---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-25-000093"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T03:50:35.103164+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# WBD Q1 revenue down 10% to $8.98B; streaming EBITDA surges to $339M

## Summary
- Revenue $8.98B (-10% reported, -9% ex-FX); net loss narrowed to $453M from $966M.
- Streaming segment Adj. EBITDA $339M vs $86M; global subscribers 122.3M (+5.3M QoQ).
- Global Linear Networks rev down 7%, Adj. EBITDA down 15% to $1,793M on audience declines.
- Repaid $2.2B debt; gross debt $38.0B, net leverage 3.8x; refinanced $1.5B 2026 notes.
- Reiterated 2025 streaming Adj. EBITDA target of at least $1.3B.

## SEC filing metadata
- accession: 0001437107-25-000093
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000093/0001437107-25-000093-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000093/disca-20250508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-25-000093
- JSON: https://secwatch.observer/filing/0001437107-25-000093.json
- Plain text: https://secwatch.observer/filing/0001437107-25-000093.txt

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