Filing Flows › Warner Bros. Discovery (WBD) › Q1 2026 › vs Q4 2025
Warner Bros. Discovery (WBD) Q1 2026 vs Q4 2025 (quarter over quarter)
Warner Bros. Discovery's revenue fell $567M (-6%) from $9.5B in Q4 2025 to $8.9B in Q1 2026. The biggest changes: Content −$774M (-29%); Advertising +$144M (+8%); Distribution +$117M (+2%).
Warner Bros. Discovery, Q1 2026: revenue $8.9B (-1% year over year), operating margin -27.8%, net loss $2.9B, operating cash flow −$208M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Distribution | $4.9B | $4.8B | $117M | +2% |
| Content | $1.9B | $2.7B | −$774M | -29% |
| Advertising | $1.8B | $1.7B | $144M | +8% |
| Other | $253M | $307M | −$54.0M | -18% |
| Revenue | $8.9B | $9.5B | −$567M | -6% |
| Income tax benefit | $214M | $161M | $53.0M | +33% |
| Net loss | $2.9B | $247M | $2.7B | 12× |
| Costs & expenses | $12.0B | $9.9B | $2.1B | +22% |
| Operating costs | $11.4B | $9.1B | $2.3B | +25% |
| Interest & other, net | $651M | $757M | −$106M | -14% |
| Cost of revenue | $4.6B | $5.2B | −$580M | -11% |
| SG&A | $2.5B | $2.4B | $89.0M | +4% |
| Other operating costs | $4.2B | $1.5B | $2.7B | +183% |
| Operating cash sources | $2.9B | $247M | $2.7B | 12× |
| Depreciation & amortization | $1.2B | $1.3B | −$89.0M | -7% |
| Share-based compensation | $152M | $229M | −$77.0M | -34% |
| Working capital & other | $1.3B | $507M | $813M | +160% |
| Cash used in operations | $208M | −$1.8B | $2.0B | — |
| Net loss absorbed | $2.9B | $247M | $2.7B | 12× |
Questions
How much did Warner Bros. Discovery's revenue grow quarter over quarter in Q1 2026?
Warner Bros. Discovery's revenue fell $567M (-6%) from $9.5B in Q4 2025 to $8.9B in Q1 2026.
What drove Warner Bros. Discovery's revenue change in Q1 2026?
Content −$774M (-29%); Advertising +$144M (+8%); Distribution +$117M (+2%).