Warner Bros. Discovery Form 10-Q: Q1 2025

Key insights

7 takeaways · ~3 min read

01
Warner Bros. Discovery reported a net loss of $449 million for Q1 2025, an improvement from a net loss of $955 million in Q1 2024.
02
The company's cash, cash equivalents, and restricted cash decreased significantly from $5,416 million at the beginning of Q1 2025 to $3,974 million by the end of the quarter.
03
Warner Bros. Discovery's total remaining performance obligations as of March 31, 2025, are $10,242 million, with significant portions from content licensing and sports sublicensing ($4,124 million through 2032) and brand licensing ($3,031 million through 2052).
04
The company repaid $3,665 million in principal debt during Q1 2025, while also borrowing $1,500 million from debt and $695 million under commercial paper and revolving credit facilities.
05
The revolving receivables program was amended in 2024 to reduce the facility limit to $5,200 million and extend it to June 2025, with an outstanding portfolio of $4,748 million derecognized as of March 31, 2025.
06
Basic and diluted net loss per share improved to $(0.18) in Q1 2025 from $(0.40) in Q1 2024, with 2,462 million common shares outstanding.
07
The company uses derivative financial instruments, including foreign currency forward contracts, fixed-to-fixed currency swaps, total return swaps, and interest rate swaps, to manage foreign currency exchange rate and interest rate risks, not for speculative trading.