Filing Flows › Warner Bros. Discovery (WBD) › Q3 2025
Warner Bros. Discovery (WBD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Warner Bros. Discovery (WBD) reported revenue of $9.0B for the third quarter 2025 (Q3 2025), -6% from a year earlier and -8% from the quarter before. Operating margin was 6.8%, net loss $143M (1.6% of revenue).
Warner Bros. Discovery, Q3 2025: revenue $9.0B (-6% year over year), operating margin 6.8%, net loss $143M, operating cash flow $979M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.0B | -8% | -6% |
| Operating profit | $611M | — | — |
| Net earnings | −$143M | -109% | — |
| Operating cash flow | $979M | -0.4% | +16% |
| Free cash flow | $701M | -0.1% | +11% |
What changed
Revenue was $9.0B in Q3 2025, down 6% year over year and down 8% from the previous quarter. Distribution was the largest line at 52% of revenue. Advertising lost $0.28B year over year (down 16%), 48% of the total change.
Operating profit was $0.61B, a 6.8% margin (up 3.8 points year over year). Total costs fell 10% while revenue fell 6%. The quarter ended with a net loss of $0.14B, after a profit of $1.6B the previous quarter. Net interest and other expense of $0.58B was the main reason.
Operating cash flow was $1.0B (up 16% year over year). Non-cash charges added back $1.4B of depreciation and amortization and $0.24B of share-based compensation. Working capital and other items used $0.49B. Capital expenditures of $0.28B left free cash flow of $0.70B.
Questions
What was Warner Bros. Discovery's revenue in the third quarter 2025?
Warner Bros.
Was Warner Bros. Discovery profitable in the third quarter 2025?
Operating profit was $611M (6.8% of revenue) and net loss $143M.