Warner Bros. Discovery, Inc. (WBD) 10-Year Financial Performance & Capital Metrics

WBD • • Industrial / General

Communication ServicesEntertainmentFilm & Television Production & DistributionMajor Film Studios & Content Producers

AboutWarner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gaming. The Network segment comprises domestic and international television networks. The DTC segment offers premium pay-tv and streaming services. In addition, the company offers portfolio of content, brands, and franchises across television, film, streaming, and gaming under the Warner Bros. Motion Picture Group, Warner Bros. Television Group, DC, HBO, HBO Max, Max, Discovery Channel, discovery+, CNN, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, Warner Bros. Games, Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings brands. Further, it provides content through distribution platforms, including linear network, free-to-air, and broadcast television; authenticated GO applications, digital distribution arrangements, content licensing arrangements, and direct-to-consumer subscription products. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.Show more

Revenue $39.32B -4.8%
EBITDA $10.95B -51.2%
Net Income -$11.31B -261.8%
EPS (Diluted) -4.62 -260.9%
Gross Margin 41.58% +2.3%
EBITDA Margin 27.85% -48.8%
Operating Margin -25.51% -581.0%
Net Margin -28.77% -280.2%
ROE -27.79% -322.9%
ROIC -9.68% -651.4%
Debt/Equity 1.13 +20.3%
Interest Coverage -4.97 -613.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓Strong 5Y sales CAGR of 28.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y20.16%

