---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-26-000011"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:31:16.230953+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437107-26-000011
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000011/0001437107-26-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000011/disca-20260226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-26-000011
- JSON: https://secwatch.observer/filing/0001437107-26-000011.json
- Plain text: https://secwatch.observer/filing/0001437107-26-000011.txt

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