Warner Bros. Discovery Q4 2025 results

Warner Bros. Discovery Q4 2025 results tell a grand story about where the company is at. Numbers are down all across the board, with the exception of streaming revenue.

Here’s the topline Q4 numbers, and the change from last year:

• $252M net loss Q4

  • ↑ from $494M net loss

• $9.5bn revenue

  • ↓ 6%

• $2.2bn EBITDA

  • ↓ 20%

• $3.2bn studio income

  • ↓13%

  • $728M profit (↓23%)

  • ↓11% theatrical revenue

• 131.6M subs (59.2M domestic)

  • ↑3.5M since last quarter (only 1.2M are domestic)

  • Projections for 2026: 150M subs

• $2.8bn streaming revenue

  • ↑ 5%

• $393M profit streaming (vs. Disney’s $346M)

  • ↓4%

• $4.2bn linear division revenue

  • ↓ 12% overall

  • ↓ 27% profit ($1.4bn)

However for the full year 2025 there were some good notes:

• $1.4bn streaming profitability

• $727M net profit

And some bad notes:

• Revenue is down 13.5% since 2022’s $43.1bn

• $33.5bn debt

Bottom line is that linear is shrinking but the studio and streaming units are putting up over $1bn in profit.

So PSKY WBD will now own a metric ton of declining linear assets. Maybe those will get spun off separately at a later date.

As for Paramount+ and HBO, both are doing well, so no word on if those will get smashed together due to operational efficiencies.