5Y28.68%

3Y47.75%

TTM-4.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM104.32%

EPS CAGR

10Y-

5Y-

3Y-

TTM104.15%

ROCE

10Y Avg4.42%

5Y Avg-1.35%

3Y Avg-7.14%

Latest-10.23%

Peer Comparison

Major Film Studios & Content Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DISThe Walt Disney Company	201.7B	112.98	16.49	3.35%	13.14%	10.82%	5%	0.37
WBDWarner Bros. Discovery, Inc.	71.56B	28.86	-6.25	-4.84%	1.28%	1.3%	6.19%	1.13
LIONLionsgate Studios Corp.	2.62B	9.05	-21.05	7%	-6.97%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.39B	6.5B	6.87B	10.55B	11.14B	10.67B	12.19B	33.82B	41.32B	39.32B
Revenue Growth %	0.02%	0.02%	0.06%	0.54%	0.06%	-0.04%	0.14%	1.77%	0.22%	-0.05%
Cost of Goods Sold+	2.34B	2.43B	2.66B	3.94B	3.82B	3.86B	4.62B	20.44B	24.53B	22.97B
COGS % of Revenue	0.37%	0.37%	0.39%	0.37%	0.34%	0.36%	0.38%	0.6%	0.59%	0.58%
Gross Profit+	4.05B	4.07B	4.22B	6.62B	7.33B	6.81B	7.57B	13.38B	16.8B	16.35B
Gross Margin %	0.63%	0.63%	0.61%	0.63%	0.66%	0.64%	0.62%	0.4%	0.41%	0.42%
Gross Profit Growth %	-0.02%	0%	0.04%	0.57%	0.11%	-0.07%	0.11%	0.77%	0.26%	-0.03%
Operating Expenses+	2.07B	2.01B	3.5B	4.68B	4.32B	4.3B	5.56B	20.75B	18.34B	26.38B
OpEx % of Revenue	0.32%	0.31%	0.51%	0.44%	0.39%	0.4%	0.46%	0.61%	0.44%	0.67%
Selling, General & Admin	1.67B	1.69B	1.77B	2.62B	2.79B	2.72B	4.02B	9.68B	9.7B	9.3B
SG&A % of Revenue	0.26%	0.26%	0.26%	0.25%	0.25%	0.26%	0.33%	0.29%	0.23%	0.24%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	397M	317M	1.74B	2.06B	1.53B	1.57B	1.54B	11.07B	8.65B	17.09B
Operating Income+	1.99B	2.06B	713M	1.93B	3.01B	2.52B	2.01B	-7.37B	-1.55B	-10.03B
Operating Margin %	0.31%	0.32%	0.1%	0.18%	0.27%	0.24%	0.17%	-0.22%	-0.04%	-0.26%
Operating Income Growth %	-0.04%	0.04%	-0.65%	1.71%	0.56%	-0.16%	-0.2%	-4.66%	0.79%	-5.48%
EBITDA+	4.02B	4.15B	2.95B	6.62B	7.21B	6.83B	7.09B	13.98B	22.46B	10.95B
EBITDA Margin %	0.63%	0.64%	0.43%	0.63%	0.65%	0.64%	0.58%	0.41%	0.54%	0.28%
EBITDA Growth %	0.02%	0.03%	-0.29%	1.24%	0.09%	-0.05%	0.04%	0.97%	0.61%	-0.51%
D&A (Non-Cash Add-back)	2.04B	2.1B	2.24B	4.69B	4.2B	4.32B	5.08B	21.35B	24.01B	20.98B
EBIT	1.89B	2.02B	338M	1.75B	2.97B	2.38B	2.07B	-7.18B	-1.64B	-9.37B
Net Interest Income+	-330M	-353M	-454M	-714M	-655M	-682M	-615M	-1.71B	-2.04B	-1.81B
Interest Income	0	0	21M	15M	22M	10M	18M	67M	179M	210M
Interest Expense	330M	353M	475M	729M	677M	692M	633M	1.78B	2.22B	2.02B
Other Income/Expense	-426M	-387M	-850M	-912M	-715M	-787M	-579M	-1.59B	-2.31B	-1.36B
Pretax Income+	1.56B	1.67B	-137M	1.02B	2.29B	1.73B	1.43B	-8.96B	-3.86B	-11.39B
Pretax Margin %	0.24%	0.26%	-0.02%	0.1%	0.21%	0.16%	0.12%	-0.26%	-0.09%	-0.29%
Income Tax+	511M	453M	176M	341M	81M	373M	236M	-1.66B	-784M	94M
Effective Tax Rate %	0.66%	0.71%	2.46%	0.58%	0.9%	0.71%	0.7%	0.82%	0.81%	0.99%
Net Income+	1.03B	1.19B	-337M	594M	2.07B	1.22B	1.01B	-7.37B	-3.13B	-11.31B
Net Margin %	0.16%	0.18%	-0.05%	0.06%	0.19%	0.11%	0.08%	-0.22%	-0.08%	-0.29%
Net Income Growth %	-0.09%	0.15%	-1.28%	2.76%	2.48%	-0.41%	-0.17%	-8.33%	0.58%	-2.62%
Net Income (Continuing)	1.05B	1.22B	-313M	681M	2.21B	1.35B	1.2B	-7.3B	-3.08B	-11.48B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	241M	243M	413M	2.13B	2.08B	1.92B	1.8B	1.57B	1.25B	901M
EPS (Diluted)+	1.58	1.96	-0.59	0.86	2.86	1.81	1.54	-3.82	-1.28	-4.62
EPS Growth %	-0.05%	0.24%	-1.3%	2.46%	2.33%	-0.37%	-0.15%	-3.48%	0.66%	-2.61%
EPS (Basic)	1.59	1.97	-0.59	0.86	2.90	1.82	1.55	-3.82	-1.28	-4.62
Diluted Shares Outstanding	656M	610M	576M	688M	717M	677M	668M	1.94B	2.44B	2.45B
Basic Shares Outstanding	432M	401M	384M	688M	535M	510M	507M	1.94B	2.44B	2.45B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.6B	2.5B	9.99B	4.23B	5.22B	6.13B	7.26B	14B	14.22B	14.08B
