SEC EDGAR · 10-Q
10-Q – 2025-08-07 – wbd-20250630.htm

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Omsättning
Proceeds from sales of investments 54 324 | Investments in and advances to equity investments ( 26 ) ( 68 )
NOTE 4. REVENUES | The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Remaining Performance Obligations | The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing o | 13
NOTE 5. SALES OF RECEIVABLES | Revolving Receivables Program
Foreign exchange - distribution revenue | ( 5 ) 1 ( 1 ) 3
As of June 30, 2025 and December 31, 2024, the Company had accrued $ 815 million and $ 732 million, respectively, of total interest and penalties payable related to unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | The Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two Global Anti-Base Erosion (“GloBE”) model rules, issued under the OECD Inclusive Framework on Base Erosion and Profit Shifting, introduce a global minimum tax of 15% applicable to multinational enterprise groups with consolidated financial statement revenue in excess of €750 million. Numerous foreign jurisdictions have already enacted tax legislation based on the GloBE rules, with some effective as early as January 1 | On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which includes a broad range of tax reform provisions. We are currently evaluating its impact on our financial statements.
Collaborative Arrangements | The arrangement among TNT Sports, CBS Broadcasting, Inc. (“CBS”), and the National Collegiate Athletic Association (the “NCAA”) provides TNT Sports and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the U.S. and its territories and possessions through 2032. The aggregate programming rights fee, production costs, certain advertising revenues and sponsorship revenues related to the NCAA Tournament, and related programming are shared equal | Venu Sports
EBITDA
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding: | • employee share-based compensation;
• other items impacting comparability. | The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses | The tables below present summarized financial information for each of the Company’s reportable segments (in millions).
Reconciliation of Revenues to Segment Adjusted EBITDA
415 208 566 | Segment Adjusted EBITDA $ 293 $ 863 $ 1,512
422 208 628 | Segment Adjusted EBITDA $ ( 107 ) $ 210 $ 1,998
822 442 1,115 | Segment Adjusted EBITDA $ 632 $ 1,122 $ 3,305
748 366 1,155 | Segment Adjusted EBITDA $ ( 21 ) $ 394 $ 4,117
(a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA. | (b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).
Rörelseresultat
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding: | • employee share-based compensation;
Division and Segment Results of Operations | The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding: | • employee share-based compensation;
Studios Segment | The following table presents, for our Studios segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss) (in millions).
Impairments and gain on dispositions — (1) (1) (1) | Operating income (loss) $ 667 $ (80) $ 720 $ (38)
Global Linear Networks Segment | The table below presents, for our Global Linear Networks segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss) (in millions).
Impairments and loss on dispositions 1 9,154 3 9,154 | Operating income (loss) $ 347 $ (8,543) $ 1,084 $ (7,666)
Periodens resultat
Income tax (expense) benefit ( 866 ) 7 ( 881 ) ( 129 ) | Net income (loss) 1,588 ( 10,028 ) 1,139 ( 10,983 ) | Net income attributable to noncontrolling interests ( 7 ) ( 10 ) ( 15 ) ( 17 )
Net income (loss) 1,588 ( 10,028 ) 1,139 ( 10,983 ) | Net income attributable to noncontrolling interests ( 7 ) ( 10 ) ( 15 ) ( 17 ) | Net (income) loss attributable to redeemable noncontrolling interests ( 1 ) 52 3 48
Net (income) loss attributable to redeemable noncontrolling interests ( 1 ) 52 3 48 | Net income (loss) available to Warner Bros. Discovery, Inc. $ 1,580 $ ( 9,986 ) $ 1,127 $ ( 10,952 ) | Net income (loss) per share available to Warner Bros. Discovery, Inc. Series A common stockholders:
Net income (loss) available to Warner Bros. Discovery, Inc. $ 1,580 $ ( 9,986 ) $ 1,127 $ ( 10,952 ) | Net income (loss) per share available to Warner Bros. Discovery, Inc. Series A common stockholders: | Basic $ 0.64 $ ( 4.07 ) $ 0.46 $ ( 4.48 )
2025 2024 2025 2024 | Net income (loss) $ 1,588 $ ( 10,028 ) $ 1,139 $ ( 10,983 ) | Other comprehensive income (loss):
Change in net unrealized gains 20 12 29 25 | Less: Reclassification adjustment for net losses (gains) included in net income 5 2 ( 8 ) ( 7 ) | Net change, net of income tax expense of $( 9 ), $( 4 ), $( 10 ), and $( 4 )
Operating Activities | Net income (loss) $ 1,139 $ ( 10,983 ) | Adjustments to reconcile net income to cash provided by operating activities:
Net income (loss) $ 1,139 $ ( 10,983 ) | Adjustments to reconcile net income to cash provided by operating activities: | Content rights amortization and impairment 6,851 7,747
Resultat per aktie
Earnings Per Share | The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) — — — ( 4 ) | Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share $ 1,580 $ ( 9,986 ) $ 1,127 $ ( 10,956 )
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Kassaflöde
current liabilities | Cash flow hedges: | Foreign exchange $ 2,363 $ 54 $ 84 $ 60 $ 41 $ 1,608 $ 47 $ 14 $ 25 $ 28
Derivatives Designated for Hedge Accounting | Cash Flow Hedges | The Company uses foreign exchange forward contracts to mitigate the foreign currency risk related to revenues, production rebates, and production expenses. As production spend occurs or when rebate receivables are recognized, foreign forward exchange contracts designated as cash flow hedges are de-designated. Upon de-designation, gains and losses on these derivatives directly impact earnings in the same line and same period as the hedged risk. These cash flow hedges are carried at fair market va
Cash Flow Hedges | The Company uses foreign exchange forward contracts to mitigate the foreign currency risk related to revenues, production rebates, and production expenses. As production spend occurs or when rebate receivables are recognized, foreign forward exchange contracts designated as cash flow hedges are de-designated. Upon de-designation, gains and losses on these derivatives directly impact earnings in the same line and same period as the hedged risk. These cash flow hedges are carried at fair market va | The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).
The Company uses foreign exchange forward contracts to mitigate the foreign currency risk related to revenues, production rebates, and production expenses. As production spend occurs or when rebate receivables are recognized, foreign forward exchange contracts designated as cash flow hedges are de-designated. Upon de-designation, gains and losses on these derivatives directly impact earnings in the same line and same period as the hedged risk. These cash flow hedges are carried at fair market va | The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).
If current fair valu es of designated cash flow hedges as of June 30, 2025 remained static over the next twelve months, the amount the Company would reclassify from accumulated other comprehensive loss into income in the next twelve months would not be material for the current fiscal year. The maximum length of time the Company is hedging exposure to the variability in future cash flows is 30 years. | Net Investment Hedges
Supplemental Cash Flow Information | Six Months Ended June 30,
If the Separation is completed, we may not realize the anticipated strategic, financial, operational, or other benefits from the Separation. In addition, we will also incur ongoing costs and dis-synergies in connection with, or as a result of, the Separation and related restructuring transactions, including costs of operating as independent, publicly traded companies that the two businesses will no longer be able to share. We cannot predict with certainty if or when anticipated benefits will occ | In addition, following the completion of the Separation, we will not be able to rely on the earnings, assets or cash flow of the studios and streaming business unit, and that business will not provide funds to finance our working capital or other cash requirements. As a result, our ability to service our debt may be adversely affected. | 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 WMH, a wholly-owned subsidiary of the Company, entered into the Bridge Loan Facility with respect to an 18-month $17 billion term loan. 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 divid | 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 acce
Likvida medel
Current assets: | Cash and cash equivalents $ 4,888 $ 5,312 | Receivables, net 5,383 4,947
Cash equivalents: | Time deposits Cash and cash equivalents $ — $ 317 $ — $ 317
Equity securities: | Money market fund Cash and cash equivalents 50 — — 50
Cash equivalents: | Time deposits Cash and cash equivalents $ — $ 95 $ — $ 95
Equity securities: | Money market funds Cash and cash equivalents 46 — — 46
June 30, 2025 December 31, 2024 | Cash and cash equivalents $ 4,888 $ 5,312 | Restricted cash - recorded in prepaid expenses and other current assets (1)
Sources of Cash | Historically, we have generated a significant amount of cash from operations. During the six months ended June 30, 2025, we funded our working capital needs primarily through cash flows from operations. As of June 30, 2025, we had $4.9 billion of cash and cash equivalents on hand. We are a well-known seasoned issuer and have the ability to conduct registered offerings of securities, including debt securities, common stock and preferred stock, on short notice, subject to market conditions. Access | • Debt
Cash Flows | The following table presents changes in cash and cash equivalents (in millions). | Six Months Ended June 30,
Nettoskuld
Collections reinvested under revolving receivables program ( 4,240 ) ( 3,643 ) ( 8,360 ) ( 7,630 ) | Net cash proceeds remitted $ ( 249 ) $ ( 103 ) $ ( 138 ) $ ( 134 ) | Net receivables sold $ 3,985 $ 3,529 $ 8,190 $ 7,443
Eget kapital
Warner Bros. Discovery, Inc. stockholders’ equity: | Series A common stock: $ 0.01 par value; 10,800 and 10,800 shares authorized; 2,705 and 2,684 shares issued; and 2,475 and 2,454 shares outstanding
Accumulated other comprehensive loss ( 371 ) ( 1,067 ) | Total Warner Bros. Discovery, Inc. stockholders’ equity 36,049 34,037 | Noncontrolling interests 1,274 792
Loss Warner Bros. Discovery, Inc. | Stockholders’ Equity Noncontrolling | Interests Total
Discovery Family | Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40 % interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets. | Accumulated Other Comprehensive Loss
Antal aktier
Total number of shares outstanding of each class of the Registrant’s common stock as of July 25, 2025:
Diluted $ 0.63 $ ( 4.07 ) $ 0.45 $ ( 4.48 ) | Weighted average shares outstanding: | Basic 2,477 2,451 2,469 2,447
Warner Bros. Discovery, Inc. stockholders’ equity: | Series A common stock: $ 0.01 par value; 10,800 and 10,800 shares authorized; 2,705 and 2,684 shares issued; and 2,475 and 2,454 shares outstanding | 27 27
Denominator — weighted average: | Common shares outstanding — basic 2,477 2,451 2,469 2,447
Dilutive effect of share-based awards 22 — 31 — | Common shares outstanding — diluted 2,499 2,451 2,500 2,447
Antal anställda
Legal Matters | From time to time, in the normal course of its operations, the Company is subject to various litigation matters and claims, including claims related to employees, stockholders, vendors, other business partners, government regulations, or intellectual property, as well as disputes and matters involving counterparties to contractual agreements. A determination as to the amount of the accrual required for such contingencies is highly subjective and requires judgment about future events. | The Company may not currently be able to estimate the reasonably possible loss or range of loss for certain matters until developments in such matters have provided sufficient information to support an assessment of such loss. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual for such contingencies is made and no loss or range of loss is disclosed, including with respect to the matters noted below. Although the outcome
ITEM 1. Legal Proceedings | From time to time, in the normal course of its operations, the Company is subject to various litigation matters and claims, including claims related to employees, stockholders, vendors, other business partners, government regulations, or intellectual property, as well as disputes and matters involving counterparties to contractual agreements. A determination as to the amount of the accrual required for such contingencies is highly subjective and requires judgment about future events. The Company | Securities Class Action. On November 25, 2024, a securities class action complaint was filed in the United States District Court for the Southern District of New York ( Collura v. Warner Bros. Discovery, Inc. , No. 1:24-cv-09027-KPF). The complaint named Warner Bros. Discovery, Inc. (“WBD”), Gunnar Wiedenfels, and David M. Zaslav as defendants and asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. On F
• we may experience negative reactions from the financial markets, and our stock price could decline; | • we may experience negative reactions from employees, customers, suppliers or other third parties; | • we may be subject to litigation, which could result in significant costs and expenses;
The pendency of the proposed Separation could cause disruptions to our business or business relationships, which could have an adverse impact on our results of operations. Parties with which we have business relationships, including distributors, advertisers and content providers, may be uncertain as to the future of such relationships and may delay or defer certain business decisions, seek alternative relationships with third parties or seek to alter their present business relationships with us | Furthermore, the preparation for and execution of the Separation has placed and is expected to continue to place a significant burden on our management, employees and other internal resources. The diversion of management’s attention away from day-to-day business concerns and any difficulties encountered in the separation process could adversely affect our financial results. | We have incurred and will continue to incur significant costs, expenses and fees for professional services and other transaction costs in connection with the Separation. We may also incur taxes and unanticipated costs throughout the process of completing the Separation. The substantial majority of these costs will be non-recurring expenses relating to the Separation, and many of these costs are payable regardless of whether or not the Separation is completed. We also could be subject to litigati
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 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)

N/A
(Former name, former address and former fiscal year, if changed since last report)

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 , WBDI30A
The Nasdaq Global Market
4.693% Senior Notes due 2033 WBDI33 , WBDI33A
The Nasdaq Global Market

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   o
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, a 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. (Check one):
Large accelerated filer ý Accelerated filer ¨
Non-accelerated filer o 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐     No   ý

Total number of shares outstanding of each class of the Registrant’s common stock as of July 25, 2025:

Series A Common Stock, par value $0.01 per share 2,475,772,282  

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

 

  Page

PART I. FINANCIAL INFORMATION.

