secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2025-02-27T23:59:59+00:00
Accession:  0001437107-25-000028
Event type: earnings
Sentiment:  neutral
Materiality: 0.72
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000028/0001437107-25-000028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000028/disca-20250227.htm
  HTML page:      https://secwatch.observer/filing/0001437107-25-000028

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer