---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-25-000213"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:35:31.532349+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437107-25-000213
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000213/0001437107-25-000213-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710725000213/disca-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-25-000213
- JSON: https://secwatch.observer/filing/0001437107-25-000213.json
- Plain text: https://secwatch.observer/filing/0001437107-25-000213.txt

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