PSKY, including, without limitation, a right for either party to terminate if the PSKY Merger is not completed on or before March 4, 2027, subject to an extension to June 4, 2027 specified in the PSKY Merger Agreement. Termination under specified circumstances will require WBD to pay PSKY a termination fee of $3.0 billion and reimburse PSKY for (i) any payment made by PSKY, which will in no event be more than $1,528 million, in connection with WBD’s obligation to complete the Junior Lien Exchange Offer (as defined herein) by December 30, 2026 and (ii) the Netflix Termination Fee, or PSKY to pay WBD a termination fee of $7.0 billion.
Reportable Segments
There have been no changes to the Company’s reportable segments or the composition of the Company’s reportable segments as a result of these actions. Any differences in the composition of our reportable segments as a result of the previously proposed Separation Transaction have not been reflected as our chief operating decision maker (“CODM”), the Chief Executive Officer (“CEO”), has not implemented any corresponding changes to the way our business was managed through December 31, 2025.
We have included supplemental Streaming & Studios and Global Linear Networks division information and supplemental consolidating data in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K.
As of December 31, 2025, we classified our operations in three reportable segments:
• Streaming - Our Streaming segment primarily consists of our premium pay-TV and streaming services.
• Studios - Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/streaming services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.
• Global Linear Networks - Our Global Linear Networks segment primarily consists of our domestic and international television networks.
Our segment presentation aligns with our management structure and the financial information management uses to make decisions about operating matters, such as the allocation of resources and business performance assessments. Financial information for our segments and the geographical areas in which we do business is set forth in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 23 to the consolidated financial statements included in Item 8, “Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.
8

Streaming
WBD’s Streaming segment includes our streaming services, such as HBO Max and discovery+ , premium pay-TV services, such as HBO , and certain premium sports streaming products. Our streaming services are available on most mobile and connected TV devices. As of December 31, 2025, we had 131.6 million Streaming subscribers 1 . Our strong subscriber growth this year has driven increased revenue and profitability for the Streaming segment. In January 2026, HBO Max was launched in Germany and Italy, and we anticipate launching in the UK in March 2026.
HBO is one of the most respected and innovative entertainment brands in the world, serving iconic, award-winning programming through the HBO linear channels and our DTC streaming service, HBO Max. In 2025, HBO’s crime drama The Penguin earned Colin Farrell a Golden Globe Award in the category for Best Performance by a Male Actor in a Limited Series, Anthology Series, or a Motion Picture Made for Television, and the series garnered nine wins at the 77th Emmy Awards. Other Emmy standouts were Hacks and the new HBO Max series The Pitt . The Pitt concluded its freshman season with a 13-week streak of week-over-week growth – with every episode since its two-part premiere on January 9, 2025 outperforming the last. The medical drama, produced by Warner Bros. Television, received five Emmy Awards including Outstanding Drama series and is renewed for a third season. Other hit HBO series that returned to critical acclaim in 2025 included The White Lotus , The Gilded Age, and The Last of Us .
HBO Max is a streaming destination for a variety of programming including HBO Originals, Warner Bros. films, HBO Max Originals, the DC universe, the Wizarding World of Harry Potter, CNN, and programming across food, home, reality, lifestyle, and documentaries from leading brands like HGTV, Food Network, Discovery Channel, and more. Our strategy to grow our Streaming business globally delivered success in 2025 with HBO Max’s expansion hitting over 100 markets including Latin America, the Caribbean, Europe, Australia, and Asia and the addition of 14.7 million global subscribers to our Streaming products.
In 2025, our content pipeline for HBO and HBO Max included the highly anticipated returns of The White Lotus , The Last of Us , Hacks , ...And Just Like That , Peacemaker , and The Gilded Age, as well as the series premieres of It: Welcome to Derry and Task . Notable new series slated for 2026 include the Game of Thrones prequel, A Knight of the Seven Kingdoms , the dark comedy miniseries DTF St. Louis starring David Harbour and Jason Bateman, and the HBO Original comedy series Rooster , from co-showrunners and executive producers Bill Lawrence and Matt Tarses and stars Steve Carell, who also serves as executive producer. Hit series returning in 2026 include House of the Dragon , Euphoria , The Pitt, and Hacks .
discovery+ is WBD’s non-fiction, real-life subscription-based streaming service. discovery+ features a wide range of series across popular passion verticals, including lifestyle and relationships; home and food; true crime; paranormal; adventure and natural history; science, tech, and the environment; and a slate of high-quality documentaries.
HBO Max and discovery+ currently feature both ad-free and ad-lite versions in most markets.

1 Streaming subscriber - We define a “Core Streaming Subscription” as:
i. a retail subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product (defined below) for which we have recognized subscription revenue, whether directly or through a third party, from a Streaming platform;
ii. a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue from a fixed-fee arrangement with a third party and where the individual user has activated their subscription;
iii. a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis, including third-party services that host a branded environment of discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis;
iv. a retail or wholesale subscription to an independently-branded, regional product sold on a stand-alone basis that includes discovery+, HBO, HBO Max, Max, and/or a Premium Sports Product, for which we have recognized subscription revenue (as per (i) –(iii) above); and users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.
The Company defines a “Premium Sports Product” as a strategically prioritized, sports-focused product sold on a stand-alone basis and made available directly to consumers.
The current “independently-branded, regional product” referred to in (iv) above consist of TVN/Player.
Subscribers to multiple WBD Streaming products (listed above) are counted as a paid subscriber for each individual WBD streaming product subscription.
We may refer to the aggregate number of Core Streaming Subscriptions as “subscribers”.
The reported number of “subscribers” included herein and the definition of “Streaming Subscription” as used herein excludes:
i. individuals who subscribe to Streaming products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-brand, regional products (currently consisting of TVN/Player), that may be offered by us or by certain joint venture partners or affiliated parties from time to time;
ii. a limited number of international discovery+ subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time;
iii. domestic and international Cinemax subscribers, and international basic HBO subscribers; and users on free trials except for those users on free trial that convert to a Streaming Subscription within the first seven days of the next month as noted above.
Domestic subscriber - We define a Domestic subscriber as a subscription based either in the United States of America or Canada.
International subscribe r - We define an International subscriber as a subscription based outside of the United States of America or Canada.
9

