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Warner Bros. Discovery (WBD) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Warner Bros. Discovery (WBD) Q2 2026 earnings results →
Q2 2026 Revenue down 11% year over year to $8.7B · 2¢ of every $1 of revenue kept as net profit · operating margin 2.7%
Warner Bros. Discovery made $8.7B in Q2 2026 (-11% Y/Y): Distribution $5.0B, Content $1.8B, Advertising $1.7B. Operating margin 2.7%, net earnings $162M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $8.7B in Q2 2026, down 11% year over year and down 2% from the previous quarter. Distribution was the largest line at 57% of revenue. Content lost $0.64B year over year (down 26%), 59% of the total change.
Operating profit was $0.24B, a 2.7% margin (up 4.6 points year over year). Total costs fell 15% while revenue fell 11%. Net earnings were $0.15B, down 91% year over year.
Operating cash flow was $0.85B (down 14% year over year), 523% of net income including minority interests. Non-cash charges added back $1.2B of depreciation and amortization and $0.19B of share-based compensation. Working capital and other items used $0.66B. Capital expenditures of $0.28B left free cash flow of $0.57B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 6, 2026 | $8.7B | -11% | 2.7% | $162M | $848M |
| Q1 2026 | 10-Q | May 6, 2026 | $8.9B | -1% | -27.8% | −$2.9B | −$208M |
| Q4 2025 | 10-K | Feb 27, 2026 | $9.5B | -6% | 3.7% | −$247M | $1.8B |
| Q3 2025 | 10-Q | Nov 6, 2025 | $9.0B | -6% | 6.8% | −$143M | $979M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $9.8B | +1% | -1.9% | $1.6B | $983M |
| Q1 2025 | 10-Q | May 8, 2025 | $9.0B | -10% | -0.4% | −$449M | $553M |
| Q4 2024 | 10-K | Feb 27, 2025 | $10.0B | -2% | 1.6% | −$640M | $2.7B |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Warner Bros. Discovery
For convenience, the terms “Warner Bros. Discovery”, “WBD”, the “Company,” “we,” “us” or “our” are used in this Annual Report on Form 10-K to refer to both Warner Bros. Discovery, Inc. and collectively to Warner Bros. Discovery, Inc. and one or more of its consolidated subsidiaries, unless the context otherwise requires. 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.
In its own words, from its 10-K, filed Feb 27, 2026.
Warner Bros. Discovery against its Cable & Other Pay Television Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -11% against the peers' median -5%. Operating margin: 2.7% against the peers' median 2.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WBD Warner Bros. Discovery | Q2 2026 | $8.7B | -11% | 2.7% |
| CMCSA Comcast | Q3 2026 | $29.3B | -6% | 18.2% |
| CHTR Charter Communications | Q3 2026 | $14.9B | +9% | -23.6% |
| OPTU Optimum Communications | Q3 2026 | $2.0B | -5% | -152.9% |
| LBTYA Liberty Global | Q3 2026 | $1.9B | +59% | -0.9% |
| ROKU Roku | Q3 2026 | $1.5B | +24% | 10.9% |
| LILA Liberty Latin America | Q3 2026 | $1.1B | +0.4% | 16.2% |
| AMCX AMC Global Media | Q2 2026 | $547M | -9% | 2.9% |
| CABO Cable One | Q3 2026 | $332M | -12% | -103.2% |
Source: Warner Bros. Discovery 10-Q on SEC EDGAR · CIK 1437107 · Cable & Other Pay Television Services
Guidance and outlook
More on WBD
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results