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Comcast vs Warner Bros. Discovery: CMCSA and WBD compared
Comcast is the larger company: $29.3B of revenue in its latest quarter (Q3 2026) against $8.7B for Warner Bros. Discovery (Q2 2026). Comcast is growing faster (-6% against -11% a year earlier). Comcast is more profitable, with an operating margin of 18.2% against 2.7%.
Where the money goes: CMCSA and WBD
Comcast (CMCSA) · Q3 2026
Comcast, Q3 2026: revenue $29.3B (-6% year over year), operating margin 18.2%, net earnings $3.4B, operating cash flow $7.9B. The chart follows the revenue to costs, profit and cash.
Warner Bros. Discovery (WBD) · Q2 2026
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.
| Comcast (CMCSA) | Warner Bros. Discovery (WBD) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $29.3B | $8.7B |
| Revenue growth, Y/Y | -6% | -11% |
| Operating margin | 18.2% | 2.7% |
| Net earnings | $3.4B | $162M |
| Net margin | 11.8% | 1.9% |
| Operating cash flow | $7.9B | $848M |
| Free cash flow | $4.2B | $572M |
| Market value | $88.9B | — |
| P/E | 7.8× | — |
| Analysts’ mean target | $27.98 | — |
Where the revenue comes from
Warner Bros. Discovery
- Distribution: $5.0B (57%)
- Content: $1.8B (21%)
- Advertising: $1.7B (20%)
- Other: $215M (2%)
Questions
Which is bigger, Comcast or Warner Bros. Discovery?
Comcast is the larger company: $29.3B of revenue in its latest quarter (Q3 2026) against $8.7B for Warner Bros. Discovery (Q2 2026).
Is Comcast or Warner Bros. Discovery growing faster?
Comcast is growing faster (-6% against -11% a year earlier).
Which is more profitable, Comcast or Warner Bros. Discovery?
Comcast is more profitable, with an operating margin of 18.2% against 2.7%.
More: Comcast earnings · how Comcast makes money · Warner Bros. Discovery earnings · how Warner Bros. Discovery makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Aug 6, 2026). Fiscal quarters can end on different dates. Not investment advice.