Warner Bros. Discovery, Inc.

10-K & 10-Q Filings

Warner Bros. Discovery, Inc. is a premier global media and entertainment company that provides audiences with a diverse portfolio of content, brands, and franchises across television, film, streaming, and gaming. The company's business strategy is to create long-term value for shareholders by leveraging its strong asset mix, which includes production and release of feature films and television programs, distribution of content to various platforms, and interactive gaming. Warner Bros. Discovery's operations are classified into three reportable segments: Studios, Networks, and DTC (Direct-to-Consumer). The Studios segment includes Warner Bros. Motion Picture Group, DC Studios, Warner Bros. Television Group, Consumer Products, Themed Entertainment and Brand Licensing, DC Comics Publishing, Content Licensing, Home Entertainment, Studio Operations, and Interactive Gaming. The Networks segment consists of general entertainment, lifestyle, and news networks in the U.S. and internationally, including TNT, TBS, CNN, and WBD Sports. The DTC segment includes streaming services like Max, HBO Max, and discovery+, and premium pay-TV services like HBO. As of December 31, 2023, Warner Bros. Discovery had 97.7 million DTC subscribers. The company competes in the highly competitive media industry, facing competition from other production studios, television networks, and online content providers. Warner Bros. Discovery's intellectual property assets include copyrights, trademarks, patents, websites, and licenses of intellectual property rights from third parties. The company also invests in technology platforms to support its digital products and streaming services. Warner Bros. Discovery's website is www.warnerbros.com, and its stock is traded on the Nasdaq Global Select Market under the ticker symbol WBD.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 2023CAGR %YoY %Revenue (+)
$4235.00
4487.00
5535.00
6265.00
6394.00
6497.00
6873.00
10553.00
11144.00
10671.00
12191.00
33817.00
41321.00
20.90%22.19%Cost of Revenue (-)
$1233.00
1218.00
1689.00
2124.00
2343.00
2432.00
2656.00
3935.00
3819.00
3860.00
4620.00
20442.00
24526.00
28.30%19.98%Gross Profit (+)
$3002.00
3269.00
3846.00
4141.00
4051.00
4065.00
4217.00
6618.00
7325.00
6811.00
7571.00
13375.00
16795.00
15.43%25.57%Selling, General & Administrative (-)
$1183.00
1291.00
1575.00
1692.00
1669.00
1690.00
1768.00
2620.00
2788.00
2722.00
4016.00
9678.00
9696.00
19.16%0.19%Depreciation & Amortization (-)
$119.00
117.00
276.00
329.00
330.00
322.00
330.00
1398.00
1347.00
1359.00
1582.00
7193.00
7985.00
41.98%11.01%Non-recurring Operating Expenses (-)
$30.00
6.00
16.00
90.00
50.00
58.00
1402.00
750.00
155.00
3757.00
585.00
28.09%-84.43%Operating Expenses (-)
$1203.00
1414.00
1867.00
2111.00
2049.00
2007.00
3500.00
4768.00
4290.00
4296.00
5598.00
20628.00
18266.00
25.44%-11.45%Costs & Expenses (Total) (-)
$2436.00
2632.00
3537.00
4204.00
4409.00
4439.00
6160.00
8619.00
