---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-26-000055"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2026-05-06T23:59:59+00:00"
generated_at: "2026-05-14T22:35:50.602826+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437107-26-000055
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2026-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000055/0001437107-26-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000055/disca-20260506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-26-000055
- JSON: https://secwatch.observer/filing/0001437107-26-000055.json
- Plain text: https://secwatch.observer/filing/0001437107-26-000055.txt

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