Filing Flows › Warner Bros. Discovery (WBD) › Q2 2026
Warner Bros. Discovery (WBD) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Warner Bros. Discovery (WBD) reported revenue of $8.7B for the second quarter 2026 (Q2 2026), -11% from a year earlier and -2% from the quarter before. Operating margin was 2.7%, net earnings $162M (1.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.7B | -2% | -11% |
| Operating profit | $237M | — | — |
| Net earnings | $162M | — | -90% |
| Operating cash flow | $848M | — | -14% |
| Free cash flow | $572M | — | -19% |
What changed
Revenue was $8.7B in Q2 2026, down 11% year over year and down 2% from the previous quarter. Distribution was the largest line at 57% of revenue. Content lost $0.64B year over year (down 26%), 59% of the total change.
Operating profit was $0.24B, a 2.7% margin (up 4.6 points year over year). Total costs fell 15% while revenue fell 11%. Net earnings were $0.15B, down 91% year over year.
Operating cash flow was $0.85B (down 14% year over year), 523% of net income including minority interests. Non-cash charges added back $1.2B of depreciation and amortization and $0.19B of share-based compensation. Working capital and other items used $0.66B. Capital expenditures of $0.28B left free cash flow of $0.57B.
Questions
What was Warner Bros. Discovery's revenue in the second quarter 2026?
Warner Bros.
Was Warner Bros. Discovery profitable in the second quarter 2026?
Operating profit was $237M (2.7% of revenue) and net earnings $162M.