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Warner Bros. Discovery cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$572M in Q2 2026 · $2.2B over twelve months

Operating cash flow$848M
Capital spending−$276M
Free cash flow+$572M
Cash / net income5.2×
Cash conversion cycle31 days

Analysis

In Q2 2026, Warner Bros. Discovery generated $848M of operating cash flow and spent $276M on capital projects, leaving free cash flow of $572M. That is $130M less than in Q2 2025 ($702M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.4B; the largest uses were net borrowing (+) / repaid (−) ($17.6B), capital spending ($1.2B), partners ($168M); besides operations, cash came from other financing ($14.2B); the cash balance fell by $1.5B.

Operating cash flow was $848M against net income of $162M — 5.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.2B, other operating capital −$309M, deferred taxes −$299M.

Its cash conversion cycle was 31 days (receivables 52 + inventory 0 − payables 21).

Free cash flow

Warner Bros. Discovery: free cash flow by quarterWarner Bros. Discovery: free cash flow by quarter$632MQ3 2024$2.4BQ4 2024$302MQ1 2025$702MQ2 2025$701MQ3 2025$1.4BQ4 2025−$476MQ1 2026$572MQ2 2026
Operating cash flow less capital spending.
Warner Bros. Discovery: operating cash flow against capital spendingWarner Bros. Discovery: operating cash flow against capital spendingOperating cash flowCapital spending$847M$215MQ3 2024$2.7B$286MQ4 2024$553M$251MQ1 2025$983M$281MQ2 2025$979M$278MQ3 2025$1.8B$421MQ4 2025−$208M$268MQ1 2026$848M$276MQ2 2026
Latest (Q2 2026): Operating cash flow $848M, Capital spending $276M.

Capital allocation, year by year

Warner Bros. Discovery: where the cash came from (up) and went (down), by fiscal yearWarner Bros. Discovery: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $2.8BFY2021: Net borrowing −$639MFY2021: Shares issued $159MFY2021: Capital spending −$373MFY2021: Acquisitions −$2.0M$3.0BFY2021FY2022: Operating cash flow $4.3BFY2022: Net borrowing −$7.3BFY2022: Shares issued $1.0MFY2022: Capital spending −$987MFY2022: Acquisitions $3.6B$7.9BFY2022FY2023: Operating cash flow $7.5BFY2023: Net borrowing −$5.5BFY2023: Capital spending −$1.3BFY2023: Acquisitions −$50.0M$7.5BFY2023FY2024: Operating cash flow $5.4BFY2024: Net borrowing −$3.5BFY2024: Capital spending −$948M$5.4BFY2024FY2025: Operating cash flow $4.3BFY2025: Net borrowing −$4.5BFY2025: Shares issued $30.0MFY2025: Capital spending −$1.2B$4.3BFY2025
Over these 5 years operating cash flow totalled $24.3B; the largest uses were net borrowing ($21.5B) and capital spending ($4.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.4B
Debt$32.0B
Net debt$28.7B
Due within a year$139M

Warner Bros. Discovery funds itself: free cash flow was $2.2B over the last twelve months, and $3.4B of cash and investments stands against $32.0B of debt ($139M due within a year, 24.2× covered by cash).

Warner Bros. Discovery: debt maturities by year (FY2025)Warner Bros. Discovery: debt maturities by year (FY2025)$139MYear 1$16.5BYear 2$1.4BYear 3$2.3BYear 4$1.4BYear 5$11.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.4B of cash and investments now.

Where the cash came from and went

Warner Bros. Discovery: sources (+) and uses (−) of cash, Q2 2026Warner Bros. Discovery: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)−$15.2BOther financing$14.7BOperating cash flow$848MCapital spending−$276MCash drawn (+) / kept (−)−$105MOther investing$59.0MPartners−$15.0MExchange rates−$9.0M
Warner Bros. Discovery: sources (+) and uses (−) of cash, TTM to Q2 2026Warner Bros. Discovery: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)−$17.6BOther financing$14.2BOperating cash flow$3.4BCash drawn (+) / kept (−)$1.5BCapital spending−$1.2BPartners−$168MExchange rates−$67.0MOther investing−$4.0M

From profit to cash

Warner Bros. Discovery: net income to operating cash flow, Q2 2026Warner Bros. Discovery: net income to operating cash flow, Q2 2026Net income$162MDepreciation & amortization$1.2BStock-based pay$190MDeferred taxes−$299MGains on investments−$6.0MOther non-cash−$77.0MPayables$200MOther operating capital−$309MOperating cash flow$848M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202652—2131
Q1 202652—2131
Q4 202551—1932
Q3 202553—2232
Q2 202547—1631
Q1 202548—1830
Q4 202448—1830

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$848M−$276M−$15.2B—−$105M$572M
Q1 2026−$208M−$268M−$123M—$1.3B−$476M
Q4 2025$1.8B−$421M−$1.0B—−$272M$1.4B
Q3 2025$979M−$278M−$1.3B$32.0M$593M$701M
Q2 2025$983M−$281M$65.0M—−$917M$702M
Q1 2025$553M−$251M−$2.2B$601M$1.4B$302M
Q4 2024$2.7B−$286M−$493M—−$1.9B$2.4B
Q3 2024$847M−$215M−$847M—$127M$632M

Warner Bros. Discovery: income statement and cash flow

Warner Bros. Discovery, Q2 2026: revenue $8.7B (-11% year over year), operating margin 2.7%. The chart follows the revenue to costs, profit and cash.

Warner Bros. Discovery: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.