---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-23-000169"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2023-11-08T23:59:59+00:00"
generated_at: "2026-06-08T09:07:10.845116+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# WBD Q3 revenue $9.98B, Adj. EBITDA +22% ex-FX to $2.97B; DTC profit $111M

## Summary
- Total revenues $9.98B (+1% ex-FX YoY); net loss narrowed to $417M from $2.31B.
- Adjusted EBITDA $2.97B (+22% ex-FX); free cash flow $2.06B vs -$192M prior year.
- DTC segment posted $111M Adj. EBITDA vs $634M loss; subscribers 95.1M (down 0.7M QoQ), ARPU $7.82 (+6% ex-FX).
- Networks revenue $4.87B (-7% ex-FX) on ad decline; Studios revenue $3.23B (+3% ex-FX) driven by Barbie.
- Repaid $2.4B debt in Q3; gross debt $45.3B; net leverage 4.2x; year-to-date free cash flow on track to exceed $5B.

## SEC filing metadata
- accession: 0001437107-23-000169
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2023-11-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000169/0001437107-23-000169-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000169/disca-20231108.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-23-000169
- JSON: https://secwatch.observer/filing/0001437107-23-000169.json
- Plain text: https://secwatch.observer/filing/0001437107-23-000169.txt

## Key facts
- Earnings Releases
  Warner Bros. Discovery, Inc. reported the quarter ended September 30, 2023 results: revenue $9,979 million, net income $(417) million.
  - Period: the quarter ended September 30, 2023
  - Revenue: $9,979 million
  - Net income: $(417) million
  - Result: reported results
  source text: or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- wbd3q23earningsreleasefi • Q3 total revenues were $9,979 million. Revenues increased 1% ex-FX(1)(*) compared to the prior year quarter. • Net loss available to Warner Bros. Discovery, Inc. was $(417) million, and included $1,758 million of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000143710723000169/0001437107-23-000169-index.htm

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