8135.00
8156.00
10179.00
41187.00
42869.00
27.00%4.08%Operating Income/Loss (+)
$1799.00
1855.00
1998.00
2061.00
1985.00
2058.00
713.00
1934.00
3009.00
2515.00
2012.00
-7370.00
-1548.00
79.00%Non-operating Income/Expense (+)
$-32.00
-89.00
63.00
45.00
-113.00
29.00
-379.00
-99.00
-38.00
-139.00
125.00
187.00
-94.00
-150.27%Interest Expense (-)
$208.00
248.00
306.00
328.00
330.00
353.00
475.00
729.00
677.00
648.00
633.00
1777.00
2221.00
21.82%24.99%Earnings before Tax (+)
$1559.00
1518.00
1736.00
1747.00
1559.00
1671.00
-137.00
1022.00
2294.00
1728.00
1433.00
-8960.00
-3863.00
56.89%Tax Expense (-)
$425.00
562.00
659.00
610.00
511.00
453.00
176.00
341.00
81.00
373.00
236.00
-1663.00
-784.00
52.86%Income/Loss (Continuing Operations) (+)
$1134.00
956.00
1077.00
1137.00
1048.00
1218.00
-313.00
681.00
2213.00
1355.00
1197.00
-7297.00
-3079.00
57.80%Income/Loss (Discontinued Operations) (+)
$-1.00
-11.00
Profit/Loss (+)
$1133.00
945.00
1077.00
1137.00
1048.00
1218.00
-313.00
681.00
2213.00
1355.00
1197.00
-7297.00
-3079.00
57.80%Net Income/Loss (NCI) (-)
$1.00
2.00
1.00
-2.00
14.00
24.00
24.00
87.00
144.00
136.00
191.00
74.00
47.00
37.83%-36.49%Net Income/Loss (+)
$1132.00
943.00
1075.00
1139.00
1034.00
1194.00
-337.00
594.00
2069.00
1219.00
1006.00
-7371.00
-3126.00
57.59%Preferred & Other Distributions (-)
$
Net Income/Loss (Common) (+)
$1132.00
943.00
1075.00
1139.00
1034.00
1194.00
-337.00
594.00
2069.00
1219.00
1006.00
-7371.00
-3126.00
57.59%EPS (Basic)
$2.82
2.51
3.01
1.59
1.97
-0.59
0.86
2.90
1.82
1.55
-3.82
-1.28
66.49%EPS (Diluted)
$2.80
2.48
2.97
1.58
1.96
-0.59
0.86
2.88
1.81
1.54
-3.82
-1.28
66.49%Weighted Avg Shares (Basic)
401.00
376.00
357.00
454.00
432.00
401.00
384.00
498.00
529.00
505.00
503.00
1940.00
2436.00
16.22%25.57%Weighted Avg Shares (Diluted)
405.00
380.00
361.00
687.00
656.00
610.00
576.00
688.00
711.00
672.00
664.00
1940.00
2436.00
16.13%25.57%Cash
$1048.00
1201.00
408.00
367.00
390.00
300.00
7309.00
986.00
1552.00
2091.00
3905.00
3731.00
3780.00
11.28%1.31%Receivables
$1042.00
1130.00
1371.00
1433.00
1479.00
1495.00
1838.00
2620.00
2633.00
2537.00
2446.00
6380.00
6047.00
15.78%-5.22%Prepaid Expenses (Current)
$175.00
203.00
281.00
275.00
346.00
397.00
434.00
312.00
453.00
970.00
668.00
3888.00
4391.00
30.81%12.94%Other Assets (Current)
$166.00
196.00
350.00
416.00
381.00
407.00
410.00
313.00
579.00
532.00
245.00
Assets (Current)
$2431.00
2730.00
2410.00
2491.00
2596.00
2599.00
9991.00
4231.00
5217.00
6130.00
7264.00
13999.00
14218.00
15.86%1.56%Securities & Long-term Investments
$807.00
1095.00
1087.00
644.00
567.00
557.00
335.00
935.00
568.00
507.00
543.00
Property, Plant & Equipment (Net)
$379.00
388.00
514.00
554.00
482.00
597.00
800.00
951.00
1206.00
1336.00
5301.00
5957.00
25.81%12.38%Goodwill & Intangibles
$6862.00
7010.00
8906.00
10207.00
9894.00
9552.00
8843.00
22680.00
21717.00
20710.00
19229.00
79420.00
73254.00
21.81%-7.76%Other Assets
$1434.00
1707.00
2062.00
2118.00
2807.00
2568.00
2789.00
3904.00
5282.00
5534.00
6055.00
