Warner Bros. Discovery's third-quarter 2025 revenue fell 6.0% to $9.05 billion, with a $148 million shareholder net loss and games revenue down 23% at constant currency

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Warner Bros. Discovery reported revenue of $9.05 billion for the quarter ended Sep 30, 2025, 6.0% below the $9.62 billion of the same quarter a year earlier. Operating income was $611 million, against $281 million a year earlier, but the bottom line turned to a loss: $148 million attributable to the company's shareholders, or $0.06 a share on a diluted basis, against net income of $135 million, or $0.05 a share. The figures came from its Form 10-Q, the quarterly report a US-listed company files with the SEC, filed on Nov 6, 2025. Income before income taxes was $27 million, and income tax was an expense of $170 million, against a $319 million benefit a year earlier; interest expense rose $76 million, which the company mainly tied to higher costs of its Bridge Loan Facility.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13

In October 2025 the company said its board would evaluate a broad range of strategic options, which included continuing its separation plan, a transaction for the entire company, separate transactions for Warner Bros. and/or Discovery Global, and an alternative separation structure that would enable a merger of Warner Bros. and a spin-off of Discovery Global. The company said the review had no deadline or definitive timetable, while the filing also said it remained on track to complete the separation, announced in June 2025, by mid-2026, subject to conditions. Under the separation plan, Warner Bros. would primarily consist of the Streaming and Studios segments, and the filing described Studios as including interactive gaming. On Dec 4, 2025, WBD entered into a merger agreement with Netflix, according to an 8-K filed on Dec 5, 2025.14^,15^,16^,17^,18^,19^,20^,21

Games revenue fell 23% in the quarter at constant currency (ex-FX, which strips out exchange-rate moves), which the company attributed to lower carryover, and 31% over the nine months ended Sep 30, 2025, which it attributed to lower carryover and fewer releases in 2025. Games content expense fell 51% in the quarter on the same basis, which the report tied to $122 million of impairments in the year-earlier quarter, and 58% over nine months, tied to $335 million of impairments in the year-earlier nine months and to lower revenue and fewer releases. Studios segment revenue, which counts sales to the company's other segments, rose 24% as reported to $3.32 billion, and the company credited higher film rental revenue to Superman, Conjuring: Last Rites and Weapons, released in the third quarter of 2025, and carryover from F1. Global Linear Networks revenue, which was likewise stated before sales between segments are eliminated, fell 22% as reported to $3.88 billion; within it, content revenue fell 74% at constant currency, which the company tied to the sublicensing of Olympic sports rights in Europe, a favorable $578 million for content revenue in 2024.22^,23^,24^,25^,26^,27^,28^,29^,30^,31^,32^,33^,34^,35^,36^,37^,38

Our records hold this filing's management discussion, not its notes to the financial statements or its other exhibits. Our records keep one value for each period of an SEC filer, the latest filed, so they cannot tell whether the year-earlier figures were restated.39^,40