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WBD Financials Warner Bros. Discovery

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →

Growth & profitability

  • Revenue has grown 28.4% per year over the past 5 years.
  • Net income has grown slower than revenue (-9.8% vs 28.4% per year).
  • Operating margin has contracted, at 2.0% in the latest year.
  • Free cash flow has grown 5.7% per year over the past 5 years.

Financial health

  • Total debt ($32.6B) exceeds cash ($4.6B); net debt is $28.0B.
  • Total debt has grown slower than revenue (16.2% vs 28.4% per year).
  • Operating income covered interest expense 0.4× in the latest year.
  • Total debt is 5.1× EBITDA.
Revenue & net income
-$11B $15B $41B $0 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
-29% 17% 63% 0% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
$0 $3B $6B 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $24B $49B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$9B -$558M $7B $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $37.3B $727M 0.0% 2.0% $3.1B $32.6B $4.6B
2024 $39.3B -$11.3B 0.0% -25.5% $4.4B $39.5B $5.3B
2023 $41.3B -$3.1B 0.0% -3.7% $6.2B $43.7B $3.8B
2022 $33.8B -$7.4B 0.0% -21.8% $3.3B $49.0B $3.7B
2021 $12.2B $1.0B 0.0% 16.5% $2.4B $14.8B $3.9B
2020 $10.7B $1.2B 0.0% 23.6% $2.3B $15.4B $2.1B
2019 $11.1B $2.1B 0.0% 27.0% $3.1B $15.4B $1.6B
2018 $10.6B $594M 62.7% 18.3% $2.4B $16.8B $986M
2017 $6.9B -$337M 61.4% 10.4% $1.5B $14.8B $7.3B
2016 $6.5B $1.2B 62.6% 31.7% $1.3B $8.0B $300M
2015 — $1.0B — — — $7.8B $390M
2014 — $1.1B — — — $7.3B $367M
2013 — $1.1B — — — $6.5B $408M
2012 — $943M — — $1.0B $5.2B $1.2B
2011 — $1.1B — — $1.0B $4.2B $1.0B

Valuation over time

How the market has priced WBD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

Price / earnings (P/E)
0.0 49.7 99.4 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 1.0 1.9 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S

Frequently asked questions

Is WBD growing its revenue and profit?

Over the past 5 years, Warner Bros. Discovery's revenue has grown 28.4% per year, and net income declined 9.8% per year. These are computed facts, not advice.

How much debt does WBD have?

As of FY2025, Warner Bros. Discovery reported $32.6B of total debt against $4.6B of cash; operating income covered interest expense 0.4×.

What is WBD's profit margin?

In FY2025, gross margin was —, operating margin 2.0%, and net margin 1.9%.

What is WBD's P/E ratio?

As of Jun '26, Warner Bros. Discovery traded at a price-to-earnings ratio of about 93.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.