Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
WARNER BROS DISCOVERY INC has an operating margin of -25.5%, meaning the company retains $-26 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -3.8% the prior year.
WARNER BROS DISCOVERY INC's revenue declined 4.8% year-over-year, from $41.3B to $39.3B. This contraction results in a growth score of 15/100.
WARNER BROS DISCOVERY INC carries a low D/E ratio of 1.16, meaning only $1.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.
WARNER BROS DISCOVERY INC's current ratio of 0.89 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.
WARNER BROS DISCOVERY INC has a free cash flow margin of 11.3%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
WARNER BROS DISCOVERY INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, WARNER BROS DISCOVERY INC generates $-0.48 in operating cash flow ($5.4B OCF vs -$11.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
WARNER BROS DISCOVERY INC earns $-5.0 in operating income for every $1 of interest expense (-$10.0B vs $2.0B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows WARNER BROS DISCOVERY INC (WBD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
WARNER BROS DISCOVERY INC generated $39.3B in revenue in fiscal year 2024. This represents a decrease of 4.8% from the prior year.
WARNER BROS DISCOVERY INC's EBITDA was -$3.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 146.5% from the prior year.
WARNER BROS DISCOVERY INC generated $4.4B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 28.1% from the prior year.
WARNER BROS DISCOVERY INC reported -$11.3B in net income in fiscal year 2024. This represents a decrease of 261.8% from the prior year.
WARNER BROS DISCOVERY INC earned $-4.62 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 260.9% from the prior year.
WARNER BROS DISCOVERY INC held $5.3B in cash against $39.5B in long-term debt as of fiscal year 2024.
WARNER BROS DISCOVERY INC had 2.45B shares outstanding in fiscal year 2024. This represents an increase of 0.6% from the prior year.
WARNER BROS DISCOVERY INC's gross margin was 41.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
WARNER BROS DISCOVERY INC's operating margin was -25.5% in fiscal year 2024, reflecting core business profitability. This is down 21.8 percentage points from the prior year.
WARNER BROS DISCOVERY INC's net profit margin was -28.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 21.2 percentage points from the prior year.
WARNER BROS DISCOVERY INC invested $948.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 28.0% from the prior year.
WBD Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.0B-7.8% | $9.8B+9.3% | $9.0B-10.5% | $10.0B+3.2% | $9.7B-2.5% | $10.0B-3.2% | $10.3B+3.1% | $10.0B |
| Cost of Revenue | $4.6B-23.5% | $6.0B+16.3% | $5.1B-7.2% | $5.5B-10.9% | $6.2B+2.4% | $6.1B+2.7% | $5.9B+11.1% | $5.3B |
| Gross Profit | $4.5B+16.5% | $3.8B-0.1% | $3.8B-14.5% | $4.5B+28.2% | $3.5B-10.0% | $3.9B-11.1% | $4.4B-6.0% | $4.7B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.4B-4.7% | $2.5B+12.9% | $2.2B-1.1% | $2.2B-9.9% | $2.5B+10.3% | $2.2B-9.1% | $2.5B+7.2% | $2.3B |
| Operating Income | $611.0M+430.3% | -$185.0M-400.0% | -$37.0M-122.8% | $162.0M+101.6% | -$10.2B-3723.2% | -$267.0M-46.7% | -$182.0M-287.6% | $97.0M |
| Interest Expense | $570.0M+23.1% | $463.0M-1.1% | $468.0M-4.5% | $490.0M-5.4% | $518.0M+0.6% | $515.0M+2.6% | $502.0M-12.5% | $574.0M |
