---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-23-000074"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T16:24:49.229208+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Warner Bros. Discovery Q1 net loss $1.07B; DTC segment turns profitable at $50M EBITDA

## Summary
- Revenue $10.7B, down 5% ex-FX; net loss $1.07B includes $1.81B acquisition amortization.
- DTC segment EBITDA $50M vs loss $654M pro forma year ago; 1.6M net adds to 97.6M subs.
- U.S. DTC now expected profitable in FY2023, one year ahead of prior guidance.
- Free cash flow negative $930M due to $836M semi-annual interest payments on merger debt.
- Studios EBITDA $607M (down 23% ex-FX) despite Hogwarts Legacy >$1B retail sales.

## SEC filing metadata
- accession: 0001437107-23-000074
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000074/0001437107-23-000074-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000074/disca-20230505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-23-000074
- JSON: https://secwatch.observer/filing/0001437107-23-000074.json
- Plain text: https://secwatch.observer/filing/0001437107-23-000074.txt

## Key facts
- Earnings Releases
  Warner Bros. Discovery, Inc. reported the quarter ended March 31, 2023 results: revenue $10,700 million, net income $(1,069) million.
  - Period: the quarter ended March 31, 2023
  - Revenue: $10,700 million
  - Net income: $(1,069) million
  - Result: reported results
  source text: • Q1 total revenues were $10,700 million. Revenues decreased 5% ex-FX(1)(*), or decreased 3% ex-FX excluding the impact of the 2022 Winter Olympic Games(2)(*), compared to the prior year quarter, on a combined basis(3). • Net loss available to Warner Bros. Discovery, Inc. was $(1,069) million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000074/0001437107-23-000074-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.