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WBWBD

Warner Bros. Discovery, Inc.

$WBD·$68B·Entertainment·Communication Services
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WBWBD
Warner Bros. Discovery, Inc.$WBD
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What it does

Plain-English summary of the business — what they sell and how they make money.

Warner Bros. Discovery, Inc. operates as a prominent global media and entertainment conglomerate. Its operations are structured across three key divisions: Studios, Network, and Direct-to-Consumer (DTC). The Studios segment is responsible for the creation and theatrical release of feature films. It also develops and licenses television programming, serving both its internal network infrastructure and external partners, including direct-to-consumer platforms. Further, this segment manages the distribution of its film and television catalog to various third-party outlets and its proprietary television channels. Additionally, it encompasses streaming services, home entertainment distribution, licensing for themed attractions, and the creation of interactive games. The Network division oversees a comprehensive portfolio of television channels, both domestically and internationally. Its Direct-to-Consumer (DTC) segment focuses on delivering premium subscription television and streaming content directly to consumers. Beyond its operational structure, Warner Bros. Discovery commands an extensive intellectual property portfolio. This encompasses a vast array of iconic content, brands, and franchises spanning television, film, streaming, and gaming. Noteworthy examples include properties from the Warner Bros. Motion Picture Group and Television Group, DC, HBO, Max, Discovery Channel, CNN, HGTV, Food Network, TNT Sports, TBS, TLC, OWN, Warner Bros. Games, as well as beloved sagas like Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings. The company distributes its content through a multitude of channels, ranging from traditional linear, free-to-air, and broadcast television to authenticated digital applications, various digital distribution partnerships, content licensing agreements, and proprietary direct-to-consumer subscription offerings. Established in 2008, Warner Bros. Discovery, Inc. maintains its corporate headquarters in New York City.

Industry overviewAI analysisGenerated by AI from underlying data

Where Entertainment sits in its cycle right now — and what that implies for $WBD.

Entertainment · Communication Services

Streaming profitability maturation is repricing entertainment — the shift from subscriber growth to per-user ad tier and price increase monetization is lifting NFLX as a global TV network. Disney is ramping its advertising business with DTC streaming profitability while navigating FCC regulatory attention.

See how Entertainment shapes $WBD

  • Where the industry is in its cycle and the catalysts moving it now
  • What this means specifically for $WBD's next move
  • Peer-basket or ETF benchmark you can use to gut-check the read
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Industry benchmark

6-name peer basket
-4.2%YTD
-10.4%1Y

Fundamentals & catalyst

Profitability, valuation, and the next earnings event — at a glance, with rule-of-thumb signals.

Key ratios

P/E
-38.7How much investors are paying per dollar of profit the company actually earned in the last 12 months. Lower means the stock looks cheaper relative to earnings.~15–25 is typical for the S&P 500; high-growth names trade 30+; hyper-growth or speculative can be 100+ or negative.
ROIC
1.8%What percentage return the business earns on every dollar of capital (equity + debt) deployed in operations. The cleanest measure of business quality.Above ~15% is high-quality; consistently above 25% suggests a real moat. Below the company's cost of capital is value-destroying.
Op margin
4.1%Operating profit (after sales, marketing, R&D, and overhead but before interest and taxes) as a percentage of revenue. The clearest view of how well the underlying business is run.Mature business above 20% is healthy; software businesses can run 30%+; commodity / retail businesses operate in single digits.
FCF yield
3.4%Free cash flow (operating cash flow minus capex) divided by the company's market cap. The cash-on-cash return you'd get owning the whole business at today's price.Above ~5% is attractive; below ~2% means you're paying up for growth. Capital-light businesses (software) run higher than capital-heavy ones (utilities).
P/S
1.8Same idea as P/E but per dollar of revenue. Useful for companies that aren't profitable yet, where P/E is meaningless.Under ~2 is cheap; software / SaaS often runs 8–15; well above 20 implies the market is pricing in very high future growth.
ROE
-4.9%Net income as a percentage of shareholders' equity. Similar to ROIC but counts only the equity side.Above 20% is strong, but can be inflated by leverage — a heavily indebted company can show high ROE with weak underlying ROIC.
Gross margin
41.5%Revenue minus the direct cost of producing what was sold, as a percentage of revenue. The first read on whether the product is structurally profitable.Software / SaaS is typically 70%+; consumer goods 30–50%; commodity / hardware businesses can be under 20%.
D/E
0.0Total debt divided by shareholders' equity. Measures how much the business runs on borrowed money versus owner capital.Under 1 is conservative; 1–2 is typical for mature businesses; over 2 is leveraged and more sensitive to interest rates.

