Filing Flows › Warner Bros. Discovery (WBD) › Q2 2026 › vs Q1 2026
Warner Bros. Discovery (WBD) Q2 2026 vs Q1 2026 (quarter over quarter)
Warner Bros. Discovery's revenue fell $176M (-2%) from $8.9B in Q1 2026 to $8.7B in Q2 2026. The biggest changes: Advertising −$123M (-7%); Content −$59.0M (-3%); Distribution +$44.0M (+0.9%).
Warner Bros. Discovery, Q2 2026: revenue $8.7B (-11% year over year), operating margin 2.7%, net earnings $162M, operating cash flow $848M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.6% | -5.4% | +11.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Distribution | $5.0B | $4.9B | $44.0M | +0.9% |
| Content | $1.8B | $1.9B | −$59.0M | -3% |
| Advertising | $1.7B | $1.8B | −$123M | -7% |
| Other | $215M | $253M | −$38.0M | -15% |
| Revenue | $8.7B | $8.9B | −$176M | -2% |
| Income tax benefit | $433M | $214M | $219M | +102% |
| Costs & expenses | $9.2B | $12.0B | −$2.9B | -24% |
| Operating costs | $8.5B | $11.4B | −$2.9B | -25% |
| Interest & other, net | $508M | $651M | −$143M | -22% |
| Net earnings | $162M | −$2.9B | $3.1B | — |
| Cost of revenue | $4.6B | $4.6B | −$22.0M | -0.5% |
| SG&A | $2.6B | $2.5B | $89.0M | +4% |
| Other operating costs | $1.3B | $4.2B | −$2.9B | -69% |
| Operating cash sources | $1.5B | −$1.5B | $3.0B | — |
| Depreciation & amortization | $1.2B | $1.2B | −$67.0M | -5% |
| Share-based compensation | $190M | $152M | $38.0M | +25% |
| Working capital & other | $663M | −$1.3B | $2.0B | — |
| Operating cash flow | $848M | −$208M | $1.1B | — |
| Free cash flow (OCF − capex) | $572M | −$476M | $1.0B | — |
| Capital expenditures | $276M | $268M | $8.0M | +3% |
Questions
How much did Warner Bros. Discovery's revenue grow quarter over quarter in Q2 2026?
Warner Bros. Discovery's revenue fell $176M (-2%) from $8.9B in Q1 2026 to $8.7B in Q2 2026.
What drove Warner Bros. Discovery's revenue change in Q2 2026?
Advertising −$123M (-7%); Content −$59.0M (-3%); Distribution +$44.0M (+0.9%).