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Warner Bros. Discovery, Inc.

WBD NASDAQ Categories PDF
Communication Services · Entertainment · United States · Updated May 11, 12:49pm
$27.17
Price
$68.1B
Market Cap
35,000
Employees
1.57
Beta
David Zaslav
CEO
Business Description

Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gaming. The Network segment comprises domestic and international television networks. The DTC segment offers premium pay-tv and streaming services. In addition, the company offers portfolio of content, brands, and franchises across television, film, streaming, and gaming under the Warner Bros. Motion Picture Group, Warner Bros. Television Group, DC, HBO, HBO Max, Max, Discovery Channel, discovery+, CNN, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, Warner Bros. Games, Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings brands. Further, it provides content through distribution platforms, including linear network, free-to-air, and broadcast television; authenticated GO applications, digital distribution arrangements, content licensing arrangements, and direct-to-consumer subscription products. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.

Business History
Price Overview
Last updated: May 11, 2026 12:49pm (just now)
$27.17
+0.06 (+0.24%)
Day Range
$27.07 – $27.28
52-Week Range
$8.82 – $30.00
50-Day MA
$27.40
200-Day MA
$23.10
Volume
5,248,098.63
Analyst Price Targets
Low $28.00
Consensus $30.06
High $31.00
(54 analysts)
Share Structure
Outstanding 2,507,136,702.00
Float 2,381,303,511.00
Free Float 95.0%
High free float — 95.0% of shares trade freely, ~5% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
93.71
Stock Price: $27.17
EPS (Diluted): 0.29
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
1.99
Stock Price: $27.17
Total Equity: $35.92B
Shares: 2,530,000,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
4.94
Market Cap: $68.13B
Total Debt: $32.57B
Cash: $4.57B
EBITDA: $9.42B
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$99.3B
Market Cap: $68.13B
Total Debt: $32.57B
Cash: $4.57B
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
28.2%
Gross Profit: $10.51B
Revenue: $37.30B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
3.5%
Operating Income: $1.31B
Revenue: $37.30B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
1.9%
Net Income: $727.00M
Revenue: $37.30B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-6.1%
Net Income: $727.00M
Total Equity: $35.92B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
2.0%
Operating Income: $1.31B
Tax Rate: 54.3%
Equity: $35.92B
Total Debt: $32.57B
Cash: $4.57B
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.06
Current Assets: $13.21B
Current Liabilities: $12.50B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.91
Short-Term Debt: $139.00M
Long-Term Debt: $32.43B
Total Debt: $32.57B
Total Equity: $35.92B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$14.74
Revenue: $37.30B
Shares: 2,530,000,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$14.20
Total Equity: $35.92B
Shares: 2,530,000,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.22
Operating CF: $4.32B
CapEx: -$1.23B
Shares: 2,530,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $27.17
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $727.00M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares WBD against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $12.2B $33.8B $41.3B $39.3B $37.3B
Cost of Revenue $4.6B $20.4B $24.5B $23.0B $26.8B
Gross Profit $7.6B $13.4B $16.8B $16.4B $10.5B
Operating Expenses $5.6B $20.7B $18.3B $26.4B $9.2B
Operating Income $2.0B -$7.4B -$1.5B -$10.0B $1.3B
Net Income $1.0B -$7.4B -$3.1B -$11.3B $727.0M
EBITDA $7.1B $14.2B $22.4B $11.6B $9.4B
EPS $1.55 $-3.82 $-1.28 $-4.62 $0.29
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $3.9B $3.7B $3.8B $5.3B $4.6B
Total Current Assets $7.3B $14.0B $14.2B $14.1B $13.2B
Total Assets $34.4B $134.0B $122.8B $104.6B $100.1B
Current Liabilities $3.5B $15.0B $15.3B $15.8B $12.5B
Long-Term Debt $14.4B $48.6B $41.9B $36.8B $32.4B
Total Liabilities $21.0B $85.3B $76.3B $69.6B $62.9B
Total Equity $11.6B $47.1B $45.2B $34.0B $35.9B
Retained Earnings $9.6B $2.2B -$928.0M -$12.2B -$11.5B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $2.8B $4.3B $7.5B $5.4B $4.3B
Capital Expenditure -$373.0M -$987.0M -$1.3B -$948.0M -$1.2B
Free Cash Flow $2.4B $3.3B $6.2B $4.4B $3.1B
Acquisitions (net) -$186.0M $3.4B -$162.0M -$109.0M $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash $1.8B $25.0M $389.0M $1.1B -$850.0M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $38.0B
$37.2B – $39.3B
 $38.3B
$38.1B – $38.5B
 $39.0B
$37.9B – $40.5B
 $39.7B
$38.6B – $41.3B
EBITDA $15.9B
$15.6B – $16.5B
 $16.0B
$16.0B – $16.1B
 $16.3B
$15.9B – $17.0B
 $16.6B
$16.2B – $17.3B
Net Income $15.1M
-$1.1B – $524.3M
 -$102.8M
-$175.9M – -$29.7M
 -$925.1M
-$973.1M – -$891.8M
 -$712.3M
-$749.3M – -$686.7M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +177.4% +22.2% -4.8% -5.1%
Gross Profit Growth +76.7% +25.6% -2.6% -35.7%
Operating Income Growth -466.3% +79.0% -548.1% +113.0%
Net Income Growth -832.7% +57.6% -261.8% +106.4%
EBITDA Growth +98.2% +57.8% -48.1% -18.9%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-04-15 Girdwood Amy F-InKind 225,624.00 $27.20 $6.1M
2026-03-27 Price Paula A A-Award 1,340.00 $0.00 $0
2026-03-27 Noto Anthony A-Award 1,063.00 $0.00 $0
2026-03-16 Perrette Jean-Briac S-Sale 659,120.00 $27.42 $18.1M
2026-03-16 GOULD PAUL A S-Sale 600,000.00 $27.35 $16.4M
2026-03-16 Merchant Fazal F S-Sale 35,000.00 $27.48 $961,800
2026-03-10 LEE DEBRA L G-Gift 16,345.00 $0.00 $0
2026-03-06 Perrette Jean-Briac F-InKind 43,433.00 $27.95 $1.2M
2026-03-06 Wiedenfels Gunnar F-InKind 43,578.00 $27.95 $1.2M
2026-03-06 Zeiler Gerhard F-InKind 35,213.00 $27.95 $984,203
2026-03-10 Aiyar Priya M-Exempt 77,243.00 $11.02 $851,218
2026-03-10 Aiyar Priya S-Sale 77,243.00 $27.85 $2.2M
2026-03-10 Aiyar Priya M-Exempt 77,243.00 $11.02 $851,218
2026-03-03 FISHER RICHARD W S-Sale 16,345.00 $28.31 $462,727
2026-03-03 Girdwood Amy F-InKind 6,971.00 $28.20 $196,582
2026-03-03 Girdwood Amy S-Sale 75,030.00 $28.25 $2.1M
2026-03-03 Locke Lori C. F-InKind 6,379.00 $28.20 $179,888
2026-03-04 Campbell Bruce M-Exempt 285,679.00 $15.02 $4.3M
2026-03-04 Campbell Bruce M-Exempt 183,346.00 $25.70 $4.7M
2026-03-04 Campbell Bruce M-Exempt 139,323.00 $8.67 $1.2M
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27