WBD Q1 net loss $2.9B includes $2.8B Netflix termination fee; Adj EBITDA +5%

Warner Bros. Discovery, Inc.

2026-Q1 EPS reported -$1.17 revenue$8,893,000,000

Net loss available to WBD of $2.916B ($1.17 diluted EPS) vs $453M loss YoY; $2.8B Netflix termination fee.
Total revenues $8.893B, down 1% reported (3% ex-FX); Streaming rev +7% ex-FX, Studios +31%.
Adjusted EBITDA $2.203B (+5% reported); Free cash flow -$476M vs +$302M prior year.
Ended Q1 with 140M+ global streaming subs, ahead of guidance; on track for 150M by year-end 2026.
Leverage 3.4x net debt/EBITDA; $30.1B net debt; $3.3B cash; $4.0B revolver undrawn.

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