For the year ended December 31, 2025, distribution, advertising, and content revenues were 87%, 9%, and 4%, respectively, of total revenues for this segment.
Studios
WBD’s Studios segment includes the Warner Bros. Motion Picture Group (“WBMPG”), DC Studios, Warner Bros. Television Group (“WBTVG”), Consumer Products, Themed Entertainment and Brand Licensing, DC Comics Publishing, Content Licensing, Home Entertainment, Studio Operations, and Interactive Gaming.
WBMPG is comprised of Warner Bros. Pictures, New Line Cinema, and Warner Bros. Pictures Animation . WBMPG partners with captivating storytellers to create filmed entertainment for a global audience.
DC Studios, tasked with developing properties licensed from DC Comics for film, television, animation, and games, continues the tradition of high-quality storytelling within the DC Universe, while building a sustainable growth business out of the iconic characters.
WBTVG consists of Warner Bros. Television, the Company’s flagship television production unit for live-action scripted programming, as well as Warner Bros. Unscripted Television , which produces unscripted and alternative programming through its four production units – Warner Horizon Unscripted Television, Telepictures , Warner Bros. International Television Production, and Shed Media . WBTVG also includes Warner Bros. Animation, Cartoon Network Studios, and Hanna-Barbera Studios Europe .
Among the Studios segment’s content highlights for 2025 were One Battle After Another, Sinners, Superman, A Minecraft Movie, and Weapons on the film side, and we were also the first studio in Hollywood’s history to open seven consecutive movies above $40 million at the domestic box office. Award-winning TV titles for 2025 include Abbott Elementary , Shrinking, and The Pitt.
Beyond its production operations, the Studios segment includes various businesses that facilitate consumer interaction with the intellectual property it creates.
WBD Global Experiences consists of the Company’s worldwide studio tours, retail destinations, touring exhibitions, and all location-based experiences inspired by Harry Potter , DC, Looney Tunes , Scooby-Doo , Game of Thrones , Friends , and more.
Global distribution of most of WBD’s content is handled by Content Sales , which provides content for viewers across streaming, cable, satellite and broadcast networks, local television stations, and airlines. Warner Bros. Home Entertainment oversees the global distribution of content through physical goods (Blu-ray Disc™ and DVD) and digital media in the form of electronic sell-through and video-on-demand via cable, satellite, online, and mobile channels.
The Studios segment also includes Warner Bros. Games , a worldwide publisher, developer, licensor, and distributor of content for the interactive space across all platforms, including console, handheld, mobile, and PC-based gaming for both internal and third-party game titles. In June 2025, Warner Bros. Games announced its new focus on four core franchises - Harry Potter, Game of Thrones, DC, and Mortal Kombat.
For the year ended December 31, 2025, content and other revenues were 93% and 7%, respectively, of total revenues for this segment.
Global Linear Networks
WBD’s Global Linear Networks segment includes general entertainment, lifestyle, and news networks in the U.S., as well as a host of international media networks and global sports networks.
General and lifestyle entertainment networks in the U.S. include TNT , TBS ,  Turner Classic Movies , OWN , HGTV , Food Network , TLC , Discovery Channel and Adult Swim , among many others.
In 2025, our portfolio of networks commanded a monthly average of over 140 million total viewers and delivered 17 of the 25 highest-rated unscripted freshman or limited series among Adults 25-54. TNT, TBS, TLC, Food Network, and CNN were five of the top ten ad-supported cable networks for the year among Adults 25-54, with TLC’s breakout hit Baylen Out Loud ranking as the #1 unscripted freshman series in prime time among Adults and Women 25-54.
CNN , a leading global news brand, launched CNN All Access in October 2025, giving audiences the ability to access a combination of on-air CNN content, news coverage, and exclusive programming directly on CNN’s apps and websites.
10

TNT Sports is a global leader in the delivery of premium sports content. The TNT Sports U.S. portfolio includes expansive, multi-platform partnerships with the College Football Playoff, The National Collegiate Athletic Association (the “NCAA”) Division I Men’s Basketball Championship, Big 12 Football and Men’s Basketball, BIG EAST Men’s and Women’s Basketball, Major League Baseball, National Hockey League, National Association for Stock Car Auto Racing (“NASCAR”), Roland-Garros, Unrivaled and the United States Soccer Federation. TNT Sports also produces the iconic Inside the NBA studio show featuring Ernie Johnson, Charles Barkley, Shaquille O’Neal, and Kenny Smith. Additionally, TNT Sports co-manages NCAA.com and NCAA March Madness Live.
In Europe, WBD’s portfolio of sports brands reaches fans and broad audiences across free-to-air TV, pay-TV, streaming, online, and social platforms. WBD Sports Europe includes consumer brands Eurosport and TNT Sports in the UK and Ireland, as well as sports programming and content on WBD’s free-to-air TV networks and streaming content on HBO Max and discovery+. WBD’s channels and platforms are home to several major sporting events, including the 2026-2032 Olympic Games in Europe; Australian Open and Roland-Garros; tennis’ Grand Slams; Grand Tour cycling; the Union Cycliste Internationale Mountain Bike World Series; British and World Superbikes; the Professional Golfers’ Association Tour year-round in some markets; the Federation Internationale de Motocyclisme (“FIM”) Enduro World Championship; The Ocean Race; the Snooker World Tour; the FIM Speedway Grand Prix, Speedway of Nations and Speedway World Cup; major World Championship and World Cup winter sports events; Premier League; the Emirates FA Cup; Adobe Women’s FA Cup; Union of European Football Associations (“UEFA”) Champions League, Europa League and Conference League; Gallagher PREM Rugby; Premiership Women’s Rugby; MotoGP; international cricket; and Ultimate Fighting Championship.
In Latin America, the TNT Sports portfolio includes live broadcasting for UEFA Champions League and UEFA Super Cup in Brazil and Mexico; Premier League, FA Challenge Cup and Community Shield in Mexico; and Campeonato Paulista in Brazil.
TNT Sports’ owned-and-operated platforms include Bleacher Report, Eurosport.com, House of Highlights , Golf Digest, and a full suite of digital and social brands.
For the year ended December 31, 2025, distribution, advertising, content, and other revenues were 55%, 36%, 7%, and 2%, respectively, of total revenues for this segment.
COMPETITION
Providing content across various distribution platforms is a highly competitive business worldwide. We experience competition for the development and acquisition of content, distribution and sale of our content, sale of advertising time on our services, and viewership.
There is competition from other content providers, including production studios, television networks, and online-based content providers for creative talent such as writers, producers and directors, as well as for the acquisition of content. Our ability to produce and acquire popular content is an important competitive factor for the distribution and monetization of our content, attracting viewers and the sale of advertising. Our success in securing popular content and creative talent depends on various factors such as the number of competitors providing content that targets the same genre and audience, the distribution of our content, viewership, and the production, marketing and advertising support we provide.
Our services compete with other television networks, including broadcast, cable and local, other streaming services and with other studios and production companies for the distribution of our content and fees charged to cable television operators, DTH satellite service providers, and other distributors that carry our content. Our ability to secure distribution agreements is necessary to ensure the retention of our audiences. Our contractual agreements with distributors are renewed or renegotiated from time to time in the ordinary course of business. Growth in the number of networks distributed, consolidation and other market conditions in the cable and satellite distribution industry, and increased popularity of other platforms may adversely affect our ability to obtain and maintain contractual terms for the distribution of our content that are as favorable as those currently in place. The ability to secure distribution agreements is dependent upon the production, acquisition and packaging of content, viewership, the marketing and advertising support and incentives provided to distributors, the product offering across a series of networks within a region, and the prices charged for carriage.
Our services also compete for the sale of advertising with other television networks, including broadcast, cable, local networks, other streaming services, other content distribution outlets (including large social media and free video distribution platforms), and new market participants for their target audiences and the sale of advertising. Our success in selling advertising is a function of the size and demographics of our audiences, quantitative and qualitative characteristics of the audience of each network, the perceived quality of the network and of the particular content, the brand appeal of the network and ratings as determined by third-party research companies, prices charged for advertising and overall advertiser demand in the marketplace.
11