Cash & Short-Term Investments	390M	300M	7.31B	986M	1.55B	2.09B	3.9B	3.73B	3.78B	5.31B
Cash Only	390M	300M	7.31B	986M	1.55B	2.09B	3.9B	3.73B	3.78B	5.31B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.48B	1.5B	1.84B	2.62B	2.63B	2.54B	2.45B	7.61B	7.31B	5.93B
Days Sales Outstanding	84.43	83.99	97.61	90.62	86.24	86.78	73.23	82.15	64.59	55.01
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	381M	310M	410M	313M	579M	532M	245M	2.11B	2.28B	2.06B
Total Non-Current Assets+	13.27B	13.17B	12.56B	28.32B	28.52B	27.96B	27.16B	120B	108.54B	90.48B
Property, Plant & Equipment	488M	482M	597M	800M	951M	1.21B	1.34B	5.3B	5.96B	6.09B
Fixed Asset Turnover	13.10x	13.48x	11.51x	13.19x	11.72x	8.85x	9.13x	6.38x	6.94x	6.46x
Goodwill	8.16B	8.04B	7.07B	13.01B	13.05B	13.07B	12.91B	34.44B	34.97B	25.67B
Intangible Assets	3.76B	3.6B	3.98B	12.74B	11.8B	11.08B	10.15B	71.63B	59.51B	51.4B
Long-Term Investments	567M	557M	335M	935M	568M	507M	543M	0	0	0
Other Non-Current Assets	289M	490M	576M	835M	2.15B	2.1B	2.22B	8.63B	8.1B	7.33B
Total Assets+	15.86B	15.67B	22.55B	32.55B	33.73B	34.09B	34.43B	134B	122.76B	104.56B
Asset Turnover	0.40x	0.41x	0.30x	0.32x	0.33x	0.31x	0.35x	0.25x	0.34x	0.38x
Asset Growth %	-0.01%	-0.01%	0.44%	0.44%	0.04%	0.01%	0.01%	2.89%	-0.08%	-0.15%
Total Current Liabilities+	1.58B	1.56B	1.87B	4B	3.24B	3.08B	3.46B	15.02B	15.33B	15.81B
Accounts Payable	282M	241M	277M	325M	463M	397M	412M	1.45B	1.26B	1.05B
Days Payables Outstanding	43.93	36.17	38.07	30.15	44.25	37.54	32.55	25.96	18.75	16.76
Short-Term Debt	119M	82M	30M	1.82B	609M	335M	339M	365M	1.78B	2.75B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5M	31M	0	0	0	0	0	0	0	0
Current Ratio	1.64x	1.60x	5.34x	1.06x	1.61x	1.99x	2.10x	0.93x	0.93x	0.89x
Quick Ratio	1.64x	1.60x	5.34x	1.06x	1.61x	1.99x	2.10x	0.93x	0.93x	0.89x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.59B	8.7B	15.66B	18.04B	18.53B	18.62B	17.57B	70.32B	60.95B	53.81B
Long-Term Debt	7.62B	7.84B	14.76B	14.97B	14.81B	15.07B	14.42B	48.63B	41.89B	36.76B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	556M	467M	319M	1.81B	1.69B	1.53B	1.23B	11.01B	8.74B	6.99B
Other Non-Current Liabilities	421M	393M	587M	1.25B	2.03B	2.02B	1.93B	10.67B	10.33B	10.07B
Total Liabilities	10.17B	10.26B	17.53B	22.03B	21.77B	21.7B	21.03B	85.33B	76.28B	69.62B
Total Debt+	7.74B	7.92B	14.79B	16.79B	15.42B	15.4B	14.76B	49B	43.67B	39.51B
Net Debt	7.34B	7.62B	7.48B	15.81B	13.87B	13.31B	10.85B	45.27B	39.89B	34.19B
Debt / Equity	1.36x	1.46x	2.94x	1.60x	1.29x	1.24x	1.10x	1.01x	0.94x	1.13x
Debt / EBITDA	1.92x	1.91x	5.01x	2.54x	2.14x	2.26x	2.08x	3.50x	1.94x	3.61x
Net Debt / EBITDA	1.83x	1.84x	2.53x	2.39x	1.92x	1.95x	1.53x	3.24x	1.78x	3.12x
Interest Coverage	6.02x	5.83x	1.50x	2.65x	4.44x	3.63x	3.18x	-4.15x	-0.70x	-4.97x
Total Equity+	5.69B	5.41B	5.02B	10.52B	11.97B	12.38B	13.4B	48.67B	46.47B	34.94B
Equity Growth %	-0.1%	-0.05%	-0.07%	1.09%	0.14%	0.03%	0.08%	2.63%	-0.05%	-0.25%
Book Value per Share	8.68	8.87	8.72	15.29	16.69	18.29	20.05	25.09	19.08	14.26
Total Shareholders' Equity	5.45B	5.17B	4.61B	8.39B	9.89B	10.46B	11.6B	47.09B	45.23B	34.04B
Common Stock	5M	5M	5M	7M	7M	7M	7M	27M	27M	27M
Retained Earnings	4.52B	5.23B	4.63B	5.25B	7.33B	8.54B	9.58B	2.21B	-928M	-12.24B
Treasury Stock	-5.46B	-6.36B	-6.74B	-6.74B	-7.37B	-8.24B	-8.24B	-8.24B	-8.24B	-8.24B
Accumulated OCI	-633M	-762M	-585M	-785M	-822M	-651M	-830M	-1.52B	-741M	-1.07B
Minority Interest	241M	243M	413M	2.13B	2.08B	1.92B	1.8B	1.57B	1.25B	901M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.29B	1.38B	1.63B	2.58B	3.4B	2.74B	2.8B	4.3B	7.48B	5.38B
Operating CF Margin %	0.2%	0.21%	0.24%	0.24%	0.31%	0.26%	0.23%	0.13%	0.18%	0.14%