ITEM 1. Unaudited Financial Statements.

Consolidated Statements of Operations .
4

Consolidated Statements of Comprehensive (Loss) Income.
5

Consolidated Balance Sheets .
6

Consolidated Statements of Cash Flows .
7

Consolidated Statements of Equity .
8

Notes to Consolidated Financial Statements.
10

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
31

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.
51

ITEM 4. Controls and Procedures.
51

PART II. OTHER INFORMATION.

ITEM 1. Legal Proceedings.
52

ITEM 1A. Risk Factors.
52

ITEM 6. Exhibits.
56

SIGNATURES.
58

3

PART I. FINANCIAL INFORMATION

ITEM 1. Unaudited Financial Statements.

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)

  Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 2025 2024
Revenues:
Distribution $ 4,885   $ 4,879   $ 9,771   $ 9,864  
Advertising 2,216   2,430   4,196   4,578  
Content 2,471   2,109   4,337   4,667  
Other 240   295   487   562  
Total revenues 9,812   9,713   18,791   19,671  
Costs and expenses:
Costs of revenues, excluding depreciation and amortization 5,967   6,204   11,098   12,262  
Selling, general and administrative 2,477   2,461   4,671   4,693  
Depreciation and amortization 1,447   1,744   2,994   3,632  
Restructuring and other charges 80   117   134   152  
Impairments and loss on dispositions 26   9,395   116   9,407  

Total costs and expenses 9,997   19,921   19,013   30,146  
Operating loss ( 185 ) ( 10,208 ) ( 222 ) ( 10,475 )
Interest expense, net ( 463 ) ( 518 ) ( 931 ) ( 1,033 )
Gain on extinguishment of debt, net 2,958   542   2,954   567  
Income (loss) from equity investees, net 5   ( 23 ) ( 2 ) ( 71 )
Other income, net 139   172   221   158  
Income (loss) before income taxes 2,454   ( 10,035 ) 2,020   ( 10,854 )
Income tax (expense) benefit ( 866 ) 7   ( 881 ) ( 129 )
Net income (loss) 1,588   ( 10,028 ) 1,139   ( 10,983 )
Net income attributable to noncontrolling interests ( 7 ) ( 10 ) ( 15 ) ( 17 )
Net (income) loss attributable to redeemable noncontrolling interests ( 1 ) 52   3   48  
Net income (loss) available to Warner Bros. Discovery, Inc. $ 1,580   $ ( 9,986 ) $ 1,127   $ ( 10,952 )
Net income (loss) per share available to Warner Bros. Discovery, Inc. Series A common stockholders:
Basic $ 0.64   $ ( 4.07 ) $ 0.46   $ ( 4.48 )
Diluted $ 0.63   $ ( 4.07 ) $ 0.45   $ ( 4.48 )
Weighted average shares outstanding:
Basic 2,477   2,451   2,469   2,447  
Diluted 2,499   2,451   2,500   2,447  

The accompanying notes are an integral part of these consolidated financial statements.

4

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in millions)

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income (loss) $ 1,588   $ ( 10,028 ) $ 1,139   $ ( 10,983 )
Other comprehensive income (loss):

Currency translation, net of income tax expense of $( 11 ), $( 9 ), $( 101 ), and $( 2 )
444   9   675   ( 167 )

Derivatives
Change in net unrealized gains 20   12   29   25  
Less: Reclassification adjustment for net losses (gains) included in net income 5   2   ( 8 ) ( 7 )
Net change, net of income tax expense of $( 9 ), $( 4 ), $( 10 ), and $( 4 )
25   14   21   18  
Comprehensive income (loss) 2,057   ( 10,005 ) 1,835   ( 11,132 )
Comprehensive income attributable to noncontrolling interests ( 9 ) ( 7 ) ( 20 ) ( 13 )
Comprehensive (income) loss attributable to redeemable noncontrolling interests ( 1 ) 52   3   48  
Comprehensive income (loss) attributable to Warner Bros. Discovery, Inc. $ 2,047   $ ( 9,960 ) $ 1,818   $ ( 11,097 )

The accompanying notes are an integral part of these consolidated financial statements.

5

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)

June 30, 2025 December 31, 2024
Assets
Current assets:
Cash and cash equivalents $ 4,888   $ 5,312  
Receivables, net 5,383   4,947  

Prepaid expenses and other current assets 3,340   3,819  
Total current assets 13,611   14,078  
Film and television content rights and games 18,817   19,102  
Property and equipment, net 6,413   6,087  

Goodwill 25,939   25,667  
Intangible assets, net 29,906   32,299  

Other noncurrent assets 7,041   7,327  
Total assets $ 101,727   $ 104,560  
Liabilities and equity
Current liabilities:
Accounts payable $ 1,074   $ 1,055  
Accrued liabilities 10,218   10,438  

Deferred revenues 1,527   1,569  
Current portion of debt 221   2,748  
Total current liabilities 13,040   15,810  
Noncurrent portion of debt 34,411   36,757  
Deferred income taxes 6,494   6,985  
Other noncurrent liabilities 10,436   10,070  
Total liabilities 64,381   69,622  
Commitments and contingencies (See Note 15)

Redeemable noncontrolling interests 23   109  

Warner Bros. Discovery, Inc. stockholders’ equity:
Series A common stock: $ 0.01 par value; 10,800 and 10,800 shares authorized; 2,705 and 2,684 shares issued; and 2,475 and 2,454 shares outstanding
27   27  
Preferred stock: $ 0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding
—   —  
Additional paid-in capital 55,749   55,560  
Treasury stock, at cost: 230 and 230 shares
( 8,244 ) ( 8,244 )
Accumulated deficit ( 11,112 ) ( 12,239 )
Accumulated other comprehensive loss ( 371 ) ( 1,067 )
Total Warner Bros. Discovery, Inc. stockholders’ equity 36,049   34,037  
Noncontrolling interests 1,274   792  
Total equity 37,323   34,829  
Total liabilities and equity $ 101,727   $ 104,560  

The accompanying notes are an integral part of these consolidated financial statements.

6

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)

  Six Months Ended June 30,
  2025 2024
Operating Activities
Net income (loss) $ 1,139   $ ( 10,983 )
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment 6,851   7,747  
Depreciation and amortization 2,994   3,632  
Deferred income taxes ( 471 ) ( 889 )

Share-based compensation expense 298   260  

Equity in losses of equity method investee companies and cash distributions 18   83  
Gain on sale of investments ( 6 ) ( 203 )
Gain on extinguishment of debt ( 2,954 ) ( 567 )
Impairments and loss on dispositions 116   9,407  

Other, net ( 97 ) 25  
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net ( 460 ) ( 191 )
Film and television content rights, games, and production payables, net ( 6,314 ) ( 6,351 )
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities ( 141 ) ( 132 )
Foreign currency, prepaid expenses and other assets, net 563   ( 25 )
Cash provided by operating activities 1,536   1,813  
Investing Activities
Purchases of property and equipment ( 532 ) ( 447 )

Proceeds from sales of investments 54   324  
Investments in and advances to equity investments ( 26 ) ( 68 )

Proceeds from asset dispositions 66   —  

Other investing activities, net 7   54  
Cash used in investing activities ( 431 ) ( 137 )
Financing Activities

Principal repayments of debt, including premiums and discounts to par value ( 20,403 ) ( 3,703 )
Borrowings from debt, net of discount and issuance costs 18,303   1,617  
Distributions to noncontrolling interests and redeemable noncontrolling interests ( 174 ) ( 161 )
Proceeds for noncontrolling interest in joint venture 601   —  

Borrowings under commercial paper program and revolving credit facility 3,551   11,605  
Repayments under commercial paper program and revolving credit facility ( 3,551 ) ( 11,605 )

Other financing activities, net ( 213 ) ( 27 )
Cash used in financing activities ( 1,886 ) ( 2,274 )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 256   ( 104 )
Net change in cash, cash equivalents, and restricted cash ( 525 ) ( 702 )
Cash, cash equivalents, and restricted cash, beginning of period 5,416   4,319  
Cash, cash equivalents, and restricted cash, end of period $ 4,891   $ 3,617  

The accompanying notes are an integral part of these consolidated financial statements.

7

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in millions)

Warner Bros. Discovery, Inc. Common Stock Additional
Paid-In
Capital Treasury
Stock Accumulated Deficit Accumulated
Other
Comprehensive
Loss Warner Bros. Discovery, Inc.
Stockholders’ Equity Noncontrolling
Interests Total
Equity
Shares Par Value
December 31, 2024 2,684   $ 27   $ 55,560   $ ( 8,244 ) $ ( 12,239 ) $ ( 1,067 ) $ 34,037   $ 792   $ 34,829  

Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  ( 453 ) —  ( 453 ) 8   ( 445 )
Other comprehensive income —  —  —  —  —  227   227   3   230  
Share-based compensation —  —  156   —  —  —  156   —  156  

Tax settlements associated with share-based plans —  —  ( 124 ) —  —  —  ( 124 ) —  ( 124 )
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  ( 147 ) ( 147 )
Issuance of stock in connection with share-based plans 19   —  9   —  —  —  9   —  9  
Redeemable noncontrolling interest adjustments to redemption value —  —  ( 3 ) —  —  —  ( 3 ) —  ( 3 )
Reclassification associated with the expiration of put rights —  —  —  —  —  —  —  74   74  
Formation of music catalog joint venture —  —  ( 13 ) —  —  —  ( 13 ) 582   569  
March 31, 2025 2,703   $ 27   $ 55,585   $ ( 8,244 ) $ ( 12,692 ) $ ( 840 ) $ 33,836   $ 1,312   $ 35,148  

Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  1,580   —  1,580   7   1,587  
Other comprehensive income —  —  —  —  —  469   469   2   471  
Share-based compensation —  —  164   —  —  —  164   —  164  

Tax settlements associated with share-based plans —  —  ( 4 ) —  —  —  ( 4 ) —  ( 4 )
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  ( 16 ) ( 16 )
Issuance of stock in connection with share-based plans 2   —  4   —  —  —  4   —  4  

Tax gain on formation of music catalog joint venture —  —  —  —  —  —  —  ( 31 ) ( 31 )

June 30, 2025 2,705   $ 27   $ 55,749   $ ( 8,244 ) $ ( 11,112 ) $ ( 371 ) $ 36,049   $ 1,274   $ 37,323  

The accompanying notes are an integral part of these consolidated financial statements.

8

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited; in millions)

Warner Bros. Discovery, Inc. Common Stock Additional
Paid-In
Capital Treasury
Stock Accumulated Deficit Accumulated
Other
Comprehensive
Loss Warner Bros. Discovery, Inc. 
Stockholders’ Equity Noncontrolling
Interests Total
Equity
Shares Par Value
December 31, 2023 2,669   $ 27   $ 55,112   $ ( 8,244 ) $ ( 928 ) $ ( 741 ) $ 45,226   $ 1,081   $ 46,307  

Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  ( 966 ) —  ( 966 ) 7   ( 959 )
Other comprehensive loss —  —  —  —  —  ( 172 ) ( 172 ) ( 1 ) ( 173 )
Share-based compensation —  —  108   —  —  —  108   —  108  

Tax settlements associated with share-based plans —  —  ( 53 ) —  —  —  ( 53 ) —  ( 53 )
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  ( 123 ) ( 123 )
Issuance of stock in connection with share-based plans 10   —  30   —  —  —  30   —  30  
Redeemable noncontrolling interest adjustments to redemption value —  —  ( 22 ) —  —  —  ( 22 ) —  ( 22 )

March 31, 2024 2,679   $ 27   $ 55,175   $ ( 8,244 ) $ ( 1,894 ) $ ( 913 ) $ 44,151   $ 964   $ 45,115  

Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests —  —  —  —  ( 9,986 ) —  ( 9,986 ) 10   ( 9,976 )
Other comprehensive income (loss) —  —  —  —  —  23   23   ( 3 ) 20  
Share-based compensation —  —  151   —  —  —  151   —  151  

Tax settlements associated with share-based plans —  —  ( 2 ) —  —  —  ( 2 ) —  ( 2 )
Dividends paid to noncontrolling interests —  —  —  —  —  —  —  ( 19 ) ( 19 )
Issuance of stock in connection with share-based plans 2   —  6   —  —  —  6   —  6  
Redeemable noncontrolling interest adjustments to redemption value —  —  2   —  —  —  2   —  2  

June 30, 2024 2,681   $ 27   $ 55,332   $ ( 8,244 ) $ ( 11,880 ) $ ( 890 ) $ 34,345   $ 952   $ 35,297  

The accompanying notes are an integral part of these consolidated financial statements.