Our services also compete for their target audiences with all forms of content and other media provided to viewers, including broadcast, cable and local networks, a growing number of paid and ad-supported streaming services, other digital products, online activities, and other forms of news, information and media entertainment. The composition of our competitors has evolved with the entrance of new market participants, including companies in adjacent sectors with significant financial, marketing, and other resources, greater efficiencies of scale, and fewer regulatory burdens.
INTELLECTUAL PROPERTY
We are one of the world’s leading creators, owners and distributors of intellectual property. Our intellectual property assets include copyrights in films, television programs, games, software, comic books and mobile apps; trademarks in names, logos and characters; patents or patent applications for inventions related to products and services; websites; and licenses of intellectual property rights of various kinds from third parties. We have made and will continue to make investments in developing technology platforms to support our digital products and streaming services, including HBO Max and discovery+, and consider these platforms to be intellectual property assets as well.
We are a global media and entertainment company and the protection of our content and brands is of primary importance. To protect our intellectual property assets, we rely upon a combination of copyright, trademark, patent, unfair competition, and internet/domain name statutes and laws, technological protections and contract provisions. However, there can be no assurance of the degree to which these measures will be successful. Moreover, effective intellectual property protection may be either unavailable or limited in certain foreign territories, and new legislative or regulatory initiatives could impact our operations.
We seek to limit unauthorized use of our intellectual property through a combination of approaches. However, the steps taken to prevent the infringement of our intellectual property by unauthorized third parties may not be effective. Piracy, which encompasses the theft of our signals, and the unauthorized use of our intellectual property in the digital environment, continues to present a threat to revenues from products and services based on our intellectual property. Piracy also includes the unauthorized use of our intellectual property on physical goods. We have a team dedicated to disrupting and curbing piracy and other forms of intellectual property infringement and use external vendors to detect and remove infringements, whether digital in nature or on physical goods. We also engage with intermediaries that facilitate piracy, leverage our membership in a range of industry groups, and initiate enforcement actions, including litigation, to address piracy issues. In general, policing unauthorized use of our products and services and related intellectual property is difficult and costly. Further, new technologies such as generative AI and their impact on our intellectual property rights remain uncertain, and development of the law in this area could impact our ability to protect against infringing uses or result in infringement claims against us.
Third parties may challenge the validity or scope of our intellectual property from time to time, and the success of any such challenges could result in the limitation or loss of intellectual property rights. Irrespective of their validity, such claims may also result in substantial costs and diversion of resources which could have an adverse effect on our operations.
REGULATORY MATTERS
Our businesses are subject to and affected by regulations of U.S. federal, state and local government authorities, and our international operations are subject to laws and regulations of the countries and international bodies, such as the E.U., in which we operate. Content networks, such as those owned by us, are regulated in certain limited respects by the Federal Communications Commission (“FCC”), including some regulations that only apply to content networks affiliated with a cable television operator. Other FCC regulations, although imposed on cable television operators, direct broadcast satellite (“DBS”) operators or other distributors, affect content networks indirectly. The rules, regulations, policies and procedures affecting our businesses are constantly subject to change. These descriptions are summary in nature and describe only the most significant regulations we face; they do not purport to describe all present and proposed laws and regulations affecting our businesses.
Program Access
The Communications Act (the “Act”) and the FCC’s program access rules prevent a content vendor in which a cable operator has an “attributable” ownership interest from discriminating against unaffiliated multichannel video programming distributors (“MVPDs”), such as cable and DBS operators, in the rates, terms and conditions for the sale or delivery of the vendor’s content networks, on the basis of the non-affiliation. These rules permit the unaffiliated MVPD to initiate a complaint to the FCC against the content vendor and content networks if it believes this rule has been violated.
12

Program Carriage
The Act and the FCC’s program carriage rules prohibit MVPDs from favoring their affiliated content networks over unaffiliated, similarly situated content networks in the rates, terms and conditions of their carriage agreements in a manner that unreasonably restrains the ability of the unaffiliated content network to compete fairly. These rules permit the unaffiliated content network to initiate a complaint to the FCC against the MVPD if it believes these rules have been violated, but court decisions interpreting the regulations have made it difficult for us to challenge a distributor’s decision to decline to carry one of our content networks or discriminate against one of our content networks.
“Must-Carry”/Retransmission Consent
The Act imposes “must-carry” regulations on cable systems, requiring them to carry, as part of their cable service, the signals of most local broadcast television stations in their market if they elect mandatory carriage. DBS systems are also subject to their own must-carry rules. The FCC’s implementation of “must-carry” obligations requires cable operators and DBS providers to give broadcasters preferential access to channel space and favorable channel positions. This reduces the amount of channel space that is available for carriage of our content networks by cable and DBS operators on television. The Act also gives certain broadcasters the choice of opting out of must-carry and invoking the right to retransmission consent, which refers to a broadcaster’s right to require MVPDs, such as cable and satellite operators, to obtain the broadcaster’s consent before distributing the broadcaster’s signal to the MVPDs’ subscribers, often at a substantial cost that reduces the content funds available for programmers not affiliated with broadcasters, such as us.
Accessibility, Children’s Advertising Restrictions, Emergency Alerts and CALM Act
Certain of our content networks and some of our IP-delivered video content must provide closed-captioning and audio description of some of their programming and comply with other regulations designed to make our content more accessible to persons with disabilities. The U.S. Congress, the FCC, and the U.S. Department of Justice periodically consider proposals to implement additional accessibility requirements, some of which would increase our obligations substantially. Our television programming intended primarily for children 12 years of age and under must comply with certain limits on the amount and type of permissible advertising, and certain regulations extend to our digital products when they are referenced by web address in our television programming. We may not include actual or simulated emergency alert tones or signals in our content. Commercials embedded in our networks’ television content stream also must adhere to certain standards for ensuring that those commercials are not transmitted at louder volumes than our program material. Certain states have adopted, or are contemplating adopting, similar volume standards applicable to streaming video content delivered directly to consumers.
Obscenity Restrictions
MVPDs are prohibited from transmitting obscene content, and our distribution agreements generally require us to refrain from including such content on our networks.
Regulation of Digital Products and Services
We operate and market a variety of free, advertising-based and subscription-based digital products and services, including streaming services and games, providing news, information and entertainment to consumers in the U.S. and international markets via various platforms (e.g., websites and apps). In some cases, those products and services are provided directly to consumers, and in other cases, they can be used and/or purchased through a third-party distributor, such as Xfinity or Hulu. Our digital products and services are subject to federal and state laws in the U.S. covering areas including consumer protection, data privacy and security, online safety of children and teens, advertising, competition, access by persons with disabilities and intellectual property. Further, the scope of regulation applicable to us may differ depending on how our digital products and services are used and/or purchased. See also “Risk Factors—Risks Related to Domestic and Foreign Laws and Regulations; Other Risks Related to International Operations.”
Intellectual Property Laws and Regulations
Our intellectual property assets are discussed under “Business – Intellectual Property” above. Our content, whether distributed over broadcast, cable, DBS, wireless, or internet-based services, or through other means, is protected under intellectual property law, including copyright, trademark, patent, unfair competition, and internet/domain name statutes and laws and license agreements. Changes to these laws and regulations, including changes to the law surrounding the use of new technology such as AI, could either strengthen or weaken our ability to license and protect our content and combat its theft or misuse.
13

