Filing Flows › Warner Bros. Discovery (WBD) › Q1 2026
Warner Bros. Discovery (WBD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Warner Bros. Discovery (WBD) reported revenue of $8.9B for the first quarter 2026 (Q1 2026), -1% from a year earlier and -6% from the quarter before. Operating margin was -27.8%, net loss $2.9B (32.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.9B | -6% | -1% |
| Operating profit | −$2.5B | -807% | — |
| Net earnings | −$2.9B | — | — |
| Operating cash flow | −$208M | -112% | -138% |
What changed
Revenue was $8.9B in Q1 2026, down 1% year over year and down 6% from the previous quarter. Distribution was the largest line at 55% of revenue. Advertising lost $0.13B year over year (down 7%), 155% of the total change.
Operating costs exceeded revenue by $2.5B, an operating margin of -27.8%. Total costs grew 26% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+151%). The quarter ended with a net loss of $2.9B, wider than the previous quarter's $0.25B loss.
Operating cash flow was −$0.21B. Non-cash charges added back $1.2B of depreciation and amortization and $0.15B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $0.27B exceeded it, leaving free cash flow of −$0.48B.
Questions
What was Warner Bros. Discovery's revenue in the first quarter 2026?
Warner Bros.
Was Warner Bros. Discovery profitable in the first quarter 2026?
Operating loss was $2.5B (-27.8% of revenue) and net loss $2.9B.