---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-23-000141"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T07:46:41.391173+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# WBD Q2 2023: net loss $1.24B, Adj EBITDA $2.15B (+23% ex-FX), launched $2.7B debt tender

## Summary
- Net loss $(1,240)M includes $1.66B amortization; Adjusted EBITDA $2,149M (+23% ex-FX vs pro forma).
- Total revenues $10.36B, down 4% ex-FX; DTC sub count fell 1.8M to 95.8M.
- DTC Adjusted EBITDA improved to $(3)M from $(558)M YoY on pro forma basis; Max launched in U.S. May 23.
- Repaid $1.6B debt in Q2; gross debt $47.8B; net leverage 4.6x; launched tender offer for up to $2.7B.
- Increased synergy target to >$5B; expect leverage below 4.0x by year-end and 2.5-3.0x by end 2024.

## SEC filing metadata
- accession: 0001437107-23-000141
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000141/0001437107-23-000141-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000141/disca-20230803.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-23-000141
- JSON: https://secwatch.observer/filing/0001437107-23-000141.json
- Plain text: https://secwatch.observer/filing/0001437107-23-000141.txt

## Key facts
- Earnings Releases
  Warner Bros. Discovery, Inc. reported the quarter ended June 30, 2023 results: revenue $10,358 million, net income $(1,240) million.
  - Period: the quarter ended June 30, 2023
  - Revenue: $10,358 million
  - Net income: $(1,240) million
  - Result: reported results
  source text: may exist due to rounding (*) A non-GAAP financial measure; see the section starting on page 12 titled Definitions & Sources for additional details. • Q2 total revenues were $10,358 million. Revenues decreased 4% ex-FX(1)(*), compared to the prior year quarter, on a combined basis(2). • Net loss available to Warner Bros. Discovery, Inc. was $(1,240) million, and
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000141/0001437107-23-000141-index.htm

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