WBD · Warner Bros. Discovery, Inc.

Track WBD — free

$30.94 -0.01 (-0.03%) At close · Oct 2

S&P 500 member Nasdaq-100 member Russell 1000 member Rebalance outlook locked

Market Cap

$77.48B

2.51B

Volume · Oct 2 59.66M Avg daily vol (3M) 30.5M

Up next

Next earnings call

Nov 6, 2026 Est · unconfirmed · in 5 wks

Latest filing: 10-Q

filed Aug 6, 2026

Q2 2026 earnings call transcript

call held Aug 6, 2026

Metrics snapshot

Useful current figures from the complete screener profile.

View all 115 metrics

Revenue (TTM)

$36.12B

Trailing 12 months

Net income (TTM)

−$3.17B

Trailing 12 months

Revenue growth YoY

-11.2%

Year over year

Operating margin

-3.5%

Trailing 12 months

P / E (TTM)

—

Trailing earnings

FCF yield

2.8%

TTM · current market cap

Return on invested capital

—

Trailing 12 months

Net cash

−$30.15B

Latest balance sheet

Dividend yield

—

Trailing 12 months

Shares change YoY

+3.0%

Year over year · more shares

Price change (1Y)

+60.8%

Trailing year

Short interest

2.4%

Latest settlement · 3.8 days to cover

View all 115 metrics

AI Brief

Q2 FY26 earnings call · Aug 6, 2026

Q2 FY26

TL;DR. WBD's Streaming segment accelerated, posting $3 billion in revenue and 63% ex-FX Adjusted EBITDA growth, while Studios and Global Linear Networks declined sharply — Studios Adjusted EBITDA fell 89% ex-FX to $96 million, pressured by weak theatrical and TV content revenue.

Bullish

+ Streaming revenues topped $3 billion for the first time, with Adjusted EBITDA up 63% ex-FX to $512 million and a nearly 17% margin.
+ Management expects subscriber-related revenue growth to further accelerate in H2 2027 and reaffirmed a long-term 20%+ Streaming EBITDA margin target.
+ WBD refinanced its $15B bridge loan with a $13B and €1.7B TLB at SOFR +250 bps/EURIBOR +250 bps, expecting ~150 bps of annual interest savings.
+ Management reaffirmed long-term Studios Adjusted EBITDA target of over $3 billion, with the 2027 slate featuring Lord of the Rings, Man of Tomorrow, and a follow-up to A Minecraft Movie.

Bearish

− Studios Adjusted EBITDA plunged 89% ex-FX to $96 million on a 39% revenue decline, driven by weak theatrical and TV licensing.
− Global Linear Networks revenue fell 17% ex-FX and Adjusted EBITDA declined 5% ex-FX, with a 27% ex-FX drop in advertising.

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice

Overall

Buy

SellHoldBuy

Technical Buy Momentum Very Strong Sentiment Bullish Fundamentals Excellent Quant / Vol Low

Market backdrop VIX 15.3 · calm Equity put/call 0.58

Technical

price trend

Buy

50 / 200-day cross No cross

Price vs 200-day avg +12%

above

Price vs 50-day avg +10%

above

RSI (14) 75

overbought

MACD trend Positive

52-week position 100%

near high

Volume (OBV) Confirms

volume backs price

Momentum

relative strength

Very Strong

1-month return +9%

trailing

6-month return +13%

trailing

YTD return +7%

this year

Relative strength +1%

vs S&P · 6-mo

Sentiment

smart money

Bullish

Trend (MA cross) No cross

50d $28 › 200d $28 — 50d above 200d

Institutional flow Accumulating

7 of 1,326 funds reported for Sep 30 · net +2.7K sh shares · +1 new

Insider flow Distributing

Net -$54.7M over 90 days · 100% sells

Short interest Falling

2.36% of float · ▼ -13.9% MoM · 3.8 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

1,326 holders — near 3-yr high, broad support

Squeeze score 56

elevated · 0–100

Fundamentals

Excellent

Revenue growth +54%

Y/Y

EPS growth +106%

Y/Y

Free cash flow $3.1B

Buyback $3.0B

authorized

Balance sheet $28.0B

net debt

Quant / Vol

risk profile

Low

Volatility 27%

annualized · 1-yr

Max drawdown −16%

past year

ATR 1.1%

of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

what management promised — and delivered

Latest guidance · from the 8-K filed Aug 6, 2026

long-term

Adjusted EBITDA margin Non-GAAP at least 20%

medium to long-term

Adjusted EBITDA Non-GAAP at least $3B

Prior guidance period ended · from the 8-K filed Nov 6, 2025

Studios segment Adjusted EBITDA · 2025 at least $2.4B

Streaming Adjusted EBITDA · 2025 at least $1.3B

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy

1 · 2 · 4

50 / 200-day cross

No cross Neutral

Price vs 200-day avg

+12% Bullish

Price vs 50-day avg

+10% Bullish

RSI (14)

75 Bearish

MACD trend

Positive Bullish

52-week position

100% Bullish

Volume (OBV)

Confirms Neutral

Market signals — smart money & positioning

Bullish · 3 of 6

Trend (MA cross) No cross

50d $28 › 200d $28 — 50d above 200d

Institutional flow Accumulating

7 of 1,326 funds reported for Sep 30 · net +2.7K sh shares · +1 new

Insider flow Distributing

Net -$54.7M over 90 days · 100% sells

Short interest Falling

2.36% of float · ▼ -13.9% MoM · 3.8 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

