---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-25-000028"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2025-02-27T23:59:59+00:00"
generated_at: "2026-05-26T01:29:45.246263+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.72
calibrated_materiality_score: 0.72
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437107-25-000028
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2025-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.72
- calibrated_materiality_score: 0.72
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000028/0001437107-25-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000028/disca-20250227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-25-000028
- JSON: https://secwatch.observer/filing/0001437107-25-000028.json
- Plain text: https://secwatch.observer/filing/0001437107-25-000028.txt

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