Operating CF Growth %	-0.02%	0.07%	0.18%	0.58%	0.32%	-0.19%	0.02%	0.54%	0.74%	-0.28%
Net Income	1.05B	1.22B	-313M	681M	2.21B	1.35B	1.2B	-7.3B	-3.08B	-11.48B
Depreciation & Amortization	2.04B	2.1B	2.24B	4.69B	4.2B	4.32B	5.08B	21.35B	24.01B	20.98B
Stock-Based Compensation	35M	69M	39M	80M	142M	110M	178M	412M	500M	557M
Deferred Taxes	2M	-27M	-199M	-131M	-504M	-186M	-511M	-2.84B	-2.34B	-1.73B
Other Non-Cash Items	63M	96M	1.76B	180M	321M	244M	88M	3.66B	380M	9.18B
Working Capital Changes	-1.89B	-2.07B	-1.9B	-2.92B	-2.97B	-3.1B	-3.24B	-10.98B	-11.99B	-12.13B
Change in Receivables	-108M	-56M	-238M	-84M	-7M	105M	47M	181M	312M	1.01B
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-2M	-10M	265M	-74M	122M	-131M	185M	1.53B	-820M	-529M
Cash from Investing+	-301M	-256M	-633M	-8.59B	-438M	-703M	-56M	3.52B	-1.26B	-349M
Capital Expenditures	-103M	-88M	-135M	-147M	-289M	-402M	-373M	-987M	-1.32B	-948M
CapEx % of Revenue	0.02%	0.01%	0.02%	0.01%	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	102M	85M	522M	73M	-1M	15M	93M	9M	98M	31M
Cash from Financing+	-919M	-1.18B	5.95B	-283M	-2.36B	-1.55B	-853M	-7.74B	-5.84B	-3.75B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-768M	-1M	-126M	-67M	-320M	-366M	-279M	-425M	-466M	-323M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.19B	1.29B	1.49B	2.43B	3.11B	2.34B	2.42B	3.32B	6.16B	4.43B
FCF Margin %	0.19%	0.2%	0.22%	0.23%	0.28%	0.22%	0.2%	0.1%	0.15%	0.11%
FCF Growth %	-0.01%	0.08%	0.16%	0.63%	0.28%	-0.25%	0.04%	0.37%	0.86%	-0.28%
FCF per Share	1.82	2.12	2.59	3.53	4.34	3.45	3.63	1.71	2.53	1.81
FCF Conversion (FCF/Net Income)	1.25x	1.16x	-4.83x	4.34x	1.64x	2.25x	2.78x	-0.58x	-2.39x	-0.48x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.17%	21.51%	-6.46%	7.64%	18.4%	10.01%	7.8%	-23.75%	-6.57%	-27.79%
Return on Invested Capital (ROIC)	11.39%	11.84%	4.19%	7.47%	8.65%	7.32%	6.04%	-9.35%	-1.29%	-9.68%
Gross Margin	63.36%	62.57%	61.36%	62.71%	65.73%	63.83%	62.1%	39.55%	40.65%	41.58%
Net Margin	16.17%	18.38%	-4.9%	5.63%	18.57%	11.42%	8.25%	-21.8%	-7.57%	-28.77%
Debt / Equity	1.36x	1.46x	2.94x	1.60x	1.29x	1.24x	1.10x	1.01x	0.94x	1.13x
Interest Coverage	6.02x	5.83x	1.50x	2.65x	4.44x	3.63x	3.18x	-4.15x	-0.70x	-4.97x
FCF Conversion	1.25x	1.16x	-4.83x	4.34x	1.64x	2.25x	2.78x	-0.58x	-2.39x	-0.48x
Revenue Growth	2.06%	1.61%	5.79%	53.54%	5.6%	-4.24%	14.24%	177.39%	22.19%	-4.84%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Distribution Revenue	-	-	-	4.54B	4.83B	4.87B	5.41B	16.14B	20.24B	19.7B
Distribution Revenue Growth	-	-	-	-	6.54%	0.64%	11.16%	198.43%	25.37%	-2.65%
Content Licensing Contracts	-	-	-	-	-	-	-	8.36B	11.2B	10.3B
Content Licensing Contracts Growth	-	-	-	-	-	-	-	-	34.01%	-8.09%
Advertising	-	-	-	5.51B	6.04B	5.58B	6.21B	8.52B	8.7B	8.09B
Advertising Growth	-	-	-	-	9.61%	-7.63%	11.32%	37.15%	2.06%	-7.01%
Service, Other	-	-	-	501M	265M	222M	567M	791M	1.18B	1.23B
Service, Other Growth	-	-	-	-	-47.11%	-16.23%	155.41%	39.51%	49.30%	4.40%
Us Networks	3.13B	3.29B	3.43B	-	-	-	-	-	-	-
Us Networks Growth	-	4.92%	4.54%	-	-	-	-	-	-	-
International Networks	3.09B	3.04B	3.28B	-	-	-	-	-	-	-
International Networks Growth	-	-1.68%	7.93%	-	-	-	-	-	-	-
Education And Other	173M	174M	158M	-	-	-	-	-	-	-
Education And Other Growth	-	0.58%	-9.20%	-	-	-	-	-	-	-
Corporate Intersegment Eliminations	-2M	-2M	-	-	-	-	-	-	-	-
Corporate Intersegment Eliminations Growth	-	0.00%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.26B	3.41B	3.56B	6.42B	7.15B	7.03B	7.73B	22.7B	28B	26.43B
UNITED STATES Growth	-	4.60%	4.37%	80.20%	11.49%	-1.78%	10.01%	193.70%	23.38%	-5.61%
Non-US	3.13B	3.09B	3.31B	4.14B	3.99B	3.65B	4.46B	11.12B	13.32B	12.89B
Non-US Growth	-	-1.50%	7.36%	24.90%	-3.53%	-8.67%	22.41%	149.16%	19.76%	-3.23%