Foreign Laws and Regulations
The foreign jurisdictions in which our products and services are offered have, in varying degrees, laws and regulations governing our businesses, including relating to the production, marketing, monetization and distribution of content. By way of example, our digital offerings available to consumers in international jurisdictions are subject to laws and regulations relating to, without limitation, consumer protection, data privacy and security, advertising, access by persons with disabilities, competition, intellectual property, and content limitations. For example, the European Union’s General Data Protection Regulations may impose data security and security breach obligations on our digital products and streaming services in the European Union.
Similar to the U.S., new laws and regulations in international jurisdictions may be adopted with respect to our intellectual property, products and services. In particular, we face increased efforts in international jurisdictions to regulate streaming services, which may constrain our offerings. Further, international laws and regulations around intellectual property could limit our ability to license and protect our content, as well as impose additional burdens on our business.
HUMAN CAPITAL
As of December 31, 2025, we had approximately 35,500 employees, including full-time and part-time employees of our wholly-owned subsidiaries and consolidated ventures, with 48% located in the U.S. and 52% located outside of the U.S.
We are a talent-driven business, aiming to attract, develop, and motivate top talent throughout our company. To support these objectives, our people and culture programs are designed to provide competitive, locally-relevant benefits, performance-based pay, and nonfinancial support and incentives. We also strive to enhance our culture through efforts aimed at making our workplace engaging and inclusive, and to develop our talent to prepare them for critical roles and leadership positions for the future. We also provide opportunities for our employees to make an impact in their communities through social good initiatives around the world.
Some examples of our people and culture programs and initiatives are described below.
Compensation
Our compensation philosophy is to pay for performance, encourage excellence and reward employees who innovate and deliver high-quality results. Our compensation programs are designed to implement our compensation philosophy by:
• paying competitively, across salary grades and geographies;
• applying compensation policies in an internally consistent manner; and
• incentivizing our employees to deliver both quantitative and qualitative results on our short- and long-term objectives.
Benefits
We provide an array of benefits and programs that support our employees in their personal and professional lives. Highlights include:
• local medical, dental, and vision plans in many countries around the world to support our employees with access to health care, supplementing any state-provided health care;
• on-site wellness centers in our New York, Los Angeles, Atlanta, and Chiswick (London) offices and fully-equipped fitness centers in our New York, Los Angeles and Atlanta offices;
• family support programs, including on-site childcare in certain offices, childcare locator services, back-up childcare, maternity/paternity leave, adoption assistance and elder care;
• tools and resources to support the mental wellbeing of our employees and their families, including mental health counselors in our on-site wellness centers and a confidential, dedicated line for employees to contact and speak with a counselor in the event they need mental health support;
• products and services to support employees’ financial wellbeing, including life, accident, and disability insurance plans, discount benefits, financial planning tools, a 401(k) savings plan in the U.S. and retirement/pension plans in over 20 countries, with competitive contributions from the Company for employees at all levels; and
14

• offering an employee stock purchase plan (the “ESPP”), which allows certain employees globally (where legislation permits) an opportunity to buy WBD Series A common stock (“WBD common stock”) at a discounted price through convenient after-tax payroll deductions with no commission charges. Enrollment in the ESPP has been suspended for 2026.
Learning and Development
Our Global Learning & Development (“L&D”) team provides learning opportunities for employees around the world. The L&D team uses a variety of delivery methods suitable to the content and audience, including live in-person sessions, virtual workshops, webinars, and asynchronous online learning through our global learning management platform. The L&D team also provides tuition reimbursement for eligible courses.
AVAILABLE INFORMATION
All of our filings with the U.S. Securities and Exchange Commission (the “SEC”), including reports on Form 10-K, Form 10-Q, and Form 8-K, and all amendments to such filings are available free of charge at the investor relations section of our website, ir.wbd.com, as soon as reasonably practicable after such material is filed with, or furnished to, the SEC. Our annual report, corporate governance guidelines, code of business ethics, audit committee charter, compensation committee charter, and nominating and corporate governance committee charter are also available on our website. In addition, we will provide a printed copy of any of these documents, free of charge, upon written request to: Investor Relations, Warner Bros. Discovery, Inc., 230 Park Avenue South, New York, NY 10003. Additionally, the SEC maintains a website at www.sec.gov that contains quarterly, annual and current reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including the Company.
We also routinely post on our website news releases, announcements and other statements about our business and results of operations, some of which may contain information that may be deemed to be material to investors. Therefore, we encourage investors to monitor our website and review the information we post there. The information contained on our website is not part of this Annual Report on Form 10-K and is not incorporated by reference herein.

ITEM 1A. Risk Factors.
Investing in our securities involves risk. In addition to the other information contained in this Annual Report on Form 10-K, you should consider the following risk factors before investing in our securities. Additional risks and uncertainties not presently known to us or that we currently believe not to be material may also adversely impact our business, results of operations, financial position and cash flows.
Risks Related to the PSKY Merger
The completion of the PSKY Merger is subject to a number of conditions, many of which are largely outside the parties’ control, and, if these conditions are not satisfied or waived, the PSKY Merger may not be completed within the expected timeframe or at all.
On February 27, 2026, WBD entered into the PSKY Merger Agreement, pursuant to which, at the effective time of the PSKY Merger, a wholly owned subsidiary of PSKY will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY. The completion of the PSKY Merger is subject to the satisfaction or waiver of certain customary conditions, including, among others, (i) the adoption of the PSKY Merger Agreement by the affirmative vote of the holders of a majority of the outstanding shares of our common stock entitled to vote on such matter, (ii) the expiration or receipt of any applicable mandatory waiting period, clearance or affirmative approval of any governmental body, agency or authority contemplated by the PSKY Merger Agreement, (iii) the absence of any enacted, issued or promulgated law or governmental order that is in effect and that restrains, enjoins or otherwise prohibits the consummation of the PSKY Merger, (iv) the absence of a Company Material Adverse Effect as defined in the PSKY Merger Agreement and (v) WBD not having completed the separation of its Streaming & Studios business from its Global Linear Networks business nor having declared or made any dividend to WBD’s stockholders to effectuate such separation.
15

