Warner Bros. Discovery, Inc. (WBD) quarterly cash flow statement — complete operating, investing & financing history
Warner Bros. Discovery, Inc. (WBD) cash flow statement — 23-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 848M | -208M | 1.8B | 979M | 983M | 553M | 2.71B | 847M | 1.23B | 585M | 3.58B | 2.52B | 2.01B | -631M | 2.85B | 124M | 1.01B | 323M | 884M | 811M |
| Operating CF Margin % | 9.73% | -2.34% | 19.07% | 10.82% | 10.02% | 6.16% | 27.08% | 8.8% | 12.64% | 5.87% | 34.79% | 25.21% | 19.44% | -5.9% | 25.85% | 1.26% | 10.29% | 10.22% | 27.74% | 25.75% |
| Operating CF Growth % | -13.73% | -137.61% | -33.55% | 15.58% | -19.95% | -5.47% | -24.12% | -66.34% | -39.03% | 192.71% | 25.72% | 1929.03% | 99.21% | -295.36% | 221.95% | -84.71% | 21.22% | 20.07% | 59.86% | -5.7% |
| Net Income | 162M | -2.92B | -252M | -143M | 1.59B | -449M | -640M | 141M | -10.03B | -955M | -392M | -407M | -1.22B | -1.06B | -2.08B | -2.29B | -3.41B | 475M | 91M | 197M |
| Depreciation & Amortization | 1.16B | 1.23B | 1.31B | 3.68B | 5.09B | 4.69B | 4.71B | 4.89B | 5.66B | 5.71B | 5.5B | 5.17B | 6.55B | 6.78B | 6.3B | 7.08B | 7.88B | 1.5B | 1.3B | 1.56B |
| Stock-Based Compensation | 190M | 0 | 0 | 242M | 175M | 123M | 138M | 159M | 159M | 101M | 109M | 143M | 137M | 111M | 95M | 107M | 150M | 60M | 44M | 39M |
| Deferred Taxes | -299M | -513M | -438M | 199M | -159M | -312M | -381M | -462M | -490M | -399M | -273M | -645M | -757M | -669M | -737M | -1.19B | -797M | -118M | -9M | -260M |
| Other Non-Cash Items | 2.58B | 5.59B | 3.11B | 16M | -2.97B | 107M | 372M | 58M | 8.72B | 22M | 114M | 94M | 36M | 136M | 1.71B | 215M | 776M | -460M | 260M | -15M |
| Working Capital Changes | -2.94B | -3.6B | -1.94B | -3.02B | -2.74B | -3.61B | -1.48B | -3.94B | -2.8B | -3.9B | -1.48B | -1.84B | -2.73B | -5.93B | -2.45B | -3.81B | -3.59B | -1.13B | -807M | -707M |
| Change in Receivables | 32M | 246M | -136M | 260M | -748M | 288M | 495M | 708M | 113M | -304M | 345M | 400M | 53M | -486M | 320M | 305M | -439M | -5M | 3M | 185M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.77B | -1.03B | 510M | -261M | 885M | -1.03B | 964M | -1.36B | 621M | -753M | 425M | -386M | 793M | -1.65B | 0 | -190M | 132M | -124M | 61M | 83M |
| Cash from Investing | -217M | -282M | -418M | -330M | -236M | -195M | 6M | -218M | 70M | -207M | -234M | -458M | -310M | -257M | -218M | 862M | 2.35B | 529M | -26M | -226M |
| Capital Expenditures | -276M | -268M | -421M | -278M | -281M | -251M | -286M | -215M | -252M | -195M | -268M | -457M | -292M | -299M | -364M | -316M | -222M | -85M | -100M | -106M |
| CapEx % of Revenue | 3.17% | 3.01% | 4.45% | 3.07% | 2.86% | 2.8% | 2.85% | 2.23% | 2.59% | 1.96% | 2.61% | 4.58% | 2.82% | 2.79% | 3.31% | 3.22% | 2.26% | 2.69% | 3.14% | 3.37% |
| Acquisitions | 0 | 0 | -3M | -71M | -12M | -14M | -5M | -36M | -15M | -53M | -71M | -46M | -32M | -13M | -28M | 1.16B | 2.35B | -42M | -49M | -32M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 75M | 11M | -20M | 19M | 14M | 59M | -56M | 33M | 13M | 41M | 22M | 45M | 11M | 48M | 0 | -9M | 1M | 59M | 6M | -238M |
| Cash from Financing | -517M | -756M | -1.12B | -1.24B | 9M | -1.9B | -600M | -875M | -1.04B | -1.24B | -1.53B | -2.63B | -1.25B | -432M | -1.27B | -2.31B | -3.57B | -587M | -42M | -273M |
| Debt Issued (Net) | 217M | -139M | -1.2B | -1.26B | 65M | -2.17B | -493M | -847M | -1.04B | -1.05B | -1.19B | -2.42B | -1.66B | -107M | -990M | -2.5B | -3.5B | -327M | 0 | -235M |
| Equity Issued (Net) | 422M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 422M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.16B | -617M | 86M | 20M | -56M | 270M | -107M | -28M | 2M | -190M | -336M | -210M | 405M | -325M | -282M | 187M | -70M | -260M | -42M | -38M |
| Net Change in Cash | 105M | -1.3B | 580M | -593M | 917M | -1.44B | 1.93B | -127M | 231M | -933M | 1.89B | -647M | 438M | -1.29B | 1.42B | -1.38B | -269M | 260M | 779M | 292M |
| Free Cash Flow | 572M | -476M | 1.38B | 701M | 702M | 302M | 2.43B | 632M | 976M | 390M | 3.31B | 2.06B | 1.72B | -930M | 2.48B | -192M | 789M | 238M | 784M | 705M |
| FCF Margin % | 6.56% | -5.35% | 14.62% | 7.75% | 7.15% | 3.36% | 24.22% | 6.57% | 10.05% | 3.92% | 32.19% | 20.63% | 16.62% | -8.69% | 22.55% | -1.95% | 8.03% | 7.53% | 24.6% | 22.38% |
| FCF Growth % | -18.52% | -257.62% | -43.06% | 10.92% | -28.07% | -22.56% | -26.62% | -69.31% | -43.32% | 141.94% | 33.36% | 1172.4% | 118.25% | -490.76% | 216.58% | -127.23% | 4.23% | 32.96% | 77.78% | -10.42% |
| FCF per Share | 0.22 | -0.19 | 0.55 | 0.28 | 0.28 | 0.12 | 0.99 | 0.26 | 0.40 | 0.16 | 1.36 | 0.84 | 0.71 | -0.38 | 1.02 | -0.08 | 0.35 | 0.36 | 1.18 | 1.06 |
| FCF Conversion (FCF/Net Income) | 5.69x | 0.07x | -7.16x | -6.61x | 0.62x | -1.22x | -5.50x | 6.27x | -0.12x | -0.61x | -8.95x | -6.03x | -1.62x | 0.59x | -1.35x | -0.05x | -0.30x | 0.71x | 23.26x | 5.20x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 2B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 915M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | -348M | 348M | 0 | 0 | 0 | 361M | 0 | 0 | 0 | 417M | 0 | 0 | 0 | 0 |