WBD Q2 net income $1.58B; adj. EBITDA +9% to $1.95B; streaming subs 125.7M

Warner Bros. Discovery, Inc.

2025-Q2 EPS reported $0.45 revenue$18,791,000,000

Revenue $9.812B (+1% YoY); content rev +17% to $2.471B; Studios rev +55% to $3.801B.
Streaming segment Adj. EBITDA $293M vs. -$107M; global streaming subs 125.7M (+3.4M QoQ).
Net income $1.58B includes $2.958B pre-tax gain on debt extinguishment; diluted EPS $0.63.
Free cash flow $702M (down 28% YoY); gross debt reduced $2.7B to $35.6B; net leverage 3.3x.
Studios segment on track for at least $2.4B full-year Adj. EBITDA; 2025 guidance reaffirmed.

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