secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2025-08-07T23:59:59+00:00
Accession:  0001437107-25-000189
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000189/0001437107-25-000189-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000189/disca-20250807.htm
  HTML page:      https://secwatch.observer/filing/0001437107-25-000189

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