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Warner Bros Discovery

WBDCommunication

Generated Aug 19, 2026, 11:14 PM UTC

analytical score -27

WBD (Warner Bros Discovery) analytical snapshot. Revenue declined +5.1% YoY to $37.30B. 5-year revenue CAGR +25.1%; 10y CAGR +21.4%. Net margin at 1.95% (expanding ▲). Market cap $71.63B at $28.53 per share. Trailing P/E 98.38, P/S 1.92, P/B 2.18. EV/Operating income ≈ 135.89 (EV $100.28B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -27 (data confidence 82%). Descriptive analytics from public filings — not investment advice.

Market cap
$71.63B
2.51B shares
Price
$28.53
NMS
P/E (ttm)
98.38
Revenue (FY)
$37.30B
YoY -5.1%
Net margin
1.95%
▲ 23.75pp
Free cash flow
$3.09B
8.28% margin
Risk level
Elevated

Free SEC analysis

— computed from SEC filings, free to read
Free previewRegulatory Analyst

Filings & Ownership

Regulatory Analyst
score 30Improving
80% conf

Latest annual report (10-K) filed Feb 27, 2026. Latest quarterly report (10-Q) filed Aug 6, 2026. 11 recent 8-K material-event filings in the index.

  • Latest annual report (10-K) filed Feb 27, 2026.
  • Latest quarterly report (10-Q) filed Aug 6, 2026.
  • 11 recent 8-K material-event filings in the index.
  • Recent insider Form 4s: 0 buy vs 0 sell transactions.
  • ~10,000+ recent 13F-HR filings reference Warner Bros Discovery; broad institutional reporting.
  • Recent filers include NEXPOINT ASSET MANAGEMENT, L.P., Audent Global Asset Management, LLC, HARVEST MANAGEMENT LLC.
  • 9 recent 13D activist/beneficial-ownership filings — potential catalyst.
  • 11 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 27, 2026
Annual report
Latest 10-Q
Aug 6, 2026
8-K (recent)
11
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
9
Recent 13F institutional filers (SEC EDGAR full-text)
FilerFormFiled
NEXPOINT ASSET MANAGEMENT, L.P.13F-HRMay 15, 2026
Audent Global Asset Management, LLC13F-HRFeb 14, 2024
HARVEST MANAGEMENT LLC13F-HRNov 14, 2025
Westchester Capital Management, LLC13F-HRNov 14, 2025
Cannon Global Investment Management, LLC13F-HROct 28, 2025
Recent 8-K material events
DateFormDescription
Aug 6, 20268-K8-K
Jun 12, 20268-K8-K
Jun 4, 20268-K8-K
May 27, 20268-K8-K
May 19, 20268-K8-K
May 6, 20268-K8-K
Apr 30, 20268-K8-K
Apr 23, 20268-K8-K
Sources:SEC EDGAR — Company FilingsSEC EDGAR — Full-Text Search
Free previewSEC Filing Analyst

SEC Filing Deep-Analysis

SEC Filing Analyst
score -57Deteriorating
64% conf

4 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.

  • Earnings-cash flow divergence: Net income grew +106.4% while operating cash flow declined -19.6%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
  • Free cash flow deteriorating: FCF declined +30.2% YoY (from $4.43B to $3.09B). With OCF at $4.32B and capex at $1.23B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
  • NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
  • NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
  • Operating cash flow exceeds net income: OCF is 5.94x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
  • Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
  • Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
  • 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
  • 20 disclosure(s) dropped from prior year — reduced reporting granularity.
  • 2 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue.
Revenue
$37.30B
-5.1% YoY
Operating income
$738.0M
+107.4% YoY
Net income
$727.0M
+106.4% YoY
Operating cash flow
$4.32B
-19.6% YoY
Capex
$1.23B
+29.9% YoY
Total assets
$100.08B
-4.3% YoY
Total liabilities
$62.92B
-9.6% YoY
Long-term debt
$32.57B
-17.6% YoY
Filing quality score
76/100
3 new disclosures
SEC XBRL metric changes (latest annual vs prior)
MetricPrior yearLatest yearChange% Change
Revenue$39.32B$37.30B$-2.02B-5.1%
Operating income$-10.03B$738.0M$10.77B+107.4%
Net income$-11.31B$727.0M$12.04B+106.4%
Operating cash flow$5.38B$4.32B$-1.06B-19.6%
Capex$948.0M$1.23B$283.0M+29.9%
Total assets$104.56B$100.08B$-4.47B-4.3%
Total liabilities$69.62B$62.92B$-6.70B-9.6%
Long-term debt$39.51B$32.57B$-6.94B-17.6%
Cash & equivalents$5.31B$4.57B$-746.0M-14.0%
Stockholders equity$34.04B$35.92B$1.88B+5.5%
SG&A expense$9.30B$9.42B$122.0M+1.3%
Interest expense$1.78B$2.22B$444.0M+25.0%
XBRL disclosure changes (new vs dropped concepts)
TypeConcepts
AddedCashAndCashEquivalentsFairValueDisclosure, NotesReceivableNet, StockIssuedDuringPeriodValueShareBasedCompensation
RemovedAccruedRoyaltiesCurrent, AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation, AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue, AdvertisingExpense, AllocatedShareBasedCompensationExpense, AmortizationOfIntangibleAssets, CapitalExpendituresIncurredButNotYetPaid, ContractualObligation, ContractualObligationDueAfterFifthYear
Risk language in filing text (EDGAR full-text search)
TermSeverityRecentPriorStatus
Going concern doubthigh50NEW
Substantial doubt about ability to continuehigh50NEW
Impairment chargemedium54Ongoing
Restructuringmedium510Ongoing
Off-balance sheet arrangementsmedium52Ongoing
Related party transactionslow511Ongoing
Filing signal breakdown
Red flags: 4
Positive: 1
Watch: 0
Red flags
Positive
Watch
Sources:SEC EDGAR — Company Facts (XBRL)SEC EDGAR — Financial Reports
Free previewFundamentals Analyst

