Warner Bros. Discovery (WBD) 10-K Summary — Year Ended Dec 31, 2024
Warner Bros. Discovery reported a decline in revenue for the latest fiscal year, with a significant net loss and negative operating income. The company continues to generate positive operating cash flow and maintains a substantial cash balance.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Warner Bros. Discovery reported a decline in revenue for the latest fiscal year, with a significant net loss and negative operating income. The company continues to generate positive operating cash flow and maintains a substantial cash balance.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$39.3B
Revenue reported for the fiscal year.
Operating income
-$10B
Income from operations reported for the year.
Net income
-$11.3B
Net income reported for the year.
Operating cash flow
$5.4B
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, 2021 | $12.2B | n/a |
| Dec 31, 2022 | $33.8B | +177.4% |
| Dec 31, 2023 | $41.3B | +22.2% |
| Dec 31, 2024 | $39.3B | -4.8% |
Business overview
The company operates as a global media and entertainment conglomerate. Its business overview is described in Item 1 of the filing, but no further details are provided in the supplied context.
Financial performance
Revenue decreased compared to the prior year, while operating income was negative and net income showed a substantial loss. Operating cash flow remained positive, indicating cash generation from core operations despite the accounting losses.
Material risks
The filing identifies risk factors in Item 1A, but the supplied context does not include their specific content. The company notes that access to sufficient capital from public markets is not assured, which is a material risk.
Liquidity and capital
The company funds working capital primarily through operating cash flows and had a significant cash balance at year-end. It maintains a large revolving credit facility and commercial paper program, and has issued senior notes during the year.
What to watch
Monitor whether the company's revenue decline continues or stabilizes in the next filing.