35281.00
29328.00
28.60%-16.87%Assets (Non-current)
$9482.00
10200.00
12569.00
13523.00
13268.00
13159.00
12564.00
28319.00
28518.00
27957.00
27163.00
120002.00
108539.00
22.52%-9.55%Assets (Total)
$11913.00
12930.00
14979.00
16014.00
15864.00
15758.00
22555.00
32550.00
33735.00
34087.00
34427.00
134001.00
122757.00
21.46%-8.39%Accounts Payable
$535.00
792.00
1133.00
1319.00
1270.00
1316.00
1586.00
1888.00
2141.00
2190.00
2642.00
12958.00
11628.00
29.25%-10.26%Debt (Current)
$26.00
31.00
17.00
1107.00
119.00
82.00
30.00
1860.00
609.00
335.00
339.00
365.00
1780.00
42.22%387.67%Other Liabilities (Current)
$185.00
123.00
144.00
178.00
190.00
163.00
255.00
249.00
489.00
557.00
478.00
1694.00
1924.00
21.55%13.58%Liabilities (Current)
$746.00
946.00
1294.00
2604.00
1579.00
1561.00
1871.00
3997.00
3239.00
3082.00
3459.00
15017.00
15332.00
28.65%2.10%Debt (Non-current)
$4219.00
5212.00
6482.00
6046.00
7616.00
7841.00
14755.00
15185.00
14810.00
15069.00
14420.00
48634.00
41889.00
21.08%-13.87%Other Liabilities
$429.00
479.00
970.00
1760.00
1218.00
1189.00
1319.00
3266.00
4162.00
3936.00
3515.00
21683.00
19064.00
37.19%-12.08%Liabilities (Non-current)
$4648.00
5691.00
7452.00
7806.00
8834.00
9030.00
16074.00
18451.00
18972.00
19005.00
17935.00
70317.00
60953.00
23.92%-13.32%Liabilities (Total)
$5394.00
6637.00
8746.00
10410.00
10413.00
10591.00
17945.00
22448.00
22211.00
22087.00
21394.00
85334.00
76285.00
24.70%-10.60%Treasury Stock
$1102.00
2482.00
3531.00
4763.00
5461.00
6356.00
6737.00
6737.00
7374.00
8244.00
8244.00
8244.00
8244.00
18.26%0.00%Retained Earnings
$1132.00
2075.00
2892.00
3809.00
4517.00
5232.00
4632.00
5254.00
7333.00
8543.00
9580.00
2205.00
-928.00
-142.09%AOCI
$-23.00
4.00
4.00
-368.00
-633.00
-762.00
-585.00
-785.00
-822.00
-651.00
-830.00
-1523.00
-741.00
51.35%Shareholder's Equity
$6519.00
6293.00
6197.00
5604.00
5451.00
5167.00
4610.00
10102.00
11524.00
12000.00
13033.00
48349.00
46307.00
17.75%-4.22%Liabilities & Equity
$11913.00
12930.00
14979.00
16014.00
15864.00
15758.00
22555.00
32550.00
33735.00
34087.00
34427.00
134001.00
122757.00
21.46%-8.39%Net Income/Loss
$1133.00
945.00
1077.00
1137.00
1048.00
1218.00
-313.00
681.00
2213.00
1355.00
1197.00
-7297.00
-3079.00
57.80%Depreciation & Amortization
$119.00
117.00
276.00
329.00
330.00
322.00
330.00
1398.00
1347.00
1359.00
1582.00
7193.00
7985.00
41.98%11.01%Increase/Decrease in Working Capital
$1111.00
1126.00
1438.00
1766.00
1903.00
2105.00
2094.00
3066.00
3477.00
3285.00
3748.00
10982.00
11989.00
21.92%9.17%Share-based Compensation
$99.00
154.00
190.00
78.00
35.00
69.00
39.00
80.00
142.00
110.00
178.00
412.00
500.00
14.45%21.36%Adjustments to Reconcile Net Income
$-33.00
154.00
208.00
181.00
229.00
155.00
1942.00
1895.00
1186.00
1384.00
1601.00
11601.00
10556.00
-9.01%Net Cash (Operating)
$1100.00
1099.00
1285.00
1318.00
1277.00
1373.00
1629.00
2576.00
3399.00
2739.00
2798.00
4304.00
7477.00
17.32%73.72%Capital Expenditure
$26.00
149.00
1976.00
624.00
183.00
69.00
166.00
8537.00
233.00
