Filing Flows › Warner Bros. Discovery (WBD) › Q2 2025
Warner Bros. Discovery (WBD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Warner Bros. Discovery (WBD) reported revenue of $9.8B for the second quarter 2025 (Q2 2025), +1% from a year earlier and +9% from the quarter before. Operating margin was -1.9%, net earnings $1.6B (16.2% of revenue).
Warner Bros. Discovery, Q2 2025: revenue $9.8B (+1% year over year), operating margin -1.9%, net earnings $1.6B, operating cash flow $983M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.8B | +9% | +1% |
| Operating profit | −$185M | — | — |
| Net earnings | $1.6B | — | — |
| Operating cash flow | $983M | +78% | -20% |
| Free cash flow | $702M | +132% | -28% |
What changed
Revenue was $9.8B in Q2 2025, up 1% year over year and up 9% from the previous quarter. Distribution was the largest line at 50% of revenue. Content added $0.36B year over year (up 17%), 366% of the total change. Other declined 19%.
Operating costs exceeded revenue by $0.18B, an operating margin of -1.9%. Total costs fell 50% while revenue rose 1%. Net earnings were $1.6B. The effective tax rate was 35.3%. Non-operating items added $2.6B, 108% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.0B (down 20% year over year), 62% of net earnings. Non-cash charges added back $1.4B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $2.2B. Capital expenditures of $0.28B left free cash flow of $0.70B.
Questions
What was Warner Bros. Discovery's revenue in the second quarter 2025?
Warner Bros.
Was Warner Bros. Discovery profitable in the second quarter 2025?
Operating loss was $185M (-1.9% of revenue) and net earnings $1.6B.