Warner Bros. Discovery (WBD) Financials

$8.02 +0.05 (+0.63%)

Closing price 04/14/2025 04:00 PM Eastern

Extended Trading

$8.01 -0.01 (-0.19%)

As of 09:21 AM Eastern

Annual Income Statements for Warner Bros. Discovery

This table shows Warner Bros. Discovery's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,034	1,194	-337	2,069	1,219	1,006	-7,371	-3,126	-11,311
Consolidated Net Income / (Loss)	1,048	1,218	-313	2,213	1,355	1,197	-7,297	-3,079	-11,482
Net Income / (Loss) Continuing Operations	1,048	1,218	-313	2,213	1,355	1,197	-7,297	-3,079	-11,482
Total Pre-Tax Income	1,559	1,671	-137	2,294	1,728	1,433	-8,960	-3,863	-11,388
Total Operating Income	1,985	2,058	713	3,009	2,515	2,012	-7,370	-1,548	-10,032
Total Gross Profit	4,051	4,065	4,217	7,325	6,811	7,571	13,375	16,795	16,351
Total Revenue	6,394	6,497	6,873	11,144	10,671	12,191	33,817	41,321	39,321
Operating Revenue	6,072	6,497	6,873	11,144	10,671	12,191	33,817	41,321	39,321
Total Cost of Revenue	2,343	2,432	2,656	3,819	3,860	4,620	20,442	24,526	22,970
Operating Cost of Revenue	2,343	2,432	2,656	3,819	3,860	4,620	20,442	24,526	22,970
Total Operating Expenses	2,066	2,007	3,504	4,316	4,296	5,559	20,745	18,343	26,383
Selling, General & Admin Expense	1,669	1,690	1,768	2,788	2,722	4,016	9,678	9,696	9,296
Depreciation Expense	330	322	330	1,347	1,359	1,582	7,193	7,985	7,037
Impairment Charge	0.00	0.00	1,327	155	124	-71	117	-	9,603
Restructuring Charge	50	58	75	26	91	32	3,757	585	447
Total Other Income / (Expense), net	-426	-387	-850	-715	-787	-579	-1,590	-2,315	-1,356
Interest Expense	330	353	529	705	648	633	1,777	2,204	1,385
Interest & Investment Income	1.00	-38	-211	-2.00	-105	-18	-160	-82	-121
Other Income / (Expense), net	-97	4.00	-110	-8.00	-34	72	347	-29	150
Income Tax Expense	511	453	176	81	373	236	-1,663	-784	94
Net Income / (Loss) Attributable to Noncontrolling Interest	14	24	24	144	136	191	74	47	-171
Basic Earnings per Share	$1.59	$0.00	($11.92)	$2.90	$1.82	$1.55	($3.82)	($1.28)	($4.62)
Weighted Average Basic Shares Outstanding	432M	401M	29.70M	529M	599M	588M	1.94B	2.44B	2.45B
Diluted Earnings per Share	$1.58	$0.00	($11.92)	$2.88	$1.81	$1.54	($3.82)	($1.28)	($4.62)
Weighted Average Diluted Shares Outstanding	656M	610M	29.70M	711M	672M	664M	1.94B	2.44B	2.45B
Weighted Average Basic & Diluted Shares Outstanding	325.20M	303M	29.70M	520.92M	487.33M	506.25M	2.43B	2.44B	2.45B

This table shows Warner Bros. Discovery's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-2,308	-2,101	-1,069	-1,240	-417	-400	-966	-9,986	135	-494
Consolidated Net Income / (Loss)	-2,285	-2,079	-1,060	-1,220	-407	-392	-955	-10,028	141	-640
Net Income / (Loss) Continuing Operations	-2,285	-2,079	-1,060	-1,220	-407	-392	-955	-10,028	141	-640
Total Pre-Tax Income	-2,851	-2,541	-1,238	-1,480	-532	-613	-819	-10,035	-178	-356
Total Operating Income	-2,190	-1,894	-557	-906	97	-182	-267	-10,208	281	162
Total Gross Profit	4,196	4,054	4,015	3,722	4,670	4,388	3,900	3,509	4,442	4,500
Total Revenue	9,823	11,008	10,700	10,358	9,979	10,284	9,958	9,713	9,623	10,027
Operating Revenue	9,823	11,008	10,700	10,358	9,979	10,284	9,958	9,713	9,623	10,027
Total Cost of Revenue	5,627	6,954	6,685	6,636	5,309	5,896	6,058	6,204	5,181	5,527
Operating Cost of Revenue	5,627	6,954	6,685	6,636	5,309	5,896	6,058	6,204	5,181	5,527
Total Operating Expenses	6,386	5,948	4,572	4,628	4,573	4,570	4,167	13,717	4,161	4,338
Selling, General & Admin Expense	2,589	2,511	2,388	2,562	2,291	2,455	2,232	2,461	2,385	2,218
Depreciation Expense	2,233	2,169	2,058	1,914	1,989	2,024	1,888	1,744	1,762	1,643
Impairment Charge	43	70	31	-	24	-	12	9,395	5.00	191
Restructuring Charge	1,521	1,198	95	146	269	75	35	117	9.00	286
Total Other Income / (Expense), net	-661	-647	-681	-574	-629	-431	-552	173	-459	-518
Interest Expense	555	558	571	579	552	502	515	-24	471	423
Interest & Investment Income	-78	-25	-37	-22	-14	-9.00	-48	-23	-18	-32
Other Income / (Expense), net	-28	-64	-73	27	-63	80	11	172	30	-63
Income Tax Expense	-566	-462	-178	-260	-125	-221	136	-7.00	-319	284
Net Income / (Loss) Attributable to Noncontrolling Interest	23	22	9.00	20	10	8.00	11	-42	6.00	-146
Basic Earnings per Share	($0.95)	($2.06)	($0.44)	($0.51)	($0.17)	($0.16)	($0.40)	($4.07)	$0.06	($0.21)
Weighted Average Basic Shares Outstanding	2.43B	1.94B	2.43B	2.44B	2.44B	2.44B	2.44B	2.45B	2.45B	2.45B
Diluted Earnings per Share	($0.95)	($2.06)	($0.44)	($0.51)	($0.17)	($0.16)	($0.40)	($4.07)	$0.05	($0.20)
Weighted Average Diluted Shares Outstanding	2.43B	1.94B	2.43B	2.44B	2.44B	2.44B	2.44B	2.45B	2.47B	2.45B
Weighted Average Basic & Diluted Shares Outstanding	2.43B	2.43B	2.44B	2.44B	2.44B	2.44B	2.45B	2.45B	2.45B	2.45B