Frequently Asked Questions

Growth & Financials

Warner Bros. Discovery, Inc. (WBD) reported $37.86B in revenue for fiscal year 2024. This represents a 808% increase from $4.17B in 2011.

Warner Bros. Discovery, Inc. (WBD) saw revenue decline by 4.8% over the past year.

Yes, Warner Bros. Discovery, Inc. (WBD) is profitable, generating $485.0M in net income for fiscal year 2024 (-28.8% net margin).

Dividend & Returns

Warner Bros. Discovery, Inc. (WBD) has a return on equity (ROE) of -27.8%. Negative ROE indicates the company is unprofitable.

Warner Bros. Discovery, Inc. (WBD) generated $4.07B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Warner Bros. Discovery, Inc. (WBD) 10-Year Financial Performance & Capital Metrics

WBD • • Industrial / General

Communication ServicesEntertainmentFilm & Television Production & DistributionMajor Film Studios & Content Producers

Revenue $39.32B -4.8%
EBITDA $10.95B -51.2%
Net Income -$11.31B -261.8%
EPS (Diluted) -4.62 -260.9%
Gross Margin 41.58% +2.3%
EBITDA Margin 27.85% -48.8%
Operating Margin -25.51% -581.0%
Net Margin -28.77% -280.2%
ROE -27.79% -322.9%
ROIC -9.68% -651.4%
Debt/Equity 1.13 +20.3%
Interest Coverage -4.97 -613.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓Strong 5Y sales CAGR of 28.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y20.16%