Quarterly trend

QuarterRevenueYoYGrossOpEPSFCF
Q1 FY26$8.9B-1.0%47.8%6.2%$-1.17$-476.0M
Q4 FY25$9.5B-5.7%30.2%5.7%$-0.10$1.4B
Q3 FY25$9.0B-6.0%49.5%6.8%$-0.06$701.0M
Q2 FY25$9.8B+1.0%39.2%-1.9%$0.64$702.0M

Forward consensus

5-year forecast · up to 16 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$36.9B$36.5B – $38.1B-$1.32-$1.98 – -$0.2315
FY27$37.8B$36.9B – $39.1B-$0.05-$0.89 – $0.4916
FY28$38.3B$38.0B – $38.5B$0.11$0.05 – $0.1916
FY29$38.5B$37.5B – $40.1B-$0.37-$0.39 – -$0.3515
FY30$39.2B$38.3B – $40.9B-$0.28-$0.30 – -$0.2715

Setup & momentum

Volume, range, and moving-average position — the technical setup driving short-term moves.

Right now

Vol vs 30dToday's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.0.8×Today's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.
52w rangeWhere the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.85%Where the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.
vs 50d MALatest close vs the 50-day simple moving average. Positive = short-term trend is up.-0.5%Latest close vs the 50-day simple moving average. Positive = short-term trend is up.
vs 200d MALatest close vs the 200-day simple moving average. Positive = long-term trend is up.+8.5%Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

FloatMega float · 2.4B shFree-float shares — the slice of issued stock actually available to trade. Lower buckets squeeze harder on a catalyst.Traded today0.7% of floatToday's volume as a percent of the free float. Above 5% on a single day is unusually high turnover for the available share count.β1.555-year weekly beta vs the S&P 500. Above 1.5 means the stock typically moves more than the index; below 0.8 moves less.

Know if $WBD is setting up — or just chopping

  • Volume multiple vs 30-day baseline — catch unusual interest before the move
  • Position vs 50d & 200d MAs and 52-week range — trend direction at a glance
  • Float bucket, beta, and active-offering flags — what kind of stock you're trading
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Insider activity

Recent open-market buys and sells by officers and directors — flagged when multiple insiders cluster.

Recent transactions

SellMar 16Jean-briac PerretteCEO659.1K sh$18.1MSellMar 16Paul A GouldDirector600.0K sh$16.4MSellMar 16Fazal F MerchantDirector35.0K sh$962KSellMar 10Priya AiyarChief Legal Officer77.2K sh$2.2MSellMar 4Bruce CampbellChief Rev & Strategy Officer842.0K sh$23.6MSellMar 3Richard W FisherDirector16.3K sh$463KSellMar 3Amy GirdwoodChief People & Culture Officer75.0K sh$2.1MSellMar 3Priya AiyarChief Legal Officer223.5K sh$6.3MSellMar 3David ZaslavCEO4.0M sh$113.2M
+ 29 other (14 awards · 10 inkinds · 3 exempts · 1 discretionary · 1 gift) in window

See when $WBD insiders are putting their own money in

  • Real-time open-market buys and sells from Form 4 filings
  • Cluster-buy detection when multiple insiders pile in at once
  • 30 / 60 / 180-day windows so you can spot building conviction
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SEC filings

Material 8-K, 13D, S-3, and 424B5 events from the last 180 days — the filings that actually move the price.

Recent material filings

8-KShareholder voteJun 128-K — Item 5.07: Shareholder vote
AI summary

Warner Bros. Discovery (WBD) held its 2026 Annual Meeting (virtual) on June 9, 2026. All 13 director nominees were elected and PricewaterhouseCoopers LLP was ratified as auditor. Notably, shareholders did NOT approve the advisory say-on-pay vote on 2025 executive compensation — a rare negative outcome that signals material shareholder dissatisfaction with executive pay levels at a company simultaneously negotiating a major merger with Paramount Skydance.

