Warner Bros. Discovery reported Q2 2026 revenues of $8.7 billion, down 11% from $9.8 billion a year earlier. Net income available to the company declined to $149 million from $1.58 billion, while Adjusted EBITDA slipped 4% to $1.9 billion.
Streaming was a relative bright spot: segment revenues rose 10% to $3.1 billion and Adjusted EBITDA increased to $512 million, a nearly 17% margin. By contrast, Studios revenues fell 39% and Adjusted EBITDA dropped to $96 million, and Global Linear Networks revenues declined 17% amid weaker advertising following the loss of NBA rights.
Free cash flow was $572 million versus $702 million, with cash from operations of $848 million. The company ended the quarter with $33.1 billion of gross debt and approximately $30 billion of net debt, for net leverage of 3.4x, after refinancing a $15 billion bridge facility with term loans expected to cut annual interest costs by about 150 basis points.
Warner Bros. Discovery, Inc. Chief Executive Officer David Zaslav exercised employee stock options for 2,089,876 shares of Series A common stock at $10.16 per share and, on the same date, sold 2,184,782 shares at a weighted average price of $27.22 per share under a pre-arranged Rule 10b5-1 trading plan. Following these transactions, he holds 6,902,840 shares directly and 153 shares indirectly through his spouse, and retains 18,808,900 employee stock options at a $10.16 exercise price expiring on June 12, 2032.
WBD filed a notice of proposed sale of Series A securities under Form 144. The filing lists a planned disposition of 2,184,782 Series A shares to be sold through Fidelity Brokerage Services LLC on the NASDAQ on or after 07/13/2026. The shares are to be issued from two sources: 94,906 shares from restricted stock vesting dated 06/12/2026 and 2,089,876 shares issuable upon stock option exercise dated 07/13/2026.
Noto Anthony reported acquisition or exercise transactions in this Form 4 filing.
Warner Bros. Discovery, Inc. director Anthony Noto received a grant of 1,079 shares of Series A Common Stock. The shares were issued at a stated price of $0.00 per share as compensation, since he elected to take his quarterly director cash retainer in stock. After this award, he directly holds 53,444 shares.
Warner Bros. Discovery, Inc. Chief Executive Officer David Zaslav reported a Form 4 showing a tax-related share disposition. On June 12, 2026, 202,881 shares of Series A Common Stock were used as a tax-withholding disposition at $26.98 per share, leaving 6,997,746 shares held directly. An additional 153 shares are reported as indirectly owned through his spouse.
Warner Bros. Discovery, Inc. reported the results of its 2026 annual stockholder meeting held by remote communication. Stockholders elected all thirteen director nominees, including David M. Zaslav and Samuel A. Di Piazza, Jr., each to serve a one‑year term.
Stockholders ratified PricewaterhouseCoopers LLP as independent registered public accounting firm for the fiscal year ending December 31, 2026, with 1,870,175,809 votes for and 32,975,069 against. However, stockholders did not approve, on a non-binding advisory basis, the 2025 compensation of the named executive officers, with 244,543,743 votes for and 1,313,562,677 against.
Stockholders also did not approve a stockholder proposal titled “Sustainability ROI Report,” which received 39,541,649 votes for and 1,507,486,654 against.
LEVIN JOSEPH reported acquisition or exercise transactions in this Form 4 filing.
Warner Bros. Discovery, Inc. director Joseph Levin received an equity grant of 9,067 shares of Series A Common Stock on June 9, 2026. The shares were awarded at a stated price of $0.00 per share, indicating a compensation-related grant rather than a market purchase. Following this award, Levin directly owns 43,604 shares of Series A Common Stock.
YANG GEOFFREY Y reported acquisition or exercise transactions in this Form 4 filing.
Warner Bros. Discovery director Geoffrey Y. Yang reported a new share grant and an ownership reclassification. He received an award of 9,067 shares of Series A Common Stock at no cost, bringing his directly held shares to 127,119. The filing also shows 98,285 shares held indirectly through limited partnerships, after correcting 39,819 shares that were previously reported as directly owned. Yang disclaims beneficial ownership of the indirectly held securities except to the extent of his pecuniary interest.
Sanchez Daniel E. reported acquisition or exercise transactions in this Form 4 filing.
Warner Bros. Discovery, Inc. director Daniel E. Sanchez received a grant of 9,067 shares of Series A Common Stock, recorded at a price of $0.00 per share. Following this award, he directly holds 53,121 shares. This is a compensation-related share award rather than an open-market purchase.
Price Paula A reported acquisition or exercise transactions in this Form 4 filing.
Warner Bros. Discovery director Paula A. Price received a stock grant of 9,067 shares of Series A Common Stock. The award was recorded at a price of $0.00 per share, indicating it was a compensation-related grant rather than an open-market purchase. Following this grant, she directly holds 92,218 shares.