Warner Bros. Discovery Q3 net loss $148M; revenue down 6% YoY but streaming subs up to 128M

Warner Bros. Discovery, Inc.

2025-Q3 EPS reported $0.39 revenue$27,836,000,000

Revenue $9.045B, down 6% YoY; net loss $148M vs income $135M.
Adjusted EBITDA $2.47B, up 2% ex-FX; streaming subscribers 128.0M (+2.3M QoQ).
Studios revenue +23% ex-FX to $3.32B, Adj EBITDA $695M (vs $308M).
Free cash flow $701M; repaid $1.2B debt including $1B bridge loan.
Guidance: Studios to exceed $2.4B Adj EBITDA, Streaming at least $1.3B for 2025.

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