Warner Bros. Discovery reports $727 million of 2025 net income to shareholders, against an $11.3 billion loss

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 filed its annual report on Form 10-K, the yearly financial report a US-listed company gives the SEC, on Feb 27, 2026. It reports net income attributable to the company's shareholders of $727 million for the year to Dec 31, 2025, against a net loss of $11.31 billion the year before. Diluted earnings per share were $0.29, against a loss of $4.62 a share the year before. Revenue was $37.3 billion, 5.1% below the $39.32 billion of the year before. The company had published its fourth-quarter and full-year results in an earnings release on Feb 26.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11

Operating income, the profit from running the business before interest and tax, was $738 million, against an operating loss of $10.03 billion the year before. Impairments and loss on dispositions came to $172 million in 2025, against $9,603 million in 2024. The company's discussion says the 2024 figure was mainly a $9,147 million non-cash goodwill impairment charge on its Global Linear Networks reporting unit, recorded in the second quarter; that segment is where the report puts its television networks. Net income includes a gain of about $2,959 million on extinguishment of debt, which the company recorded in 2025 after purchasing senior notes and debentures with a principal amount of $17,665 million.12^,13^,14^,15^,16^,17

Games sit in the Studios segment: the report lists interactive gaming among its activities, and Warner Bros. Games is one of the brands the report names. Studios segment revenue was $12.62 billion, up 8.7%, a total that includes content the segment licenses to the company's other segments. Excluding currency effects, the company says, games revenue fell 32% in 2025 on lower carryover and fewer releases, while theatrical product revenue rose 15%, helped by higher film rental revenue that the report credits mainly to titles including A Minecraft Movie. On the same basis, games content expense fell 55%, which the report ties mainly to $384 million of impairments in the prior year and to lower expense in line with lower revenue and fewer releases.18^,19^,20^,21^,22^,23^,24^,25^,26^,27^,28

The company's own measure, adjusted EBITDA, is not a GAAP figure (one computed under US accounting rules): the earnings release marks it as non-GAAP, and the report defines it as operating income without items such as share-based pay, depreciation and amortization and restructuring. Adjusted EBITDA was $8.7 billion for the year, against $9.03 billion the year before.29^,30^,31

Our records hold the text of this filing's management discussion and analysis (80 subsections) and nothing else of it; the discussion we hold does not name the games behind the change in games revenue. Our records also keep one value for each period of an SEC filer, so they cannot tell whether the year-earlier figures were restated.32^,33