This table details how cash moves in and out of Warner Bros. Discovery's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	23	-90	7,009	-6,300	566	570	1,783	25	389	1,097
Net Cash From Operating Activities	1,294	1,380	1,629	2,576	3,399	2,739	2,798	4,304	7,477	5,375
Net Cash From Continuing Operating Activities	1,294	1,380	1,629	2,576	3,399	2,739	2,798	4,304	7,477	5,375
Net Income / (Loss) Continuing Operations	1,048	1,218	-313	681	2,213	1,355	1,197	-7,297	-3,079	-11,482
Consolidated Net Income / (Loss)	1,048	1,218	-313	681	2,213	1,355	1,197	-7,297	-3,079	-11,482
Depreciation Expense	330	322	330	1,398	1,347	1,359	1,582	7,193	7,985	7,037
Amortization Expense	1,709	1,773	1,910	3,288	2,853	2,956	3,501	14,161	16,024	13,946
Non-Cash Adjustments To Reconcile Net Income	98	165	1,796	260	463	354	266	4,071	880	9,732
Changes in Operating Assets and Liabilities, net	-1,891	-2,098	-2,094	-3,051	-3,477	-3,285	-3,748	-13,824	-14,333	-13,858
Net Cash From Investing Activities	-301	-256	-633	-8,593	-438	-703	-56	3,524	-1,259	-349
Net Cash From Continuing Investing Activities	-301	-256	-633	-8,593	-438	-703	-56	3,524	-1,259	-349
Purchase of Property, Plant & Equipment	-103	-88	-135	-147	-289	-402	-373	-987	-1,316	-948
Acquisitions	-80	0.00	-60	-8,565	-73	-289	-105	3,612	-50	0.00
Purchase of Investments	-281	-272	-545	-61	-200	-96	-184	-168	-112	-109
Divestitures	61	19	29	107	125	69	599	306	0.00	541
Sale and/or Maturity of Investments	87	87	77	-	-	-	-86	752	121	136
Other Investing Activities, net	15	-2.00	1.00	73	-1.00	15	93	9.00	98	31
Net Cash From Financing Activities	-919	-1,184	5,951	-283	-2,357	-1,549	-853	-7,742	-5,837	-3,749
Net Cash From Continuing Financing Activities	-919	-1,184	5,951	-283	-2,357	-1,549	-853	-7,742	-5,837	-3,749
Repayment of Debt	-1,295	-921	-1,270	-2,216	-2,953	-2,805	-602	-9,835	-12,190	-19,376
Repurchase of Common Equity	-1,499	-1,431	-603	0.00	-633	-969	0.00	0.00	-49	0.00
Payment of Dividends	-42	-22	-30	-76	-250	-254	-251	-300	-301	-193
Issuance of Debt	1,952	1,111	7,838	2,009	1,479	2,479	0.00	2,393	6,703	15,820
Effect of Exchange Rate Changes	-51	-30	-	-	-38	83	-106	-61	8.00	-180

This table details how cash moves in and out of Warner Bros. Discovery's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-1,383	1,417	-1,291	438	-647	1,889	-933	231	-127	1,926
Net Cash From Operating Activities	124	2,846	-631	2,014	2,516	3,578	585	1,228	847	2,715
Net Cash From Continuing Operating Activities	124	2,846	-631	2,014	2,516	3,578	585	1,228	847	2,715
Net Income / (Loss) Continuing Operations	-2,285	-2,079	-1,060	-1,220	-407	-392	-955	-10,028	141	-640
Consolidated Net Income / (Loss)	-2,285	-2,079	-1,060	-1,220	-407	-392	-955	-10,028	141	-640
Depreciation Expense	2,233	2,169	2,058	1,914	1,989	2,024	1,888	1,744	1,762	1,643
Amortization Expense	4,850	2,720	4,723	4,638	3,186	3,477	3,827	3,920	3,132	3,067
Non-Cash Adjustments To Reconcile Net Income	322	3,223	247	173	237	223	123	8,882	217	510
Changes in Operating Assets and Liabilities, net	-4,996	-3,187	-6,599	-3,491	-2,489	-1,754	-4,298	-3,290	-4,405	-1,865
Net Cash From Investing Activities	862	-218	-257	-310	-458	-234	-207	70	-218	6.00
Net Cash From Continuing Investing Activities	862	-218	-257	-310	-458	-234	-207	70	-218	6.00
Purchase of Property, Plant & Equipment	-316	-364	-299	-292	-457	-268	-195	-252	-215	-286
Purchase of Investments	-28	-31	-13	-32	-46	-21	-53	-15	-36	-5.00
Divestitures	1,213	-3,465	-	-	-	-	-	-	-	217
Other Investing Activities, net	-9.00	-	55	14	45	-16	41	13	33	-56
Net Cash From Financing Activities	-2,313	-1,272	-432	-1,251	-2,625	-1,529	-1,237	-1,037	-875	-600
Net Cash From Continuing Financing Activities	-2,313	-1,272	-432	-1,251	-2,625	-1,529	-1,237	-1,037	-875	-600
Repayment of Debt	-3,086	-2,766	-2,627	-2,886	-4,545	-2,132	-3,307	-12,028	-3,475	-566
Payment of Dividends	-22	-14	-237	-32	-13	-19	-130	-31	-11	-21
Issuance of Debt	795	1,508	2,432	1,667	1,933	671	2,200	11,022	2,611	-13
Effect of Exchange Rate Changes	-56	61	29	-15	-80	74	-74	-	-	-195

