secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2026-05-06T23:59:59+00:00
Accession:  0001437107-26-000055
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000055/0001437107-26-000055-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000055/disca-20260506.htm
  HTML page:      https://secwatch.observer/filing/0001437107-26-000055

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