8-KMaterial agreementJun 48-K — Item 1.01: Material agreement · Item 2.03: Material debt obligation
AI summary

Warner Bros. Discovery's subsidiary Discovery Global Holdings (DGH) entered a First Lien Credit Agreement on June 4, 2026 with JPMorgan Chase as administrative agent: $13 billion in USD 7-year term loans plus €1.717 billion in Euro 7-year term loans. The proceeds were used immediately to repay in full the $15 billion non-investment grade bridge loan incurred in June 2025; the USD tranche bears SOFR+2.50% (or Base Rate+1.50%) and the Euro tranche bears EURIBOR+2.50%. This refinancing moves WBD from a short-term high-cost bridge to permanent senior secured term debt, materially improving the company's balance sheet profile.

8-KMaterial agreementMay 278-K — Item 1.01: Material agreement · Item 3.03 · Item 8.01: Other event
AI summary

Warner Bros. Discovery (via subsidiaries DCL and DGH) announced on May 27, 2026 that it had received the required consents from holders across 16 series of outstanding senior notes (aggregate face value exceeding $15 billion across 2027-2052 maturities) to adopt proposed amendments to the governing indentures, completing the Consent Solicitations that launched May 19, 2026. The amendments also involved charter or bylaw modifications (Item 3.03). This successful consent solicitation facilitates integration of WBD's existing debt structure with Paramount Skydance's planned acquisition of WBD.

8-KPress release / Reg FDMay 68-K — Item 2.02: Earnings release · Item 7.01: Press release / Reg FD
AI summary

Warner Bros. Discovery (WBD) released Q1 2026 earnings (quarter ended March 31, 2026) via press release (Exhibit 99.1) and a shareholder letter posted to ir.wbd.com (Exhibit 99.2). Both documents are furnished under Exchange Act Regulation FD and are not filed for Section 18 liability purposes. The company reminded investors that its IR website serves as its primary Regulation FD-compliant disclosure channel for material non-public information. No specific financial figures are disclosed in the filing body.

8-KOfficer or director changeApr 308-K — Item 5.02: Officer or director change
AI summary

Warner Bros. Discovery (and subsidiary DCL) entered into a new employment agreement with CFO Gunnar Wiedenfels on April 29, 2026, effective July 11, 2026 upon expiration of his current agreement dated July 2022. Wiedenfels will continue as CFO through April 28, 2028; the terms are consistent with and permitted by the interim operating covenant exceptions in WBD's February 27, 2026 Merger Agreement with Paramount Skydance. This CFO retention through the anticipated merger and integration period signals financial leadership stability at WBD.

8-KShareholder voteApr 238-K — Item 5.07: Shareholder vote
AI summary

Warner Bros. Discovery held a Special Meeting of Stockholders on April 23, 2026 to vote on the proposed merger with Paramount Skydance Corporation (the Merger Agreement dated February 27, 2026, under which merger sub Prince Sub Inc. would merge into WBD with WBD surviving as a PSKY subsidiary). As of the March 20, 2026 record date there were 2,506,768,389 outstanding WBD shares; approximately 70.3% (1,761,474,343 shares) voted, and the proposal to adopt the Merger Agreement was approved. This WBD shareholder approval clears the last major equity-holder hurdle for the PSKY-WBD combination.

8-KOfficer or director changeMar 168-K — Item 5.02: Officer or director change
8-KAgreement terminatedFeb 278-K — Item 1.01: Material agreement · Item 1.02: Agreement terminated · Item 7.01: Press release / Reg FD · Item 8.01: Other event
+ 134 other (46 DFAN14As · 23 SC TO-T/As · 17 425s · 16 proxys) in window

Recent news

Latest headlines from major outlets, sourced and timestamped — context for whatever just moved.

Paramount takeover of Warner Bros won't harm competition or consumers, DOJ saysnews.sky.com·1d agoDOJ clears Paramount-Warner Bros merger after 8-month antitrust probe, says deal could boost competitionfoxbusiness.com·2d agoJustice Department Greenlights Paramount-Warner Bros Merger With No Conditionsforbes.com·2d agoDOJ signs off on $111B Paramount takeover of Warner Bros. Discoverynypost.com·2d agoJustice Department says Paramount's Warner deal wouldn't harm competitionreuters.com·2d ago

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TickerTalks is a research tool, not financial advice. We surface social-attention data; we do not make stock recommendations. Past attention is not predictive of future price movements.

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