This table presents Warner Bros. Discovery's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	15,864	15,672	22,555	32,550	33,735	34,087	34,427	134,001	122,757	104,560
Total Current Assets	2,596	2,502	9,991	4,231	5,217	6,130	7,264	13,999	14,218	14,078
Cash & Equivalents	390	300	7,309	986	1,552	2,091	3,905	3,731	3,780	5,312
Accounts Receivable	1,479	1,495	1,838	2,620	2,633	2,537	2,446	6,380	6,047	4,947
Prepaid Expenses	346	397	434	312	453	970	913	3,888	4,391	3,819
Plant, Property, & Equipment, net	488	482	597	800	951	1,206	0.00	0.00	0.00	0.00
Total Noncurrent Assets	12,780	12,688	11,967	27,519	27,567	26,751	27,163	120,002	108,539	90,482
Goodwill	8,164	8,040	7,073	13,006	13,050	13,070	12,912	34,438	34,969	25,667
Intangible Assets	1,730	1,512	1,770	9,674	8,667	7,640	6,317	44,982	38,285	32,299
Other Noncurrent Operating Assets	2,319	2,579	2,789	3,904	5,282	5,534	7,934	40,582	35,285	32,516
Total Liabilities & Shareholders' Equity	15,864	15,672	22,555	32,550	33,735	34,087	34,427	134,001	122,757	104,560
Total Liabilities	10,172	10,262	17,532	22,033	21,769	21,704	21,031	85,334	76,285	69,622
Total Current Liabilities	1,579	1,561	1,871	3,997	3,239	3,082	3,459	15,017	15,332	15,810
Short-Term Debt	119	82	30	1,819	609	335	339	365	1,780	2,748
Accounts Payable	282	241	277	325	463	397	412	1,454	1,260	1,055
Accrued Expenses	988	1,075	1,309	1,604	1,678	1,793	2,230	11,504	10,368	10,438
Current Deferred Revenue	190	163	255	249	489	557	478	1,694	1,924	1,569
Total Noncurrent Liabilities	8,593	8,701	15,661	18,036	18,530	18,622	17,572	70,317	60,953	53,812
Long-Term Debt	7,616	7,841	14,755	14,974	14,810	15,069	14,420	48,634	41,889	36,757
Noncurrent Deferred & Payable Income Tax Liabilities	556	467	319	1,811	1,691	1,534	1,225	11,014	8,736	6,985
Other Noncurrent Operating Liabilities	421	393	587	1,251	2,029	2,019	1,927	10,669	10,328	10,070
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	241	243	413	415	442	383	363	318	165	109
Total Equity & Noncontrolling Interests	5,451	5,167	4,610	10,102	11,524	12,000	13,033	48,349	46,307	34,829
Total Preferred & Common Equity	5,451	5,167	4,610	8,386	9,891	10,464	11,599	47,095	45,226	34,037
Preferred Stock	2.00	2.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,449	5,165	4,610	8,379	9,891	10,464	11,599	47,095	45,226	34,037
Common Stock	7,026	7,051	7,300	10,647	10,754	10,816	11,093	54,657	55,139	55,587
Retained Earnings	4,517	5,232	4,632	5,254	7,333	8,543	9,580	2,205	-928	-12,239
Treasury Stock	-5,461	-6,356	-6,737	-6,737	-7,374	-8,244	-8,244	-8,244	-8,244	-8,244
Accumulated Other Comprehensive Income / (Loss)	-633	-762	-585	-785	-822	-651	-830	-1,523	-741	-1,067
Noncontrolling Interest	-	-	0.00	1,716	1,633	1,536	1,434	1,254	1,081	792

This table presents Warner Bros. Discovery's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	136,049	134,001	130,584	128,618	123,749	122,757	119,819	108,029	106,333	104,560
Total Current Assets	12,672	13,999	13,727	13,773	12,831	14,218	13,902	13,430	12,505	14,078
Cash & Equivalents	2,422	3,731	2,594	3,027	2,383	3,780	2,976	3,613	3,336	5,312
Accounts Receivable	6,669	6,380	6,833	6,770	6,312	6,047	6,303	6,166	5,534	4,947
Prepaid Expenses	3,581	3,888	4,300	3,976	4,136	4,391	4,623	3,651	3,635	3,819
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	123,377	120,002	116,857	114,845	110,918	108,539	105,917	94,599	93,828	90,482
Goodwill	34,450	34,438	34,658	34,911	34,727	34,969	34,891	25,740	25,869	25,667
Intangible Assets	46,744	44,982	43,239	41,584	39,874	38,285	36,648	35,157	33,767	32,299
Other Noncurrent Operating Assets	42,183	40,582	38,960	38,350	36,317	35,285	34,378	33,702	34,192	32,516
Total Liabilities & Shareholders' Equity	136,049	134,001	130,584	128,618	123,749	122,757	119,819	108,029	106,333	104,560
Total Liabilities	85,969	85,334	82,742	81,833	77,607	76,285	74,525	72,614	70,159	69,622
Total Current Liabilities	14,676	15,017	16,380	16,906	14,588	15,332	16,956	17,768	15,695	15,810
Short-Term Debt	1,257	365	3,496	3,001	1,302	1,780	3,430	3,669	3,043	2,748
Accounts Payable	1,534	1,454	1,123	1,689	1,329	1,260	1,245	1,151	1,120	1,055
Accrued Expenses	10,197	11,504	10,158	10,668	10,040	10,368	10,288	10,926	10,002	10,438
Current Deferred Revenue	1,688	1,694	1,603	1,548	1,917	1,924	1,993	2,022	1,530	1,569
Total Noncurrent Liabilities	71,293	70,317	66,362	64,927	63,019	60,953	57,569	54,846	54,464	53,812
Long-Term Debt	48,612	48,634	45,434	44,276	43,498	41,889	39,148	37,289	37,166	36,757
Noncurrent Deferred & Payable Income Tax Liabilities	12,317	11,014	10,211	9,718	9,098	8,736	8,303	7,806	7,339	6,985
Other Noncurrent Operating Liabilities	10,364	10,669	10,717	10,933	10,423	10,328	10,118	9,751	9,959	10,070
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	318	318	309	306	281	165	179	118	117	109
Total Equity & Noncontrolling Interests	49,762	48,349	47,533	46,479	45,861	46,307	45,115	35,297	36,057	34,829
Total Preferred & Common Equity	48,517	47,095	46,496	45,452	44,774	45,226	44,151	34,345	35,100	34,037
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	48,517	47,095	46,496	45,452	44,774	45,226	44,151	34,345	35,100	34,037
Common Stock	54,574	54,657	54,712	54,843	54,971	55,139	55,202	55,359	55,490	55,587
Retained Earnings	4,306	2,205	1,133	-105	-526	-928	-1,894	-11,880	-11,745	-12,239
Treasury Stock	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244	-8,244
Accumulated Other Comprehensive Income / (Loss)	-2,119	-1,523	-1,105	-1,042	-1,427	-741	-913	-890	-401	-1,067
Noncontrolling Interest	1,245	1,254	1,037	1,027	1,087	1,081	964	952	957	792

