US Earnings Financial Results SEC Filings — February 26, 2026

Total revenues declined 5% YoY to $37.3B from $39.3B, underperforming amid media sector transition

Global Linear Networks revenues fell 12% YoY, accelerating cord-cutting impact on legacy business

Advertising revenues down 10% YoY, exposing vulnerability to softening linear TV ad demand

Content revenues decreased 6% YoY, signaling content licensing and distribution challenges

Operating income turned positive at $738M from $10.0B YoY loss, highlighting successful restructuring

Net income available to WBD swung to $727M profit from $11.3B YoY loss, major shareholder value inflection

Streaming revenues grew 5% YoY, gaining traction in high-growth direct-to-consumer segment

Studios revenues increased 9% YoY, demonstrating resilience in theatrical and production arms

Streaming Adjusted EBITDA improved dramatically to $1,370M from $677M (102% growth), path to profitability

Impairments and losses on dispositions dropped 98% YoY to $172M from $9,603M, reduced one-time drags

Depreciation and amortization down 19% YoY to $5,684M, supporting margin expansion

Total Adjusted EBITDA -3% YoY to $8.7B but with 54% improvement in key segments, cost discipline intact

Total revenues -5% YoY to $37.3B, 2nd consecutive year of declines signaling growth stall

Revenues down 12% YoY, steeper than prior periods, cord-cutting accelerating

-10% YoY decline, vulnerable to ad market softness and shift to digital platforms

Revenues fell 6% YoY, potential licensing weakness persisting into 2026

Total Adjusted EBITDA -3% YoY to $8.7B despite segment gains, overall leverage concerns

Linear and ad declines (avg -11% YoY) comprise bulk of revenue, balance sheet strain if unaddressed

Analyst views mixed due to revenue headwinds offsetting profitability swing

No YoY improvement in core linear volumes, risking further erosion

Implied high prior leverage from $10B+ losses, monitor Debt-to-Equity post-turnaround

No disclosed buybacks/dividends/splits, potential underinvestment in shareholder returns

Operating income +$10.7B swing YoY to $738M, undervalued restructuring play

Revenues +5% YoY, EBITDA to $1,370M (+102%), bet on DTC subscriber scaling

+9% YoY revenue growth, capitalize on box office/content pipeline recovery

Impairments -98% to $172M, D&A -19%, potential for 200+ bps margin expansion

Net income $727M from -$11.3B, attractive entry for profitability normalization

Streaming/Studios growth (avg +7%) vs total -5%, relative value in diversified media

Key segments +54%, trade on total EBITDA recovery to pre-merger levels

10/10 materiality score, high-conviction position ahead of media M&A wave

No recent sales/pledges noted, stable holdings signal management alignment

Trading post-turnaround at implied low multiples vs profitable peers

Linear Networks/advertising revenues down avg 11% YoY (WBD -12%/-10%), cord-cutting eroding 50%+ of sector revenue base, pivot required

Streaming revenues +5% YoY, EBITDA +102% to $1,370M, media peers must match to survive, +20% sector upside potential

Impairments -98%, D&A -19% YoY driving $11B+ swing to profits, template for media consolidation (avg 50%+ savings)

Total Adj EBITDA -3% despite segment +54%, highlights uneven recovery, watch for 5-10% sector compression

From $11.3B net loss to $727M profit, signals media M&A/distress opportunities at 4-6x EBITDA

Op income swing implies 2-3% margins from negatives, sector avg ROE recovery to 8-10% feasible

Track subscriber growth and churn post +5% revenue/+102% EBITDA, key to Q1 2026 results [Q1 2026]

Monitor if -12% YoY decline accelerates, potential for further write-downs [Ongoing 2026]

Watch total recovery from -3% YoY dip, target $9B+ for buyback resumption [Next 10-Q]

Post -98% drop to $172M, flag any Q1 2026 re-emergence signaling asset issues [Q1 2026]

No dividends/buybacks disclosed, watch for authorization on earnings call [Upcoming Earnings]

Monitor transactions/pledges after stable 2025 holdings, detect conviction shifts [Next 4 Weeks]

Track Q1 volumes post +9% YoY, box office catalysts for revenue beat [Spring 2026]

Absent 2026 forward-looking, watch 10-Q for targets on streaming EBITDA margins [May 2026]