622.00
-121.00
-2931.00
1366.00
39.11%146.61%Net Cash (Investing)
$-214.00
-643.00
-1987.00
-568.00
-301.00
-256.00
-633.00
-8593.00
-438.00
-703.00
-56.00
3524.00
-1259.00
-135.73%Increase/Decrease in Debt
$619.00
959.00
1154.00
663.00
675.00
203.00
6632.00
-271.00
-1404.00
-214.00
-574.00
-7317.00
-5371.00
26.60%Increase/Decrease in Equity
$-997.00
-1380.00
-1232.00
38.00
-945.00
-1328.00
-627.00
54.00
-635.00
-969.00
Interest Expenses
$205.00
244.00
299.00
315.00
Dividends Paid
$
42.00
22.00
30.00
76.00
250.00
254.00
251.00
300.00
301.00
0.33%Net Cash (Financing)
$-297.00
-305.00
-85.00
-734.00
-902.00
-1177.00
5951.00
-283.00
-2357.00
-1549.00
-853.00
-7742.00
-5837.00
24.61%Cash Taxes Paid
$288.00
485.00
484.00
686.00
Effect of Exchange Rate
$-7.00
2.00
-6.00
-57.00
-51.00
-30.00
62.00
-23.00
-38.00
83.00
-106.00
-61.00
8.00
113.11%Increase/Decrease in Cash
$582.00
153.00
-793.00
-41.00
23.00
-90.00
7009.00
-6323.00
566.00
570.00
1783.00
25.00
389.00
-3.30%1456.00%Cash (Beginning)
$466.00
1048.00
1201.00
408.00
367.00
390.00
300.00
7309.00
986.00
1552.00
2122.00
3905.00
3930.00
19.44%0.64%Cash (Ending)
$1048.00
1201.00
408.00
367.00
390.00
300.00
7309.00
986.00
1552.00
2122.00
3905.00
3930.00
4319.00
12.53%9.90%NOPAT
$1466.66
1262.33
1440.95
1251.70
1334.37
1500.09
-202.97
1288.70
2902.75
1972.12
1680.64
-8737.89
-1862.17
78.69%Gross Margin %
70.89%
72.85%
69.49%
66.10%
63.36%
62.57%
61.36%
62.71%
65.73%
63.83%
62.10%
39.55%
40.65%
Operating Margin %
42.48%
41.34%
36.10%
32.90%
31.04%
31.68%
10.37%
18.33%
27.00%
23.57%
16.50%
-21.79%
-3.75%
NOPAT Margin %
34.63%
28.13%
26.03%
19.98%
20.87%
23.09%
-2.95%
12.21%
26.05%
18.48%
13.79%
-25.84%
-4.51%
Net Margin %
26.73%
21.02%
19.42%
18.18%
16.17%
18.38%
-4.90%
5.63%
18.57%
11.42%
8.25%
-21.80%
-7.57%
Tax Rate %
18.47%
31.95%
27.88%
39.27%
32.78%
27.11%
128.47%
33.37%
3.53%
21.59%
16.47%
-18.56%
-20.30%
ROA
12.31%
9.76%
9.62%
7.82%
8.41%
9.52%
-0.90%
3.96%
8.60%
5.79%
4.88%
-6.52%
-1.52%
ROE
22.50%
20.06%
23.25%
22.34%
24.48%
29.03%
-4.40%
12.76%
25.19%
16.43%
12.90%
-18.07%
-4.02%
ROIC
17.77%
15.16%
14.02%
10.95%
12.42%
13.85%
-1.90%
5.08%
11.86%
8.21%
7.63%
-10.33%
-2.30%
Asset Turnover
0.36
0.35
0.37
0.39
0.40
0.41
0.30
0.32
0.33
0.31
0.35
0.25
0.34
Equity Multiplier
1.83
2.05
2.42
2.86
2.91
3.05
4.89
3.22
2.93
2.84
2.64
2.77
2.65
Current Ratio
3.26
2.89
1.86
0.96
1.64
1.66
5.34
1.06
1.61
1.99
2.10
0.93
0.93
Quick Ratio
2.80
2.46
1.37
0.69
1.18
1.15
4.89
0.90
1.29
1.50
1.84
0.67
0.64
Debt/Equity Ratio
0.65
0.83
1.05
1.28
1.42
1.53
3.21
1.69
1.34
1.28
1.13
1.01
0.94
Interest Coverage Ratio
8.78
7.60
6.68
6.54
Working Capital/Sales
0.24
0.21
0.15
0.11
0.13
0.12
0.18
0.18
0.16
0.20
0.12
-0.00
0.04
Dividend Payout Ratio %
3.15%
1.47%
14.78%
5.90%
8.61%
12.88%
14.93%
3.43%
16.16%
Total Payout
$583.00
665.00
377.00
-386.00
312.00
1147.00
-5975.00
293.00
2289.00
1437.00
825.00
7617.00
5672.00
20.88%-25.53%Payout Ratio %
39.75%
52.68%
26.16%
-30.84%
23.38%
76.46%
-2943.77%
22.74%
78.86%
72.87%
49.09%
87.17%
304.59%