Fundamentals

Fundamentals Analyst
score -50Deteriorating
80% conf

Revenue declined +5.1% YoY to $37.30B. 5-year revenue CAGR +25.1%; 10y CAGR +21.4%. Net margin at 1.95% (expanding ▲).

  • Revenue declined +5.1% YoY to $37.30B.
  • 5-year revenue CAGR +25.1%; 10y CAGR +21.4%.
  • Net margin at 1.95% (expanding ▲).
  • Return on equity 2.02%, ROA 0.73%, ROIC 1.08%.
  • Gross margin 0.00%, operating margin 1.98%.
  • Free cash flow margin 8.28% ($3.09B).
  • Net income up ▲ +106.4% YoY.
  • Debt/equity 0.98, current ratio 0.78, net debt $28.65B.
  • Asset turnover 0.38 — capital efficiency.
Revenue (FY)
$37.30B
YoY -5.1%
Net margin
1.95%
▲ 23.75pp
ROE
2.02%
ROA 0.73%
ROIC
1.08%
EPS (diluted)
$0.29
FY2025
Free cash flow
$3.09B
8.28% margin
Debt / equity
0.98
Cash $3.37B
Current ratio
0.78
Equity $32.84B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
FYRevenueRev YoYGross%Op%Net%FCFROE%
2024$39.32B-4.8%0.00-25.51-28.77$4.43B-33.23
2025$37.30B-5.1%0.001.981.95$3.09B2.02
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
Quarter endRevenueYoYQoQNet margin
Mar 31, 2022$3.16B+13.1%—14.43%
Jun 30, 2022$9.83B+220.9%+211.1%-34.78%
Sep 30, 2022$9.82B+211.8%-0.0%-23.50%
Mar 31, 2023$10.70B+238.7%+8.9%-9.99%
Jun 30, 2023$10.36B+5.4%-3.2%-11.97%
Sep 30, 2023$9.98B+1.6%-3.7%-4.18%
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro

Pro analysis — preview

— score, signals & key metrics shown; full reasoning locked

Valuation

Valuation Analyst
score -50Deteriorating
95% conf

Market cap $71.63B at $28.53 per share. Trailing P/E 98.38, P/S 1.92, P/B 2.18. EV/Operating income ≈ 135.89 (EV $100.28B).

  • Market cap $71.63B at $28.53 per share.
Market cap
$71.63B
2.51B shares
P/E (ttm)
98.38
P/S
1.92
P/B
2.18
EV
$100.28B
Intrinsic (DCF)
$21.16
-25.8% vs price
ProFull breakdown & reasoning locked

Price & Technicals

Technical Analyst
score 50Improving
85% conf

Price $28.53 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 86.43 (overbought).

  • Price $28.53 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$28.53
NMS
RSI(14)
86.43
50-DMA
$26.66
200-DMA
$26.94
Volatility (ann.)
40.53%
52w range
$11.25–$30.00
-4.9% from high
ProFull breakdown & reasoning locked

Macro & Rates

Macro Analyst
score 30Improving
80% conf

Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.

  • Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked

Risk Scorecard

Risk Analyst
score -35Deteriorating
90% conf

Composite risk Elevated. Leverage debt/equity 0.98 (moderate). Liquidity current ratio 0.78 (stretched).

  • Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.98
Current ratio
0.78
Margin stdev
26.78pp
Cash / assets
3.46%
Liab / assets
65.04%
ProFull breakdown & reasoning locked

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Macro exposure

Cyclical / growth · High sensitivity
Supportive

Macro regime: Risk-on · Supportive. Warner Bros Discovery is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.

Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
15.84
Fed funds
3.63%
CPI YoY
+3.3%

Analytical read

deterministic preview

Price $28.53 — uptrend (above 200-DMA); 1-month momentum positive..

Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Open analytical workspace

Peer comparison

Cyclical / growth group

How WBD stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.

CompanyScoreMacro
CF Industries CF33Supportive
MercadoLibre Inc. MELI32Supportive
Booking Holdings BKNG32Supportive
Uber Technologies UBER32Supportive
Shopify Inc. SHOP30Supportive
Newmont Corp. NEM29Supportive
Alphabet Inc. GOOGL29Supportive
Intuit Inc. INTU28Supportive
Pinterest Inc. PINS28Supportive
Salesforce Inc. CRM27Supportive
Adobe Inc. ADBE26Supportive
Workday Inc. WDAY20Supportive
Microsoft Corp. MSFT19Supportive
NVIDIA Corp. NVDA17Supportive
Netflix Inc. NFLX17Supportive
Marvell Technology MRVL16Supportive
Roku Inc. ROKU15Supportive
Okta Inc. OKTA15Supportive
Comcast Corp. CMCSA15Supportive
Cloudflare Inc. NET14Supportive
Meta Platforms Inc. META14Supportive
T-Mobile US Inc. TMUS14Supportive
Datadog Inc. DDOG14Supportive
Amazon.com Inc. AMZN11Supportive
Eaton Corp. ETN10Supportive
Airbnb Inc. ABNB10Supportive
Delta Air Lines DAL9Supportive
Energy Transfer ET8Supportive
ConocoPhillips COP8Supportive
Spotify Technology SPOT8Supportive
Exxon Mobil Corp. XOM8Supportive
GE Aerospace GE7Supportive
Zscaler Inc. ZS7Supportive
Valero Energy VLO7Supportive
IBM Corp. IBM6Supportive
General Dynamics GD6Supportive
Snowflake Inc. SNOW6Supportive
United Airlines Holdings UAL5Supportive
Oracle Corp. ORCL5Supportive
Lam Research Corp. LRCX5Supportive
Qualcomm Inc. QCOM5Supportive
ASML Holding NV ASML4Supportive
Dollar General Corp. DG4Supportive
Boeing Co. BA4Supportive
Advanced Micro Devices AMD1Supportive
Alibaba Group BABA1Supportive
Ulta Beauty Inc. ULTA1Supportive
Devon Energy DVN1Supportive
Verizon Communications VZ1Supportive
Hess Corp. HES0Supportive
ServiceNow Inc. NOW0Supportive
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Occidental Petroleum OXY-1Supportive
RTX Corp. RTX-2Supportive
General Motors Co. GM-2Supportive
Honeywell International HON-2Supportive
Marathon Petroleum MPC-2Supportive
Apple Inc. AAPL-3Supportive
Lockheed Martin LMT-4Supportive
Cisco Systems Inc. CSCO-4Supportive
EOG Resources EOG-4Supportive
CrowdStrike Holdings CRWD-5Supportive
Chipotle Mexican Grill CMG-5Supportive
Nucor Corp. NUE-5Supportive
Lowe's Cos. LOW-5Supportive
Schlumberger N.V. SLB-6Supportive
Union Pacific Corp. UNP-6Supportive
Applied Materials Inc. AMAT-7Supportive
Royal Caribbean Group RCL-7Supportive
Autodesk Inc. ADSK-7Supportive
Linde plc LIN-8Supportive
Palo Alto Networks PANW-8Supportive
Phillips 66 PSX-8Supportive
Sherwin-Williams SHW-9Supportive
Old Dominion Freight ODFL-10Supportive
TJX Cos. TJX-10Supportive
Micron Technology MU-10Supportive
McDonald's Corp. MCD-10Supportive
Norfolk Southern NSC-11Supportive
Nike Inc. NKE-13Supportive
Freeport-McMoRan FCX-14Supportive
Texas Instruments TXN-14Supportive
Chevron Corp. CVX-15Supportive
3M Co. MMM-16Supportive
Broadcom Inc. AVGO-16Supportive
Yum Brands Inc. YUM-16Supportive
United Parcel Service UPS-17Supportive
Air Products & Chemicals APD-17Supportive
Dow Inc. DOW-17Supportive
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Microchip Technology MCHP-20Supportive
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Warner Bros Discovery WBD● you-27Supportive
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