Warner Bros. Discovery, Inc.

For the period ended Mar 31, 2026. Filed May 6, 2026.

About 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.

Mar 31, 2026 · Filed May 6, 2026

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Contents

Consolidated Statements of Operations

(unaudited; in millions, except per share amounts)

	Three Months Ended March 31,
	2026	2025
Revenues:
Distribution	$4,906	$4,886
Advertising	1,847	1,980
Content	1,887	1,866
Other	253	247
Total revenues	8,893	8,979
Costs and expenses:
Costs of revenues, excluding depreciation and amortization	4,643	5,131
Selling, general and administrative	2,475	2,194
Netflix Termination Fee (See Note 1)	2,800	—
Depreciation and amortization	1,226	1,547
Restructuring and other charges	204	54
Impairments and loss on dispositions	14	90
Total costs and expenses	11,362	9,016
Operating loss	(2,469)	(37)
Interest expense, net	(581)	(468)
Loss on extinguishment of debt, net	(27)	(4)
Loss from equity investees, net	(5)	(7)
Other (expense) income, net	(38)	82
Loss before income taxes	(3,120)	(434)
Income tax benefit (expense)	214	(15)
Net loss	(2,906)	(449)
Net income attributable to noncontrolling interests	(10)	(8)
Net loss attributable to redeemable noncontrolling interests	—	4
Net loss available to Warner Bros. Discovery, Inc.	$(2,916)	$(453)
Net loss per share available to Warner Bros. Discovery, Inc. Series A common stockholders:
Basic	$(1.17)	$(0.18)
Diluted	$(1.17)	$(0.18)
Weighted average shares outstanding:
Basic	2,492	2,462
Diluted	2,492	2,462
The accompanying notes are an integral part of these consolidated financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.