This table displays calculated financial ratios and metrics derived from Warner Bros. Discovery's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.06%	1.61%	5.79%	0.00%	0.00%	-4.24%	14.24%	177.39%	22.19%	-4.84%
EBITDA Growth	-0.28%	5.86%	-31.61%	128.63%	10.78%	-5.62%	5.46%	99.96%	56.53%	-50.51%
EBIT Growth	-7.99%	9.22%	-70.76%	200.83%	65.44%	-17.33%	-16.00%	-437.00%	77.55%	-526.63%
NOPAT Growth	-0.52%	12.42%	-66.73%	-20.89%	125.25%	-32.06%	-14.78%	-406.97%	79.00%	-548.06%
Net Income Growth	-7.83%	16.22%	-125.70%	317.57%	224.96%	-38.77%	-11.66%	-709.61%	57.80%	-272.91%
EPS Growth	-4.82%	-100.00%	0.00%	107.21%	234.88%	-37.15%	-14.92%	-348.05%	66.49%	-260.94%
Operating Cash Flow Growth	-1.82%	6.65%	18.04%	58.13%	31.95%	-19.42%	2.15%	53.82%	73.72%	-28.11%
Free Cash Flow Firm Growth	3,205.83%	6.69%	-45.71%	-714.97%	125.36%	-32.33%	27.90%	-2,957.03%	108.67%	57.27%
Invested Capital Growth	-0.53%	0.05%	-2.50%	108.72%	-0.49%	-0.30%	-3.73%	287.36%	-8.06%	-19.95%
Revenue Q/Q Growth	-0.47%	0.40%	2.87%	0.00%	0.00%	0.11%	2.53%	30.09%	-1.72%	-0.65%
EBITDA Q/Q Growth	-1.03%	3.59%	-31.71%	45.67%	-0.18%	-1.19%	-1.40%	9.90%	12.36%	-5.18%
EBIT Q/Q Growth	-1.77%	6.95%	-69.28%	441.49%	1.39%	-6.41%	-9.19%	-48.48%	54.06%	1.83%
NOPAT Q/Q Growth	-1.26%	4.05%	-70.85%	376.94%	7.05%	-12.57%	-1.29%	-48.35%	52.52%	3.32%
Net Income Q/Q Growth	-0.85%	7.31%	-127.63%	190.20%	10.59%	-12.47%	-15.94%	-42.32%	35.40%	-2.21%
EPS Q/Q Growth	-36.03%	-100.00%	-23,740.00%	106.69%	9.92%	-12.14%	-18.09%	-127.38%	59.75%	-0.87%
Operating Cash Flow Q/Q Growth	20.15%	-6.50%	-4.90%	22.14%	9.79%	-19.87%	13.42%	83.77%	10.85%	-13.83%
Free Cash Flow Firm Q/Q Growth	-30.24%	75.21%	-40.37%	7.03%	-7.59%	-30.16%	67.53%	1.44%	-2.93%	23.75%
Invested Capital Q/Q Growth	2.90%	-1.83%	-6.86%	-2.98%	-1.33%	1.05%	-3.26%	-3.68%	-2.48%	-5.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.36%	62.57%	61.36%	0.00%	65.73%	63.83%	62.10%	39.55%	40.65%	41.58%
EBITDA Margin	61.42%	63.98%	41.36%	0.00%	64.62%	63.69%	58.79%	42.38%	54.29%	28.23%
Operating Margin	31.04%	31.68%	10.37%	0.00%	27.00%	23.57%	16.50%	-21.79%	-3.75%	-25.51%
EBIT Margin	29.53%	31.74%	8.77%	0.00%	26.93%	23.25%	17.09%	-20.77%	-3.82%	-25.13%
Profit (Net Income) Margin	16.39%	18.75%	-4.55%	0.00%	19.86%	12.70%	9.82%	-21.58%	-7.45%	-29.20%
Tax Burden Percent	67.22%	72.89%	228.47%	66.63%	96.47%	78.41%	83.53%	81.44%	79.70%	100.83%
Interest Burden Percent	82.57%	81.04%	-22.72%	56.34%	76.44%	69.65%	68.76%	127.58%	244.96%	115.24%
Effective Tax Rate	32.78%	27.11%	0.00%	33.37%	3.53%	21.59%	16.47%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.67%	12.03%	4.05%	0.00%	11.46%	7.82%	6.80%	-8.73%	-1.20%	-9.03%
ROIC Less NNEP Spread (ROIC-NNEP)	6.25%	7.95%	-7.38%	0.00%	6.56%	3.09%	2.71%	-16.35%	-5.89%	-21.07%
Return on Net Nonoperating Assets (RNNOA)	6.73%	9.92%	-10.05%	0.00%	8.22%	3.31%	2.49%	-14.78%	-5.27%	-19.18%
Return on Equity (ROE)	17.40%	21.94%	-6.00%	8.76%	19.69%	11.13%	9.29%	-23.51%	-6.47%	-28.21%
Cash Return on Invested Capital (CROIC)	11.20%	11.98%	6.58%	-63.57%	11.95%	8.12%	10.60%	-126.66%	7.20%	13.13%
Operating Return on Assets (OROA)	11.86%	13.08%	3.15%	0.00%	9.05%	7.32%	6.08%	-8.34%	-1.23%	-8.69%
Return on Assets (ROA)	6.58%	7.72%	-1.64%	0.00%	6.68%	4.00%	3.49%	-8.66%	-2.40%	-10.10%
Return on Common Equity (ROCE)	15.97%	20.98%	-5.62%	7.32%	16.00%	9.30%	7.95%	-22.24%	-6.28%	-27.46%
Return on Equity Simple (ROE_SIMPLE)	19.23%	23.57%	-6.79%	8.12%	22.37%	12.95%	10.32%	-15.49%	-6.81%	-33.73%
Net Operating Profit after Tax (NOPAT)	1,334	1,500	499	1,289	2,903	1,972	1,681	-5,159	-1,084	-7,022
NOPAT Margin	20.87%	23.09%	7.26%	0.00%	26.05%	18.48%	13.79%	-15.26%	-2.62%	-17.86%
Net Nonoperating Expense Percent (NNEP)	4.42%	4.08%	11.43%	5.52%	4.90%	4.73%	4.09%	7.62%	4.69%	12.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-5.30%	-1.20%	-9.45%
Cost of Revenue to Revenue	36.64%	37.43%	38.64%	0.00%	34.27%	36.17%	37.90%	60.45%	59.35%	58.42%
SG&A Expenses to Revenue	26.10%	26.01%	25.72%	0.00%	25.02%	25.51%	32.94%	28.62%	23.47%	23.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.31%	30.89%	50.98%	0.00%	38.73%	40.26%	45.60%	61.34%	44.39%	67.10%
Earnings before Interest and Taxes (EBIT)	1,888	2,062	603	1,814	3,001	2,481	2,084	-7,023	-1,577	-9,882
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,927	4,157	2,843	6,500	7,201	6,796	7,167	14,331	22,432	11,101
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.11	2.09	1.84	2.03	1.74	1.41	1.03	0.49	0.61	0.76
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.80	1.66	1.23	0.00	1.54	1.38	0.98	0.68	0.67	0.66
Price to Earnings (P/E)	11.11	9.02	0.00	0.00	8.31	12.12	11.84	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.00%	11.08%	0.00%	0.00%	12.03%	8.25%	8.45%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.48	1.45	1.32	1.34	1.29	1.17	1.01	0.74	0.80	0.88
Enterprise Value to Revenue (EV/Rev)	2.89	2.78	2.33	0.00	2.92	2.76	2.01	2.07	1.67	1.55
Enterprise Value to EBITDA (EV/EBITDA)	4.71	4.35	5.64	5.23	4.52	4.34	3.43	4.87	3.07	5.50
Enterprise Value to EBIT (EV/EBIT)	9.80	8.77	26.60	18.76	10.85	11.89	11.78	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	13.87	12.06	32.13	26.40	11.22	14.96	14.61	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.30	13.11	9.84	13.21	9.58	10.77	8.78	16.23	9.21	11.35
Enterprise Value to Free Cash Flow (EV/FCFF)	13.22	12.11	19.77	0.00	10.76	14.40	9.38	0.00	10.61	5.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.46	2.94	1.60	1.29	1.24	1.10	1.01	0.94	1.13
Long-Term Debt to Equity	1.34	1.45	2.94	1.42	1.24	1.22	1.08	1.00	0.90	1.05
Financial Leverage	1.08	1.25	1.36	1.42	1.25	1.07	0.92	0.90	0.90	0.91
Leverage Ratio	2.64	2.84	3.66	3.55	2.95	2.79	2.66	2.71	2.70	2.79
Compound Leverage Factor	2.18	2.30	-0.83	2.00	2.25	1.94	1.83	3.46	6.61	3.22
Debt to Total Capital	57.61%	59.42%	74.64%	61.49%	56.30%	55.44%	52.42%	50.17%	48.45%	53.07%
