Warner Bros. Discovery, Inc. (WBD) Revenue History
Annual and quarterly revenue from 2003 to present
WBD Revenue Over Time (2003–2025)
WBD Revenue Growth History
17 of 22 years with positive growth- FY2003 revenue growth
- N/A
- FY2004 revenue growth
- +24.7%
- FY2005 revenue growth
- +10.0%
- FY2006 revenue growth
- -0.9%
- FY2007 revenue growth
- -89.0%
- FY2008 revenue growth
- +4430.3%
- FY2009 revenue growth
- +0.4%
- FY2010 revenue growth
- +7.2%
- FY2011 revenue growth
- +12.5%
- FY2012 revenue growth
- +7.7%
- FY2013 revenue growth
- +23.4%
- FY2014 revenue growth
- +13.2%
- FY2015 revenue growth
- +2.1%
- FY2016 revenue growth
- +1.6%
- FY2017 revenue growth
- +5.8%
- FY2018 revenue growth
- +53.5%
- FY2019 revenue growth
- +5.6%
- FY2020 revenue growth
- -4.2%
- FY2021 revenue growth
- +14.2%
- FY2022 revenue growth
- +177.4%
- FY2023 revenue growth
- +22.2%
- FY2024 revenue growth
- -4.8%
- FY2025 revenue growth
- -5.1%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $8.90B | -0.8% |
| Q4 2025 | $9.46B | -5.7% |
| Q3 2025 | $9.04B | -6.0% |
| Q2 2025 | $9.81B | +1.0% |
| Q1 2025 | $8.98B | -9.8% |
| Q4 2024 | $10.03B | -2.5% |
| Q3 2024 | $9.62B | -3.6% |
| Q2 2024 | $9.71B | -6.2% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
WBD's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
WBD Revenue Analysis (2003–2025)
Current Revenue & Growth
As of June 21, 2026, Warner Bros. Discovery, Inc. (WBD) generated trailing twelve-month (TTM) revenue of $37.22 billion, reflecting slight decline in growth of -0.8% year-over-year. The most recent quarter (Q1 2026) recorded $8.90 billion in revenue, down 5.9% sequentially.
Historical Growth Trajectory
WBD's 5-year compound annual growth rate (CAGR) stands at +28.4%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +3.3% is below the 5-year average, signalling a growth deceleration in recent years. Warner Bros. Discovery, Inc.'s highest annual revenue of $41.32 billion was recorded in 2023.
Revenue by Segment
WBD's revenue is primarily driven by Distribution Revenue (50%), Content Licensing Contracts (26%), and Advertising (21%). With over half of revenue concentrated in Distribution Revenue, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Communication Services sector peers — including DIS (+3.4% YoY), FOXA (+0.6% YoY), and NFLX (+15.9% YoY) — WBD has underperformed the peer group in revenue growth. Compare WBD vs DIS →
WBD Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| WBDCurrent | $37.2B | -0.8% | +28.4% | 3.5% | |
 DIS | $94.4B | +3.4% | +7.6% | 14.6% | |
 FOXA | $16.3B | +0.6% | +5.8% | 19.8% | |
 NFLX | $45.2B | +15.9% | +12.6% | 29.5% | |
 CMCSA | $123.7B | +1.4% | +3.6% | 16.7% | |
 AMC | $4.8B | +10.6% | +31.3% | 38.1% |
WBD Historical Revenue Data (2003–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $37.30B | -5.1% | $10.51B | 28.2% | $1.31B | 3.5% |
| 2024 | $39.32B | -4.8% | $16.35B | 41.6% | $-10,032,000,000 | -25.5% |
| 2023 | $41.32B | +22.2% | $16.80B | 40.6% | $-1,548,000,000 | -3.7% |
| 2022 | $33.82B | +177.4% | $13.38B | 39.6% | $-7,370,000,000 | -21.8% |
| 2021 | $12.19B | +14.2% | $7.57B | 62.1% | $2.01B | 16.5% |
| 2020 | $10.67B | -4.2% | $6.81B | 63.8% | $2.52B | 23.6% |
| 2019 | $11.14B | +5.6% | $7.33B | 65.7% | $3.01B | 27.0% |
| 2018 | $10.55B | +53.5% | $6.62B | 62.7% | $1.93B | 18.3% |
| 2017 | $6.87B | +5.8% | $4.22B | 61.4% | $713.0M | 10.4% |
| 2016 | $6.50B | +1.6% | $4.07B | 62.6% | $2.06B | 31.7% |
| 2015 | $6.39B | +2.1% | $4.05B | 63.4% | $1.99B | 31.0% |
| 2014 | $6.26B | +13.2% | $4.14B | 66.1% | $2.06B | 32.9% |
| 2013 | $5.54B | +23.4% | $3.85B | 69.5% | $1.98B | 35.7% |
| 2012 | $4.49B | +7.7% | $3.27B | 72.9% | $1.86B | 41.4% |
| 2011 | $4.17B | +12.5% | $2.99B | 71.8% | $1.80B | 43.3% |
Full Stock Analysis
Deep dive into WBD consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
23+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
WBD — Frequently Asked Questions
Quick answers to the most common questions about buying WBD stock.
Is WBD's revenue growth accelerating or slowing?
WBD revenue growth is slowing. TTM revenue is $37.2B, up -0.8% year-over-year — below the 5-year CAGR of +28.4%. The deceleration suggests maturing end-markets or increased competition.
What is WBD's revenue history from 2003 to 2026?
Warner Bros. Discovery, Inc. (WBD) revenue history spans 2003 to 2026. TTM revenue as of 2026 is $37.2B, growing at -0.8% YoY. The 5-year CAGR is +28.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is WBD's long-term revenue growth rate (CAGR)?
Warner Bros. Discovery, Inc.'s 5-year revenue CAGR of +28.4% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -0.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for WBD.
Why does WBD's quarterly revenue fluctuate?
WBD quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Warner Bros. Discovery, Inc.'s revenue data from 2003 to 2026 shows full historical quarterly detail on this page.
How is WBD's revenue distributed by segment?
WBD reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does WBD's revenue compare to industry peers?
Warner Bros. Discovery, Inc. (WBD) with TTM revenue of $37.2B and -0.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.