Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing WBD more generously than it does today.
Analysis OverviewHoldUpdated Jun 18, 2026
Warner Bros. Discovery, Inc. (WBD) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
32
analysts
12 bullish · 1 bearish · 32 covering WBD
Strong Buy
0
Buy
12
Hold
19
Sell
1
Strong Sell
0
Consensus Target
$31
+17.6% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
32
Published analyst ratings
Valuation Context
—
Forward P/E · Market cap $65.7B
WBD price targets
Three scenarios for where WBD stock could go
Current
~$26
Confidence
43 / 100
Updated
Jun 18, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Warner Bros. Discovery, Inc.
WBD · NASDAQCommunication ServicesEntertainmentDecember year-end
Warner Bros. Discovery is a global media and entertainment conglomerate that produces and distributes content across film, television, and streaming platforms. It generates revenue primarily through three segments: Studios (film and TV production), Networks (cable and broadcast channels), and Direct-to-Consumer (streaming services like Max and discovery+). The company's key advantage is its massive content library and iconic franchises — including DC, Harry Potter, HBO originals, and Discovery's unscripted programming — which create a deep moat in an increasingly competitive streaming landscape.
Market Cap
$65.7B
Revenue TTM
$37.2B
Net Income TTM
-$2.2B
Net Margin
-5.8%
WBD Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
25%Exceptional
12 quarters tracked
Revenue Beat Rate
25%Exceptional
vs consensus estimates
Avg EPS Surprise
-247.7%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 2 of 4Q3 2025
EPS
$0.63/$-0.24
Revenue
$9.8B/$9.8B
Q4 2025
EPS
$-0.06/$-0.07
Revenue
$9.0B/$9.2B
Q1 2026
EPS
$-0.10/$-0.03
Revenue
$9.5B/$9.4B
Q2 2026
EPS
$-1.17/$-0.11
Revenue
$8.9B/$8.9B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.63/$-0.24 | +362.8% | $9.8B/$9.8B | +0.4% |
| Q4 2025 | $-0.06/$-0.07 | +11.6% | $9.0B/$9.2B | -1.4% |
| Q1 2026 | $-0.10/$-0.03 | -209.8% | $9.5B/$9.4B | +1.2% |
| Q2 2026 | $-1.17/$-0.11 | -975.4% | $8.9B/$8.9B | +0.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$39.3B
+5.6% YoY
FY2
$40.1B
+2.0% YoY
EPS Outlook
FY1
$-1.12
-29.4% YoY
FY2
$-0.72
+35.2% YoY
Trailing FCF (TTM)$2.3B
FCF Margin: 6.2%
Next Earnings
August 6, 2026
Expected EPS
$-0.12
Expected Revenue
$9.2B
WBD beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
WBD Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $39.3B
Product Mix
Latest annual revenue by segment or product family
Distribution Revenue
50.1%
-2.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
67.2%
-5.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Distribution Revenue is the largest disclosed segment at 50.1% of FY 2024 revenue, down 2.6% YoY.
UNITED STATES is the largest reported region at 67.2%, down 5.6% YoY.
WBD Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $14 — implies -47.9% from today's price.
Premium to Fair Value
47.9%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
WBD
90.3x
vs
S&P 500
24.4x
+270% premium
vs Communication Services Trailing P/E
WBD
90.3x
vs
Communication Services
15.3x
+491% premium
vs WBD 5Y Avg P/E
Today
90.3x
vs
5Y Average
57.3x
+58% premium
Forward PE
—
S&P 500
18.8x
—
Communication Services
11.3x
—
5Y Avg
—
—
Trailing PE
90.3x
S&P 500
24.4x
+270%
Communication Services
15.3x
+491%
5Y Avg
57.3x
+58%
PEG Ratio
—
S&P 500
1.66x
—
Communication Services
0.64x
—
5Y Avg
—
—
EV/EBITDA
13.4x
S&P 500
15.2x
-12%
Communication Services
9.6x
+39%
5Y Avg
6.2x
+115%
Price/FCF
21.3x
S&P 500
20.7x
+3%
Communication Services
11.4x
+87%
5Y Avg
9.2x
+131%
Price/Sales
1.8x
S&P 500
3.1x
-43%
Communication Services
1.0x
+73%
5Y Avg
1.0x
+72%
Dividend Yield
—
S&P 500
1.91%
—
Communication Services
3.43%
—
5Y Avg
—
—
| Metric | WBD | S&P 500 | Communication Services | 5Y Avg WBD |
|---|---|---|---|---|
| Forward PE | — | 18.8x | 11.3x | — |
| Trailing PE | 90.3x | 24.4x+270% | 15.3x+491% | 57.3x+58% |
| PEG Ratio | — | 1.66x | 0.64x | — |
| EV/EBITDA | 13.4x | 15.2x-12% | 9.6x+39% | 6.2x+115% |
| Price/FCF | 21.3x | 20.7x | 11.4x+87% | 9.2x+131% |
| Price/Sales | 1.8x | 3.1x-43% | 1.0x+73% | 1.0x+72% |
| Dividend Yield | — | 1.91% | 3.43% | — |
WBD trades above S&P 500 benchmarks on 1 of 4 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolWBD Financial Health
Verdict
Stressed
Key financial metrics for WBD are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$37.2B
Revenue Growth
TTM vs prior year
-2.9%
Gross Margin
Gross profit as a share of revenue
38.2%
Operating Margin
Operating income divided by revenue
4.5%
Net Margin
Net income divided by revenue
-5.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$-0.86
Free Cash Flow (TTM)
Cash generation after capex
$2.3B
FCF Margin
FCF as share of revenue — the primary cash quality signal
6.2%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
1.5%
ROA
Return on assets, trailing twelve months
-2.2%
Cash & Equivalents
Liquid assets on the balance sheet
$4.6B
Net Debt
Total debt minus cash
$28.0B
Debt Serviceability
Net debt as a multiple of annual free cash flow
12.1× FCF
~12.1 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
-5.9%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
2.5B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageWBD Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
High Risk
Earnings miss
Warner Bros. Discovery reported a significant miss on Q1 2026 earnings, contributing to a stock decline.
