Warner Bros. Discovery, Inc.

Warner Bros. Discovery, Inc. (WBD) reported fiscal year 2025 results with revenues of $37.30 billion, operating income of $738 million, and net income available to the company of $727 million. The company generated $4.32 billion in cash from operating activities, while cash used in investing activities was $1.18 billion and financing activities used $4.24 billion, resulting in a net decrease in cash of $846 million. Key profitability drivers included a $2.94 billion gain on extinguishment of debt, offset by $2.08 billion in net interest expense. The company ended the period with $100.08 billion in total assets, $62.92 billion in total liabilities, and $37.15 billion in total equity. Forward-looking significance includes the pending PSKY merger agreement announced on February 27, 2026, which would provide $31.00 per share in cash to shareholders, subject to regulatory approvals and shareholder vote.

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