Warner Bros. Discovery (WBD) Bleeds Revenue but Scores Big With Streaming Surge

Faizan Farooque

Thu, May 8, 2025, 3:31 PM 1 min read

Warner Bros. Discovery (WBD, Financials) reported a nett nonaccomplishment of $500 million successful the archetypal 4th of 2025, arsenic weakness successful advertizing and contented gross outweighed gains successful streaming and outgo efficiency.

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Revenue fell to $9.0 billion, a 9% year-over-year alteration connected a changeless currency basis. Content gross dropped 25%, portion advertizing fell 8%, driven by continued home linear TV declines.

Adjusted EBITDA roseate 4% to $2.1 billion, supported by maturation successful the Streaming and Studios segments. The institution ended the 4th with 122.3 cardinal streaming subscribers, up 5.3 cardinal from Q4.

Free currency travel came successful astatine $300 million, with operating currency travel astatine $600 million. Warner Bros. Discovery repaid $2.2 cardinal successful indebtedness and ended the 4th with $4.0 cardinal successful currency and $38.0 cardinal successful gross debt, bringing nett leverage to 3.8x.

The institution besides refinanced $1.5 cardinal successful 2026 notes with a short-term indebtedness expected to little nett involvement costs.

Distribution gross slipped 1%, arsenic planetary streaming gains couldn't offset declines successful U.S. wage TV.

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This nonfiction archetypal appeared connected GuruFocus.