9

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) 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.
In June 2025, the Company announced its plans to separate the Company, in a tax-free transaction, into two publicly traded companies (the “Separation”). Warner Bros. will primarily consist of our Streaming and Studios reportable segments and include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as its film and television libraries. Discovery Global will primarily consist of our Global Linear Networks reportable segment and include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report. The Separation is expected to be completed by mid-2026, subject to closing and other conditions, including final approval by the Warner Bros. Discovery Board, receipt of tax opinions with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and market conditions. There can be no assurance that the Separation will occur in accordance with the expected plans or anticipated timeline, or at all.
In the first quarter of 2025, the Company renamed its Direct-to-Consumer reportable segment to Streaming and its Networks reportable segment to Global Linear Networks. There have been no changes to the Company’s reportable segments or the composition of our reportable segments as a result of these announcements.
As of June 30, 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 is aligned 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.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
10

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Recent Accounting and Reporting Pronouncements
Income Taxes
In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance updating the disclosure requirements for income taxes, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt this guidance prospectively and is currently evaluating the impact it will have on its annual tax disclosures that will be included in its Form 10-K for the year ended December 31, 2025.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance updating the disclosure requirements for income statement expenses, primarily through disaggregation of certain types of expenses presented on the income statement. The amendments are effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its disclosures.

NOTE 2. GOODWILL AND INTANGIBLE ASSETS
We perform fair value-based impairment tests of goodwill and intangible assets on an annual basis, and between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an intangible asset below its carrying value.
During the six months ended June 30, 2025, the Company performed goodwill and intangible assets impairment monitoring procedures for all of its reporting units and identified no indicators of impairment. As of October 1, 2024, the date of the most recent quantitative impairment assessment, the estimated fair value of each reporting unit exceeded its carrying value.
The Company continues to monitor its reporting units for triggers that could impact the recoverability of goodwill. Long-term trends and risks the Company is monitoring in its ongoing assessment include, but are not limited to, the following:
• the delta between market capitalization and book value, as well as volatility in the price of our common stock, including any impact from the announced Separation;
• uncertainty related to affiliate rights renewals associated with the Company’s Global Linear Networks and Streaming reporting units;
• declining levels of global GDP growth and continued softness in the U.S. linear advertising market associated with the Company’s Global Linear Networks reporting unit;
• increased competition for advertising expenditures associated with the Company’s Global Linear Networks and Streaming reporting units as a result of an increase in digital advertising available in the marketplace;
• uncertainty surrounding the impacts related to the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments;
• content licensing trends and volatility related to the performance of theatrical film and game slates in the Company’s Studios reporting unit; and
• risks in executing the projected growth strategies of the Company’s Streaming reporting unit.

NOTE 3. RESTRUCTURING AND OTHER CHARGES
The Company periodically initiates restructuring programs, which may include, among other things, strategic content programming assessments, organizational restructuring, facility consolidation activities, and other contract termination costs. During 2025, the Company initiated restructuring plans related to the announced Separation. During 2024, the Company initiated two restructuring initiatives; an organizational and personnel restructuring plan and a restructuring initiative associated with its Warner Bros. Games group.
11

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Restructuring and other charges by reportable segments and corporate and inter-segment eliminations were as follows (in millions).

  Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 2025 2024
Streaming $ 7   $ 15   $ 19   $ 17  
Studios ( 1 ) 19   ( 6 ) 30  
Global Linear Networks 25   42   41   53  
Corporate and inter-segment eliminations 49   41   80   52  
Total restructuring and other charges $ 80   $ 117   $ 134   $ 152  

During the three and six months ended June 30, 2025 and 2024, restructuring and other charges were primarily related to organization restructuring costs and consulting fees.
Changes in restructuring liabilities recorded in accounts payable, accrued liabilities, and other noncurrent liabilities by major category and by reportable segment and corporate were as follows (in millions).

Streaming Studios Global Linear Networks Corporate Total
December 31, 2024 $ 31   $ 95   $ 105   $ 58   $ 289  

Employee termination accruals, net 19   ( 6 ) 41   35   89  
Other accruals and adjustments —   —   —   45   45  
Cash paid ( 12 ) ( 40 ) ( 51 ) ( 54 ) ( 157 )
June 30, 2025 $ 38   $ 49   $ 95   $ 84   $ 266  

NOTE 4. REVENUES
The following tables present the Company’s revenues disaggregated by revenue source (in millions).

Three Months Ended June 30, 2025
Streaming Studios Global Linear Networks Corporate and Inter-segment Eliminations Total
Revenues:
Distribution $ 2,410   $ 1   $ 2,477   $ ( 3 ) $ 4,885  
Advertising 282   —   1,953   ( 19 ) 2,216  
Content 102   3,591   287   ( 1,509 ) 2,471  
Other ( 1 ) 209   86   ( 54 ) 240  
Total $ 2,793   $ 3,801   $ 4,803   $ ( 1,585 ) $ 9,812  

Three Months Ended June 30, 2024
Streaming Studios Global Linear Networks Corporate and Inter-segment Eliminations Total
Revenues:
Distribution $ 2,202   $ 3   $ 2,675   $ ( 1 ) $ 4,879  
Advertising 240   —   2,214   ( 24 ) 2,430  
Content 123   2,237   299   ( 550 ) 2,109  
Other 3   209   84   ( 1 ) 295  
Total $ 2,568   $ 2,449   $ 5,272   $ ( 576 ) $ 9,713  

12

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Six Months Ended June 30, 2025
Streaming Studios Global Linear Networks Corporate and Inter-segment Eliminations Total
Revenues:
Distribution $ 4,739   $ 2   $ 5,035   $ ( 5 ) $ 9,771  
Advertising 519   1   3,711   ( 35 ) 4,196  
Content 190   5,730   667   ( 2,250 ) 4,337  
Other 1   382   164   ( 60 ) 487  
Total $ 5,449   $ 6,115   $ 9,577   $ ( 2,350 ) $ 18,791  

Six Months Ended June 30, 2024
Streaming Studios Global Linear Networks Corporate and Inter-segment Eliminations Total
Revenues:
Distribution $ 4,387   $ 8   $ 5,472   $ ( 3 ) $ 9,864  
Advertising 415   4   4,201   ( 42 ) 4,578  
Content 222   4,860   563   ( 978 ) 4,667  
Other 4   398   161   ( 1 ) 562  
Total $ 5,028   $ 5,270   $ 10,397   $ ( 1,024 ) $ 19,671  

Contract Liabilities and Contract Assets
The following table presents contract liabilities on the consolidated balance sheets (in millions).

Category Balance Sheet Location June 30, 2025 December 31, 2024

Contract liabilities Deferred revenues $ 1,527   $ 1,569  
Contract liabilities Other noncurrent liabilities 231   206  

For the six months ended June 30, 2025 and 2024, respectively, revenues of $ 1,003  million and $ 1,046  million were recognized that were included in deferred revenues as of December 31, 2024 and December 31, 2023, respectively. Contract assets were not material as of June 30, 2025 and December 31, 2024.
Remaining Performance Obligations
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).

Contract Type June 30, 2025 Duration
Distribution - fixed price or minimum guarantee $ 2,048   Through 2030

Content licensing and sports sublicensing 4,678   Through 2032

Brand licensing 3,012   Through 2052

Advertising 648   Through 2030

Other 144   Through 2029

Total $ 10,530  

The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.
13

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 5. SALES OF RECEIVABLES
Revolving Receivables Program
During the three months ended June 30, 2025, the Company amended its revolving receivables program to reduce the facility limit to $ 5,000 million and extend the program to June 2026. The outstanding portfolio of receivables derecognized from our consolidated balance sheet was $ 4,499 million as of June 30, 2025.
The Company recognized $ 56 million and $ 92 million for the three and six months ended June 30, 2025, respectively, and $ 37 million and $ 88 million for the three and six months ended June 30, 2024, respectively, in selling, general and administrative expenses in the consolidated statements of operations from the revolving receivables program (net of non-designated derivatives). (See Note 9.)
The following table presents a summary of receivables sold (in millions).

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Gross receivables sold/cash proceeds received $ 3,991   $ 3,540   $ 8,222   $ 7,496  
Collections reinvested under revolving receivables program ( 4,240 ) ( 3,643 ) ( 8,360 ) ( 7,630 )
Net cash proceeds remitted $ ( 249 ) $ ( 103 ) $ ( 138 ) $ ( 134 )
Net receivables sold $ 3,985   $ 3,529   $ 8,190   $ 7,443  
Obligations recorded (Level 3) $ 97   $ 86   $ 200   $ 239  

The following table presents a summary of the amounts transferred or pledged, which were held at the Company’s bankruptcy-remote consolidated subsidiary (in millions).

June 30, 2025 December 31, 2024
Gross receivables pledged as collateral $ 2,594   $ 2,402  
Restricted cash pledged as collateral $ —   $ 100  
Balance sheet classification:
Receivables, net $ 2,173   $ 2,039  
Prepaid expenses and other current assets $ —   $ 100  
Other noncurrent assets $ 421   $ 363  

Accounts Receivable Factoring
Total trade accounts receivable sold under the Company’s factoring arrangement were $ 102 million and $ 57 million for the six months ended June 30, 2025 and 2024. The impact to the consolidated statements of operations was immaterial for the three and six months ended June 30, 2025 and 2024. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.
14

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 6. CONTENT RIGHTS
For purposes of amortization and impairment, capitalized production costs are grouped based on their predominant monetization strategy: individually or as a group. Live programming includes licensed sports rights and related advances. The tables below present the components of content rights (in millions).

June 30, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total

Production costs:
Released, less amortization $ 3,227   $ 5,784   $ 9,011  
Completed and not released 763   640   1,403  
In production and other 1,635   2,198   3,833  
Total production costs $ 5,625   $ 8,622   $ 14,247  

Licensed content, live programming, and advances, net 4,729  
Game development costs, less amortization 286  
Total film and television content rights and games 19,262  
Less: Current content rights and prepaid license fees, net ( 445 )
Total noncurrent film and television content rights and games $ 18,817  

December 31, 2024
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total

Production costs:
Released, less amortization $ 2,948   $ 5,678   $ 8,626  
Completed and not released 794   767   1,561  
In production and other 1,700   2,008   3,708  
Total production costs $ 5,442   $ 8,453   $ 13,895  

Licensed content, live programming, and advances, net 5,744  
Game development costs, less amortization 247  
Total film and television content rights and games 19,886  
Less: Current content rights and prepaid license fees, net ( 784 )
Total noncurrent film and television content rights and games $ 19,102  

Content amortization consisted of the following (in millions).

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

Predominantly monetized individually $ 645   $ 754   $ 1,225   $ 1,676  

Predominantly monetized as a group 3,033   3,114   5,563   5,893  

Total content amortization $ 3,678   $ 3,868   $ 6,788   $ 7,569  

Content expense includes amortization, impairments, and development expense and is generally a component of costs of revenues on the consolidated statements of operations. Content impairments were $ 28 million and $ 63 million, respectively, for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, content impairments were $ 52 million and $ 178 million, respectively.
15

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 7. INVESTMENTS
The Company’s equity investments consisted of the following, net of investments recorded in other noncurrent liabilities (in millions).
Category Balance Sheet Location Ownership June 30, 2025 December 31, 2024
Equity method investments:
The Chernin Group (TCG) 2.0-A, LP Other noncurrent assets 44 % $ 237   $ 240  
nC+ Other noncurrent assets 32 % 154   128  
TNT Sports Other noncurrent assets 50 % 84   92  
Other Other noncurrent assets 243   261  
Total equity method investments 718   721  

Investments with readily determinable fair values Other noncurrent assets —   41  

Investments without readily determinable fair values Other noncurrent assets (a)
350   353  
Total investments $ 1,068   $ 1,115  

(a) Investments without readily determinable fair values included $ 17  million as of June 30, 2025 and December 31, 2024 that was recorded in prepaid expenses and other current assets.
Equity Method Investments
Certain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of June 30, 2025, the Company’s maximum exposure for all of its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $ 542  million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $ 524  million and $ 550  million as of June 30, 2025 and December 31, 2024, respectively. VIE gains and losses are recorded in income (loss) from equity investees, net on the consolidated statements of operations, and were not material for the three and six months ended June 30, 2025 and 2024.
Joint Venture
In January 2025, the Company contributed a 70 % interest in its music catalog to a joint venture with Cutting Edge Group in exchange for net proceeds of $ 601 million. The Company retained a controlling financial interest and consolidated the joint venture as a VIE. The Company has determined that it is the primary beneficiary of the joint venture as the Company has certain operational rights that significantly impact the economic performance of the business including exploitation of the catalog works and selection of the administrator. As the primary beneficiary, the Company includes the joint venture assets, liabilities and results of operations in the Company's consolidated financial statements. As of June 30, 2025, the carrying amounts of assets and liabilities of the consolidated VIE were not material. In addition to the initial equity ownership, Cutting Edge Group may receive up to an additional 10 % economic interest in the venture based on the results of certain operational metrics.
16

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 8. DEBT
The table below presents the components of outstanding debt (in millions).

