Warner Bros. Discovery: Form 10-Q (Q2 2025)

Key insights

7 takeaways · ~3 min read

01
Warner Bros. Discovery's Streaming segment significantly improved, moving from a $107 million loss in Q2 2024 to a $293 million Adjusted EBITDA profit in Q2 2025, and from a $21 million loss to a $632 million profit for the six months ended June 30, 2025.
02
The Studios segment also saw substantial growth, with Adjusted EBITDA increasing from $210 million in Q2 2024 to $863 million in Q2 2025, and from $394 million to $1,122 million for the six months ended June 30, 2025.
03
Global Linear Networks experienced a decline in Adjusted EBITDA, falling from $1,998 million in Q2 2024 to $1,512 million in Q2 2025, and from $4,117 million to $3,305 million for the six months ended June 30, 2025.
04
The company reduced its revolving receivables program limit to $5,000 million and extended it to June 2026, with $4,499 million in receivables derecognized as of June 30, 2025.
05
Warner Bros. Discovery acquired Cutting Edge Group on January 31, 2025, and entered into a joint venture with The Walt Disney Company and Fox Corporation on January 6, 2025, to launch a new sports streaming service.
06
The company incurred an $87 million ROU asset impairment charge in Q1 2025 related to its Hudson Yards, New York office lease, contributing to $116 million in impairments and loss on dispositions for the six months ended June 30, 2025.
07
Interest expense, net, decreased by $102 million for the six months ended June 30, 2025, primarily due to lower debt during the period.