Short-Term Debt to Total Capital	0.89%	0.62%	0.15%	6.66%	2.22%	1.21%	1.20%	0.37%	1.97%	3.69%
Long-Term Debt to Total Capital	56.72%	58.81%	74.49%	54.83%	54.08%	54.23%	51.22%	49.80%	46.47%	49.38%
Preferred Equity to Total Capital	0.01%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.79%	1.82%	2.09%	7.80%	7.58%	6.91%	6.38%	1.61%	1.38%	1.21%
Common Equity to Total Capital	40.58%	38.74%	23.27%	30.68%	36.12%	37.66%	41.20%	48.22%	50.17%	45.72%
Debt to EBITDA	1.97	1.91	5.20	2.58	2.14	2.27	2.06	3.42	1.95	3.56
Net Debt to EBITDA	1.73	1.70	2.51	2.29	1.85	1.88	1.51	3.16	1.78	3.08
Long-Term Debt to EBITDA	1.94	1.89	5.19	2.30	2.06	2.22	2.01	3.39	1.87	3.31
Debt to NOPAT	5.80	5.28	29.62	13.03	5.31	7.81	8.78	-9.50	-40.30	-5.63
Net Debt to NOPAT	5.08	4.71	14.31	11.54	4.58	6.49	6.46	-8.77	-36.81	-4.87
Long-Term Debt to NOPAT	5.71	5.23	29.56	11.62	5.10	7.64	8.58	-9.43	-38.66	-5.23
Altman Z-Score	1.95	2.02	1.40	0.88	1.47	1.42	1.42	0.26	0.49	0.10
Noncontrolling Interest Sharing Ratio	8.25%	4.40%	6.31%	16.45%	18.74%	16.40%	14.41%	5.43%	2.96%	2.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.64	1.60	5.34	1.06	1.61	1.99	2.10	0.93	0.93	0.89
Quick Ratio	1.18	1.15	4.89	0.90	1.29	1.50	1.84	0.67	0.64	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,400	1,494	811	-11,936	3,027	2,048	2,620	-74,844	6,490	10,208
Operating Cash Flow to CapEx	1,256.31%	1,568.18%	1,206.67%	1,752.38%	1,176.12%	681.34%	750.13%	436.07%	568.16%	566.98%
Free Cash Flow to Firm to Interest Expense	4.24	4.23	1.53	-16.37	4.29	3.16	4.14	-42.12	2.94	7.37
Operating Cash Flow to Interest Expense	3.92	3.91	3.08	3.53	4.82	4.23	4.42	2.42	3.39	3.88
Operating Cash Flow Less CapEx to Interest Expense	3.61	3.66	2.82	3.33	4.41	3.61	3.83	1.87	2.80	3.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.41	0.36	0.00	0.34	0.31	0.36	0.40	0.32	0.35
Accounts Receivable Turnover	4.39	4.37	4.12	0.00	4.24	4.13	4.89	7.66	6.65	7.15
Inventory Turnover	7.30	7.81	7.38	0.00	8.56	6.95	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.27	13.40	12.74	0.00	12.73	9.89	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.24	9.30	10.25	0.00	9.69	8.98	11.42	21.91	18.07	19.84
Days Sales Outstanding (DSO)	83.12	83.54	88.50	0.00	86.03	88.42	74.60	47.63	54.89	51.03
Days Inventory Outstanding (DIO)	50.01	46.75	49.47	0.00	42.63	52.53	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.49	39.25	35.59	0.00	37.66	40.66	31.96	16.66	20.20	18.39
Cash Conversion Cycle (CCC)	93.63	91.04	102.38	0.00	91.00	100.29	42.64	30.97	34.69	32.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,470	12,476	12,164	25,389	25,265	25,189	24,250	93,935	86,361	69,131
Invested Capital Turnover	0.51	0.52	0.56	0.00	0.44	0.42	0.49	0.57	0.46	0.51
Increase / (Decrease) in Invested Capital	-66	6.00	-312	13,225	-124	-76	-939	69,685	-7,574	-17,230
Enterprise Value (EV)	18,506	18,087	16,037	34,024	32,573	29,499	24,559	69,861	68,886	61,024
Market Capitalization	11,485	10,776	8,483	17,021	17,199	14,774	11,908	23,021	27,751	25,930
Book Value per Share	$12.66	$13.14	$12.16	$12.18	$18.83	$21.31	$22.93	$19.39	$18.55	$13.87
Tangible Book Value per Share	($10.33)	($11.16)	($11.17)	($20.79)	($22.51)	($20.87)	($15.08)	($13.31)	($11.49)	($9.75)
Total Capital	13,427	13,333	19,808	27,310	27,385	27,787	28,155	97,666	90,141	74,443
Total Debt	7,735	7,923	14,785	16,793	15,419	15,404	14,759	48,999	43,669	39,505
Total Long-Term Debt	7,616	7,841	14,755	14,974	14,810	15,069	14,420	48,634	41,889	36,757
Net Debt	6,778	7,066	7,141	14,872	13,299	12,806	10,854	45,268	39,889	34,193
Capital Expenditures (CapEx)	103	88	135	147	289	402	373	987	1,316	948
Debt-free, Cash-free Net Working Capital (DFCFNWC)	746	723	841	1,067	1,035	1,292	239	-4,384	-3,114	-4,296
Debt-free Net Working Capital (DFNWC)	1,136	1,023	8,150	2,053	2,587	3,383	4,144	-653	666	1,016
Net Working Capital (NWC)	1,017	941	8,120	234	1,978	3,048	3,805	-1,018	-1,114	-1,732
Net Nonoperating Expense (NNE)	286	282	812	608	690	617	484	2,138	1,995	4,460
Net Nonoperating Obligations (NNO)	6,778	7,066	7,141	14,872	13,299	12,806	10,854	45,268	39,889	34,193
Total Depreciation and Amortization (D&A)	2,039	2,095	2,240	4,686	4,200	4,315	5,083	21,354	24,009	20,983
Debt-free, Cash-free Net Working Capital to Revenue	11.67%	11.13%	12.24%	0.00%	9.29%	12.11%	1.96%	-12.96%	-7.54%	-10.93%
Debt-free Net Working Capital to Revenue	17.77%	15.75%	118.58%	0.00%	23.21%	31.70%	33.99%	-1.93%	1.61%	2.58%
Net Working Capital to Revenue	15.91%	14.48%	118.14%	0.00%	17.75%	28.56%	31.21%	-3.01%	-2.70%	-4.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.59	$1.97	($0.59)	$0.86	$2.90	$1.82	$1.55	($3.82)	($1.28)	($4.62)
Adjusted Weighted Average Basic Shares Outstanding	432M	401M	384M	498M	529M	505M	503M	1.94B	2.44B	2.45B
Adjusted Diluted Earnings per Share	$1.58	$1.96	($0.59)	$0.86	$2.88	$1.81	$1.54	($3.82)	($1.28)	($4.62)
Adjusted Weighted Average Diluted Shares Outstanding	656M	610M	576M	688M	711M	672M	664M	1.94B	2.44B	2.45B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	409.80M	388.66M	381.91M	0.00	520.92M	487.33M	506.25M	2.43B	2.44B	2.45B
Normalized Net Operating Profit after Tax (NOPAT)	1,379	1,496	1,483	1,788	3,077	2,141	1,648	-2,447	-620	13
Normalized NOPAT Margin	21.57%	23.03%	21.58%	0.00%	27.61%	20.06%	13.52%	-7.24%	-1.50%	0.03%
Pre Tax Income Margin	24.38%	25.72%	-1.99%	0.00%	20.59%	16.19%	11.75%	-26.50%	-9.35%	-28.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.72	5.84	1.14	2.49	4.26	3.83	3.29	-3.95	-0.72	-7.14
NOPAT to Interest Expense	4.04	4.25	0.94	1.77	4.12	3.04	2.66	-2.90	-0.49	-5.07
EBIT Less CapEx to Interest Expense	5.41	5.59	0.88	2.29	3.85	3.21	2.70	-4.51	-1.31	-7.82
NOPAT Less CapEx to Interest Expense	3.73	4.00	0.69	1.57	3.71	2.42	2.07	-3.46	-1.09	-5.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.01%	1.81%	-9.58%	11.16%	11.30%	18.75%	20.97%	-4.11%	-9.78%	-1.68%
Augmented Payout Ratio	147.04%	119.29%	-202.24%	11.16%	39.90%	90.26%	20.97%	-4.11%	-11.37%	-1.68%