Weighted-Average
Interest Rate as of
June 30, 2025
June 30, 2025 December 31, 2024
Bridge loan with maturity of 18 months
7.33   % $ 17,000   $ —  

Senior notes with maturities of 5 years or less
3.92   % 6,757   13,744  
Senior notes with maturities between 5 and 10 years
4.40   % 3,547   7,853  
Senior notes with maturities greater than 10 years
5.17   % 7,696   17,930  
Total debt 35,000   39,527  
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net ( 368 ) ( 22 )
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting 34,632   39,505  
Current portion of debt ( 221 ) ( 2,748 )
Noncurrent portion of debt $ 34,411   $ 36,757  

During the three months ended June 30, 2025, the Company’s wholly-owned subsidiaries, Discovery Communications, LLC (“DCL”), WarnerMedia Holdings, Inc. (“WMH”), Warner Media, LLC (“WML”), and Historic TW Inc. (“TWI”), commenced cash tender offers to purchase (the “Tender Offers”) up to approximately $ 14.6  billion in aggregate purchase price of their outstanding notes and debentures. In conjunction with the Tender Offers, DCL, WMH and TWI also commenced solicitations of consents (the “Consent Solicitations”) from holders of substantially all of its outstanding notes and debentures to adopt certain proposed amendments to the indentures governing such notes and debentures, to, among other things, remove substantially all of the restrictive covenants and certain events of defaults under such indentures.
To fund the Tender Offers and Consent Solicitations, as well as repay in full and terminate its $ 1,500  million 364-day senior unsecured term loan facility, the Company and WMH entered into a non-investment grade leveraged bridge loan facility (“Bridge Loan Facility”) with JPMorgan Chase Bank, N.A. The obligations under the Bridge Loan Facility are secured by a lien on substantially all of the personal property assets of the Company, WMH, and certain of its wholly owned domestic subsidiaries and are guaranteed by the Company and certain of its wholly-owned domestic subsidiaries. Borrowings under the Bridge Loan Facility will bear interest at the Secured Overnight Financing Rate (“SOFR”) plus (i) until December 30, 2025, 3.00 % per annum, (ii) from December 31, 2025 until March 30, 2026, 3.50 % per annum and (iii) from March 31, 2026 until the termination date of the Bridge Loan Facility, 4.00 %. Borrowings under the Bridge Loan Facility, net of any prepayments, will become payable in full on the earlier of (i) December 30, 2026 and (ii) the date of the completion of the Separation. In addition, the Company will pay JPMorgan Chase Bank, N.A. as the administrative agent a duration fee equal to the applicable percentage of the aggregate principal amount of the loan outstanding on the following dates: on December 31, 2025, a fee rate of 0.30 %; on each of March 31, 2026 and June 30, 2026, a fee rate of 0.50 %; and on each of September 30, 2026 and December 31, 2026, a fee rate of 0.75 %. On June 30, 2025, WMH drew $ 17.0  billion of the available Bridge Loan Facility to finance the early settlement of the Tender Offers, Consent Solicitations, and the repayment in full and termination of its $ 1,500  million 364-day senior unsecured term loan facility, and the payment of fees and expenses therewith and for general corporate purposes. The Bridge Loan Facility is expected to be refinanced prior to the Separation. The Bridge Loan Facility contains customary representations and warranties, as well as affirmative and negative covenants. The Bridge Loan Facility does not contain any financial maintenance covenant.
The Company completed the Tender Offers in June 2025 by purchasing senior notes and debentures in the aggregate principal amount of $ 17.7  billion validly tendered and accepted for purchase pursuant to the Tender Offers and recorded a gain on extinguishment of approximately $ 3.0  billion. The Company also paid $ 293  million for the Consent Solicitations. Additionally, the Company repaid in full at maturity $ 487  million of aggregate principal amount outstanding of its senior notes due June 2025.
During the three months ended March 31, 2025, the Company repaid in full at maturity $ 2,165  million of aggregate principal amount outstanding of its senior notes due March 2025, and redeemed in full $ 1,500  million aggregate principal amount outstanding of its senior notes due March 2026. The redemption was funded with the proceeds of borrowings pursuant to a $ 1,500  million 364 -day senior unsecured term loan credit facility.
17

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

During the three months ended June 30, 2024, the Company commenced a tender offer to purchase for cash up to $ 2.61  billion in aggregate purchase price (excluding accrued and unpaid interest) of (i) DCL’s outstanding 3.900 % Senior Notes due 2024, 4.000 % Senior Notes due 2055, 4.650 % Senior Notes due 2050, 4.950 % Senior Notes due 2042, 4.875 % Senior Notes due 2043, 5.200 % Senior Notes due 2047, and 5.300 % Senior Notes due 2049, (ii) Scripps Networks Interactive, Inc.’s (“Scripps Networks”) outstanding 3.900 % Senior Notes due 2024, (iii) the legacy WarnerMedia business’s outstanding 4.650 % Senior Notes due 2044, 4.850 % Senior Notes due 2045, 4.900 % Senior Notes due 2042, and 5.350 % Senior Notes due 2043, and (iv) WMH’s outstanding 5.050 % Senior Notes due 2042, which was funded using the aggregate net proceeds from debt financing transactions together with available cash on hand and other available sources of liquidity. The Company completed the tender offer in June 2024 by purchasing senior notes in the aggregate principal amount of $ 3,399 million validly tendered and accepted for purchase pursuant to the offer and recorded a gain on extinguishment of $ 542 million. The Company also repaid in full at maturity $ 48 million of aggregate principal amount outstanding of its senior notes due June 2024.
During the three months ended June 30, 2024, the Company issued € 650  million of 4.302 % fixed rate senior notes due January 2030 and € 850  million of 4.693 % fixed rate senior notes due May 2033, the proceeds of which were used to fund the tender offer. After December 2029 and February 2033, respectively, the senior notes are redeemable at par plus accrued and unpaid interest.
During the three months ended March 31, 2024, the Company repaid in full at maturity $ 726 million of aggregate principal amount outstanding of its senior notes due February and March 2024 and completed open market repurchases for $ 364 million of aggregate principal amount outstanding of its senior notes.
As of June 30, 2025, all senior notes are fully and unconditionally guaranteed by the Company, Scripps Networks, DCL (to the extent it is not the primary obligor on such senior notes), and WMH (to the extent it is not the primary obligor on such senior notes), except for $ 331  million of senior notes related to the legacy WarnerMedia business.
Revolving Credit Facility and Commercial Paper Programs
DCL and certain subsidiaries of the Company, as borrowers, have a multicurrency revolving credit agreement, which was amended in June 2025 (the “Credit Agreement”). The Credit Agreement provides for a senior revolving credit facility (the “Credit Facility”) with aggregate commitments of $ 4.0 billion and includes a $ 150 million sublimit for the issuance of standby letters of credit. DCL may also request additional commitments up to $ 1.0  billion from the lenders upon the satisfaction of certain conditions. The obligations of the borrowers under the Credit Agreement are secured by the same collateral and have the benefit of the same guarantees as provided in respect of the Bridge Loan Facility, as described above. The Credit Agreement is available on a revolving basis until October 2029, with an option for up to two additional 364 -day renewal periods subject to the lenders’ consent, and provides for an early termination of the Credit Agreement upon completion of the Separation.
The Company’s commercial paper program is supported by the Credit Facility. Under the commercial paper program, the Company may issue up to $ 2.0 billion. In March 2025, the Company increased the issuance capacity under the commercial paper program from $ 1.0 billion to $ 2.0  billion. Borrowing capacity under the Credit Facility is effectively reduced by any outstanding borrowings under the commercial paper program. As of June 30, 2025 and December 31, 2024, the Company and DCL had no outstanding borrowings under the Credit Facility or issuances under the commercial paper program.
The Credit Agreement contains customary representations and warranties as well as affirmative and negative covenants, and also requires maintenance of a minimum consolidated interest coverage ratio of 3.00 to 1.00 and a maximum consolidated leverage ratio of 4.50 to 1.00. As of June 30, 2025, the Company was in compliance with all applicable covenants and there were no events of default under the Credit Agreement.

NOTE 9. DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company is exposed to foreign currency exchange rate market risk and interest rate fluctuations. As part of its risk management strategy, the Company uses derivative financial instruments, primarily foreign currency forward contracts, fixed-to-fixed currency swaps, total return swaps and interest rate swaps to hedge certain foreign currency, market value, and interest rate exposures. The Company’s objective is to reduce earnings volatility by offsetting gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them. The Company does not enter into or hold derivative financial instruments for speculative trading purposes.
18

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

There were no amounts eligible to be offset under master netting agreements as of June 30, 2025 and December 31, 2024. The fair value of the Company’s derivative financial instruments was determined using a market-based approach (Level 2). The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).

June 30, 2025 December 31, 2024
Fair Value Fair Value
Notional Prepaid expenses and other current assets Other non-
current assets Accounts payable and accrued liabilities Other non-
current liabilities Notional Prepaid expenses and other current assets Other non-
current assets Accounts payable and accrued liabilities Other non-
current liabilities
Cash flow hedges:
Foreign exchange $ 2,363   $ 54   $ 84   $ 60   $ 41   $ 1,608   $ 47   $ 14   $ 25   $ 28  

Net investment hedges: (a)

Cross-currency swaps 461   7   —   —   15   421   6   —   —   4  

No hedging designation:
Foreign exchange 358   6   2   14   76   951   18   7   14   122  
Cross-currency swaps 230   4   —   —   10   210   2   —   —   1  
Interest rate swaps 2,500   —   —   3   —   —   —   —   —   —  
Total return swaps 477   17   —   —   —   454   —   —   16   —  

Total $ 88   $ 86   $ 77   $ 142   $ 73   $ 21   $ 55   $ 155  

(a) Excludes € 697  million and € 1,500  million of euro-denominated notes ($ 818 million and $ 1,558  million equivalent) at June 30, 2025 and December 31, 2024, respectively, designated as a net investment hedge. (See Note 8.)
Derivatives Designated for Hedge Accounting
Cash Flow Hedges
The Company uses foreign exchange forward contracts to mitigate the foreign currency risk related to revenues, production rebates, and production expenses. As production spend occurs or when rebate receivables are recognized, foreign forward exchange contracts designated as cash flow hedges are de-designated. Upon de-designation, gains and losses on these derivatives directly impact earnings in the same line and same period as the hedged risk. These cash flow hedges are carried at fair market value on the Company’s consolidated balance sheets. Hedge effectiveness is assessed using the spot method, with fair market value changes recorded in other comprehensive loss until the hedged item affects earnings. Excluded components, including forward points, are included in current earnings.
The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive loss (in millions).

  Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 2025 2024
Gains (losses) recognized in accumulated other comprehensive loss:

Foreign exchange - derivative adjustments
$ 28   $ 15   $ 42   $ 31  

Gains (losses) reclassified into income from accumulated other comprehensive loss:

Foreign exchange - distribution revenue
( 5 ) 1   ( 1 ) 3  

Foreign exchange - costs of revenues
1   ( 4 ) 1   7  

Interest rate - interest expense, net ( 1 ) ( 1 ) ( 2 ) ( 2 )
Interest rate - loss on extinguishment of debt ( 1 ) ( 4 ) ( 1 ) ( 4 )
Interest rate - other income, net
—   5   14   5  

19

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

If current fair valu es of designated cash flow hedges as of June 30, 2025 remained static over the next twelve months, the amount the Company would reclassify from accumulated other comprehensive loss into income in the next twelve months would not be material for the current fiscal year. The maximum length of time the Company is hedging exposure to the variability in future cash flows is 30 years.
Net Investment Hedges
The Company is exposed to foreign currency risk associated with the net assets of non-USD functional entities and uses fixed-to-fixed cross currency swaps to mitigate this risk.
The following table presents the pre-tax impact of derivatives and other instruments designated as net investment hedges on other comprehensive loss (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three and six months ended June 30, 2025 and 2024.

