Warner Bros. Discovery, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(unaudited; in millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Distribution | $4,702 | $4,920 | $14,473 | $14,784 |
| Advertising | 1,407 | 1,682 | 5,603 | 6,260 |
| Content | 2,649 | 2,721 | 6,986 | 7,388 |
| Other | 287 | 300 | 774 | 862 |
| Total revenues | 9,045 | 9,623 | 27,836 | 29,294 |
| Costs and expenses: | ||||
| Costs of revenues, excluding depreciation and amortization | 4,564 | 5,181 | 15,662 | 17,443 |
| Selling, general and administrative | 2,361 | 2,385 | 7,032 | 7,078 |
| Depreciation and amortization | 1,375 | 1,762 | 4,369 | 5,394 |
| Restructuring and other charges | 88 | 9 | 222 | 161 |
| Impairments and loss on dispositions | 46 | 5 | 162 | 9,412 |
| Total costs and expenses | 8,434 | 9,342 | 27,447 | 39,488 |
| Operating income (loss) | 611 | 281 | 389 | (10,194) |
| Interest expense, net | (570) | (494) | (1,501) | (1,527) |
| (Loss) gain on extinguishment of debt, net | (1) | 23 | 2,953 | 590 |
| Income (loss) from equity investees, net | 17 | (18) | 15 | (89) |
| Other (expense) income, net | (30) | 30 | 191 | 188 |
| Income (loss) before income taxes | 27 | (178) | 2,047 | (11,032) |
| Income tax (expense) benefit | (170) | 319 | (1,051) | 190 |
| Net (loss) income | (143) | 141 | 996 | (10,842) |
| Net income attributable to noncontrolling interests | (4) | (3) | (19) | (20) |
| Net (income) loss attributable to redeemable noncontrolling interests | (1) | (3) | 2 | 45 |
| Net (loss) income available to Warner Bros. Discovery, Inc. | $(148) | $135 | $979 | $(10,817) |
| Net (loss) income per share available to Warner Bros. Discovery, Inc. Series A common stockholders: | ||||
| Basic | $(0.06) | $0.06 | $0.40 | $(4.42) |
| Diluted | $(0.06) | $0.05 | $0.39 | $(4.42) |
| Weighted average shares outstanding: | ||||
| Basic | 2,479 | 2,453 | 2,473 | 2,449 |
| Diluted | 2,479 | 2,470 | 2,510 | 2,449 |
| The accompanying notes are an integral part of these consolidated financial statements. | ||||
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