This table displays calculated financial ratios and metrics derived from Warner Bros. Discovery's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	211.84%	245.40%	238.71%	5.40%	1.59%	-6.58%	-6.93%	-6.23%	-3.57%	-2.50%
EBITDA Growth	148.09%	78.72%	162.75%	35.26%	7.07%	84.20%	-11.25%	-177.07%	-0.08%	-10.93%
EBIT Growth	-653.12%	-684.48%	-174.73%	76.18%	101.53%	94.79%	59.37%	-1,041.75%	814.71%	197.06%
NOPAT Growth	-651.11%	-624.84%	-257.19%	75.10%	104.43%	90.39%	52.06%	-1,026.71%	189.69%	189.01%
Net Income Growth	-1,259.90%	-2,384.62%	-323.16%	64.20%	82.19%	81.14%	9.91%	-721.97%	134.64%	-63.27%
EPS Growth	-495.83%	-2,675.00%	-163.77%	66.00%	82.11%	92.23%	9.09%	-698.04%	129.41%	-25.00%
Operating Cash Flow Growth	-84.71%	221.95%	-295.36%	99.21%	1,929.03%	25.72%	192.71%	-39.03%	-66.34%	-24.12%
Free Cash Flow Firm Growth	-53,268.35%	-6,059.22%	-3,565.60%	114.01%	112.21%	110.49%	112.85%	-0.52%	73.85%	132.90%
Invested Capital Growth	289.07%	287.36%	295.72%	-11.49%	-9.20%	-8.06%	-9.86%	-20.07%	-17.52%	-19.95%
Revenue Q/Q Growth	-0.04%	12.06%	-2.80%	-3.20%	-3.66%	3.06%	-3.17%	-2.46%	-0.93%	4.20%
EBITDA Q/Q Growth	16.00%	-39.75%	109.86%	-7.77%	-8.18%	3.65%	0.79%	-180.09%	219.05%	-7.61%
EBIT Q/Q Growth	39.89%	11.72%	67.82%	-39.52%	103.87%	-400.00%	-201.18%	-3,820.31%	103.10%	-68.17%
NOPAT Q/Q Growth	39.82%	13.52%	70.59%	-62.66%	110.71%	-287.63%	-46.70%	-3,723.22%	102.75%	-42.35%
Net Income Q/Q Growth	32.95%	9.02%	49.01%	-15.09%	66.64%	3.69%	-143.62%	-950.05%	101.41%	-553.90%
EPS Q/Q Growth	36.67%	-116.84%	78.64%	-15.91%	66.67%	5.88%	-150.00%	-917.50%	101.23%	-500.00%
Operating Cash Flow Q/Q Growth	-87.73%	2,195.16%	-122.17%	419.18%	24.93%	42.21%	-83.65%	109.91%	-31.03%	220.54%
Free Cash Flow Firm Q/Q Growth	7.37%	4.03%	0.34%	115.81%	-19.23%	-17.59%	22.14%	22.37%	41.15%	10.41%
Invested Capital Q/Q Growth	-5.18%	-3.68%	0.26%	-3.34%	-2.72%	-2.48%	-1.70%	-14.30%	0.39%	-5.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.72%	36.83%	37.52%	35.93%	46.80%	42.67%	39.16%	36.13%	46.16%	44.88%
EBITDA Margin	49.53%	26.63%	57.49%	54.77%	52.20%	52.50%	54.82%	-45.01%	54.09%	47.96%
Operating Margin	-22.29%	-17.21%	-5.21%	-8.75%	0.97%	-1.77%	-2.68%	-105.10%	2.92%	1.62%
EBIT Margin	-22.58%	-17.79%	-5.89%	-8.49%	0.34%	-0.99%	-2.57%	-103.33%	3.23%	0.99%
Profit (Net Income) Margin	-23.26%	-18.89%	-9.91%	-11.78%	-4.08%	-3.81%	-9.59%	-103.24%	1.47%	-6.38%
Tax Burden Percent	80.15%	81.82%	85.62%	82.43%	76.50%	63.95%	116.61%	99.93%	-79.21%	179.78%
Interest Burden Percent	128.54%	129.78%	196.51%	168.37%	-1,564.71%	600.98%	319.92%	99.99%	-57.23%	-359.60%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-6.62%	-6.89%	-2.55%	-2.65%	0.31%	-0.57%	-0.85%	-35.87%	1.00%	0.57%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.16%	-9.58%	-4.92%	-3.89%	-0.75%	-1.19%	-2.64%	-42.94%	0.86%	-1.46%
Return on Net Nonoperating Assets (RNNOA)	-8.53%	-8.66%	-4.54%	-3.67%	-0.70%	-1.06%	-2.43%	-42.62%	0.83%	-1.33%
Return on Equity (ROE)	-15.15%	-15.55%	-7.09%	-6.32%	-0.39%	-1.63%	-3.28%	-78.49%	1.83%	-0.76%
Cash Return on Invested Capital (CROIC)	-123.88%	-126.66%	-129.14%	8.19%	7.19%	7.20%	9.38%	13.29%	10.21%	13.13%
Operating Return on Assets (OROA)	-6.89%	-7.14%	-2.96%	-2.62%	0.11%	-0.32%	-0.83%	-34.87%	1.11%	0.34%
Return on Assets (ROA)	-7.10%	-7.58%	-4.98%	-3.64%	-1.32%	-1.23%	-3.11%	-34.84%	0.50%	-2.21%
Return on Common Equity (ROCE)	-14.35%	-14.71%	-6.75%	-6.13%	-0.38%	-1.58%	-3.20%	-76.20%	1.78%	-0.74%
Return on Equity Simple (ROE_SIMPLE)	-10.57%	0.00%	-19.00%	-14.62%	-10.64%	0.00%	-6.74%	-34.30%	-32.01%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,533	-1,326	-390	-634	68	-127	-187	-7,146	197	113
NOPAT Margin	-15.61%	-12.04%	-3.64%	-6.12%	0.68%	-1.24%	-1.88%	-73.57%	2.04%	1.13%
Net Nonoperating Expense Percent (NNEP)	2.54%	2.68%	2.37%	1.24%	1.06%	0.62%	1.79%	7.07%	0.14%	2.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.36%	-	-	-	-0.14%	-	-	-	0.15%
Cost of Revenue to Revenue	57.28%	63.17%	62.48%	64.07%	53.20%	57.33%	60.84%	63.87%	53.84%	55.12%
SG&A Expenses to Revenue	26.36%	22.81%	22.32%	24.73%	22.96%	23.87%	22.41%	25.34%	24.78%	22.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.01%	54.03%	42.73%	44.68%	45.83%	44.44%	41.85%	141.22%	43.24%	43.26%
Earnings before Interest and Taxes (EBIT)	-2,218	-1,958	-630	-879	34	-102	-256	-10,036	311	99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,865	2,931	6,151	5,673	5,209	5,399	5,459	-4,372	5,205	4,809
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.58	0.49	0.79	0.67	0.59	0.61	0.48	0.53	0.58	0.76
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.07	0.68	0.89	0.73	0.63	0.67	0.52	0.46	0.51	0.66
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.79	0.74	0.90	0.84	0.79	0.80	0.73	0.78	0.80	0.88
Enterprise Value to Revenue (EV/Rev)	2.96	2.07	2.04	1.82	1.67	1.67	1.53	1.42	1.47	1.55
Enterprise Value to EBITDA (EV/EBITDA)	5.90	4.87	4.65	3.88	3.52	3.07	2.85	4.84	4.97	5.50
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	32.85	16.23	25.19	17.49	10.42	9.21	7.14	7.16	9.33	11.35
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	9.59	10.51	10.61	7.38	5.20	7.05	5.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.00	1.01	1.02	1.01	0.97	0.94	0.94	1.16	1.11	1.13
Long-Term Debt to Equity	0.97	1.00	0.95	0.95	0.94	0.90	0.86	1.05	1.03	1.05
Financial Leverage	0.93	0.90	0.92	0.94	0.93	0.90	0.92	0.99	0.96	0.91
Leverage Ratio	2.68	2.71	2.68	2.72	2.70	2.70	2.69	2.88	2.80	2.79
Compound Leverage Factor	3.45	3.52	5.26	4.57	-42.25	16.22	8.60	2.88	-1.60	-10.04
Debt to Total Capital	49.89%	50.17%	50.56%	50.26%	49.26%	48.45%	48.45%	53.63%	52.64%	53.07%
Short-Term Debt to Total Capital	1.26%	0.37%	3.61%	3.19%	1.43%	1.97%	3.90%	4.80%	3.98%	3.69%
