Warner Bros. Discovery (WBD) Revenue — Quarter Ended Sep 30, 2025
Reported revenue declined from the prior quarter and also decreased compared with the same quarter last year. The decrease was driven by lower revenue across distribution, advertising, and content segments.
Key takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Reported revenue declined from the prior quarter and also decreased compared with the same quarter last year. The decrease was driven by lower revenue across distribution, advertising, and content segments.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$9B
Revenue reported for this quarter.
Quarter-over-quarter
-7.8%
Change from the immediately preceding quarter.
Year-over-year
-6.0%
Change from the comparable year-ago quarter.
Trailing four quarters
$37.9B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2024 | $10B | -2.5% |
| Mar 31, 2025 | $9B | -9.8% |
| Jun 30, 2025 | $9.8B | +1.0% |
| Sep 30, 2025 | $9B | -6.0% |
Revenue performance
Revenue for the quarter fell compared with both the immediately preceding quarter and the same quarter a year earlier. Each of the main revenue streams—distribution, advertising, and content—contributed to the decline.
Quarterly comparison
The sequential revenue drop followed a slight increase in the prior quarter, reversing the recent upward trend. On a year-over-year basis, the contraction widened compared with the prior year's same period.
What to watch
Monitor whether the company can stabilize or reverse the declining revenue trajectory in upcoming quarters, especially in advertising and distribution.