Filing Flows › Warner Bros. Discovery (WBD) › Q1 2025
Warner Bros. Discovery (WBD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Warner Bros. Discovery (WBD) reported revenue of $9.0B for the first quarter 2025 (Q1 2025), -10% from a year earlier and -10% from the quarter before. Operating margin was -0.4%, net loss $449M (5.0% of revenue).
Warner Bros. Discovery, Q1 2025: revenue $9.0B (-10% year over year), operating margin -0.4%, net loss $449M, operating cash flow $553M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.0B | -10% | -10% |
| Operating profit | −$37.0M | -123% | — |
| Net earnings | −$449M | — | — |
| Operating cash flow | $553M | -80% | -5% |
| Free cash flow | $302M | -88% | -23% |
What changed
Revenue was $9.0B in Q1 2025, down 10% year over year and down 10% from the previous quarter. Distribution was the largest line at 54% of revenue. Content lost $0.69B year over year (down 27%), 71% of the total change.
Operating costs exceeded revenue by $0.04B, an operating margin of -0.4%. Total costs fell 12% while revenue fell 10%. The quarter ended with a net loss of $0.45B, narrower than the previous quarter's $0.64B loss. Net interest and other expense of $0.40B was the main reason.
Operating cash flow was $0.55B (down 5% year over year). Non-cash charges added back $1.5B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.67B. Capital expenditures of $0.25B left free cash flow of $0.30B.
Questions
What was Warner Bros. Discovery's revenue in the first quarter 2025?
Warner Bros.
Was Warner Bros. Discovery profitable in the first quarter 2025?
Operating loss was $37.0M (-0.4% of revenue) and net loss $449M.