Warner Bros. Discovery, Inc. earnings overview

WBD FY2026 Q1 · Calendar Q2 2026

Warner Bros. Discovery, Inc.

Warner Bros. Discovery's Q1 2026 results show operational strength: HBO Max surpassed 140 million subscribers after launches in the U.K., Germany, Italy, and Ireland, management raised guidance, and the studio targets at least $3 billion in adjusted EBITDA. However, the investment case is now dominated by the pending Paramount Skydance acquisition at $31 per share, which has secured shareholder approval. The stock trades at $25.59 versus the $31 deal price, a roughly 17% discount reflecting closing risk and the time value of capital tied up until deal completion. Revenue was in line with estimates at $8.89 billion, while EPS of -$1.17 fell well short of the -$0.11 consensus, a gap the market largely ignored, with the stock essentially flat on the day.