Three Months Ended June 30,
Amount of gain (loss) recognized in AOCI Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025 2024 2025 2024
Cross currency swaps $ ( 8 ) $ 14   Interest expense, net $ 3   $ 6  

Euro-denominated notes (foreign denominated debt) ( 148 ) 21   N/A —   —  

Total $ ( 156 ) $ 35   $ 3   $ 6  

Six Months Ended June 30,
Amount of gain (loss) recognized in AOCI Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2025 2024 2025 2024
Cross currency swaps $ ( 12 ) $ 39   Interest expense, net $ 6   $ 12  

Euro-denominated notes (foreign denominated debt) ( 208 ) 21   N/A —   —  
Sterling notes (foreign denominated debt) —   4   N/A —   —  
Total $ ( 220 ) $ 64   $ 6   $ 12  

Derivatives Not Designated for Hedge Accounting
The Company has deferred compensation plans that have risk related to the fair value gains and losses on these investments and uses total return swaps to mitigate this risk. The gains and losses associated with these swaps are recorded to selling, general and administrative expenses, offsetting the deferred compensation investment gains and losses.
The Company is also exposed to the risk of secured overnight financing rate changes in connection with securitization interest paid on the receivables securitization program. To mitigate this risk, the Company entered into $ 2.5  billion notional of non-designated interest rate swaps in the first half of 2025. The gains and losses on these derivatives are recorded to selling, general and administrative expenses, offsetting securitization interest expense.
During the three months ended June 30, 2025, the Company unwound foreign exchange forward contracts with a notional value of € 450  million associated with the Company’s euro-denominated debt that was partially repaid in association with the Tender Offers. The Company also entered into and subsequently unwound and settled foreign exchange forward contracts with a notional value of € 450  million to hedge the tender payment for the Company’s euro-denominated debt and recorded a gain of $ 9  million to other income, net. (See Note 8.)
20

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other income, net in the consolidated statements of operations (in millions).

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Interest rate swaps $ ( 3 ) $ 7   $ ( 2 ) $ 28  
Total return swaps 31   1   20   20  
Total in selling, general and administrative expense 28   8   18   48  

Interest rate swaps —   ( 5 ) —   ( 3 )
Cross-currency swaps ( 6 ) —   ( 7 ) —  

Foreign exchange derivatives 25   ( 17 ) 34   ( 25 )
Total in other income, net
19   ( 22 ) 27   ( 28 )
Total $ 47   $ ( 14 ) $ 45   $ 20  

NOTE 10. FAIR VALUE MEASUREMENTS
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1 – Quoted prices for identical instruments in active markets.
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3 – Valuations derived from techniques in which one or more significant inputs are unobservable.

The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
    June 30, 2025
Category Balance Sheet Location Level 1 Level 2 Level 3 Total
Assets
Cash equivalents:
Time deposits Cash and cash equivalents $ —   $ 317   $ —   $ 317  

Equity securities:
Money market fund Cash and cash equivalents 50   —   —   50  

Mutual funds Prepaid expenses and other current assets 12   —   —   12  
Company-owned life insurance contracts Prepaid expenses and other current assets —   7   —   7  
Mutual funds Other noncurrent assets 211   —   —   211  
Company-owned life insurance contracts Other noncurrent assets —   95   —   95  

Total $ 273   $ 419   $ —   $ 692  
Liabilities
Deferred compensation plan Accrued liabilities $ 67   $ —   $ —   $ 67  
Deferred compensation plan Other noncurrent liabilities 659   —   —   659  
Total $ 726   $ —   $ —   $ 726  

21

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

December 31, 2024
Category Balance Sheet Location Level 1 Level 2 Level 3 Total
Assets
Cash equivalents:
Time deposits Cash and cash equivalents $ —   $ 95   $ —   $ 95  

Equity securities:
Money market funds Cash and cash equivalents 46   —   —   46  

Mutual funds Prepaid expenses and other current assets 16   —   —   16  
Company-owned life insurance contracts Prepaid expenses and other current assets —   1   —   1  
Mutual funds Other noncurrent assets 216   —   —   216  
Company-owned life insurance contracts Other noncurrent assets —   102   —   102  

Total $ 278   $ 198   $ —   $ 476  
Liabilities
Deferred compensation plan Accrued liabilities $ 62   $ —   $ —   $ 62  
Deferred compensation plan Other noncurrent liabilities 650   —   —   650  
Total $ 712   $ —   $ —   $ 712  

In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, senior notes, and a bridge loan. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of June 30, 2025 and December 31, 2024. The estimated fair value of the Company’s outstanding senior notes, including accrued interest, using quoted prices from over-the-counter markets, considered Level 2 inputs, was $ 14.7 billion and $ 34.9 billion as of June 30, 2025 and December 31, 2024, respectively.
The Company’s derivative financial instruments are discussed in Note 9, its investments with readily determinable fair value are discussed in Note 7, and the obligation for its revolving receivable program is discussed in Note 5.

NOTE 11. SHARE-BASED COMPENSATION
The Company has various incentive plans under which performance based restricted stock units (“PRSUs”), service based restricted stock units (“RSUs”), and stock options have been issued. The table below presents awards granted (in millions, except weighted-average grant price).

Six Months Ended June 30, 2025
Awards Weighted-Average Grant Price
Awards granted:
PRSUs 4.6   $ 11.02  
RSUs 41.4   $ 10.86  
Stock options 25.1   $ 10.30  

The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of June 30, 2025 (in millions, except years).

Unrecognized Compensation Cost Weighted-Average Amortization Period
(years)
PRSUs $ 72   1.3
RSUs 674   1.6
Stock options 183   2.9

Total unrecognized compensation cost $ 929  

22

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 12. INCOME TAXES
Income tax (expense) benefit was $( 866 ) million and $ 7 million for the three months ended June 30, 2025 and 2024, respectively and $( 881 ) million and $( 129 ) million for the six months ended June 30, 2025 and 2024, respectively. The increase in income tax expense for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily attributable to higher pre-tax book income, including a $ 3.0  billion gain recognized in connection with the Tender Offers in 2025 (See Note 8) and a non-cash goodwill impairment charge of $ 9.1  billion recorded in 2024, the majority of which was not deductible for tax purposes.
Income tax expense for the three and six months ended June 30, 2025, reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to the effect of foreign operations and changes in unrecognized tax benefits.
As of June 30, 2025 and December 31, 2024, the Company’s reserves for unrecognized tax benefits totaled $ 2,479 million and $ 2,371 million, respectively.
As of June 30, 2025 and December 31, 2024, the Company had accrued $ 815 million and $ 732 million, respectively, of total interest and penalties payable related to unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.
The Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two Global Anti-Base Erosion (“GloBE”) model rules, issued under the OECD Inclusive Framework on Base Erosion and Profit Shifting, introduce a global minimum tax of 15% applicable to multinational enterprise groups with consolidated financial statement revenue in excess of €750 million. Numerous foreign jurisdictions have already enacted tax legislation based on the GloBE rules, with some effective as early as January 1, 2024. As of June 30, 2025, we recognized an immaterial income tax expense for Pillar Two GloBE minimum tax. The Company is continuously monitoring the evolving application of this legislation and assessing its potential impact on our future tax liability.
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which includes a broad range of tax reform provisions. We are currently evaluating its impact on our financial statements.

NOTE 13. SUPPLEMENTAL DISCLOSURES
The following tables present supplemental information related to the consolidated financial statements (in millions).
Other Income, net
Other income, net, consisted of the following (in millions).
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Foreign currency gains (losses), net $ 58   $ ( 54 ) $ 88   $ ( 191 )
Gains (losses) on derivative instruments, net 19   ( 17 ) 41   ( 23 )

Change in the value of investments with readily determinable fair value —   ( 1 ) 4   ( 2 )
Gain on sale of equity method investments —   203   —   203  

Change in fair value of equity investments without readily determinable fair value —   ( 13 ) ( 4 ) ( 27 )

Interest income 59   63   123   123  
Indemnification receivable accrual ( 5 ) 6   ( 43 ) 96  
Other income (loss), net 8   ( 15 ) 12   ( 21 )
Total other income, net
$ 139   $ 172   $ 221   $ 158  

Supplemental Cash Flow Information
Six Months Ended June 30,
2025 2024

Non-cash investing and financing activities:

Assets acquired under finance lease and other arrangements $ 219   $ 224  

Settlement of PRSU awards $ 62   $ 40  
Accrued debt tender fees $ 95   $ —  

23

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Cash, Cash Equivalents, and Restricted Cash
  June 30, 2025 December 31, 2024
Cash and cash equivalents $ 4,888   $ 5,312  
Restricted cash - recorded in prepaid expenses and other current assets (1)
3   104  
Total cash, cash equivalents, and restricted cash $ 4,891   $ 5,416  

(1) Restricted cash at December 31, 2024 primarily includes cash posted as collateral related to the Company’s revolving receivables program. (See Note 5.)

Earnings Per Share
The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Numerator:
Net income (loss) $ 1,588   $ ( 10,028 ) $ 1,139   $ ( 10,983 )
Less:
Net income attributable to noncontrolling interests ( 7 ) ( 10 ) ( 15 ) ( 17 )
Net (income) loss attributable to redeemable noncontrolling interests ( 1 ) 52   3   48  
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value) —   —   —   ( 4 )
Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share $ 1,580   $ ( 9,986 ) $ 1,127   $ ( 10,956 )

Denominator — weighted average:
Common shares outstanding — basic 2,477   2,451   2,469   2,447  

Dilutive effect of share-based awards 22   —   31   —  
Common shares outstanding — diluted 2,499   2,451   2,500   2,447  

Basic net loss per share allocated to common stockholders $ 0.64   $ ( 4.07 ) $ 0.46   $ ( 4.48 )
Diluted net loss per share allocated to common stockholders $ 0.63   $ ( 4.07 ) $ 0.45   $ ( 4.48 )

The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Anti-dilutive share-based awards
81   106   66   73  

Supplier Finance Programs
As of June 30, 2025 and December 31, 2024, the Company has confirmed $ 278  million and $ 307  million, respectively, of accrued content producer liabilities. These amounts were outstanding and unpaid by the Company and were recorded in accrued liabilities on the consolidated balance sheets.
Leases
During the three months ended March 31, 2025, the Company subleased a portion of its Hudson Yards, New York office. As a result of executing the sublease, the Company recorded a right-of-use (“ROU”) asset impairment charge of $ 87  million. The ROU asset impairment charge was recorded in impairment and loss on dispositions in the consolidated statements of operations.
24

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Other than the item disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the Company’s 2024 Form 10-K for more information on the Company’s leases.
Collaborative Arrangements
The arrangement among TNT Sports, CBS Broadcasting, Inc. (“CBS”), and the National Collegiate Athletic Association (the “NCAA”) provides TNT Sports and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the U.S. and its territories and possessions through 2032. The aggregate programming rights fee, production costs, certain advertising revenues and sponsorship revenues related to the NCAA Tournament, and related programming are shared equally by the Company and CBS. However, if the amount paid for the programming rights fee and production costs in any given year exceeds the shared advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to a specified annual cap. The amount recorded pursuant to the loss cap was $ 74  million during the six months ended June 30, 2025 and was no t material for the six months ended June 30, 2024. In accounting for this arrangement, the Company records advertising revenue for the advertisements aired on its networks and amortizes its share of the programming rights fee based on the estimated relative value of each season over the term of the arrangement.
Venu Sports
On February 6, 2024, the Company announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Fox Corporation (“Fox”) to form Venu Sports, a sports-centric streaming service in the United States. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc. (collectively, “Fubo”) filed a lawsuit against Disney, including certain affiliates, Fox, and WBD (collectively, the “Defendants”) in the U.S. District Court for the Southern District of New York alleging claims under federal and New York antitrust laws.
On January 6, 2025, Disney announced that it had entered into a definitive agreement to combine certain of Hulu Live TV’s assets with Fubo (the “Fubo Transaction”) and provide Fubo a senior unsecured term loan of up to $ 145  million in January 2026 (the “Fubo Loan”). If Disney funds the Fubo Loan prior to the consummation of the Fubo Transaction, the Company and Fox will participate in a portion of the Fubo Loan by providing loans to Disney with substantially the same economic terms as the Fubo Loan. A $ 130  million termination fee will be payable by Disney to Fubo if the transaction is terminated under certain circumstances. The Company and Fox have agreed to reimburse a portion of the termination fee to Disney if it becomes payable. In addition, the Defendants reached a settlement with Fubo related to Fubo’s antitrust claims and collectively paid $ 220  million to Fubo in January 2025, of which the Company’s share was $ 55  million. As of June 30, 2025, no other funding under this agreement has occurred.
On January 10, 2025, the Defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately.
Discovery Family
Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40 % interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets.
Accumulated Other Comprehensive Loss
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).