5Y28.68%

3Y47.75%

TTM-4.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM104.32%

EPS CAGR

10Y-

5Y-

3Y-

TTM104.15%

ROCE

10Y Avg4.42%

5Y Avg-1.35%

3Y Avg-7.14%

Latest-10.23%

Peer Comparison

Major Film Studios & Content Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DISThe Walt Disney Company	201.7B	112.98	16.49	3.35%	13.14%	10.82%	5%	0.37
WBDWarner Bros. Discovery, Inc.	71.56B	28.86	-6.25	-4.84%	1.28%	1.3%	6.19%	1.13
LIONLionsgate Studios Corp.	2.62B	9.05	-21.05	7%	-6.97%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.39B	6.5B	6.87B	10.55B	11.14B	10.67B	12.19B	33.82B	41.32B	39.32B
Revenue Growth %	0.02%	0.02%	0.06%	0.54%	0.06%	-0.04%	0.14%	1.77%	0.22%	-0.05%
Cost of Goods Sold+	2.34B	2.43B	2.66B	3.94B	3.82B	3.86B	4.62B	20.44B	24.53B	22.97B
COGS % of Revenue	0.37%	0.37%	0.39%	0.37%	0.34%	0.36%	0.38%	0.6%	0.59%	0.58%
Gross Profit+	4.05B	4.07B	4.22B	6.62B	7.33B	6.81B	7.57B	13.38B	16.8B	16.35B
Gross Margin %	0.63%	0.63%	0.61%	0.63%	0.66%	0.64%	0.62%	0.4%	0.41%	0.42%
Gross Profit Growth %	-0.02%	0%	0.04%	0.57%	0.11%	-0.07%	0.11%	0.77%	0.26%	-0.03%
Operating Expenses+	2.07B	2.01B	3.5B	4.68B	4.32B	4.3B	5.56B	20.75B	18.34B	26.38B
OpEx % of Revenue	0.32%	0.31%	0.51%	0.44%	0.39%	0.4%	0.46%	0.61%	0.44%	0.67%
Selling, General & Admin	1.67B	1.69B	1.77B	2.62B	2.79B	2.72B	4.02B	9.68B	9.7B	9.3B
SG&A % of Revenue	0.26%	0.26%	0.26%	0.25%	0.25%	0.26%	0.33%	0.29%	0.23%	0.24%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	397M	317M	1.74B	2.06B	1.53B	1.57B	1.54B	11.07B	8.65B	17.09B
Operating Income+	1.99B	2.06B	713M	1.93B	3.01B	2.52B	2.01B	-7.37B	-1.55B	-10.03B
Operating Margin %	0.31%	0.32%	0.1%	0.18%	0.27%	0.24%	0.17%	-0.22%	-0.04%	-0.26%
Operating Income Growth %	-0.04%	0.04%	-0.65%	1.71%	0.56%	-0.16%	-0.2%	-4.66%	0.79%	-5.48%
EBITDA+	4.02B	4.15B	2.95B	6.62B	7.21B	6.83B	7.09B	13.98B	22.46B	10.95B
EBITDA Margin %	0.63%	0.64%	0.43%	0.63%	0.65%	0.64%	0.58%	0.41%	0.54%	0.28%
EBITDA Growth %	0.02%	0.03%	-0.29%	1.24%	0.09%	-0.05%	0.04%	0.97%	0.61%	-0.51%
D&A (Non-Cash Add-back)	2.04B	2.1B	2.24B	4.69B	4.2B	4.32B	5.08B	21.35B	24.01B	20.98B
EBIT	1.89B	2.02B	338M	1.75B	2.97B	2.38B	2.07B	-7.18B	-1.64B	-9.37B
Net Interest Income+	-330M	-353M	-454M	-714M	-655M	-682M	-615M	-1.71B	-2.04B	-1.81B
Interest Income	0	0	21M	15M	22M	10M	18M	67M	179M	210M
Interest Expense	330M	353M	475M	729M	677M	692M	633M	1.78B	2.22B	2.02B
Other Income/Expense	-426M	-387M	-850M	-912M	-715M	-787M	-579M	-1.59B	-2.31B	-1.36B
Pretax Income+	1.56B	1.67B	-137M	1.02B	2.29B	1.73B	1.43B	-8.96B	-3.86B	-11.39B
Pretax Margin %	0.24%	0.26%	-0.02%	0.1%	0.21%	0.16%	0.12%	-0.26%	-0.09%	-0.29%
Income Tax+	511M	453M	176M	341M	81M	373M	236M	-1.66B	-784M	94M
Effective Tax Rate %	0.66%	0.71%	2.46%	0.58%	0.9%	0.71%	0.7%	0.82%	0.81%	0.99%
Net Income+	1.03B	1.19B	-337M	594M	2.07B	1.22B	1.01B	-7.37B	-3.13B	-11.31B
Net Margin %	0.16%	0.18%	-0.05%	0.06%	0.19%	0.11%	0.08%	-0.22%	-0.08%	-0.29%
Net Income Growth %	-0.09%	0.15%	-1.28%	2.76%	2.48%	-0.41%	-0.17%	-8.33%	0.58%	-2.62%
Net Income (Continuing)	1.05B	1.22B	-313M	681M	2.21B	1.35B	1.2B	-7.3B	-3.08B	-11.48B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	241M	243M	413M	2.13B	2.08B	1.92B	1.8B	1.57B	1.25B	901M
EPS (Diluted)+	1.58	1.96	-0.59	0.86	2.86	1.81	1.54	-3.82	-1.28	-4.62
EPS Growth %	-0.05%	0.24%	-1.3%	2.46%	2.33%	-0.37%	-0.15%	-3.48%	0.66%	-2.61%
EPS (Basic)	1.59	1.97	-0.59	0.86	2.90	1.82	1.55	-3.82	-1.28	-4.62
Diluted Shares Outstanding	656M	610M	576M	688M	717M	677M	668M	1.94B	2.44B	2.45B
Basic Shares Outstanding	432M	401M	384M	688M	535M	510M	507M	1.94B	2.44B	2.45B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.6B	2.5B	9.99B	4.23B	5.22B	6.13B	7.26B	14B	14.22B	14.08B
Cash & Short-Term Investments	390M	300M	7.31B	986M	1.55B	2.09B	3.9B	3.73B	3.78B	5.31B
Cash Only	390M	300M	7.31B	986M	1.55B	2.09B	3.9B	3.73B	3.78B	5.31B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.48B	1.5B	1.84B	2.62B	2.63B	2.54B	2.45B	7.61B	7.31B	5.93B