1,326 holders — near 3-yr high, broad support

Price context

position in its 52-week range

Range low $17 Now $31 · 100% Range high $31

vs 200-day avg +12% vs 50-day avg +10%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings

Metric	Latest	Period	YoY
Ad-supported subscriber share of global HBO Max subscribers	40%	Q2 2026	—
Adjusted EBITDA non-GAAP	$1.88B	Q2 2026	—
GAAP → non-GAAP reconciliation GAAP Operating Income (loss) 237M +1.16B Depreciation and amortization +77M Impairment and amortization of fair value step-up for content +113M Restructuring and other charges +187M Employee share-based compensation +72M Transaction and integration costs +23M Impairments and loss on dispositions +11M Amortization of capitalized interest for content +0M Facility consolidation costs = Adjusted EBITDA 1.88B
CNN linear viewership growth	24%	Q2 2026	—
CNN total minutes spent increase	19%	Q2 2026	—
Corporate Adjusted EBITDA non-GAAP	-$298M	Three Months Ended June 30, 2026 filing	—
Free cash flow non-GAAP	$572M	Q2 2026	—
GAAP → non-GAAP reconciliation GAAP Cash provided by operating activities 848M -276M Purchases of property and equipment = Free cash flow 572M
General entertainment delivery growth	5%	Q2 2026	—
Global Linear Networks Adjusted EBITDA non-GAAP	$1.45B	Q2 2026	—
Gross debt non-GAAP	33.1B	Q2 2026	—
Inter-segment eliminations Adjusted EBITDA non-GAAP	$123M	Three Months Ended June 30, 2026 filing	—
MLB viewership increase	23%	Q2 2026	—
NCAA title game viewership	18M	Q2 2026	—
Net debt non-GAAP	$30B	Q2 2026	—
NHL postseason viewership growth	50%	Q2 2026	—
NHL regular season viewership growth	21%	Q2 2026	—
Operating expenses decline ex-FX non-GAAP	23%	Q2 2026	—
Streaming Adjusted EBITDA non-GAAP	$512M	Q2 2026	—
Streaming Adjusted EBITDA margin non-GAAP	17%	Q2 2026	—

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Entertainment — same industry group

Open screener →

Company	Mkt cap	YTD	Rev growth Y/Y	P/E	Short % shares
WBD Warner Bros. Discovery, Inc. this stock	$77.48B	+7.4%	+53.5%	—	2.4%
NFLX Netflix Inc	$296.24B	-28.5%	+15.9%	22.4	2.3%
DIS Walt Disney Co	$176.19B	-10.2%	+3.4%	21.1	1.1%
LYV Live Nation Entertainment, Inc.	$40.26B	+18.4%	+8.8%	—	9.8%
TKO TKO Group Holdings, Inc.	$34.57B	-16.0%	-3.1%	—	4.4%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section

Ownership

Institutional Holders Accumulating

Holders

1,327

% held: 85.2%
Reported: 7 of 1,326
Top holder: BlackRock, Inc.

Held Float

View

Held by Funds

Fund positions

684

View

Short & Settlement

Short Interest Falling

Shares short

59.3M

Days to cover: 3.8d
Change: -9.5M sh

View

Short Volume

Short vol %

15%

As of: Oct 2, 2026

Short Total

View

Fails to Deliver

FTD shares

15.7K

Value: $439.5K
As of: Sep 10, 2026

View

Off-Exchange

Off-exchange %

41.7%

Week of: Aug 24, 2026

Off-exch Lit

View

Smart Money

Insider Trades Net selling

Net (90d)

-$54.7M

Buyers / Sellers: 0 / 8

Buyers Sellers

View

Congressional Trades Buy

Member

Alan Armstrong

Amount: $1.0K–$15.0K
Traded: Mar 27, 2026

View

Financials

Revenue (FY)

$37.3B

Net income (FY): $727.0M
EPS diluted: $0.29

View

Buybacks

Authorized · 2 programs

$3.0B

View

Filings

SEC Filings

Latest

8-K

Filed: Aug 6, 2026
This year: 19

View

Proposed Sales

Value

$819.0K

Shares: 29.1K
Filed: Sep 14, 2026

View

Earnings & Events

Webcasts

Last webcast

Aug 6, 2026

View

Investor Relations

Performance

	5D	20D	120D	MTD	YTD
WBD	+0.3%	+9.1%	+13.0%	0.0%	+7.4%
SPY	-0.2%	-0.5%	+12.2%	+0.9%	+12.9%
vs SPY	+0.5%	+9.5%	+0.8%	-1.0%	-5.5%

Capital returns

Buyback programs · 2 active · as of Feb 29, 2020

Authorized (total)

$3.00B

Spent (derived)

—

Remaining

—

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1437107 CUSIP 934423104 13F (30d) 42 filings 27 filers Visit website Investor relations

WBD · Warner Bros. Discovery, Inc.

Price & Indicators

Up next

Metrics snapshot

AI Brief

Equibles Rating

Guidance & track record

Technicals

Key metrics

Versus peers

At a glance

Performance

Capital returns