Warner Bros. Discovery Q2 2026: revenue -11%, a slim EPS beat
Warner Bros. Discovery's Q2 2026 was a split-screen quarter: revenue fell 11% to $8.717 billion, yet diluted EPS of $0.06 beat a consensus estimate of -$0.1417 because a $433 million tax benefit and lower costs cushioned the top-line slide. The view is Neutral. Read the segments, not the total.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $0.06 against a consensus estimate of -$0.1417, and net income of $149 million compares with $1,580 million a year ago. The profit quality is thin, though: the quarter carried a $433 million income tax benefit and $1.1 billion of pre-tax acquisition-related amortization, content fair value step-up and restructuring expenses. Adjusted EBITDA of $1.879 billion was down 4% year over year.
Revenue of $8.717 billion was down 11% from $9.812 billion a year earlier, or 12% after stripping out currency swings. The mix is ugly: advertising fell 22% and content fell 26%, while distribution — the subscription-like money — rose 1%. The absence of the NBA alone knocked 20 percentage points off the advertising growth rate.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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