| Income Tax | $170.0M-80.4% | $866.0M+5673.3% | $15.0M-94.7% | $284.0M+4157.1% | -$7.0M-105.1% | $136.0M+161.5% | -$221.0M-76.8% | -$125.0M |
| Net Income | -$148.0M-109.4% | $1.6B+448.8% | -$453.0M+8.3% | -$494.0M+95.1% | -$10.0B-933.7% | -$966.0M-141.5% | -$400.0M+4.1% | -$417.0M |
| EPS (Diluted) | $-0.06-109.5% | $0.63+450.0% | $-0.18+10.0% | $-0.20+95.1% | $-4.07-917.5% | $-0.40-150.0% | $-0.16+5.9% | $-0.17 |
WBD Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $100.5B-1.2% | $101.7B0.0% | $101.7B-2.8% | $104.6B-3.2% | $108.0B-9.8% | $119.8B-2.4% | $122.8B-0.8% | $123.7B |
| Current Assets | $13.1B-4.0% | $13.6B+6.5% | $12.8B-9.2% | $14.1B+4.8% | $13.4B-3.4% | $13.9B-2.2% | $14.2B+10.8% | $12.8B |
| Cash & Equivalents | $4.3B-12.2% | $4.9B+26.4% | $3.9B-27.2% | $5.3B+47.0% | $3.6B+21.4% | $3.0B-21.3% | $3.8B+58.6% | $2.4B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $25.9B-0.1% | $25.9B+0.7% | $25.7B+0.3% | $25.7B-0.3% | $25.7B-26.2% | $34.9B-0.2% | $35.0B+0.7% | $34.7B |
| Total Liabilities | $63.2B-1.8% | $64.4B-3.2% | $66.5B-4.5% | $69.6B-4.1% | $72.6B-2.6% | $74.5B-2.3% | $76.3B-1.7% | $77.6B |
| Current Liabilities | $12.2B-6.7% | $13.0B-14.7% | $15.3B-3.3% | $15.8B-11.0% | $17.8B+4.8% | $17.0B+10.6% | $15.3B+5.1% | $14.6B |
| Long-Term Debt | $33.5B-3.2% | $34.6B-7.5% | $37.4B-5.3% | $39.5B-3.5% | $41.0B-3.8% | $42.6B-2.5% | $43.7B-2.5% | $44.8B |
| Total Equity | $36.0B-0.1% | $36.0B+6.5% | $33.8B-0.6% | $34.0B-0.9% | $34.3B-22.2% | $44.2B-2.4% | $45.2B+1.0% | $44.8B |
| Retained Earnings | -$11.3B-1.3% | -$11.1B+12.4% | -$12.7B-3.7% | -$12.2B-3.0% | -$11.9B-527.2% | -$1.9B-104.1% | -$928.0M-76.4% | -$526.0M |
WBD Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $979.0M-0.4% | $983.0M+77.8% | $553.0M-79.6% | $2.7B+121.1% | $1.2B+109.9% | $585.0M-83.7% | $3.6B+42.2% | $2.5B |
| Capital Expenditures | $278.0M-1.1% | $281.0M+12.0% | $251.0M-12.2% | $286.0M+13.5% | $252.0M+29.2% | $195.0M-27.2% | $268.0M-41.4% | $457.0M |
| Free Cash Flow | $701.0M-0.1% | $702.0M+132.5% | $302.0M-87.6% | $2.4B+148.9% | $976.0M+150.3% | $390.0M-88.2% | $3.3B+60.8% | $2.1B |
| Investing Cash Flow | -$330.0M-39.8% | -$236.0M-21.0% | -$195.0M-3350.0% | $6.0M-91.4% | $70.0M+133.8% | -$207.0M+11.5% | -$234.0M+48.9% | -$458.0M |
| Financing Cash Flow | -$1.2B-13844.4% | $9.0M+100.5% | -$1.9B-215.8% | -$600.0M+42.1% | -$1.0B+16.2% | -$1.2B+19.1% | -$1.5B+41.8% | -$2.6B |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WBD Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5%+10.3pp | 39.2%-3.7pp | 42.9%-2.0pp | 44.9%+8.7pp | 36.1%-3.0pp | 39.2%-3.5pp | 42.7%-4.1pp | 46.8% |
| Operating Margin | 6.8%+8.6pp | -1.9%-1.5pp | -0.4%-2.0pp | 1.6%+106.7pp | -105.1%-102.4pp | -2.7%-0.9pp | -1.8%-2.7pp | 1.0% |
| Net Margin | -1.6%-17.7pp | 16.1%+21.2pp | -5.1%-0.1pp | -4.9%+97.9pp | -102.8%-93.1pp | -9.7%-5.8pp | -3.9%+0.3pp | -4.2% |
| Return on Equity | N/A | 4.4% | N/A | 0.4% | N/A | N/A | N/A | N/A |
| Return on Assets | -0.1%-1.7pp | 1.6%+2.0pp | -0.4%+0.0pp | -0.5%+8.8pp | -9.2%-8.4pp | -0.8%-0.5pp | -0.3%0.0pp | -0.3% |
| Current Ratio | 1.07+0.0 | 1.04+0.2 | 0.84-0.1 | 0.89+0.1 | 0.76-0.1 | 0.82-0.1 | 0.93+0.0 | 0.88 |
| Debt-to-Equity | 0.93-0.0 | 0.96-0.1 | 1.11-0.1 | 1.16-0.0 | 1.19+0.2 | 0.960.0 | 0.97-0.0 | 1.00 |
| FCF Margin | 7.8%+0.6pp | 7.1%+3.8pp | 3.4%-20.9pp | 24.2%+14.2pp | 10.1%+6.1pp | 3.9%-28.3pp | 32.2%+11.6pp | 20.6% |
Note: The current ratio is below 1.0 (0.89), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is WARNER BROS DISCOVERY INC's annual revenue?
