secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2025-11-06T23:59:59+00:00
Accession:  0001437107-25-000213
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000213/0001437107-25-000213-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710725000213/disca-20251106.htm
  HTML page:      https://secwatch.observer/filing/0001437107-25-000213

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