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How Warner Bros. Discovery (WBD) makes money
Warner Bros. Discovery (WBD) made $8.7B of revenue in the second quarter 2026 (Q2 2026), -11% from a year earlier. Distribution brought in $5.0B (57%); Content brought in $1.8B (21%); Advertising brought in $1.7B (20%).
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Distribution | $5.0B | 56.8% | +0.9% | +1% |
| Content | $1.8B | 21.0% | -3% | -26% |
| Advertising | $1.7B | 19.8% | -7% | -22% |
| Other | $215M | 2.5% | -15% | -10% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $8.7B | 100.0% |
| Operating cash flow | $848M | 9.7% |
| Free cash flow | $572M | 6.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $8.7B | -11% |
| Q1 2026 | $8.9B | -1% |
| Q4 2025 | $9.5B | -6% |
| Q3 2025 | $9.0B | -6% |
| Q2 2025 | $9.8B | +1% |
| Q1 2025 | $9.0B | -10% |
| Q4 2024 | $10.0B | -2% |
From Warner Bros. Discovery's 10-Q filed Aug 6, 2026 (on EDGAR).
Questions
How does Warner Bros. Discovery make money?
Warner Bros. Discovery (WBD) made $8.7B of revenue in the second quarter 2026 (Q2 2026), -11% from a year earlier. Distribution brought in $5.0B (57%); Content brought in $1.8B (21%); Advertising brought in $1.7B (20%).
What is Warner Bros. Discovery's biggest business?
Distribution: $5.0B in the second quarter 2026, 57% of revenue, +1% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.