WBD Q4 revenue down 2%, net loss widens; DTC turns profitable with $409M EBITDA

Warner Bros. Discovery, Inc.

2024-FY EPS reported -$4.62 revenue$39,321,000,000

Q4 revenue $10.0B (-2% YoY); net loss $(494)M vs $(400)M; Adj. EBITDA $2.7B (+11% ex-FX).
DTC: revenue $2.65B (+6% ex-FX), Adj. EBITDA $409M vs $(55)M; global subs 116.9M (+6.4M QoQ).
Networks revenue -4% ex-FX, Adj. EBITDA -13% ex-FX; domestic linear subs down 9% YoY.
FY2024 net loss $11.3B includes $9.1B goodwill impairment; FCF $4.4B; net debt $34.6B (3.8x leverage).
2025 DTC Adj. EBITDA target ~$1.3B; Max to launch Australia, Germany, Italy, UK; Studios improvement expected.

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