WBD Q1 2025 Earnings
Reported May 8, 2025 at 7:05 AM ET · SEC Source
Q1 25 EPS
$-0.18
MISS 39.00%
Est. $-0.13
Q1 25 Revenue
$8.98B
MISS 6.49%
Est. $9.60B
Did WBD Beat Earnings? Q1 2025 Results
Warner Bros. Discovery delivered a disappointing first quarter, missing on both the top and bottom lines as the ongoing collapse of its linear TV business and a thin theatrical slate weighed heavily on results. Revenue fell 9.8% year-over-year to $8.… Read more Warner Bros. Discovery delivered a disappointing first quarter, missing on both the top and bottom lines as the ongoing collapse of its linear TV business and a thin theatrical slate weighed heavily on results. Revenue fell 9.8% year-over-year to $8.98 billion, coming in 6.49% below the $9.60 billion consensus, while the adjusted loss per share of $0.18 missed estimates of $0.13 by 39.00%, with the shortfall driven largely by a 27% ex-FX plunge in content revenues tied to the absence of marquee theatrical releases that had boosted the year-ago period. Yet the streaming narrative offered genuine encouragement, with Max adding 5.3 million subscribers to reach 122.3 million globally and streaming Adjusted EBITDA surging to $339.00 million from $86.00 million a year ago, reinforcing management's confidence in delivering at least $1.30 billion in streaming Adjusted EBITDA for full-year 2025. Post-quarter box office momentum, including A Minecraft Movie approaching $900.00 million globally, and the Superman release slated for July 11, underpin the case for a meaningful Studios recovery, even as S&P's recent downgrade of WBD's debt to junk status serves as a pointed reminder of the structural pressures still confronting the business.
Key Takeaways
- • Streaming subscriber growth of 5.3 million sequentially to 122.3 million globally
- • Streaming advertising revenue up 35% ex-FX driven by ad-lite subscriber growth
- • Streaming Adjusted EBITDA increased to $339M from $86M YoY
- • Studios Adjusted EBITDA up 63% ex-FX despite lighter theatrical slate
- • Games content expense decreased 66% ex-FX due to prior year Suicide Squad impairment
- • Corporate costs improved by $113M driven by release of non-income tax reserves, lower facility costs, and lower securitization expense
- • Content hits including The White Lotus Season 3 (25M+ global viewers per episode), The Pitt (12M+ worldwide viewers per episode)
- • Distribution revenue growth from 2% increase in domestic affiliate rates
WBD YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
WBD Revenue by Segment
With YoY comparisons, source: SEC Filings
WBD Earnings Trends
WBD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WBD EPS Trend
Earnings per share: estimate vs actual
WBD Revenue Trend
Quarterly revenue: estimate vs actual
WBD Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $-0.04 | $-0.10 | -150.00% | $9.46B | +0.02% |
| FY Full Year | $0.38 | $0.29 | -23.84% | $37.30B | +0.01% |
| Q3 25 BEAT | $-0.09 | $-0.06 | +29.58% | $9.05B | -1.51% |
| Q2 25 BEAT | $-0.23 | $0.63 | +376.19% | $9.81B | -0.21% |
| Q1 25 MISS | $-0.13 | $-0.18 | -39.00% | $8.98B | -6.49% |