There can be no assurance that the conditions to completion of the PSKY Merger, including the receipt of required regulatory approvals, will be satisfied or waived on a timely basis or at all. Further, there can be no assurance that governmental authorities will not impose conditions, terms, obligations or restrictions and that such conditions, terms, obligations or restrictions will not have the effect of delaying or preventing consummation of the PSKY Merger. If WBD is required to divest assets or businesses, there can be no assurance that we will be able to negotiate such divestitures expeditiously or on favorable terms or that the governmental authorities will approve the terms of such divestitures. In addition, we can provide no assurance that these conditions, terms, obligations or restrictions will not result in the abandonment of the PSKY Merger. If the conditions to completion of the PSKY Merger are not satisfied or waived, we may be unable to complete the PSKY Merger in the timeframe or manner currently anticipated or at all.
Failure to complete the PSKY Merger could adversely affect our business, results of operations and financial condition, including in the event WBD is required to pay the Company Termination Fee and reimburse PSKY for certain payments.
Either WBD or PSKY may terminate the PSKY Merger Agreement if the PSKY Merger has not been consummated by March 4, 2027, subject to an extension to June 4, 2027 specified in the PSKY Merger Agreement. If the PSKY Merger is not completed within the expected timeframe or at all, the ongoing business of WBD could be adversely affected and will be subject to certain risks, including, among others, the following: (i) the market price of our common stock (which may reflect a market assumption that the PSKY Merger will be completed) may decline, (ii) WBD will have incurred, and may continue to incur, significant expenses for professional services and other transaction costs in connection with the PSKY Merger for which we will have received little or no benefit if the PSKY Merger is not completed and (iii) failure to complete the PSKY Merger may result in negative publicity or result in a negative impression of WBD in the investment community and with customers and other stakeholders.
Further, pursuant to the PSKY Merger Agreement, we are subject to certain restrictions on the conduct of our business prior to the closing of the PSKY Merger that restrict us from taking certain or omitting to take certain actions without PSKY’s prior written consent (not to be unreasonably withheld, conditioned or delayed), which may adversely affect our ability to execute certain of our business strategies. If the PSKY Merger is not completed, these risks could materially affect the business and financial results of WBD and the price of our common stock, including to the extent that the current market price of our common stock is positively affected by a market assumption that the PSKY Merger will be completed.
In addition, if the PSKY Merger is terminated, in certain circumstances, we could be required to pay to PSKY a termination fee of $3.0 billion (the “Company Termination Fee”) and reimburse PSKY for (i) any payment made by PSKY, which will in no event be more than $1,528 million, in connection with WBD’s obligation to complete the Junior Lien Exchange Offer by December 30, 2026 and (ii) the Netflix Termination Fee (the “PSKY Reimbursements”). In such circumstances, we may be required to use available cash that would have otherwise been available for general corporate purposes or other uses, which may materially and adversely affect our business, results of operations and financial condition.
While the PSKY Merger is pending, we will be subject to business uncertainties and certain contractual restrictions that could adversely affect our business, results of operations and financial condition.
We have expended, and continue to expend, significant management time and resources in an effort to complete a strategic transaction, including the PSKY Merger, which may have a negative impact on our ongoing business and operations. Uncertainty regarding the outcome of the PSKY Merger and our future could disrupt our business relationships with our existing and potential customers, suppliers, distributors, advertisers, content providers, vendors and other business partners, who may attempt to negotiate changes to existing business relationships or consider entering into business relationships with parties other than us. Uncertainty regarding the outcome of the PSKY Merger and related transactions could also adversely affect our ability to recruit and retain key personnel and other employees.
In addition, due to certain restrictions in the PSKY Merger Agreement on the conduct of our business prior to completing the PSKY Merger, we may be unable (without PSKY’s prior written consent, not to be unreasonably withheld, conditioned or delayed), during the pendency of the PSKY Merger, to pursue strategic transactions, undertake certain significant financing transactions and otherwise pursue other actions, even if such actions would prove beneficial, and such restrictions may cause WBD to forego certain opportunities we might otherwise pursue. Further, the PSKY Merger Agreement contains provisions, including the “no shop” provisions, the Company Termination Fee and the PSKY Reimbursements, that could discourage a potential competing acquiror of WBD from making a competing proposal more favorable to us than the PSKY Merger.
Further, litigation may be filed against the board of directors in connection with the PSKY Merger, including putative stockholder complaints or stockholder class action complaints. Such litigation, the outcome of which is uncertain, could divert the attention of WBD management and employees from its day-to-day business, otherwise adversely affect WBD’s business, results of operations and financial condition, result in material adverse judgments or settlements and delay or prevent the completion of the PSKY Merger.
16

The occurrence of any of these events, individually or in combination, could have a material and adverse effect on our business, results of operations and financial condition.
Risks Related to Our Business and Industry
Our businesses operate in highly competitive industries and if we are unable to compete effectively, our business, financial condition and results of operations could suffer.
We operate in highly competitive global media and entertainment industries in which we compete for viewers, distribution, and advertising spend. See the discussion under “Business – Competition” that appears above. We face increased competitive pressure for talent, content, audiences, subscribers, advertising spending and production infrastructure. We compete with a broad range of companies engaged in media, entertainment, communications and technology services, some of whom have interests in multiple media and entertainment businesses that are often vertically integrated, all vying for consumer time, attention and discretionary spending. In addition, the composition of our competitors has evolved with the entrance of new market participants, including companies in adjacent sectors with significant financial, marketing and other resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing. Such competitors could also have preferential access to important technologies, customer data or other competitive information. Our competitors may also consolidate or enter into business combinations or alliances that strengthen their competitive positions. These increased competitive pressures have resulted in, and could continue to result in, increased costs, including with respect to talent and intellectual property rights.
Our ability to compete successfully depends on a number of factors, including our ability to consistently acquire and produce high quality content and our ability to identify and successfully execute strategies and partnerships to distribute our content and attract viewers and subscribers amidst a rapidly evolving competitive landscape. In addition, new technology, including generative artificial intelligence (“AI”), is evolving rapidly and becoming more prevalent in business operations and content generation, and our ability to compete could be adversely affected if our competitors gain an advantage by using such technologies. Piracy could also adversely affect our business, as the unauthorized distribution of copyrighted material is a threat to copyright owners’ ability to maintain the exclusive control over their copyrighted material and thus the value of their property. There can be no assurance that we will be able to compete successfully in the future against existing or new competitors, or that competition in the marketplace will not have an adverse effect on our business, financial condition or results of operations.
Our advertising revenues have been, and may continue to be, adversely impacted by several factors, including the changing landscape of television advertising spending and advertising market conditions.
We derive substantial revenues from the sale of advertising, and a continuing decline in advertising revenues could have a material adverse effect on our business, financial condition or results of operations.
Shifting consumer preferences toward streaming services and other digital products and the increasing number of entertainment choices has intensified audience fragmentation and reduced content viewership through traditional linear distribution models. This has changed the landscape of traditional television advertising spending, prompting advertisers to shift their strategies, and ultimately advertising spend, toward streaming services and other digital products to reach target audiences. In addition, a number of other streaming services with larger subscriber bases and greater household penetration offer ad-supported tiers. The increase of digital advertising available in the marketplace, due to both the introduction of ad-supported tiers in competing streaming services and the expansion of free ad-supported television (“FAST”) products, has increased, and is expected to continue to increase, the competition we face for advertising expenditures for both our traditional linear networks and the ad-supported tiers in our streaming services, and has also limited our ability to demand higher rates for our linear and digital advertising inventory or even the same rates that we previously charged for our advertising inventory prior to the surge in digital advertising. There can be no assurance that we can successfully navigate the evolving streaming and digital advertising market or that the advertising revenues we generate in that market will replace the declines in advertising revenues generated from our traditional linear business.
The advertising market is also evolving and sensitive to general economic conditions, consumer buying patterns, advertising agency influences (such as how those advertising agencies manage their clients’ marketing budgets and negotiate for our advertising inventory), and developments in AI technology. Financial instability or a general decline in economic conditions in the U.S. and other countries where our content is distributed could adversely affect the spending priorities of our advertising partners who might reduce their spending, which could result in a decrease in advertising rates and volume and in our overall advertising revenues. Natural and other disasters, pandemics, acts of terrorism, political uncertainty or hostilities could also lead to a reduction in domestic and international advertising expenditures, which could also have an adverse effect on our advertising revenues. The use of AI tools in advertising technology is also becoming more prevalent. If our competitors are able to adopt the use of these tools more rapidly than us, potential advertisers may prefer to advertise with them, which could lead to declines in our advertising revenue.
17