Three Months Ended June 30, 2025
Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss
Beginning balance $ ( 777 ) $ 11   $ ( 74 ) $ ( 840 )
Other comprehensive income (loss) before reclassifications
444   20   —   464  
Reclassifications from accumulated other comprehensive loss to net income
—   5   —   5  
Other comprehensive income (loss)
444   25   —   469  
Ending balance
$ ( 333 ) $ 36   $ ( 74 ) $ ( 371 )

25

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Three Months Ended June 30, 2024
Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss
Beginning balance $ ( 875 ) $ 22   $ ( 60 ) $ ( 913 )
Other comprehensive income (loss) before reclassifications 9   12   —   21  
Reclassifications from accumulated other comprehensive loss to net income
—   2   —   2  
Other comprehensive income (loss) 9   14   —   23  
Ending balance
$ ( 866 ) $ 36   $ ( 60 ) $ ( 890 )

Six Months Ended June 30, 2025
Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss
Beginning balance $ ( 1,008 ) $ 15   $ ( 74 ) $ ( 1,067 )
Other comprehensive income (loss) before reclassifications 675   29   —   704  
Reclassifications from accumulated other comprehensive loss to net income —   ( 8 ) —   ( 8 )
Other comprehensive income (loss)
675   21   —   696  
Ending balance $ ( 333 ) $ 36   $ ( 74 ) $ ( 371 )

Six Months Ended June 30, 2024
Currency Translation Derivatives Pension Plan and SERP Liability Accumulated Other Comprehensive Loss
Beginning balance $ ( 699 ) $ 18   $ ( 60 ) $ ( 741 )
Other comprehensive income (loss) before reclassifications ( 167 ) 25   —   ( 142 )
Reclassifications from accumulated other comprehensive loss to net income —   ( 7 ) —   ( 7 )
Other comprehensive income (loss)
( 167 ) 18   —   ( 149 )
Ending balance $ ( 866 ) $ 36   $ ( 60 ) $ ( 890 )

NOTE 14. RELATED PARTY TRANSACTIONS
In the normal course of business, the Company enters into transactions with related parties. Related party transactions include revenues and expenses for content and services provided to or acquired from equity method investees, entities that share common directorship, or minority partners of consolidated subsidiaries.
The table below presents a summary of the transactions with related parties (in millions).

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

Revenues and service charges (a)
$ 161   $ 239   $ 375   $ 892  
Expenses $ 84   $ 83   $ 152   $ 160  
Distributions to noncontrolling interests and redeemable noncontrolling interests $ 17   $ 31   $ 174   $ 161  

(a) The decrease in revenue and service charges in 2025 is primarily attributable to transactions with certain entities that are no longer considered related parties, as such entities and the Company ceased to share common directorship in 2025 .
26

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The table below presents receivables due from and payables due to related parties (in millions).

June 30, 2025 December 31, 2024
Receivables $ 158   $ 254  
Payables $ 45   $ 13  

NOTE 15. COMMITMENTS AND CONTINGENCIES
Legal Matters
From time to time, in the normal course of its operations, the Company is subject to various litigation matters and claims, including claims related to employees, stockholders, vendors, other business partners, government regulations, or intellectual property, as well as disputes and matters involving counterparties to contractual agreements. A determination as to the amount of the accrual required for such contingencies is highly subjective and requires judgment about future events.
The Company may not currently be able to estimate the reasonably possible loss or range of loss for certain matters until developments in such matters have provided sufficient information to support an assessment of such loss. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual for such contingencies is made and no loss or range of loss is disclosed, including with respect to the matters noted below. Although the outcome of these matters cannot be predicted with certainty and the impact of the final resolution of these matters on the Company’s results of operations in a particular subsequent reporting period is not known, management does not currently believe that the resolution of these matters will have a material adverse effect on the Company’s future consolidated financial position, future results of operations, or cash flows.
Securities Class Action. On November 25, 2024, a securities class action complaint was filed in the United States District Court for the Southern District of New York ( Collura v. Warner Bros. Discovery, Inc. , No. 1:24-cv-09027-KPF). The complaint named Warner Bros. Discovery, Inc. (“WBD”), Gunnar Wiedenfels, and David M. Zaslav as defendants and asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. On February 21, 2025, the court appointed co-lead plaintiffs (Anthony Yuson and Michael Steinberg) and co-lead counsel (Pomerantz LLP and The Rosen Law Firm, P.A.) to represent the putative class. On May 7, 2025, the lead plaintiffs filed a First Amended Complaint against WBD, Gunnar Wiedenfels, and David M. Zaslav. The First Amended Complaint generally alleges that, between February 23, 2024 and August 7, 2024, defendants made false and misleading statements in SEC filings and other public disclosures relating to WBD’s negotiations with the National Basketball Association (“NBA”) concerning its contractual rights to broadcast the NBA’s content and the potential impact of a failure to renew the contract on its business, in violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, and seeks damages and other relief. The defendants moved to dismiss on July 11, 2025. The plaintiffs have until August 25, 2025 to file their opposition to defendants’ motion to dismiss.
Consolidated Derivative Action. Between December 20, 2024 and January 14, 2025, four shareholder derivative complaints were filed in the United States District Court for the Southern District of New York ( Roy v. Zaslav et al., No. 1:24-cv-09856-AT, Hollin v. Zaslav et al., No. 1:24-cv-09885-AT, KO v. Zaslav et al., No. 1:25-cv-00114-AT, and Herman, III v. Chen et al., No. 1:25-cv-00352-AT). Each complaint names certain current and former directors and officers of WBD as defendants and WBD as nominal defendant, and each complaint seeks damages and other relief. The complaints generally assert claims against the defendants, derivatively on behalf of WBD, for alleged breaches of fiduciary duty based on the same facts alleged in the Collura securities case described above. The complaints assert various common law causes of action, including breach of fiduciary duties, aiding and abetting breach of fiduciary duties, abuse of control, unjust enrichment, gross mismanagement, and waste of corporate assets, as well claims for violations of Sections 14(a), 10(b), and 21D of the Exchange Act. On January 21, 2025, the court consolidated the four actions for all purposes under Case No. 1:24-cv-09856-AT, captioned as In re Warner Bros. Discovery, Inc. Derivative Litigation (the “Consolidated Derivative Action”). On February 19, 2025, the Court stayed the Consolidated Derivative Action pending resolution of a final decision on all motions to dismiss the operative complaint in the Collura securities action.

NOTE 16. REPORTABLE SEGMENTS
The Company’s operating segments are determined based on: (i) financial information reviewed by its chief operating decision maker (“CODM”), the Chief Executive Officer (“CEO”), (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions.
The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content licenses. The Company generally records inter-segment transactions of content licenses at market value. The Company does not report assets by segment because it is not used by the CODM to allocate resources or evaluate segment performance.
27

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
• employee share-based compensation;
• depreciation and amortization;
• restructuring and facility consolidation;
• certain impairment charges;
• gains and losses on business and asset dispositions;
• third-party transaction and integration costs;
• amortization of purchase accounting fair value step-up for content;
• amortization of capitalized interest for content; and
• other items impacting comparability.
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.
The tables below present summarized financial information for each of the Company’s reportable segments (in millions).
Revenues

  Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Streaming $ 2,793   $ 2,568   $ 5,449   $ 5,028  
Studios 3,801   2,449   6,115   5,270  
Global Linear Networks 4,803   5,272   9,577   10,397  
Corporate 1   1   1   2  
Inter-segment eliminations ( 1,586 ) ( 577 ) ( 2,351 ) ( 1,026 )
Total revenues $ 9,812   $ 9,713   $ 18,791   $ 19,671  

Reconciliation of Revenues to Segment Adjusted EBITDA

Three months ended June 30, 2025
Streaming Studios Global Linear Networks
Revenues $ 2,793   $ 3,801   $ 4,803  

Less:
Content expense (a)
1,600   2,135   2,105  
Personnel expense (b)
191   232   505  
Marketing expense 294   363   115  
Other segment expenses (c)
415   208   566  
Segment Adjusted EBITDA $ 293   $ 863   $ 1,512  

28

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Three months ended June 30, 2024
Streaming Studios Global Linear Networks
Revenues $ 2,568   $ 2,449   $ 5,272  

Less:
Content expense (a)
1,699   1,532   1,965  
Personnel expense (b)
201   231   566  
Marketing expense 353   268   115  
Other segment expenses (c)
422   208   628  
Segment Adjusted EBITDA $ ( 107 ) $ 210   $ 1,998  

Six months ended June 30, 2025
Streaming Studios Global Linear Networks
Revenues $ 5,449   $ 6,115   $ 9,577  

Less:
Content expense (a)
3,104   3,474   3,937  
Personnel expense (b)
377   462   1,001  
Marketing expense 514   615   219  
Other segment expenses (c)
822   442   1,115  
Segment Adjusted EBITDA $ 632   $ 1,122   $ 3,305  

Six months ended June 30, 2024
Streaming Studios Global Linear Networks
Revenues $ 5,028   $ 5,270   $ 10,397  

Less:
Content expense (a)
3,266   3,482   3,808  
Personnel expense (b)
393   471   1,114  
Marketing expense 642   557   203  
Other segment expenses (c)
748   366   1,155  
Segment Adjusted EBITDA $ ( 21 ) $ 394   $ 4,117  

(a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA.
(b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).
(c) Other segment expenses include distribution costs, other direct costs, software and hardware costs, IT services, professional and consulting fees, commissions, and certain other overhead costs. Other segment expenses exclude depreciation and amortization, amortization of purchase accounting fair value step-up for content, amortization of capitalized interest for content, employee share-based compensation, third-party transaction and integration costs, and other items impacting comparability as these items are excluded from the calculation of Adjusted EBITDA.
29

WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Reconciliation of segment adjusted EBITDA to loss before income taxes

  Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Streaming $ 293   $ ( 107 ) $ 632   $ ( 21 )
Studios 863   210   1,122   394  
Global Linear Networks 1,512   1,998   3,305   4,117  
Segment Adjusted EBITDA 2,668   2,101   5,059   4,490  
Depreciation and amortization 1,447   1,744   2,994   3,632  
Employee share-based compensation 173   156   293   255  
Restructuring and other charges 80   117   134   152  
Transaction and integration costs 17   51   97   132  
Facility consolidation costs 4   5   9   7  
Impairment and amortization of fair value step-up for content 388   522   628   757  
Amortization of capitalized interest for content 3   13   9   30  
Impairments and loss on dispositions 26   9,395   116   9,407  

Corporate 316   285   549   631  
Inter-segment eliminations 399   21   452   ( 38 )
Other income, net ( 139 ) ( 172 ) ( 221 ) ( 158 )
(Income) loss from equity investees, net ( 5 ) 23   2   71  
Gain on extinguishment of debt ( 2,958 ) ( 542 ) ( 2,954 ) ( 567 )
Interest expense, net 463   518   931   1,033  
Income (loss) before income taxes $ 2,454   $ ( 10,035 ) $ 2,020   $ ( 10,854 )

NOTE 17. SUBSEQUENT EVENTS
In July 2025, the Company repaid $ 100  million of aggregate principal amount outstanding of its Bridge Loan Facility.
30