Long-Term Debt to Total Capital	48.64%	49.80%	46.95%	47.07%	47.83%	46.47%	44.55%	48.82%	48.66%	49.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.56%	1.61%	1.39%	1.42%	1.50%	1.38%	1.30%	1.40%	1.41%	1.21%
Common Equity to Total Capital	48.54%	48.22%	48.05%	48.32%	49.23%	50.17%	50.24%	44.97%	45.95%	45.72%
Debt to EBITDA	3.82	3.42	2.70	2.41	2.24	1.95	1.96	3.50	3.43	3.56
Net Debt to EBITDA	3.64	3.16	2.55	2.26	2.12	1.78	1.82	3.19	3.15	3.08
Long-Term Debt to EBITDA	3.73	3.39	2.50	2.26	2.18	1.87	1.80	3.18	3.17	3.31
Debt to NOPAT	-14.34	-9.50	-8.44	-12.18	-19.63	-40.30	-48.35	-5.54	-5.54	-5.63
Net Debt to NOPAT	-13.64	-8.77	-7.99	-11.40	-18.59	-36.81	-44.97	-5.05	-5.08	-4.87
Long-Term Debt to NOPAT	-13.98	-9.43	-7.84	-11.40	-19.06	-38.66	-44.46	-5.04	-5.12	-5.23
Altman Z-Score	0.36	0.38	0.55	0.50	0.52	0.53	0.45	0.01	0.36	0.42
Noncontrolling Interest Sharing Ratio	5.28%	5.43%	4.79%	2.90%	3.05%	2.96%	2.67%	2.92%	2.97%	2.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.86	0.93	0.84	0.81	0.88	0.93	0.82	0.76	0.80	0.89
Quick Ratio	0.62	0.67	0.58	0.58	0.60	0.64	0.55	0.55	0.57	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-73,993	-71,011	-70,769	11,188	9,036	7,447	9,095	11,129	15,709	17,343
Operating Cash Flow to CapEx	39.24%	781.87%	-211.04%	689.73%	550.55%	1,335.07%	300.00%	487.30%	393.95%	949.30%
Free Cash Flow to Firm to Interest Expense	-133.32	-127.26	-123.94	19.32	16.37	14.83	17.66	0.00	33.35	41.00
Operating Cash Flow to Interest Expense	0.22	5.10	-1.11	3.48	4.56	7.13	1.14	0.00	1.80	6.42
Operating Cash Flow Less CapEx to Interest Expense	-0.35	4.45	-1.63	2.97	3.73	6.59	0.76	0.00	1.34	5.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.40	0.50	0.31	0.32	0.32	0.32	0.34	0.34	0.35
Accounts Receivable Turnover	5.69	7.66	8.93	6.06	6.48	6.65	6.18	6.17	6.68	7.15
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.47	21.91	31.50	16.79	17.87	18.07	20.19	16.53	19.06	19.84
Days Sales Outstanding (DSO)	64.10	47.63	40.86	60.21	56.35	54.89	59.08	59.12	54.62	51.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	48.84	16.66	11.59	21.74	20.42	20.20	18.08	22.09	19.15	18.39
Cash Conversion Cycle (CCC)	15.26	30.97	29.27	38.46	35.92	34.69	41.00	37.03	35.47	32.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	97,527	93,935	94,178	91,035	88,559	86,361	84,896	72,760	73,047	69,131
Invested Capital Turnover	0.42	0.57	0.70	0.43	0.45	0.46	0.45	0.49	0.49	0.51
Increase / (Decrease) in Invested Capital	72,460	69,685	70,379	-11,822	-8,968	-7,574	-9,282	-18,275	-15,512	-17,230
Enterprise Value (EV)	76,927	69,861	84,375	76,132	70,255	68,886	62,034	56,645	58,175	61,024
Market Capitalization	27,917	23,021	36,693	30,549	26,470	27,751	21,289	18,230	20,228	25,930
Book Value per Share	$19.99	$19.39	$19.13	$18.66	$18.37	$18.55	$18.07	$14.02	$14.32	$13.87
Tangible Book Value per Share	($13.46)	($13.31)	($12.92)	($12.74)	($12.24)	($11.49)	($11.21)	($10.84)	($10.01)	($9.75)
Total Capital	99,949	97,666	96,772	94,062	90,942	90,141	87,872	76,373	76,383	74,443
Total Debt	49,869	48,999	48,930	47,277	44,800	43,669	42,578	40,958	40,209	39,505
Total Long-Term Debt	48,612	48,634	45,434	44,276	43,498	41,889	39,148	37,289	37,166	36,757
Net Debt	47,447	45,268	46,336	44,250	42,417	39,889	39,602	37,345	36,873	34,193
Capital Expenditures (CapEx)	316	364	299	292	457	268	195	252	215	286
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,169	-4,384	-1,751	-3,159	-2,838	-3,114	-2,600	-4,282	-3,483	-4,296
Debt-free Net Working Capital (DFNWC)	-747	-653	843	-132	-455	666	376	-669	-147	1,016
Net Working Capital (NWC)	-2,004	-1,018	-2,653	-3,133	-1,757	-1,114	-3,054	-4,338	-3,190	-1,732
Net Nonoperating Expense (NNE)	752	753	670	586	475	265	768	2,882	56	753
Net Nonoperating Obligations (NNO)	47,447	45,268	46,336	44,250	42,417	39,889	39,602	37,345	36,873	34,193
Total Depreciation and Amortization (D&A)	7,083	4,889	6,781	6,552	5,175	5,501	5,715	5,664	4,894	4,710
Debt-free, Cash-free Net Working Capital to Revenue	-12.19%	-12.96%	-4.23%	-7.54%	-6.75%	-7.54%	-6.41%	-10.72%	-8.80%	-10.93%
Debt-free Net Working Capital to Revenue	-2.87%	-1.93%	2.04%	-0.32%	-1.08%	1.61%	0.93%	-1.68%	-0.37%	2.58%
Net Working Capital to Revenue	-7.71%	-3.01%	-6.41%	-7.48%	-4.18%	-2.70%	-7.53%	-10.86%	-8.06%	-4.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.95)	($2.06)	($0.44)	($0.51)	($0.17)	($0.16)	($0.40)	($4.07)	$0.06	($0.21)
Adjusted Weighted Average Basic Shares Outstanding	2.43B	1.94B	2.43B	2.44B	2.44B	2.44B	2.44B	2.45B	2.45B	2.45B
Adjusted Diluted Earnings per Share	($0.95)	($2.06)	($0.44)	($0.51)	($0.17)	($0.16)	($0.40)	($4.07)	$0.05	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	2.43B	1.94B	2.43B	2.44B	2.44B	2.44B	2.44B	2.45B	2.47B	2.45B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.43B	2.43B	2.44B	2.44B	2.44B	2.44B	2.45B	2.45B	2.45B	2.45B
Normalized Net Operating Profit after Tax (NOPAT)	-438	-438	-302	-528	273	-75	-154	-487	207	447
Normalized NOPAT Margin	-4.46%	-3.98%	-2.82%	-5.10%	2.74%	-0.73%	-1.55%	-5.02%	2.15%	4.46%
Pre Tax Income Margin	-29.02%	-23.08%	-11.57%	-14.29%	-5.33%	-5.96%	-8.22%	-103.32%	-1.85%	-3.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.00	-3.51	-1.10	-1.52	0.06	-0.20	-0.50	0.00	0.66	0.23
NOPAT to Interest Expense	-2.76	-2.38	-0.68	-1.10	0.12	-0.25	-0.36	0.00	0.42	0.27
EBIT Less CapEx to Interest Expense	-4.57	-4.16	-1.63	-2.02	-0.77	-0.74	-0.88	0.00	0.20	-0.44
NOPAT Less CapEx to Interest Expense	-3.33	-3.03	-1.21	-1.60	-0.70	-0.79	-0.74	0.00	-0.04	-0.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-5.97%	-4.11%	-3.54%	-4.59%	-6.21%	-9.78%	-6.52%	-1.64%	-1.70%	-1.68%
Augmented Payout Ratio	-5.97%	-4.11%	-3.54%	-4.59%	-6.21%	-11.37%	-6.52%	-1.64%	-1.70%	-1.68%