Our advertising revenues are also dependent on our ability to measure viewership and audience engagement across all platforms and in all geographic regions. Although audience measurement systems have evolved and improved to capture the viewership of programming across multiple platforms, they still do not fully capture all viewership across streaming and other digital platforms and advertisers may not be willing to pay advertising rates based on the viewership that is not being measured. In certain geographic regions, our ability to fully capture viewership information may be limited by local laws and regulations.
As further discussed in other parts of this Item 1A. Risk Factors, our ability to generate advertising revenue is also dependent on our ability to compete in highly competitive, rapidly evolving industries, our ability to respond to changes in consumer behavior and our ability to consistently achieve audience acceptance of our content and brands.
Changes in consumer behavior, as well as evolving technologies and distribution models, may negatively affect our business, financial condition or results of operations.
Our success depends on our ability to anticipate and adapt to changes in consumer behavior and shifting content consumption patterns. The ways in which viewers consume content, and technology and distribution models in the media and entertainment industries, continue to evolve. New distribution platforms, as well as increased competition from new entrants and emerging technologies and the availability of alternative forms of entertainment (including user-generated content), have added to the complexity of maintaining predictable revenues. Technological advancements have empowered consumers to seek more control over how they consume content and have affected the options available to advertisers for reaching target audiences. This trend has impacted certain traditional distribution models, as demonstrated by industry-wide declines in cable ratings, declines in subscribers to the traditional cable bundle, the development of alternative distribution platforms for content, and reduced theatergoing.
Declines in linear television viewership are expected to continue and possibly accelerate, which could adversely affect our advertising and distribution revenues. In order to respond to this decline, changing consumer behavior, increasing preferences to consume content on demand, and changes in content distribution models in the media and entertainment industries, we have invested in, developed and launched streaming services including HBO Max and discovery+. We have incurred and will likely continue to incur significant costs to develop and market our streaming services, including costs related to international expansion, technological enhancements, production of original content and subscriber acquisition. There can be no assurance, however, that consumers and advertisers will embrace our offerings, that subscribers will activate or renew a subscription, particularly given the significant number of streaming services in the marketplace, or that our streaming business or other strategies we implement will be as successful or as profitable as our traditional linear television business.
The film industry has also been impacted by shifting consumer preferences and technological innovation, including, among other things, consumer preferences for viewing movies at home, a vast library of which is available to them through one or more streaming subscriptions, and shorter theatrical release windows. As a response to changing consumer preferences, film studios such as ours can seek to invest in creating compelling films and seek to promote events in connection with feature films in order to enhance the consumer’s movie theater experience. If the film industry (of which we are a part) and exhibitors are unable to successfully create and market “event” films and ultimately evolve and enhance the movie theater experience in response to shifting consumer preferences, the profitability, financial condition and results of operations of our studios business may be negatively impacted.
Each distribution model has different risks and economic consequences for us, and the rapid evolution of consumer preferences may have an economic impact that is not ultimately predictable. Further, technology in the media and entertainment industries continues to evolve rapidly. For example, AI is a new technology for which the advantages and risks associated with its use in our industry are currently largely uncertain and unregulated. Technology such as AI may be used in ways that increase access to publicly available free or relatively inexpensive content that could reduce demand for our content, products and streaming services. Regulations governing new technological developments, such as AI, remain unsettled, and these developments could affect aspects of our business model, including revenue streams for the use of our intellectual property and how we create and distribute our content. If we are not able to access our targeted audience with appealing category-specific content and adapt to new technologies, distribution methods, platforms and business models, we may experience a decline in viewership and ultimately a decline in the demand for our content, which could lead to lower content licensing, distribution, and advertising revenues, materially and adversely affecting our business, financial condition and results of operations.
18

The success of our business depends on the acceptance of our content and brands by our U.S. and international viewers, which may be unpredictable and volatile.
The production and distribution of television programs, feature films, sports and news content are inherently risky businesses because the revenue we derive and our ability to distribute our content depend primarily on consumer tastes and preferences that often change in unpredictable ways. The appeal, success and performance of our content with consumers, as well as with third-party licensees and other distribution partners, are critical factors that can affect the revenue that we receive with respect to our content-related business. Our success depends on our ability to consistently create and acquire content that meets the changing preferences of viewers in general, in special interest groups, in specific demographic categories and in various international marketplaces. For example, generally, feature films that perform well upon initial release also have commercial success in subsequent distribution channels. Therefore, the underperformance of a feature film, especially an “event” film, i.e. one produced at higher cost and intended to reach a wider audience, upon its theatrical release can result in lower-than-expected revenues for our business which could limit our ability to create future content. We are required to make substantial investments in the production or acquisition and marketing of our television programs, feature films, sports and news content before we learn whether such content will reach anticipated levels of popularity with consumers. Failing to gain the level of audience acceptance we expect for our content may negatively impact our business, financial condition and results of operations.
The commercial success of our content also depends upon the quality and acceptance of competing content available in the applicable marketplace. For example, as some foreign film and filmmaking industries grow and the availability of popular local content rises, the demand from foreign audiences for American films may decrease, which could negatively impact our revenue. Other factors, including the availability of alternative forms of entertainment and leisure time activities, piracy, our ability to develop strong brand awareness and general economic conditions and their effects on consumer spending may also affect the audience demand for our content.
In addition, to the extent our content is perceived as low quality, offensive or otherwise not compelling to viewers, our business could be adversely affected. We could also face boycotts by viewers, which could adversely affect our business, financial condition and results of operations. Furthermore, to the extent our marketing, customer service and public relations efforts are not effective or result in negative reaction, the acceptance of our content could likewise be adversely affected. Reduced public acceptance of our television programs, feature films, sports and news content or negative publicity regarding individuals or operations associated with our content or brands may decrease our audience share and customer/viewer reach and adversely affect our business, financial condition and results of operations.
If our streaming products fail to attract and retain subscribers, our business, financial condition and results of operations may be adversely impacted.
Our HBO Max and discovery+ offerings are subscription-based streaming services and are among many such services in a crowded and highly competitive landscape. Their success and the success of other subscription-based streaming services we may offer in the future will be largely dependent on our ability to initially attract, and ultimately retain, subscribers. If we are unable to effectively market our streaming products or if consumers do not perceive the pricing and related features of our streaming products to be of value versus our competitors, we may not be able to attract and retain subscribers.
Further, decreases in consumer discretionary spending in the markets where our streaming products are offered may reduce our ability to attract and retain subscribers to our services, which could have a negative impact on our business. Relatedly, a decrease in viewing subscribers on our advertising-supported streaming products could also have a negative impact on the rates we are able to charge advertisers for advertising-supported services. The ability to attract and retain subscribers will also depend in part on our ability to provide compelling content choices that are differentiated from that of our competitors and that are more attractive than other sources of entertainment that consumers could choose in their free time. Furthermore, our ability to provide a quality subscriber experience and our relative service levels, may also impact our ability to attract and retain subscribers. In addition, from time to time, we have entered into, and may enter into, partnerships to offer our streaming services as part of a bundle with other streaming services, which may not lead to the anticipated financial benefit or growth in subscribers. Even if such bundling partnerships are successful, if we are unable to maintain existing or create new bundling partnerships, our ability to retain subscribers and grow our business could be adversely impacted.
If existing subscribers, including those who receive subscriptions through wireless, broadband, or streaming bundling arrangements with third parties or through wholesale arrangements with MVPDs, cancel or discontinue their subscriptions for any reason, including as a result of selecting an alternative wireless or broadband plan that does not bundle our products, canceling or discontinuing their MVPD subscription, or due to the availability of competing offerings that are perceived to offer greater value compared to our streaming products, our business may be adversely affected. We would need to add new subscribers both to replace subscribers who cancel or discontinue their subscriptions and to grow our business. If we are unable to attract and retain subscribers and offset the losses of subscribers who cancel or discontinue their subscriptions to our streaming products, our business, financial condition and results of operations could be adversely affected.
19

