WBD Q2 2025 Earnings
Reported Aug 7, 2025 at 7:06 AM ET · SEC Source
Q2 25 EPS
$0.63
BEAT +376.19%
Est. $-0.23
Q2 25 Revenue
$9.81B
MISS 0.21%
Est. $9.83B
vs S&P Since Q2 25
+112.1%
BEATING MARKET
WBD +126.1% vs S&P +14.0%
Market Reaction
Did WBD Beat Earnings? Q2 2025 Results
Warner Bros. Discovery delivered a striking earnings reversal in Q2 2025, posting adjusted EPS of $0.63 against a consensus estimate of negative $0.23, a beat of 376.19%, even as revenue of $9.81 billion came in fractionally below the $9.83 billion c… Read more Warner Bros. Discovery delivered a striking earnings reversal in Q2 2025, posting adjusted EPS of $0.63 against a consensus estimate of negative $0.23, a beat of 376.19%, even as revenue of $9.81 billion came in fractionally below the $9.83 billion consensus and rose just 1.0% year over year. The headline swing to profitability, anchored by a $2.96 billion pre-tax gain on debt extinguishment and a blockbuster theatrical slate that included A Minecraft Movie, Sinners, and Final Destination: Bloodlines, drove Studios segment revenue up 54% ex-FX to $3.80 billion and pushed Studios Adjusted EBITDA to $863 million from $210 million a year ago. Streaming added 3.4 million subscribers to reach 125.7 million globally, with management targeting more than 150 million by end of 2026 and at least $1.30 billion in full-year Streaming Adjusted EBITDA. The company also reiterated its planned separation into two independent entities by mid-2026, with gross debt standing at $35.60 billion and net leverage at 3.3x following significant debt retirement activity in the quarter.
Key Takeaways
- • Strong theatrical slate performance with A Minecraft Movie, Sinners, Final Destination: Bloodlines, and F1 generating over $2 billion in global box office
- • Streaming subscriber growth of 3.4 million in Q2 reaching 125.7 million globally
- • Successful HBO Max launch in Australia driving international subscriber additions
- • 10% ex-FX growth in subscriber-related revenues in Streaming segment
- • Studios Adjusted EBITDA increased by $653 million year-over-year
- • Streaming Adjusted EBITDA improved by $400 million year-over-year
- • $3.0 billion pre-tax gain on extinguishment of debt
WBD YoY Financials
Q2 2025 vs Q2 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% |