{ "ok": true, "cik": "1437107", "ticker": "WBD", "name": "Warner Bros. Discovery, Inc.", "filings": [ { "form": "10-Q", "filed": "2026-08-06", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000075/0001437107-26-000075-index.htm" }, { "form": "8-K", "filed": "2026-08-06", "items": [ "2.02 Results of Operations and Financial Condition", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000072/0001437107-26-000072-index.htm" }, { "form": "8-K", "filed": "2026-06-12", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1437107/000119312526268519/0001193125-26-268519-index.htm" }, { "form": "8-K", "filed": "2026-06-04", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437107/000119312526256559/0001193125-26-256559-index.htm" }, { "form": "8-K", "filed": "2026-05-27", "items": [ "1.01 Entry into a Material Definitive Agreement", "3.03 Material Modifications to Rights of Security Holders", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437107/000119312526240646/0001193125-26-240646-index.htm" }, { "form": "8-K", "filed": "2026-05-19", "items": [ "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000059/0001437107-26-000059-index.htm" } ], "events12m": 18, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 5, "latest": { "filed": "2026-04-30", "url": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000048/0001437107-26-000048-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001437107.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1437107" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Warner Bros. Discovery, Inc. ($WBD). Last filing: 10-Q, 2026-08-06. 18 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 37296000000, "revenueGrowth1y": -0.05149919890135046, "revenueGrowthPerYear": 0.3225306058835957, "yearsOfData": 5, "operatingMargin": 0.019787644787644786, "operatingMarginPrior": -0.25513084611276415, "netMargin": 0.02008258258258258, "operatingCashFlow": 4319000000, "capitalSpending": 1231000000, "freeCashFlow": 3088000000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 4566000000, "longTermDebt": 32567000000, "longTermDebtChange": -0.17562333881787118, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 12191000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 33817000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 41321000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 39321000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 37296000000 } ], "totalEquity": 35919000000, "totalAssets": 100085000000, "equityRatio": 0.3588849477943748, "returnOnEquity": 0.020852473621203262, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 0.29, "sharesOutstanding": 2530000000, "bookValuePerShare": 14.197233201581028, "revenuePerShare": 14.741501976284585, "range80": { "low": 21428477781.20624, "high": 57395415495.89928, "baseline": 36954371848.776276, "n": 1471, "band": "b10", "bandLabel": "$10B+", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.5078634281473909, "classVolatility": 0.06659579566308972, "volatility": 0.36218797719528195 }, "ifPaceHeld": { "low": 21428477781.20624, "high": 57395415495.89928 } }, "edgarette": "🔖 Exposure: revenue $37.3B (FY2025), total debt $32.6B. Experience: revenue down 5.1% on the year, up 32.3% a year over 4 years; operating margin 2.0%, up from -25.5%. Soundness: equity 35.9% of assets, return on equity 2.1%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $21.4B and $57.4B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $13.9B to $85.2B. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, cable & other pay television services): operating margin 2.0% against a 5.8% median; growth -5.1% against -0.0%.", "peers": { "sic": 4841, "sicDescription": "Cable & Other Pay Television Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4841", "growth": [ -0.0002, 11 ], "opMargin": [ 0.0577, 11 ], "equityRatio": [ 0.3572, 10 ] }, "summary": "Warner Bros. Discovery (WBD) saw revenue fall 5.1% in FY2025 to $37.3 billion, operating margin 2.0% against a 5.8% median for cable & other pay television services, equity 35.9% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Warner Bros. Discovery, Inc. against its own record and its peers
Operating marginPeer median 5.8%2.0%Revenue, on the yearPeer median -0.0%-5.1%Equity of assetsPeer median 35.7%35.9%Return on equity2.1%Gold tick: the median of 10–10 peers with $50M+ revenue in cable & other pay television services
", "chartHorizon": null, "backtest": { "tests": 15, "hits": 9, "rate": 0.6, "method": "v4", "byYear": { "2011": [ 0, 1 ], "2012": [ 1, 1 ], "2013": [ 0, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 0, 1 ], "2019": [ 0, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:35:48.864Z", "hash": "cdd2b6f3523fabdc", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Warner Bros. Discovery (WBD) saw revenue fall 5.1% in FY2025 to $37.3 billion, operating margin 2.0% against a 5.8% median for cable & other pay television services, equity 35.9% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 37296000000, "totalDebt": 32567000000, "cash": 4566000000 }, "experience": { "revenueGrowth1y": -0.05149919890135046, "revenueGrowthPerYear": 0.3225306058835957, "operatingMargin": 0.019787644787644786, "operatingMarginPrior": -0.25513084611276415, "netMargin": 0.02008258258258258, "freeCashFlow": 3088000000 }, "soundness": { "equityRatio": 0.3588849477943748, "returnOnEquity": 0.020852473621203262, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 4841, "sicDescription": "Cable & Other Pay Television Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4841", "growth": [ -0.0002, 11 ], "opMargin": [ 0.0577, 11 ], "equityRatio": [ 0.3572, 10 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 5, "latest": { "filed": "2026-04-30", "url": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000048/0001437107-26-000048-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 21428477781.20624, "high": 57395415495.89928, "baseline": 36954371848.776276, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 1471, "sizeBand": "$10B+", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.5078634281473909, "classVolatility": 0.06659579566308972, "pricedVolatility": 0.36218797719528195, "k": 3 }, "stress": { "low": 13900384486.436506, "high": 85179843526.15182, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 15, "hits": 9, "rate": 0.6, "method": "v4", "byYear": { "2011": [ 0, 1 ], "2012": [ 1, 1 ], "2013": [ 0, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 0, 1 ], "2019": [ 0, 1 ], "2020": [ 1, 1 ], "2021": [ 1, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T16:35:48.864Z", "hash": "cdd2b6f3523fabdc", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001437107.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1437107" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1158, "growth3y": 0.0332, "volatility": 0.5079, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.3589, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 11.6% of revenue into operating cash; revenue growing 3.3% a year over three years; no common dividend.", "outside": "Among $10B+ companies: 44th percentile for cash, 43rd for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$10B+", "cashPctInClass": 44, "growthPctInClass": 43, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±46%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 4319000000, "investing": -1179000000, "financing": -4240000000, "capitalSpending": 1231000000, "free": 3088000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 2798000000, "free": 2425000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 4304000000, "free": 3317000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 7477000000, "free": 6161000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 5375000000, "free": 4427000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 4319000000, "free": 3088000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 4566000000, "shortTerm": null, "longTerm": null, "equityHoldings": 0, "totalAssets": 100085000000, "ladder": null, "currentRatio": 1.06, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1158, "growth3y": 0.0332, "volatility": 0.5079, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.3589, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 11.6% of revenue into operating cash; revenue growing 3.3% a year over three years; no common dividend.", "outside": "Among $10B+ companies: 44th percentile for cash, 43rd for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$10B+", "cashPctInClass": 44, "growthPctInClass": 43, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±46%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 4319000000, "investing": -1179000000, "financing": -4240000000, "capitalSpending": 1231000000, "free": 3088000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 2798000000, "free": 2425000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 4304000000, "free": 3317000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 7477000000, "free": 6161000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 5375000000, "free": 4427000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 4319000000, "free": 3088000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 4566000000, "shortTerm": null, "longTerm": null, "equityHoldings": 0, "totalAssets": 100085000000, "ladder": null, "currentRatio": 1.06, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }