Warner Bros. Discovery (WBD) 10-K Summaries & Annual Filing History
Review Warner Bros. Discovery, Inc. (WBD) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Warner Bros. Discovery reported a decline in annual revenue, while operating income and net income turned positive. The company generated significant cash from operations and maintained access to liquidity through credit facilities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$37.3B
Revenue reported for the fiscal year.
Operating income
$738M
Income from operations reported for the year.
Net income
$727M
Net income reported for the year.
Operating cash flow
$4.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $33.8B | +177.4% |
| Dec 31, 2023 | $41.3B | +22.2% |
| Dec 31, 2024 | $39.3B | -4.8% |
| Dec 31, 2025 | $37.3B | -5.1% |
Business overview
Warner Bros. Discovery is a global media and entertainment company. Its business includes content production, television networks, and direct-to-consumer streaming services.
Financial performance
Revenue decreased compared to the prior year. Operating income and net income were positive, contrasting with prior losses. Cash flow from operations remained strong.
Material risks
The company faces risks related to its substantial debt levels and the need to access capital markets. The filing notes that access to sufficient capital from public markets is not assured. Additionally, the company must comply with covenants under its bridge loan facility.
Liquidity and capital
The company funded working capital primarily through cash flows from operations and had a significant cash balance. It also drew on a bridge loan facility to finance debt tender offers and repay other borrowings.
What to watch
Readers should monitor the company's ability to refinance or repay its bridge loan facility and other debt obligations in the next filing.