Frequently Asked Questions About Warner Bros. Discovery's Financials

When does Warner Bros. Discovery's financial year end?

According to the most recent income statement we have on file, Warner Bros. Discovery's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Warner Bros. Discovery's net income changed over the last 8 years?

Warner Bros. Discovery's net income appears to be on an upward trend, with a most recent value of -$11.48 billion in 2024, falling from $1.05 billion in 2015. The previous period was -$3.08 billion in 2023.

What is Warner Bros. Discovery's operating income?

Warner Bros. Discovery's total operating income in 2024 was -$10.03 billion, based on the following breakdown:

Total Gross Profit: $16.35 billion
Total Operating Expenses: $26.38 billion

How has Warner Bros. Discovery revenue changed over the last 8 years?

Over the last 8 years, Warner Bros. Discovery's total revenue changed from $6.39 billion in 2015 to $39.32 billion in 2024, a change of 515.0%.

How much debt does Warner Bros. Discovery have?

Warner Bros. Discovery's total liabilities were at $69.62 billion at the end of 2024, a 8.7% decrease from 2023, and a 584.4% increase since 2015.

How much cash does Warner Bros. Discovery have?

In the past 9 years, Warner Bros. Discovery's cash and equivalents has ranged from $300 million in 2016 to $7.31 billion in 2017, and is currently $5.31 billion as of their latest financial filing in 2024.

How has Warner Bros. Discovery's book value per share changed over the last 9 years?

Over the last 9 years, Warner Bros. Discovery's book value per share changed from 12.66 in 2015 to 13.87 in 2024, a change of 9.6%.

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This page (NASDAQ:WBD) was last updated on 4/15/2025 by MarketBeat.com Staff

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Warner Bros. Discovery (WBD) Financials

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Warner Bros. Discovery (WBD) Financials

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