Warner Bros. Discovery: Form 10-Q (Q3 2025)

Key insights

7 takeaways · ~3 min read

01
Warner Bros. Discovery reported a net loss of $143 million for Q3 2025, a significant decline from a net income of $141 million in Q3 2024. For the nine months ended September 30, 2025, the company had a net income of $996 million, a substantial improvement from a $10.842 billion net loss in the same period of 2024.
02
Total revenues for Q3 2025 decreased by 6% to $9.045 billion compared to $9.623 billion in Q3 2024. For the nine months ended September 30, 2025, total revenues were $27.836 billion, a 5% decrease from $29.294 billion in the prior year.
03
The Global Linear Networks segment experienced a significant revenue decline of 22% in Q3 2025 to $3.883 billion, and a 13% decline for the nine months ended September 30, 2025, to $13.460 billion.
04
The Studios segment showed strong growth, with revenues increasing by 24% in Q3 2025 to $3.321 billion and by 19% for the nine months ended September 30, 2025, reaching $9.436 billion.
05
Streaming segment revenues remained flat in Q3 2025 at $2.633 billion but grew by 5% for the nine months ended September 30, 2025, reaching $8.082 billion.
06
Warner Bros. Discovery completed open market repurchases of $59 million in aggregate principal amount of its senior notes and purchased an additional $2 million to finalize Tender Offers during the nine months ended September 30, 2025.
07
Cash and cash equivalents decreased to $4.294 billion as of September 30, 2025, from $5.312 billion as of December 31, 2024.