Warner Bros. Discovery Inc Ordinary Shares - Class A

WBD: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Warner Bros. Earnings: Stellar Studios Results Salvage Poor Quarter for Streaming and Networks

Matthew Dolgin

Nov 6, 2025

Warner Bros. Discovery's third-quarter revenue per streaming subscriber declined much more than we anticipated, and the rapid decline in linear networks sales continued. But fantastic studios performance propelled total revenue (down 6%) to nearly what we expected and EBITDA outperformance (up 2%).

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Warner Bros. Discovery Inc Ordinary Shares - Class A

Warner Bros. Earnings: Stellar Studios Results Salvage Poor Quarter for Streaming and Networks

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