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Management’s discussion and analysis of financial condition and results of operations is a supplement to and should be read in conjunction with the accompanying consolidated financial statements and related notes. This section provides additional information regarding our businesses, current developments, results of operations, cash flows and financial condition. Additional context can also be found in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
BUSINESS OVERVIEW
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.
In June 2025, the Company announced its plans to separate the Company, in a tax-free transaction, into two publicly traded companies (the “Separation”). Warner Bros. will primarily consist of our Streaming and Studios reportable segments and include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as its film and television libraries. Discovery Global will primarily consist of our Global Linear Networks reportable segment and include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report. The Separation is expected to be completed by mid-2026, subject to closing and other conditions, including final approval by the Warner Bros. Discovery Board, receipt of tax opinions with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and market conditions. There can be no assurance that the Separation will occur in accordance with the expected plans or anticipated timeline, or at all.
In the first quarter of 2025, the Company renamed its Direct-to-Consumer reportable segment to Streaming and its Networks reportable segment to Global Linear Networks. There have been no changes to the Company’s reportable segments or the composition of our reportable segments as a result of these announcements. We have included supplemental Streaming & Studios and Global Linear Networks division information and supplemental consolidating data within Management’s Discussion and Analysis of this Quarterly Report on Form 10-Q.
As of June 30, 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 is aligned 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.
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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 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.
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RESULTS OF OPERATIONS
Foreign Exchange Impacting Comparability
The impact of exchange rates on our business is an important factor in understanding period-to-period comparisons of our results. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. We believe the presentation of results on a constant currency basis (“ex-FX”), in addition to results reported in accordance with U.S. GAAP provides useful information about our operating performance because the presentation ex-FX excludes the effects of foreign currency volatility and highlights our core operating results. The presentation of results on a constant currency basis should be considered in addition to, but not a substitute for, measures of financial performance reported in accordance with U.S. GAAP.
The ex-FX change represents the percentage change on a period-over-period basis adjusted for foreign currency impacts. The ex-FX change is calculated as the difference between the current year amounts translated at a baseline rate, which is a spot rate for each of our currencies determined early in the fiscal year as part of our forecasting process (the “2025 Baseline Rate”), and the prior year amounts translated at the same 2025 Baseline Rate. In addition, consistent with the assumption of a constant currency environment, our ex-FX results exclude the impact of our foreign currency hedging activities, as well as realized and unrealized foreign currency transaction gains and losses. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies.
Consolidated Results of Operations
The table below presents our consolidated results of operations (in millions).
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Revenues:
Distribution $ 4,885  $ 4,879  —  % —  % $ 9,771  $ 9,864  (1) % —  %
Advertising 2,216  2,430  (9) % (10) % 4,196  4,578  (8) % (9) %
Content 2,471  2,109  17  % 16  % 4,337  4,667  (7) % (7) %
Other 240  295  (19) % (23) % 487  562  (13) % (15) %
Total revenues 9,812  9,713  1  % —  % 18,791  19,671  (4) % (4) %
Costs of revenues, excluding depreciation and amortization 5,967  6,204  (4) % (4) % 11,098  12,262  (9) % (10) %
Selling, general and administrative 2,477  2,461  1  % —  % 4,671  4,693  —  % (1) %
Depreciation and amortization 1,447  1,744  (17) % (17) % 2,994  3,632  (18) % (18) %
Restructuring and other charges 80  117  (32) % (32) % 134  152  (12) % (12) %
Impairments and loss on dispositions 26  9,395  (100) % (100) % 116  9,407  (99) % (99) %

Total costs and expenses 9,997  19,921  (50) % (50) % 19,013  30,146  (37) % (37) %
Operating loss (185) (10,208) 98  % 98  % (222) (10,475) 98  % 98  %
Interest expense, net (463) (518) (931) (1,033)
Gain on extinguishment of debt, net 2,958  542  2,954  567 
Income (loss) from equity investees, net 5  (23) (2) (71)
Other income, net 139  172  221  158 
Income (loss) before income taxes 2,454  (10,035) 2,020  (10,854)
Income tax (expense) benefit (866) 7  (881) (129)
Net income (loss) 1,588  (10,028) 1,139  (10,983)
Net income attributable to noncontrolling interests (7) (10) (15) (17)
Net (income) loss attributable to redeemable noncontrolling interests (1) 52  3  48 
Net income (loss) available to Warner Bros. Discovery, Inc. $ 1,580  $ (9,986) $ 1,127  $ (10,952)

NM - Not meaningful
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Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. The ex-FX percent changes of line items below operating loss in the table above are not included as the activity is principally in U.S. dollars.
Revenues
Distribution revenue remained flat for the three and six months ended June 30, 2025, primarily attributable to a 9% decline in domestic linear subscribers for the three and six months ended June 30, 2025, offset by a 22% increase in Streaming subscribers for the three and six months ended June 30, 2025 as a result of continued global expansion of HBO Max, including new distribution deals.
Advertising revenue decreased 10% and 9% for the three and six months ended June 30, 2025, respectively, primarily attributable to audience declines in domestic networks of 23% and 25%, respectively, for the three and six months ended June 30, 2025 and domestic pricing pressures within our Streaming segment, partially offset by an increase in ad-lite subscribers.
Content revenue increased 16% and decreased 7% for the three and six months ended June 30, 2025, respectively. The increase for the three months ended June 30, 2025 was primarily attributable to a 38% increase in theatrical product revenue as a result of higher film rental revenue, primarily due to the strong performance of A Minecraft Movie, Sinners, and Final Destination Bloodlines , which were released in the second quarter of 2025. The increase in theatrical product revenue was partially offset by lower television product revenue due to lower third-party licensing.
The decrease for the six months ended June 30, 2025 was primarily attributable to a decrease in television product revenue due to lower third-party licensing, a 34% decrease in games revenue attributable to no releases in 2025 compared to the prior year release of Suicide Squad: Kill the Justice League in the first quarter of 2024, and a decrease in home entertainment revenue due to the strong prior year performance of Dune: Part Two, Wonka, and Aquaman and the Lost Kingdom . The decrease for the six months ended June 30, 2025 was partially offset by an increase in theatrical product revenue attributable to higher film rental revenue due to the strong current year performance of A Minecraft Move, Sinners, and Final Destination Bloodlines .
Other revenue decreased 23% and 15% for the three and six months ended June 30, 2025, respectively.
Costs of Revenues
Costs of revenues decreased 4% and 10% for the three and six months ended June 30, 2025, respectively. The decrease for the three months ended June 30, 2025 was primarily attributable to lower content expense related to the amortization of purchase accounting fair value step-up for content, lower domestic sports and content costs due to the timing of programming releases in our Streaming segment, and a 49% decrease in games content expense commensurate with lower games revenue. The decrease for the three months ended June 30, 2025 was partially offset by an 18% increase in theatrical product content expense as a result of higher film costs commensurate with higher theatrical product revenue.
The decrease for the six months ended June 30, 2025 was primarily attributable to a 60% decrease in games content expense due to a $213 million impairment related to Suicide Squad: Kill the Justice League in the prior year and lower games content expense commensurate with lower games revenue, a 13% decrease in theatrical product content expense as a result of lower film costs due to lower payments to partners, lower content expense related to the amortization of purchase accounting fair value step-up for content, and lower domestic sports and content costs due to the timing of programming releases in our Streaming segment. The decrease for the six months ended June 30, 2025 was partially offset by higher international content costs to support HBO Max launches.
Selling, General and Administrative
Selling, general and administrative expenses were flat and decreased 1% for the three and six months ended June 30, 2025, respectively. For the three months ended June 30, 2025, higher overhead expenses were offset by lower marketing and personnel expenses. The decrease for the six months ended June 30, 2025 was primarily attributable to lower marketing expenses, partially offset by higher overhead costs.
Depreciation and Amortization
Depreciation and amortization decreased 17% and 18% for the three and six months ended June 30, 2025, respectively, primarily attributable to intangible assets acquired in connection with the acquisition of the WarnerMedia business (the “WarnerMedia Business”) from AT&T Inc. that are being amortized using the sum of the months’ digits method and the end of the useful life for certain intangible assets, partially offset by the shortening of the useful lives of certain intangible assets.
Restructuring and other charges
Restructuring and other charges decreased 32% and 12% for the three and six months ended June 30, 2025, respectively. Restructuring and other charges primarily includes organizational restructuring costs and consulting fees. (See Note 3 to the accompanying consolidated financial statements.)
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Impairments and Loss on Dispositions
Impairments and loss on dispositions were $26 million and $116 million for the three and six months ended June 30, 2025, respectively, primarily attributable to a $87 million ROU asset impairment charge related to the Hudson Yards, New York office lease in the first quarter of 2025. (See Note 13 to the accompanying consolidated financial statements.)
Interest Expense, net
Interest expense, net decreased $55 million and $102 million for the three and six months ended June 30, 2025, respectively, primarily attributable to lower debt during the period. (See Note 8 and Note 9 to the accompanying consolidated financial statements.)
Gain on extinguishment of debt, net
During the three months ended June 30, 2025, the Company commenced and completed the Tender Offers by purchasing senior notes and debentures in the aggregate principal amount of $17.7 billion and recorded a gain on extinguishment of debt of approximately $3.0 billion. Additionally, the Company repaid in full at maturity $487 million of aggregate principal amount outstanding of its senior notes due June 2025. (See Note 8 to the accompanying consolidated financial statements.)
Income (Loss) From Equity Investees, net
Income (loss) from our equity method investees was $5 million and $(2) million for the three and six months ended June 30, 2025, respectively. The changes are attributable to our share of net earnings and losses from our equity investees. (See Note 7 to the accompanying consolidated financial statements.)
Other Income, net
Other income, net was $139 million and $221 million for the three and six months ended June 30, 2025, respectively. (See Note 13 to the accompanying consolidated financial statements.)
Income Tax (Expense) Benefit
Income tax (expense) benefit was $(866) million and $7 million for the three months ended June 30, 2025 and 2024, respectively and $(881) million and $(129) million for the six months ended June 30, 2025 and 2024, respectively. The increase in income tax expense for the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily attributable to higher pre-tax book income, including a $3.0 billion gain recognized in connection with the Tender Offers in 2025 (See Note 8) and a non-cash goodwill impairment charge of $9.1 billion recorded in 2024, the majority of which was not deductible for tax purposes.
Income tax expense for the three and six months ended June 30, 2025, reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to the effect of foreign operations and changes in unrecognized tax benefits.
The Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two Global Anti-Base Erosion (“GloBE”) model rules, issued under the OECD Inclusive Framework on Base Erosion and Profit Shifting, introduce a global minimum tax of 15% applicable to multinational enterprise groups with consolidated financial statement revenue in excess of €750 million. Numerous foreign jurisdictions have already enacted tax legislation based on the GloBE rules, with some effective as early as January 1, 2024. As of June 30, 2025, we recognized an immaterial income tax expense for Pillar Two GloBE minimum tax. The Company is continuously monitoring the evolving application of this legislation and assessing its potential impact on our future tax liability. (See Note 12 to accompanying consolidated financial statements.)
Division and Segment Results of Operations
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
• employee share-based compensation;
• depreciation and amortization;
• restructuring and facility consolidation;
• certain impairment charges;
• gains and losses on business and asset dispositions;
• third-party transaction and integration costs;
• amortization of purchase accounting fair value step-up for content;
• amortization of capitalized interest for content; and
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• other items impacting comparability.
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.
The table below presents our Adjusted EBITDA for each of the Company’s reportable segments, corporate, and inter-segment eliminations (in millions).

  Three Months Ended June 30,   Six Months Ended June 30,
  2025 2024 % Change 2025 2024 % Change

Streaming $ 293  $ (107) NM $ 632  $ (21) NM
Studios $ 863  $ 210  NM $ 1,122  $ 394  NM
Global Linear Networks $ 1,512  $ 1,998  (24) % $ 3,305  $ 4,117  (20) %
Corporate $ (316) $ (285) (11) % $ (549) $ (631) 13  %
Inter-segment eliminations $ (399) $ (21) NM $ (452) $ 38  NM

Supplemental Streaming & Studios and Global Linear Networks Division Information
The following tables present, for our Streaming & Studios and Global Linear Networks divisions, supplemental information about revenues and Adjusted EBITDA (in millions).
Revenues

  Three Months Ended June 30,   Six Months Ended June 30,
  2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Streaming $ 2,793  $ 2,568  9  % 8  % $ 5,449  $ 5,028  8  % 9  %
Studios 3,801  2,449  55  % 54  % 6,115  5,270  16  % 16  %
Streaming & Studios eliminations (1,400) (416) NM NM (2,023) (734) NM NM
Streaming & Studios 5,194  4,601  13  % 12  % 9,541  9,564  —  % —  %
Global Linear Networks 4,803  5,272  (9) % (9) % 9,577  10,397  (8) % (8) %
Corporate 1  1  —  % —  % 1  2  (50) % (50) %
Other inter-segment eliminations (186) (161) (16) % (16) % (328) (292) (12) % (12) %
Total revenues $ 9,812  $ 9,713  1  % —  % $ 18,791  $ 19,671  (4) % (4) %

Adjusted EBITDA

  Three Months Ended June 30,   Six Months Ended June 30,
  2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Streaming $ 293  $ (107) NM NM $ 632  $ (21) NM NM
Studios 863  210  NM NM 1,122  394  NM NM
Streaming & Studios eliminations (366) (27) NM NM (424) 22  NM NM
Streaming & Studios 790  76  NM NM 1,330  395  NM NM
Global Linear Networks 1,512  1,998  (24) % (25) % 3,305  4,117  (20) % (19) %
Corporate (316) (285) (11) % (9) % (549) (631) 13  % 14  %
Other inter-segment eliminations (33) 6  NM NM (28) 16  NM NM
Adjusted EBITDA $ 1,953  $ 1,795  9  % 9  % $ 4,058  $ 3,897  4  % 6  %

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Streaming Segment
The following table presents, for our Streaming segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in millions).

  Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Revenues:
Distribution $ 2,410  $ 2,202  9  % 9  % $ 4,739  $ 4,387  8  % 8  %
Advertising 282  240  18  % 17  % 519  415  25  % 25  %
Content 102  123  (17) % (21) % 190  222  (14) % (15) %
Other (1) 3  NM NM 1  4  (75) % (75) %
Total revenues 2,793  2,568  9  % 8  % 5,449  5,028  8  % 9  %
Costs of revenues, excluding depreciation and amortization 1,913  2,028  (6) % (6) % 3,737  3,923  (5) % (5) %
Selling, general and administrative 587  647  (9) % (10) % 1,080  1,126  (4) % (4) %
Adjusted EBITDA - Streaming segment
293  (107) NM NM 632  (21) NM NM
Depreciation and amortization 356  460  727  975 

Restructuring and other charges 7  15  19  17 

Facility consolidation costs —  3  —  5 
Impairment and amortization of fair value step-up for content 39  71  86  173 

Impairments and loss on dispositions 11  11  14  16 
Operating loss $ (120) $ (667) $ (214) $ (1,207)

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis.
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Revenues
Subscriber information consisted of the following (in millions).

June 30, 2025 June 30, 2024 % Change
Total Domestic subscribers 1
57.8  52.4  10  %
Total International subscribers 1
67.9  50.8  33  %
Total Streaming subscribers 1 125.7  103.3  22  %

Distribution revenue increased 9% and 8% for the three and six months ended June 30, 2025, respectively, primarily attributable to a 22% increase in subscribers as a result of continued global expansion of HBO Max, including new distribution deals, partially offset by the impact of a wholesale deal renewal and lower global distribution ARPU due to a mix shift in the subscriber base across distribution channels, geography, and product type.
Advertising revenue increased 17% and 25% for the three and six months ended June 30, 2025, respectively, primarily attributable to an increase in ad-lite subscribers, partially offset by domestic pricing pressures.

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.
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Global ARPU consisted of the following.

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 % Change (ex-FX) 2025 2024 % Change (ex-FX)
Domestic ARPU $ 11.16  $ 12.08  (8) % $ 11.16  $ 11.90  (6) %
International ARPU $ 3.85  $ 3.85  —  % $ 3.75  $ 3.80  —  %
Global ARPU 2 $ 7.14  $ 8.00  (11) % $ 7.12  $ 7.91  (10) %

Global ARPU decreased 11% and 10% for the three and six months ended June 30, 2025, respectively, primarily attributable to a 33% increase year-over-year in international subscribers. Additionally, global ARPU was negatively impacted by an 8% and 6% decrease in domestic ARPU for the three and six months ended June 30, 2025, respectively, primarily attributable to broader distribution of HBO Max Basic with Ads.
Content revenue decreased 21% and 15% for the three and six months ended June 30, 2025, respectively, primarily attributable to lower third-party licensing as a result of launching HBO Max in new international markets.
Costs of Revenues
Costs of revenues decreased 6% and 5% for the three and six months ended June 30, 2025, respectively, primarily attributable to lower domestic sports and content costs due to the timing of programming releases, partially offset by higher international content costs to support HBO Max launches.
Selling, General, and Administrative Expenses
Selling, general and administrative expenses decreased 10% and 4% for the three and six months ended June 30, 2025, respectively, primarily attributable to lower marketing costs. Additionally, the decrease for the six months ended June 30, 2025 was partially offset by higher overhead costs.
Adjusted EBITDA
Adjusted EBITDA increased $400 million and $653 million for the three and six months ended June 30, 2025, respectively.

2 ARPU: The Company defines Streaming Average Revenue Per User (“ARPU”) as total subscription revenue plus net advertising revenue for the period divided by the daily average number of paying subscribers for the period. Where daily values are not available, the sum of beginning of period and end of period divided by two is used.
Excluded from the ARPU calculation are: (i) Revenue and subscribers for streaming products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-branded, 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 amount of international discovery+ revenue and subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time; (iii) Cinemax, Max/HBO hotel and bulk institution (i.e., subscribers billed on a bulk basis), and international basic HBO revenue and subscribers; and (iv) 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.
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Studios Segment
The following table presents, for our Studios segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss) (in millions).

  Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Revenues:
Distribution $ 1  $ 3  (67) % (67) % $ 2  $ 8  (75) % (75) %
Advertising —  —  NM NM 1  4  (75) % (75) %
Content 3,591  2,237  61  % 59  % 5,730  4,860  18  % 18  %
Other 209  209  —  % (5) % 382  398  (4) % (6) %
Total revenues 3,801  2,449  55  % 54  % 6,115  5,270  16  % 16  %
Costs of revenues, excluding depreciation and amortization 2,215  1,601  38  % 38  % 3,628  3,620  —  % —  %
Selling, general and administrative 723  638  13  % 12  % 1,365  1,256  9  % 8  %
Adjusted EBITDA - Studios segment
863  210  NM NM 1,122  394  NM NM
Depreciation and amortization 169  174  339  360 
Employee share-based compensation —  —  —  (1)

Restructuring and other charges (1) 19  (6) 30 
Transaction and integration costs —  1  —  2 
Facility consolidation costs —  1  —  1 
Impairment and amortization of fair value step-up for content 25  83  61  11 
Amortization of capitalized interest for content 3  13  9  30 
Impairments and gain on dispositions —  (1) (1) (1)
Operating income (loss) $ 667  $ (80) $ 720  $ (38)

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. The Studios discussion below also includes intra-segment revenue and expense between product lines, which represented less than 2% and 3% of total revenues and operating expenses for this segment for the three and six months ended June 30, 2025, respectively. Intra-segment revenue and expense are eliminated at the Studios segment level.
Fluctuations in results for our Studios segment may occur due to various factors, including (but not limited to) the timing and number of new film releases each quarter, the timing of marketing expenses recognized relative to (i.e., prior to) a film’s release, and the mix of content distributed each period.
Revenues
Content revenue increased 59% for the three months ended June 30, 2025, primarily attributable to a 115% increase in television product revenue and a 38% increase in theatrical product revenue, partially offset by a 14% decrease in games revenue.
• The increase in television product revenue was attributable to higher intercompany content licensing, primarily due to the timing of renewals.
• The increase in theatrical product revenue was attributable to higher film rental revenue, partially offset by lower content licensing. The increase in film rental revenue was primarily due to the strong performance of A Minecraft Movie, Sinners, and Final Destination Bloodlines, which were released in the second quarter of 2025 .
• The decrease in games revenue was attributable to no releases in 2025.
Content revenue increased 18% for the six months ended June 30, 2025, primarily attributable to a 54% increase in television product revenue and a 3% increase in theatrical product revenue, partially offset by a 34% decrease in games revenue.
• The increase in television product revenue was attributable to higher intercompany content licensing, primarily due to the timing of renewals.
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• The increase in theatrical product revenue was attributable to higher film rental revenue and intercompany content sales, partially offset by lower home entertainment revenue. The increase in film rental revenue was primarily due to the strong current year performance of A Minecraft Movie, Sinners, and Final Destination Bloodlines . The decrease in home entertainment revenue was primarily due to the strong prior year performance of Dune: Part Two, Wonka, and Aquaman and the Lost Kingdom .
• The decrease in games revenue was attributable to no releases in 2025 compared to the prior year release of Suicide Squad: Kill the Justice League in the first quarter of 2024.
Other revenue decreased 5% and 6% for the three and six months ended June 30, 2025.
Costs of Revenues
Costs of revenues increased 38% and was flat for the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2025 was primarily attributable to an 87% increase in television product content expense and an 18% increase in theatrical product content expense, partially offset by a 49% decrease in games content expense commensurate with lower games revenue. The increase in television product content expense was due to higher costs commensurate with higher intercompany content licensing due to the timing of renewals. The increase in theatrical content expense was a result of higher film costs commensurate with higher theatrical product revenue.
During the six months ended June 30, 2025, television product content expense increased 40%, offset by a 60% decrease in games content expense and 13% decrease theatrical product content expense. The increase in television product content expense was due to higher costs commensurate with higher intercompany content licensing due to the timing of renewals. The decrease in games content expense was primarily due to a $213 million impairment related to Suicide Squad: Kill the Justice League in the prior year, and lower games content expense commensurate with lower games revenue. The decrease in theatrical content expense was primarily a result of lower film costs due to lower payments to partners.
Selling, General and Administrative
Selling, general and administrative expenses increased 12% and 8% for the three and six months ended June 30, 2025. The increase for the three and six months ended June 30, 2025 was primarily attributable to higher theatrical marketing expenses. Additionally, the increase in theatrical marketing expense for the six months ended June 30, 2025 was partially offset by lower games marketing expenses.
Adjusted EBITDA
Adjusted EBITDA increased $653 million and $728 million for the three and six months ended June 30, 2025, respectively.
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Global Linear Networks Segment
The table below presents, for our Global Linear Networks segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss) (in millions).

  Three Months Ended June 30, Six Months Ended June 30,
  2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Revenues:
Distribution $ 2,477  $ 2,675  (7) % (7) % $ 5,035  $ 5,472  (8) % (7) %
Advertising 1,953  2,214  (12) % (13) % 3,711  4,201  (12) % (12) %
Content 287  299  (4) % (2) % 667  563  18  % 19  %
Other 86  84  2  % (1) % 164  161  2  % —  %
Total revenues 4,803  5,272  (9) % (9) % 9,577  10,397  (8) % (8) %
Costs of revenues, excluding depreciation and amortization 2,592  2,531  2  % 2  % 4,919  4,903  —  % —  %
Selling, general and administrative 699  743  (6) % (6) % 1,353  1,377  (2) % (2) %
Adjusted EBITDA - Global Linear Networks segment
1,512  1,998  (24) % (25) % 3,305  4,117  (20) % (19) %
Depreciation and amortization 829  1,052  1,736  2,157 
Employee share-based compensation —  —  1  — 
Restructuring and other charges 25  42  41  53 
Transaction and integration costs —  (1) —  — 

Impairment and amortization of fair value step-up for content 310  294  440  419 

Impairments and loss on dispositions 1  9,154  3  9,154 
Operating income (loss) $ 347  $ (8,543) $ 1,084  $ (7,666)

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis.
Revenues
Distribution revenue decreased 7% for the three and six months ended June 30, 2025, primarily attributable to a 9% decline in domestic linear subscribers, and to a lesser extent, lower international affiliate rates and international subscriber declines, partially offset by a 2% increase in domestic affiliate rates for both periods. Declines in linear subscribers are expected to continue.
Advertising revenue decreased 13% and 12% for the three and six months ended June 30, 2025, respectively, primarily attributable to audience declines in domestic networks of 23% and 25%, respectively, and the broadcast of the NCAA Final Four and championship game in 2024, partially offset by the broadcast of the Stanley Cup Finals in 2025 .
Content revenue decreased 2% and increased 19% for the three and six months ended June 30, 2025, respectively, primarily attributable to timing of third-party licensing deals.
Other revenue decreased 1% and was flat for the three and six months ended June 30, 2025, respectively .
Costs of Revenues
Costs of revenues increased 2% and was flat for the three and six months ended June 30, 2025, respectively, primarily attributable to higher domestic sports costs. Costs of revenues for the six months ended June 30, 2025 benefited from timing of content, production, and news related spend.
Selling, General and Administrative
Selling, general and administrative expenses decreased 6% and 2% for the three and six months ended June 30, 2025, respectively, primarily attributable to lower overhead costs.
Adjusted EBITDA
Adjusted EBITDA decreased 25% and 19% for the three and six months ended June 30, 2025, respectively.
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Corporate
The following table presents our Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in millions).

  Three Months Ended June 30,   Six Months Ended June 30,
  2025 2024 % Change % Change (ex-FX) 2025 2024 % Change % Change (ex-FX)
Adjusted EBITDA - Corporate
$ (316) $ (285) (11) % (9) % $ (549) $ (631) 13  % 14  %
Depreciation and amortization 93  58  192  140 
Employee share-based compensation 173  156  292  256 
Restructuring and other charges 49  41  80  52 
Transaction and integration costs 17  51  97  130 
Facility consolidation costs 4  1  9  1 
Impairment and amortization of fair value step-up for content —  1  —  1 

Impairments and loss on dispositions 14  231  100  238 
Operating loss $ (666) $ (824) $ (1,319) $ (1,449)