High Risk
Regulatory risk
The Paramount Skydance merger poses regulatory risks, with potential delays or antitrust issues impacting Q3 2026 outcomes.
Medium
Market sentiment
Bearish market sentiment and profit-taking by investors have negatively impacted WBD stock performance.
Medium
Growth narrative shift
WBD is no longer viewed as an open-ended media growth story, limiting upside potential.
Lower
Stock volatility
WBD's 52-week range ($9.11 to $30.00) reflects high volatility and broad risk spectrum.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why WBD Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
Debt reduction progress
The company's stock price has appreciated due to ongoing debt reduction efforts, improving financial health.
Streaming momentum
Warner Bros. Discovery is gaining traction in streaming, contributing to positive financial results.
Upcoming corporate split
The planned split into two listed companies by mid-2026 is seen as a catalyst for unlocking shareholder value.
Positive net results
The company reported its first positive net result in Q2 2025, signaling a turnaround after restructuring.
Restructuring completion
Years of painful restructuring post-2022 merger have concluded, positioning the company for growth.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
WBD Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$26.20
52W Range Position
81%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$10.27
+155.1% from the low
52-Week High
$30.00
-12.7% from the high
1 Month
-3.32%
3 Month
-4.20%
YTD
-8.1%
1 Year
+147.9%
3Y CAGR
+29.1%
5Y CAGR
-2.1%
10Y CAGR
+0.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
WBD vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
—
vs 12.8x median
Peer median unavailable
Revenue Growth
+5.6%
vs +6.6% median
-15% below peer median
Net Margin
-5.8%
vs 11.5% median
-150% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
WBD WBD Warner Bros. Discovery, Inc. | $65.7B | — | +5.6% | -5.8% | Hold | +17.6% |
DIS DIS The Walt Disney Company | $180.4B | 15.2x | +5.3% | 11.5% | Buy | +34.0% |
FOX FOXA Fox Corporation | $22.9B | 10.3x | +6.6% | 10.6% | Hold | +35.2% |
NFL NFLX Netflix, Inc. | $327.9B | 21.7x | +13.0% | 24.3% | Buy | +44.5% |
CMC CMCSA Comcast Corporation | $81.7B | 6.4x | +3.1% | 14.8% | Buy | +40.3% |
AMC AMC AMC Entertainment Holdings, Inc. | $1.7B | — | +8.5% | -10.9% | Hold | -47.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsWBD Investor Questions
Common questions answered from live analyst data and company financials.
01Is Warner Bros. Discovery, Inc. (WBD) stock a buy or sell in 2026?
Warner Bros. Discovery, Inc. (WBD) is rated Hold by Wall Street analysts as of 2026. Of 32 analysts covering the stock, 12 rate it Buy or Strong Buy, 19 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $31, implying +17.6% from the current price of $26.
02What is the WBD stock price target for 2026?
The Wall Street consensus price target for WBD is $31 based on 32 analyst estimates. The high-end target is $31 (+18.3% from today), and the low-end target is $30 (+14.5%).
03Is Warner Bros. Discovery, Inc. (WBD) stock overvalued in 2026?
Forward earnings data for WBD is not currently available. Review the valuation table above for trailing P/E, EV/EBITDA, and price-to-sales comparisons against market and sector benchmarks.
04What are the main risks for Warner Bros. Discovery, Inc. (WBD) stock in 2026?
The primary risks for WBD in 2026 are: (1) Earnings miss — Warner Bros. (2) Regulatory risk — The Paramount Skydance merger poses regulatory risks, with potential delays or antitrust issues impacting Q3 2026 outcomes. (3) Market sentiment — Bearish market sentiment and profit-taking by investors have negatively impacted WBD stock performance. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Warner Bros. Discovery, Inc.'s revenue and earnings forecast?
Analyst consensus estimates WBD will report consensus revenue of $39.3B (+5.6% year-over-year) and EPS of $-1.12 (-29.4% year-over-year) for the upcoming fiscal year. The following year, analysts project $40.1B in revenue.
06When does Warner Bros. Discovery, Inc. (WBD) report its next earnings?
Warner Bros. Discovery, Inc. is expected to report its next earnings on approximately 2026-08-06. Consensus expects EPS of $-0.12 and revenue of $9.2B. Over recent quarters, WBD has beaten EPS estimates 25% of the time.
07How much free cash flow does Warner Bros. Discovery, Inc. generate?
Warner Bros. Discovery, Inc. (WBD) generated $2.3B in free cash flow over the trailing twelve months — a free cash flow margin of 6.2%. WBD returns capital to shareholders through and share repurchases ($0 TTM).