Filing Flows › Warner Bros. Discovery (WBD) › Q4 2025
Warner Bros. Discovery (WBD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Warner Bros. Discovery (WBD) reported revenue of $9.5B for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +5% from the quarter before. Operating margin was 3.7%, net loss $247M (2.6% of revenue).
Warner Bros. Discovery, Q4 2025: revenue $9.5B (-6% year over year), operating margin 3.7%, net loss $247M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.5B | +5% | -6% |
| Operating profit | $349M | -43% | +115% |
| Net earnings | −$247M | — | — |
| Operating cash flow | $1.8B | +84% | -34% |
| Free cash flow | $1.4B | +97% | -43% |
What changed
Revenue was $9.5B in Q4 2025, down 6% year over year and up 5% from the previous quarter. Distribution was the largest line at 51% of revenue.
Operating profit was $0.35B, a 3.7% margin (up 2.1 points year over year). Total costs fell 8% while revenue fell 6%. The quarter ended with a net loss of $0.25B, wider than the previous quarter's $0.14B loss. Net interest and other expense of $0.76B was the main reason.
Operating cash flow was $1.8B (down 34% year over year). Non-cash charges added back $1.3B of depreciation and amortization and $0.23B of share-based compensation. Working capital and other items added $0.51B. Capital expenditures of $0.42B left free cash flow of $1.4B.
Questions
What was Warner Bros. Discovery's revenue in the fourth quarter 2025?
Warner Bros.
Was Warner Bros. Discovery profitable in the fourth quarter 2025?
Operating profit was $349M (3.7% of revenue) and net loss $247M.