Failure to renew, renewal with less favorable terms, or termination of our content licenses and similar distribution agreements may cause a decline in our revenue.
Because our content and pay-TV networks are licensed to and distributed through third parties, such as traditional television and pay-TV broadcasters (such as cable and satellite operators) and operators of digital platforms, which in turn make such content available, directly and indirectly, to consumers, we are dependent upon the maintenance of these licensing and distribution agreements with such third parties. These agreements generally provide for the scope of licensed rights, including geographic territory, exploitation rights, holdbacks and/or other restrictions, including exclusivity or non-exclusivity, window(s) of exploitation (including first and second pay-TV and free to air broadcast), for the level of carriage our networks will receive, such as channel placement and programming package inclusion (widely distributed, broader programming packages compared to lesser distributed, specialized programming packages), and for payment of a license fee to us based on a number of factors, including the scope of the rights granted, the popularity of the content (as measured in the case of films, for example, by box office performance for certain downstream exploitation) and the date of its first theatrical or pay-TV exhibition.
Our agreements generally have a limited term which varies by territory and distributor, and there can be no assurance that these agreements will be renewed in the future or that they will be renewed on terms that are favorable to us. Whether or not a distributor is willing to renew an agreement on terms that are favorable to us may be dependent upon our decision to make our content available on both our linear networks and our streaming platforms. Failure to renew an agreement prior to its expiration could lead to service blackout, which could in turn affect both our revenues and our reputation with viewers.
While the number of subscribers associated with our networks impacts our ability to generate advertising revenue (as further described elsewhere in this Item 1A. Risk Factors), subscription-based revenue also represents a significant portion of our revenue. The license fees and other commercial terms that we receive are dependent on, among other factors, the acceptance and performance of our content with consumers. A reduction in the license fees that we receive or in the number of subscribers for which we are paid, including as a result of a loss or reduction in carriage for our networks or a reduction in distributor penetration, or as a result of changes in consumer habits, could adversely affect our distribution revenue. Such a loss or reduction in carriage could also decrease the potential audience for our programs thereby adversely affecting our advertising revenue. Changes in distribution strategy and variations on traditional theatrical distribution and other licensing models, such as shortening traditional windows, may also drive changes in the license fees that distributors and other downstream licensees in the value chain may be willing to pay for content, which may in turn negatively affect our revenue. As a result of industry consolidation, our distributors have become and may continue to become larger, and as a result have gained or could gain additional market power. Such consolidation gives these distributors leverage in negotiating their distribution agreements with us which could subject our affiliate fee revenue to reduction or discounts, which could have an adverse effect on our financial condition.
In addition, content distribution and license agreements are complex and individually negotiated. For example, some of our distribution agreements contain “most favored nation” clauses, which typically provide that if we enter into an agreement with another distributor which contains certain more favorable terms, we must offer some of those terms to our existing distributors. If we were to disagree with one of the counterparties on the interpretation of a content distribution and license agreement, it could damage our relationship with that counterparty as well as materially adversely impact our business, financial condition and results of operations.
We rely on platforms owned by our competitors for digital and linear distribution of our content.
We rely on platforms owned by third parties, some of which compete directly with us or have investments in competing streaming services, to make our content available to our subscribers and viewers. If these third parties do not continue to provide access to our service on their platforms or are unwilling to do so on terms acceptable to us, our business could be adversely affected. If we are not successful in maintaining existing or creating new relationships with these third parties, our ability to retain subscribers and grow our business could be adversely impacted.
20

We invest significant resources to acquire and maintain licenses to produce sports programming, and there can be no assurance that we will continue to be successful in our efforts to obtain or maintain licenses to recurring sports events or recoup our investment when the content is distributed.
We face significant competition to acquire and maintain licenses to sports programming, which leads to significant expenditure of funds and resources. As a result of an increasing number of market entrants in the programming space, we have seen upward pressure on programming costs in recent years, particularly in connection with the licensing and acquisition of sports content from third parties. We may also be impacted by such upward pressures driven by increasing investment in programming by competitors. In certain international markets, regulations concerning content quotas or content investment requirements may be a further factor driving increasing programming costs. In addition, businesses, including ours, that offer multiple services or that may be vertically integrated and offer both video distribution and programming content, may face closer regulatory review from the competition authorities in the countries in which we currently have operations. If our distributors have to pay higher rates to other holders of sports broadcasting rights, it might be difficult for us to negotiate higher rates for the distribution of our networks. This difficulty could be amplified if we are unable to obtain or maintain licenses for sports programming that we can bundle with our other programming for distribution. There can be no assurance that we will be able to compete successfully in the future against existing or new competitors to obtain and/or maintain licenses to recurring sports events. For example, in 2024, the Company was engaged in a legal dispute, which has since been settled, with the NBA regarding our license to distribute NBA games and NBA-related content. If our licenses to recurring sports events are not renewed, such nonrenewal could limit our ability to negotiate higher rates for the distribution of our networks. Increasing competition for programming licenses and regulatory review from competition authorities could have a material adverse effect on our business, financial condition or results of operations.
There can also be no assurance that we will recoup our investment in sports programming or that revenue from our content distribution agreements will exceed our costs for the rights for sports programming, as well as the other costs of producing and distributing the programming. The value of programming licenses may be negatively affected by factors outside of our control, such as league agreements and decisions to alter the number, frequency and timing of regular and post-season games played during a season, which could affect the value of our sports rights. The impact of these licenses on our results of operations and cash flows over the term of the licenses depends on a number of factors, including the strength of advertising markets, subscription levels, rates for programming and the timing and amount of our rights payments. Our success with sports programming is highly dependent on consumer acceptance of this content and the size of our viewing audience. If viewers do not find our sports programming content acceptable, we could see low viewership, which could lead to low distribution and advertising revenues and adversely affect our business, financial condition and results of operations.
Our businesses have been, and in the future may be, subject to labor disruption.
We and some of our suppliers and business partners retain the services of writers, directors, actors, announcers, athletes, technicians, trade employees and others involved in the development and production of our television programs, feature films and interactive entertainment (e.g., games) who are covered by collective bargaining agreements. If negotiations to renew expiring collective bargaining agreements are not successful or become unproductive, the affected unions could take, and have taken, actions such as strikes, work slowdowns or work stoppages. Strikes, work slowdowns, work stoppages, or the possibility of such actions, including the 2023 WGA and SAG-AFTRA strikes and potential future strikes by other unions involved in development and production, have resulted in, and could in the future result in, delays in the production of, or the release of, our television programs, feature films, and interactive entertainment. For example, the 2023 WGA and SAG-AFTRA strikes caused delays in the production of our television programs and feature films and in the release of certain programming, which impacted our business even after the strikes were ultimately resolved.
If the media and entertainment industries experience prolonged strikes, work slowdowns or work stoppages, we may be unable to produce, distribute or license programming, feature films, and interactive entertainment, which could result in reduced revenue and have a material adverse effect on our business, financial condition and results of operations. For example, the 2023 WGA and SAG-AFTRA strikes had a material impact on the operations and results of the Company. See the discussion under “Business – Industry Trends” that appears above. In addition, the pausing and restarting of certain productions resulted in incremental costs, delayed the completion and release of some of our content (films, television programs, and licensed programs) and could cause an impairment of our investment in film, television programs, or licensed program rights if the incremental costs are significant or we are unable to efficiently complete the production of the film, television show or program or decide to abandon the production.
21

