Warner Bros. Discovery, Inc. (WBD) Earnings Call Transcripts

Warner Bros. Discovery, Inc.'s Latest Earnings Call - Q2 FY2026

In Q2 2026, Warner Bros. Discovery (WBD) reported significant growth in its streaming segment, with revenues surpassing $3 billion for the first time, marking a 10% increase in subscriber-related revenue. The company achieved an adjusted EBITDA of $512 million, reflecting a more than 60% improvement year-over-year. Management maintained a positive outlook, emphasizing strong content pipelines and international growth, while also expressing confidence in the completion of the Paramount Skydance transaction. Overall, the results indicate a robust turnaround from previous years, positioning WBD favorably for future growth.

Reported metrics

Guidance from management

Management expressed confidence in the completion of the Paramount Skydance transaction and highlighted a strong content pipeline for 2027, expecting continued growth in streaming and international markets.

What management said

Rich, just first and foremost, we're confident this transaction will close. And we've been trying to drive the value of the company to deliver to PSKY and to David, the best company possible. The company is performing at a very high level. And we have every expectation that the transaction will close and that the company will be performing even better than the plan that we presented to PSKY when we did our deal.

One of the things that we're seeing, and it varies by market, but the benefit of the work that Casey and JB and the team have done in driving HBO Max globally, where as you look at a number of countries, we're outrunning the decline by the significant growth that we're seeing at HBO Max. That's not true for all markets. But we're seeing it meaningfully in a number of markets, which is encouraging and the continued gr...

What analysts pressed on

Analysts raised concerns about the linear advertising market's significant decline and the studio segment's ability to rebound to previous EBITDA levels. There were also questions about maintaining film production output in the coming years amidst current challenges.

Main topics on the call

• Streaming Revenue Growth — WBD's streaming segment generated over $3 billion in revenues, a first for the company, with a 10% growth in subscriber-related revenue. David Zaslav noted, "streaming generated $512 million in adjusted EBITDA, a more th...
• Content Pipeline Strength — Management highlighted a strong content pipeline for both 2026 and 2027, including major titles like 'Harry Potter' and 'The Pitt'. Zaslav stated, "we expect that momentum to continue" as new seasons and debuts are on th...
• Studio Segment Outlook — Despite a challenging quarter for the studio segment, management remains confident in achieving over $3 billion in adjusted EBITDA long-term. Gunnar Wiedenfels mentioned, "I have 0 doubts about our long-term $3 billion E...
• Advertising Market Challenges — The linear advertising market faced a nearly 30% decline, primarily driven by NBA viewership drops. Wiedenfels noted, "the trends are slightly different from market to market, but Q2 was a little weaker than Q1."

Read the full Warner Bros. Discovery, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 74 Warner Bros. Discovery, Inc. earnings call transcripts on record, spanning January 8, 2020 to August 6, 2026. Based on this history, Warner Bros. Discovery, Inc. reports quarterly. The most recent call on file is dated August 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

WBD

Exchange

NasdaqGS

Country

US

Sector

Communication Services

Industry

Entertainment

Calls on record

74

First call

January 8, 2020

Most recent

August 6, 2026

Reporting cadence

quarterly