Warner Bros. Discovery, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities | |||
| Net income (loss) | $749 | $(11,482) | $(3,079) |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Content rights amortization and impairment | 11,855 | 13,946 | 16,024 |
| Content restructuring impairments and write-offs | — | 165 | 115 |
| Depreciation and amortization | 5,684 | 7,037 | 7,985 |
| Deferred income taxes | (710) | (1,732) | (2,344) |
| Equity in losses of equity method investee companies and cash distributions | 75 | 167 | 157 |
| Gain on extinguishment of debt | (2,945) | (632) | (17) |
| Share-based compensation expense | 769 | 557 | 500 |
| Impairments and loss on dispositions | 172 | 9,603 | 77 |
| Gain from derivative instruments, net | (93) | (16) | (151) |
| Gain on sale of investments | (4) | (227) | — |
| Other, net | 69 | 115 | 199 |
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
| Receivables, net | (336) | 1,012 | 312 |
| Film and television content rights, games and production payables, net | (11,401) | (12,349) | (12,305) |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | 108 | (529) | (820) |
| Foreign currency, prepaid expenses and other assets, net | 327 | (260) | 824 |
| Cash provided by operating activities | 4,319 | 5,375 | 7,477 |
| Investing Activities | |||
| Purchases of property and equipment | (1,231) | (948) | (1,316) |
| Cash used for business acquisitions | — | — | (50) |
| Investments in and advances to equity investments | (100) | (109) | (112) |
| Proceeds from sales and maturities of investments | 54 | 541 | — |
| Proceeds from derivative instruments, net | 26 | 136 | 121 |
| Other investing activities, net | 72 | 31 | 98 |
| Cash used in investing activities | (1,179) | (349) | (1,259) |
| Financing Activities | |||
| Principal repayments of term loans | — | — | (4,000) |
| Principal repayments of debt, including premiums and discounts to par value | (22,664) | (5,043) | (2,860) |
| Borrowings from debt, net of discount and issuance costs | 18,306 | 1,617 | 1,496 |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | (198) | (193) | (301) |
| Purchase of redeemable noncontrolling interest | — | — | (49) |
| Proceeds from the formation of music catalog joint venture and other joint ventures | 633 | — | — |
| Borrowings under commercial paper program and revolving credit facility | 4,228 | 14,203 | 5,207 |
| Repayments under commercial paper program and revolving credit facility | (4,228) | (14,203) | (5,214) |
| Principal repayments of finance and other lease obligations | (202) | (142) | (132) |
| Other financing activities, net | (115) | 12 | 16 |
| Cash used in financing activities | (4,240) | (3,749) | (5,837) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 254 | (180) | 8 |
| Net change in cash, cash equivalents, and restricted cash | (846) | 1,097 | 389 |
| Cash, cash equivalents, and restricted cash, beginning of period | 5,416 | 4,319 | 3,930 |
| Cash, cash equivalents, and restricted cash, end of period | $4,570 | $5,416 | $4,319 |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
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