Days Sales Outstanding	84.43	83.99	97.61	90.62	86.24	86.78	73.23	82.15	64.59	55.01
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	381M	310M	410M	313M	579M	532M	245M	2.11B	2.28B	2.06B
Total Non-Current Assets+	13.27B	13.17B	12.56B	28.32B	28.52B	27.96B	27.16B	120B	108.54B	90.48B
Property, Plant & Equipment	488M	482M	597M	800M	951M	1.21B	1.34B	5.3B	5.96B	6.09B
Fixed Asset Turnover	13.10x	13.48x	11.51x	13.19x	11.72x	8.85x	9.13x	6.38x	6.94x	6.46x
Goodwill	8.16B	8.04B	7.07B	13.01B	13.05B	13.07B	12.91B	34.44B	34.97B	25.67B
Intangible Assets	3.76B	3.6B	3.98B	12.74B	11.8B	11.08B	10.15B	71.63B	59.51B	51.4B
Long-Term Investments	567M	557M	335M	935M	568M	507M	543M	0	0	0
Other Non-Current Assets	289M	490M	576M	835M	2.15B	2.1B	2.22B	8.63B	8.1B	7.33B
Total Assets+	15.86B	15.67B	22.55B	32.55B	33.73B	34.09B	34.43B	134B	122.76B	104.56B
Asset Turnover	0.40x	0.41x	0.30x	0.32x	0.33x	0.31x	0.35x	0.25x	0.34x	0.38x
Asset Growth %	-0.01%	-0.01%	0.44%	0.44%	0.04%	0.01%	0.01%	2.89%	-0.08%	-0.15%
Total Current Liabilities+	1.58B	1.56B	1.87B	4B	3.24B	3.08B	3.46B	15.02B	15.33B	15.81B
Accounts Payable	282M	241M	277M	325M	463M	397M	412M	1.45B	1.26B	1.05B
Days Payables Outstanding	43.93	36.17	38.07	30.15	44.25	37.54	32.55	25.96	18.75	16.76
Short-Term Debt	119M	82M	30M	1.82B	609M	335M	339M	365M	1.78B	2.75B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5M	31M	0	0	0	0	0	0	0	0
Current Ratio	1.64x	1.60x	5.34x	1.06x	1.61x	1.99x	2.10x	0.93x	0.93x	0.89x
Quick Ratio	1.64x	1.60x	5.34x	1.06x	1.61x	1.99x	2.10x	0.93x	0.93x	0.89x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	8.59B	8.7B	15.66B	18.04B	18.53B	18.62B	17.57B	70.32B	60.95B	53.81B
Long-Term Debt	7.62B	7.84B	14.76B	14.97B	14.81B	15.07B	14.42B	48.63B	41.89B	36.76B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	556M	467M	319M	1.81B	1.69B	1.53B	1.23B	11.01B	8.74B	6.99B
Other Non-Current Liabilities	421M	393M	587M	1.25B	2.03B	2.02B	1.93B	10.67B	10.33B	10.07B
Total Liabilities	10.17B	10.26B	17.53B	22.03B	21.77B	21.7B	21.03B	85.33B	76.28B	69.62B
Total Debt+	7.74B	7.92B	14.79B	16.79B	15.42B	15.4B	14.76B	49B	43.67B	39.51B
Net Debt	7.34B	7.62B	7.48B	15.81B	13.87B	13.31B	10.85B	45.27B	39.89B	34.19B
Debt / Equity	1.36x	1.46x	2.94x	1.60x	1.29x	1.24x	1.10x	1.01x	0.94x	1.13x
Debt / EBITDA	1.92x	1.91x	5.01x	2.54x	2.14x	2.26x	2.08x	3.50x	1.94x	3.61x
Net Debt / EBITDA	1.83x	1.84x	2.53x	2.39x	1.92x	1.95x	1.53x	3.24x	1.78x	3.12x
Interest Coverage	6.02x	5.83x	1.50x	2.65x	4.44x	3.63x	3.18x	-4.15x	-0.70x	-4.97x
Total Equity+	5.69B	5.41B	5.02B	10.52B	11.97B	12.38B	13.4B	48.67B	46.47B	34.94B
Equity Growth %	-0.1%	-0.05%	-0.07%	1.09%	0.14%	0.03%	0.08%	2.63%	-0.05%	-0.25%
Book Value per Share	8.68	8.87	8.72	15.29	16.69	18.29	20.05	25.09	19.08	14.26
Total Shareholders' Equity	5.45B	5.17B	4.61B	8.39B	9.89B	10.46B	11.6B	47.09B	45.23B	34.04B
Common Stock	5M	5M	5M	7M	7M	7M	7M	27M	27M	27M
Retained Earnings	4.52B	5.23B	4.63B	5.25B	7.33B	8.54B	9.58B	2.21B	-928M	-12.24B
Treasury Stock	-5.46B	-6.36B	-6.74B	-6.74B	-7.37B	-8.24B	-8.24B	-8.24B	-8.24B	-8.24B
Accumulated OCI	-633M	-762M	-585M	-785M	-822M	-651M	-830M	-1.52B	-741M	-1.07B
Minority Interest	241M	243M	413M	2.13B	2.08B	1.92B	1.8B	1.57B	1.25B	901M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.29B	1.38B	1.63B	2.58B	3.4B	2.74B	2.8B	4.3B	7.48B	5.38B
Operating CF Margin %	0.2%	0.21%	0.24%	0.24%	0.31%	0.26%	0.23%	0.13%	0.18%	0.14%
Operating CF Growth %	-0.02%	0.07%	0.18%	0.58%	0.32%	-0.19%	0.02%	0.54%	0.74%	-0.28%
Net Income	1.05B	1.22B	-313M	681M	2.21B	1.35B	1.2B	-7.3B	-3.08B	-11.48B
Depreciation & Amortization	2.04B	2.1B	2.24B	4.69B	4.2B	4.32B	5.08B	21.35B	24.01B	20.98B
Stock-Based Compensation	35M	69M	39M	80M	142M	110M	178M	412M	500M	557M
Deferred Taxes	2M	-27M	-199M	-131M	-504M	-186M	-511M	-2.84B	-2.34B	-1.73B
Other Non-Cash Items	63M	96M	1.76B	180M	321M	244M	88M	3.66B	380M	9.18B
