Warner Bros. Discovery, Inc.

WBD · Large cap · Calculated market cap · $77.7B · as of 2026-09-30

Company Stats

Market Cap: $77.7B; as of Sep 30, 2026
Enterprise Value: $106.0B
Shares Outstanding: 2.5B
Free Float: 77.5%

Income Statement

Revenue: $37.3B
Operating Income: $738.0M
Net Income: $727.0M
EBITDA: $6.4B
Revenue Growth, 3Y: 3.3%
FCF Margin, 3Y Avg: 11.5%
FCF Margin, Worst Year: 8.3%

Cash Flow

Free Cash Flow: $3.1B
FCF Yield: 4.0%
Owner FCF Yield: 3.0%

Balance Sheet

Cash & Equivalents: $4.6B
Total Debt: $32.8B
Net Debt: $28.3B
Net Debt / EBITDA: 4.40x
EV / EBITDA: 16.50x
Net Debt / EBIT: 38.32x

Returns & Capital

SBC, 3Y Avg: $608.7M

Cash Flow by Year

Year	Revenue	FCF	Margin
FY2025	$37.3B	$3.1B	8.3%
FY2024	$39.3B	$4.4B	11.3%
FY2023	$41.3B	$6.2B	14.9%
FY2022	$33.8B	$3.3B	9.8%
FY2021	$12.2B	$2.4B	19.9%

Annual filing data through FY ended December 31, 2025; shares and float as of October 11, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.

Company RSS

Earnings

Aug 6, 2026Warner Bros. Discovery Profit Craters Ahead of Paramount Deal

Other Coverage

October 14, 2026 Theme Survey

Streaming and Media Economics: Subscription Gains, Ad Pressure October 6, 2026 Deals

Skydance Completes $78 Billion Cash Purchase of Warner Bros. Discovery September 28, 2026 QBook

Stronger demand supports expansion as pricing diverges September 28, 2026 Deals

Paramount Skydance to Buy Warner Bros. Discovery in $78 Billion Cash Deal September 18, 2026 Theme Survey

Disney's Fubo Deal Lifts Streaming Revenue as Linear Erosion Spreads August 14, 2026 Industry Earnings Roundup

Media Earnings: Demand, Outlook Broadly Upbeat as Costs Diverge

The Tip Desk