WARNER BROS DISCOVERY INC (WBD) reported $39.3B in total revenue for fiscal year 2024. This represents a -4.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is WARNER BROS DISCOVERY INC's revenue growing?
WARNER BROS DISCOVERY INC (WBD) revenue declined by 4.8% year-over-year, from $41.3B to $39.3B in fiscal year 2024.
Is WARNER BROS DISCOVERY INC profitable?
No, WARNER BROS DISCOVERY INC (WBD) reported a net income of -$11.3B in fiscal year 2024, with a net profit margin of -28.8%.
What is WARNER BROS DISCOVERY INC's earnings per share (EPS)?
WARNER BROS DISCOVERY INC (WBD) reported diluted earnings per share of $-4.62 for fiscal year 2024. This represents a -260.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is WARNER BROS DISCOVERY INC's EBITDA?
WARNER BROS DISCOVERY INC (WBD) had EBITDA of -$3.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does WARNER BROS DISCOVERY INC have?
As of fiscal year 2024, WARNER BROS DISCOVERY INC (WBD) had $5.3B in cash and equivalents against $39.5B in long-term debt.
What is WARNER BROS DISCOVERY INC's gross margin?
WARNER BROS DISCOVERY INC (WBD) had a gross margin of 41.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is WARNER BROS DISCOVERY INC's operating margin?
WARNER BROS DISCOVERY INC (WBD) had an operating margin of -25.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is WARNER BROS DISCOVERY INC's net profit margin?
WARNER BROS DISCOVERY INC (WBD) had a net profit margin of -28.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is WARNER BROS DISCOVERY INC's free cash flow?
WARNER BROS DISCOVERY INC (WBD) generated $4.4B in free cash flow during fiscal year 2024. This represents a -28.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is WARNER BROS DISCOVERY INC's operating cash flow?
WARNER BROS DISCOVERY INC (WBD) generated $5.4B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are WARNER BROS DISCOVERY INC's total assets?
WARNER BROS DISCOVERY INC (WBD) had $104.6B in total assets as of fiscal year 2024, including both current and long-term assets.
What are WARNER BROS DISCOVERY INC's capital expenditures?
WARNER BROS DISCOVERY INC (WBD) invested $948.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does WARNER BROS DISCOVERY INC have outstanding?
WARNER BROS DISCOVERY INC (WBD) had 2.45B shares outstanding as of fiscal year 2024.
What is WARNER BROS DISCOVERY INC's current ratio?
WARNER BROS DISCOVERY INC (WBD) had a current ratio of 0.89 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is WARNER BROS DISCOVERY INC's debt-to-equity ratio?
WARNER BROS DISCOVERY INC (WBD) had a debt-to-equity ratio of 1.16 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is WARNER BROS DISCOVERY INC's return on assets (ROA)?
WARNER BROS DISCOVERY INC (WBD) had a return on assets of -10.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is WARNER BROS DISCOVERY INC's Piotroski F-Score?
WARNER BROS DISCOVERY INC (WBD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are WARNER BROS DISCOVERY INC's earnings high quality?
WARNER BROS DISCOVERY INC (WBD) has an earnings quality ratio of -0.48x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can WARNER BROS DISCOVERY INC cover its interest payments?
WARNER BROS DISCOVERY INC (WBD) has an interest coverage ratio of -5.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is WARNER BROS DISCOVERY INC?
WARNER BROS DISCOVERY INC (WBD) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.