secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001437107-26-000011
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000011/0001437107-26-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000011/disca-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001437107-26-000011

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