secwatch.observer — SEC 8-K summary
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Issuer:     Warner Bros. Discovery, Inc. (WBD)
CIK:        0001437107
Form:       8-K
Filed at:   2026-08-06T11:04:14+00:00
Accession:  0001437107-26-000072
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Warner Bros. Discovery Q2 revenue down 11% to $8.7B; net income falls 91% to $149M; streaming EBITDA up 63%
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- Total revenues $8.717B, down 11% reported (12% ex-FX); net income $149M vs $1.58B prior year.
- Streaming segment revenues exceeded $3B for first time; Adjusted EBITDA $512M, up 63% ex-FX.
- Studios segment revenue down 39% ex-FX to $2.328B; Adjusted EBITDA down 89% to $96M due to weak theatrical slate.
- Global Linear Networks revenue down 17% ex-FX; advertising down 27% ex-FX, hurt by absence of NBA.
- Free cash flow $572M, down 19%; repaid $15B bridge loan with new term loans; net leverage 3.4x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000072/0001437107-26-000072-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437107/000143710726000072/disca-20260806.htm
  HTML page:      https://secwatch.observer/filing/0001437107-26-000072

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