WBD Q4 revenue falls 6% to $9.46B; net loss $252M; streaming adds 3.5M subs

Warner Bros. Discovery, Inc.

2025-FY EPS reported $0.29 revenue$37,296,000,000

Q4 revenue $9.46B (down 6% YoY); net loss $252M vs loss $494M a year ago; adjusted EBITDA $2.22B (down 19%).
Global streaming subscribers grew to 131.6M (+3.5M QoQ); streaming revenue up 4% ex-FX to $2.79B.
Global Linear Networks revenue fell 13% ex-FX to $4.20B; Studios revenue down 14% ex-FX to $3.18B.
Free cash flow Q4 $1.38B (down 43% YoY) impacted by ~$600M separation/transaction costs; FY FCF $3.09B.
Net debt $29.0B with 3.3x leverage; repaid $1B bridge loan; facility maturity extended to June 2027.

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