Working Capital Changes	-1.89B	-2.07B	-1.9B	-2.92B	-2.97B	-3.1B	-3.24B	-10.98B	-11.99B	-12.13B
Change in Receivables	-108M	-56M	-238M	-84M	-7M	105M	47M	181M	312M	1.01B
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-2M	-10M	265M	-74M	122M	-131M	185M	1.53B	-820M	-529M
Cash from Investing+	-301M	-256M	-633M	-8.59B	-438M	-703M	-56M	3.52B	-1.26B	-349M
Capital Expenditures	-103M	-88M	-135M	-147M	-289M	-402M	-373M	-987M	-1.32B	-948M
CapEx % of Revenue	0.02%	0.01%	0.02%	0.01%	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	102M	85M	522M	73M	-1M	15M	93M	9M	98M	31M
Cash from Financing+	-919M	-1.18B	5.95B	-283M	-2.36B	-1.55B	-853M	-7.74B	-5.84B	-3.75B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-768M	-1M	-126M	-67M	-320M	-366M	-279M	-425M	-466M	-323M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.19B	1.29B	1.49B	2.43B	3.11B	2.34B	2.42B	3.32B	6.16B	4.43B
FCF Margin %	0.19%	0.2%	0.22%	0.23%	0.28%	0.22%	0.2%	0.1%	0.15%	0.11%
FCF Growth %	-0.01%	0.08%	0.16%	0.63%	0.28%	-0.25%	0.04%	0.37%	0.86%	-0.28%
FCF per Share	1.82	2.12	2.59	3.53	4.34	3.45	3.63	1.71	2.53	1.81
FCF Conversion (FCF/Net Income)	1.25x	1.16x	-4.83x	4.34x	1.64x	2.25x	2.78x	-0.58x	-2.39x	-0.48x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.17%	21.51%	-6.46%	7.64%	18.4%	10.01%	7.8%	-23.75%	-6.57%	-27.79%
Return on Invested Capital (ROIC)	11.39%	11.84%	4.19%	7.47%	8.65%	7.32%	6.04%	-9.35%	-1.29%	-9.68%
Gross Margin	63.36%	62.57%	61.36%	62.71%	65.73%	63.83%	62.1%	39.55%	40.65%	41.58%
Net Margin	16.17%	18.38%	-4.9%	5.63%	18.57%	11.42%	8.25%	-21.8%	-7.57%	-28.77%
Debt / Equity	1.36x	1.46x	2.94x	1.60x	1.29x	1.24x	1.10x	1.01x	0.94x	1.13x
Interest Coverage	6.02x	5.83x	1.50x	2.65x	4.44x	3.63x	3.18x	-4.15x	-0.70x	-4.97x
FCF Conversion	1.25x	1.16x	-4.83x	4.34x	1.64x	2.25x	2.78x	-0.58x	-2.39x	-0.48x
Revenue Growth	2.06%	1.61%	5.79%	53.54%	5.6%	-4.24%	14.24%	177.39%	22.19%	-4.84%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Distribution Revenue	-	-	-	4.54B	4.83B	4.87B	5.41B	16.14B	20.24B	19.7B
Distribution Revenue Growth	-	-	-	-	6.54%	0.64%	11.16%	198.43%	25.37%	-2.65%
Content Licensing Contracts	-	-	-	-	-	-	-	8.36B	11.2B	10.3B
Content Licensing Contracts Growth	-	-	-	-	-	-	-	-	34.01%	-8.09%
Advertising	-	-	-	5.51B	6.04B	5.58B	6.21B	8.52B	8.7B	8.09B
Advertising Growth	-	-	-	-	9.61%	-7.63%	11.32%	37.15%	2.06%	-7.01%
Service, Other	-	-	-	501M	265M	222M	567M	791M	1.18B	1.23B
Service, Other Growth	-	-	-	-	-47.11%	-16.23%	155.41%	39.51%	49.30%	4.40%
Us Networks	3.13B	3.29B	3.43B	-	-	-	-	-	-	-
Us Networks Growth	-	4.92%	4.54%	-	-	-	-	-	-	-
International Networks	3.09B	3.04B	3.28B	-	-	-	-	-	-	-
International Networks Growth	-	-1.68%	7.93%	-	-	-	-	-	-	-
Education And Other	173M	174M	158M	-	-	-	-	-	-	-
Education And Other Growth	-	0.58%	-9.20%	-	-	-	-	-	-	-
Corporate Intersegment Eliminations	-2M	-2M	-	-	-	-	-	-	-	-
Corporate Intersegment Eliminations Growth	-	0.00%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.26B	3.41B	3.56B	6.42B	7.15B	7.03B	7.73B	22.7B	28B	26.43B
UNITED STATES Growth	-	4.60%	4.37%	80.20%	11.49%	-1.78%	10.01%	193.70%	23.38%	-5.61%
Non-US	3.13B	3.09B	3.31B	4.14B	3.99B	3.65B	4.46B	11.12B	13.32B	12.89B
Non-US Growth	-	-1.50%	7.36%	24.90%	-3.53%	-8.67%	22.41%	149.16%	19.76%	-3.23%

Frequently Asked Questions

Growth & Financials

Warner Bros. Discovery, Inc. (WBD) reported $37.86B in revenue for fiscal year 2024. This represents a 808% increase from $4.17B in 2011.

Warner Bros. Discovery, Inc. (WBD) saw revenue decline by 4.8% over the past year.

Yes, Warner Bros. Discovery, Inc. (WBD) is profitable, generating $485.0M in net income for fiscal year 2024 (-28.8% net margin).

Dividend & Returns

Warner Bros. Discovery, Inc. (WBD) has a return on equity (ROE) of -27.8%. Negative ROE indicates the company is unprofitable.

Warner Bros. Discovery, Inc. (WBD) generated $4.07B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.