We may also enter into new collective bargaining agreements or renew collective bargaining agreements on less favorable terms and incur higher costs as a result of prolonged strikes, work slowdowns, or work stoppages. Many of the collective bargaining agreements that cover individuals providing services to the Company are industry-wide agreements, and we may lack practical control over the negotiations and terms of these agreements. Union or labor disputes or player lock-outs relating to certain professional sports leagues may preclude us from producing and telecasting scheduled games or events and could negatively impact our promotional and marketing opportunities. Depending on their duration, union or labor disputes or player lock-outs could have a material adverse effect on our business, financial condition and results of operations.
We have recognized, and could continue to recognize, impairment charges related to goodwill and other intangible assets.
We have a significant amount of goodwill and other intangible assets on our consolidated balance sheets. In accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), management periodically assesses these assets to determine if they are impaired. (See Note 2 to the accompanying consolidated financial statements.) The occurrence of certain events or circumstances has resulted in, and could continue to result in, a downward revision in the estimated fair value of a reporting unit or intangible assets. For example, continued negative industry or economic trends, including the decline of traditional linear television viewership and linear ad revenues, declining levels of global GDP growth and soft advertising markets in the U.S., disruptions to our business, inability to effectively integrate acquired businesses, execution risk associated with anticipated growth in our streaming products, underperformance of our content, failure to renew content licenses and distribution agreements, including affiliate and sports rights renewals, unexpected significant changes or planned changes in use of the assets, including in connection with restructuring initiatives, divestitures and continued decline in our market capitalization could negatively affect our estimates of the fair value of our reporting units. When events or changes in circumstances such as this occur, we have needed to, and may in the future need to, write down the value of our goodwill and other intangible assets. If we determine that our estimate of the fair value of a reporting unit is below the recorded value of that unit on our balance sheet, we may record a non-cash impairment loss for the goodwill. For example, in 2024, we determined that our estimate of the fair value of our Global Linear Networks reporting unit was below its recorded value on our balance sheet and we recorded a $9.1 billion pre-tax, non-cash impairment of goodwill. Any charges relating to the impairment of our goodwill and other intangible assets could materially adversely affect our results of operations in the periods recognized.
We consider all current information when determining the need for, or calculating, any impairment loss. However, future changes in events or circumstances, such as a continuation or worsening of the current negative industry and economic trends and the other events and circumstances described above, could result in decreases in the fair value of our goodwill and other intangible assets and require us to record additional impairment losses that could materially adversely affect our results of operations in the periods recognized.
Service disruptions or outages affecting communications satellites or other externally managed critical technology infrastructure, including cloud-based platforms and connectivity services we rely upon, could adversely impact our business, financial condition and results of operations.
We rely on communications satellites, cloud service providers, and other third-party infrastructure and service providers to support the transmission, storage, processing, and delivery of our content and to operate key aspects of our business. We also rely on communications satellites, transmitter facilities, and other technical infrastructure, including fiber and other connectivity services, to transmit programming to affiliates and other distributors. Shutdowns, outages, or other service disruptions affecting communications satellites, cloud-based platforms, transmitter facilities, or related infrastructure will pose significant risks to our operations.
Such disruptions could be caused by power outages, fires, natural disasters, extreme weather, terrorist attacks, war, failures or impairments of communications satellites or cloud-based platforms, failures of on-ground uplinks or downlinks, connectivity interruptions, employee misconduct, third-party interference, failure of service providers to meet contractual requirements, or other similar events. If a communications satellite, cloud-based platform, or other transmission or hosting means (e.g., fiber or other connectivity services) is not able to support our operations, or if any material component thereof fails or becomes inoperable, we may not be able to secure a timely alternative due to, among other factors, the limited number of available service providers and the potential need for additional lead time, technical resources, or infrastructure to implement alternatives. Any such disruption could impair the delivery of our programming or services, harm our reputation, and materially adversely affect our business, financial condition, and results of operations.
22

Risks Related to Our Financial, Capital and Corporate Structure
The terms of the Bridge Loan Facility may restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.
In June 2025, we and DGH, a wholly-owned subsidiary of the Company, entered into the Bridge Loan Facility with respect to an 18-month $17 billion term loan, and in February 2026, the Bridge Loan Facility was extended. The Bridge Loan Facility contains a number of restrictive covenants that impose operating restrictions on us and may limit our ability to engage in acts that may be in our long-term best interest, including the right to engage in mergers, consolidations and asset sales, incur debt and liens, enter into transactions with affiliates, pay dividends and certain other restricted payments and make certain restricted investments. The Bridge Loan Facility requires the dedication of a substantial portion of our cash flow from operations to service our debt, thereby reducing the amount of cash flow available for other purposes such as capital expenditures, investments, share repurchases, mergers and acquisitions, other business opportunities, and other purposes. The Bridge Loan Facility bears interest at a variable rate, which exposes us to the risk of increased interest rates. If we are not able to service our debt or refinance our debt as it becomes due, we could be forced to take unfavorable actions, including limiting investment in our business or selling assets.
A breach of the covenants, nonpayment of any principal or interest when due under the Bridge Loan Facility or upon the occurrence of certain significant corporate events could result in an event of default under the Bridge Loan Facility, which may allow lenders to declare all loans outstanding under the Bridge Loan Facility (including accrued interest and fees payable thereunder) immediately due and payable. Furthermore, an event of default under the Bridge Loan Facility could result in the acceleration of any of our other debt to which a cross-acceleration or cross-default provision applies. Any such default, and any resulting acceleration of our outstanding indebtedness, could have a material adverse effect on our business, financial condition, results of operations and cash flows.
In addition, the obligations under the Bridge Loan Facility are secured by a lien on substantially all of the personal property assets of DGH, the Company and certain of its wholly-owned domestic subsidiaries and are guaranteed by the Company and certain of its wholly owned subsidiaries. If we are unable to repay the amounts due and payable under the Bridge Loan Facility, the lenders could proceed against the collateral granted to them to secure the loans under the Bridge Loan Facility, and could have a material adverse effect on our business, financial condition, results of operations and cash flows.
We may be unable to obtain permanent financing to refinance the Bridge Loan Facility on favorable terms in a timely manner or at all.
Borrowings under the Bridge Loan Facility, net of any prepayments, will become payable in full on the earlier of (x) June 30, 2027 and (y) the date that the previously proposed Separation Transaction occurs. Although we expect to refinance or replace the Bridge Loan Facility with permanent financing prior to its maturity, we may be unable to obtain permanent financing on favorable terms in a timely manner or at all. The permanent financing could subject us to higher borrowing costs and additional restrictive covenants not present in the agreements governing our existing debt or in the Bridge Loan Facility, which could reduce our profitability and diminish our operational flexibility. In addition, the PSKY Merger Agreement imposes certain conditions on the refinancing of the Bridge Loan Facility. If we are unable to refinance or replace the Bridge Loan Facility or access additional credit, or if borrowing costs dramatically increase, our ability to meet our short-term and long-term obligations could be adversely affected, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
We have a significant amount of debt and may incur additional debt, which could adversely affect our financial health and our ability to react to changes in our business and our ability to incur debt, and the use of our funds could be limited by the restrictive covenants in the agreements governing our credit agreements and senior notes.
Our consolidated indebtedness as of December 31, 2025 was $32,567 million, of which $139 million is current. In addition, we have the ability to draw down on a $4,000 million revolving credit facility in the ordinary course, which would have the effect of further increasing our debt to the extent drawn. We are also permitted, subject to certain restrictions under our existing debt agreements, to obtain additional long-term debt and working capital lines of credit to meet future financing needs. This would have the effect of further increasing our leverage ratio.
Our loan agreements contain restrictive covenants, as well as requirements to comply with certain leverage ratio and other financial maintenance tests. These covenants and requirements could limit our ability to take various actions, including incurring additional debt, guaranteeing indebtedness and engaging in various types of transactions, including mergers, acquisitions and sales of assets, or to take advantage of other opportunities, which could have an adverse effect on our business.
23