WBD Q3 2025 Earnings
Reported Nov 6, 2025 at 7:04 AM ET · SEC Source
Q3 25 EPS
$-0.06
BEAT +29.58%
Est. $-0.09
Q3 25 Revenue
$9.05B
MISS 1.51%
Est. $9.18B
vs S&P Since Q3 25
+10.6%
BEATING MARKET
WBD +18.0% vs S&P +7.4%
Market Reaction
Did WBD Beat Earnings? Q3 2025 Results
Warner Bros. Discovery delivered a mixed but strategically charged Q3 2025, posting a loss per share of $0.06 that beat the consensus estimate of $0.09 by 29.58%, even as revenue of $9.04 billion fell 6.0% year-over-year and narrowly missed the $9.18… Read more Warner Bros. Discovery delivered a mixed but strategically charged Q3 2025, posting a loss per share of $0.06 that beat the consensus estimate of $0.09 by 29.58%, even as revenue of $9.04 billion fell 6.0% year-over-year and narrowly missed the $9.18 billion Wall Street expected. The headline revenue decline was heavily distorted by the absence of European Olympic rights that boosted year-ago comparisons; strip that out and underlying revenues were essentially flat. A net loss of $148 million reflected $1.30 billion in acquisition-related amortization and restructuring charges, while Adjusted EBITDA rose 2% to $2.47 billion, signaling operational resilience beneath the noise. Studios emerged as the quarter's brightest spot, with revenue surging 23% to $3.32 billion, prompting management to raise its full-year Studios Adjusted EBITDA outlook well above the prior $2.40 billion floor toward a longer-term $3.00 billion target. Speculation that a major streaming rival could pursue a bid for the company added an additional dimension to the Board's ongoing review of strategic alternatives ahead of a planned mid-2026 corporate separation.
Key Takeaways
- • Strong theatrical performance from Superman, The Conjuring: Last Rites, Weapons, and F1 carry-over drove Studios revenue up 23% ex-FX
- • Streaming subscriber growth of 16% YoY to 128 million, with HBO Max now in 100+ global markets
- • Streaming Adjusted EBITDA grew 24% ex-FX driven by subscriber growth and lower SG&A
- • Global Linear Networks decline driven by absence of 2024 Olympics in Europe and domestic linear pay TV subscriber declines of 9%
- • Advertising revenue decreased 17% ex-FX due to domestic linear audience declines
- • Streaming advertising revenue increased 14% ex-FX driven by ad-lite subscriber growth
- • Warner Bros. was the first studio to surpass $4 billion in 2025 global box office with only 11 films
WBD YoY Financials
Q3 2025 vs Q3 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% |