Filing Flows › Warner Bros. Discovery (WBD) › Q2 2026 › vs Q2 2025
Warner Bros. Discovery (WBD) Q2 2026 vs Q2 2025 (year over year)
Warner Bros. Discovery's revenue fell $1.1B (-11%) from $9.8B in Q2 2025 to $8.7B in Q2 2026. The biggest changes: Content −$643M (-26%); Advertising −$492M (-22%); Distribution +$65.0M (+1%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.6% | 7.2% | -0.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Distribution | $5.0B | $4.9B | $65.0M | +1% |
| Content | $1.8B | $2.5B | −$643M | -26% |
| Advertising | $1.7B | $2.2B | −$492M | -22% |
| Other | $215M | $240M | −$25.0M | -10% |
| Revenue | $8.7B | $9.8B | −$1.1B | -11% |
| Income tax benefit | $433M | −$866M | $1.3B | — |
| Costs & expenses | $9.2B | $12.5B | −$3.3B | -27% |
| Operating costs | $8.5B | $10.0B | −$1.5B | -15% |
| Interest & other, net | $508M | −$2.6B | $3.1B | — |
| Net earnings | $162M | $1.6B | −$1.4B | -90% |
| Cost of revenue | $4.6B | $6.0B | −$1.3B | -23% |
| SG&A | $2.6B | $2.5B | $87.0M | +4% |
| Other operating costs | $1.3B | $1.6B | −$258M | -17% |
| Operating cash sources | $1.5B | $3.2B | −$1.7B | -53% |
| Depreciation & amortization | $1.2B | $1.4B | −$288M | -20% |
| Share-based compensation | $190M | $175M | $15.0M | +9% |
| Working capital & other | $663M | $2.2B | −$1.6B | -70% |
| Operating cash flow | $848M | $983M | −$135M | -14% |
| Free cash flow (OCF − capex) | $572M | $702M | −$130M | -19% |
| Capital expenditures | $276M | $281M | −$5.0M | -2% |
Questions
How much did Warner Bros. Discovery's revenue grow year over year in Q2 2026?
Warner Bros. Discovery's revenue fell $1.1B (-11%) from $9.8B in Q2 2025 to $8.7B in Q2 2026.
What drove Warner Bros. Discovery's revenue change in Q2 2026?
Content −$643M (-26%); Advertising −$492M (-22%); Distribution +$65.0M (+1%).