Warner Bros. Discovery, Inc. · WBD · FY2024 Q1 · Calendar Q2 2024

WBD Maintains Streaming Expansion and Deleveraging Focus

The call supports a cautiously constructive view of WBD's transformation: management highlighted Max expansion, premium content, bundling, advertising monetization and cost efficiency, while linear-market pressure, advertising durability, rights costs and leverage remain material tests.

Reported Before market openNASDAQCommunication Services $77.60B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-0.40 Consensus $-0.20
EPS surprise -104.6% Reported versus consensus
Reported revenue $9.95B Consensus $10.22B
Revenue surprise -2.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +3.1% Event window
SPY move +0.6% Same window
Abnormal move +2.5% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift +2.9% Up to 20 sessions
WBDSPY benchmark

Ask FN2 about WBD FY2024 Q1

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Why did WBD rise 3.1% after missing EPS estimates in FY2024 Q1?What changed in WBD's guidance and outlook in FY2024 Q1?Give me the bull and bear case for WBD after FY2024 Q1 earnings.

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Transcript intelligence

What changed

Relative to the prior quarter, the emphasis shifted toward the Disney+-Hulu-Max bundle, the Verizon Max-Netflix bundle, AI-enabled advertising, debt repurchases and the NBA rights decision, while international Max expansion and the content slate remained central.

Guidance delta

Management's guidance sentiment was maintained; the supplied analysis does not identify a new guidance increase or reduction.

Key takeaways

  • Max expansion, premium content and bundling remain the central growth pillars.
  • Advertising monetization and AI-enabled ad initiatives are important parts of the strategy.
  • Debt reduction and cost-efficiency work remain central to the transformation plan.
  • Linear-market pressure, rights costs and advertising durability are the main execution tests.

Management priorities

  • Expand Max internationally and broaden distribution through bundles and telco partnerships.
  • Monetize premium content through advertising, targeted ad insertion and ad-supported tiers.
  • Continue debt repurchases and cost-efficiency initiatives while managing content and sports-rights spending.

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Earnings History

Estimate Beat Miss Match
WBD EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $-0.11 Q4 '23 actual $-0.16, miss Q1 '24 estimate $-0.20 Q1 '24 actual $-0.40, miss Q2 '24 estimate $-0.26 Q2 '24 actual $-4.07, miss Q3 '24 estimate $-0.07 Q3 '24 actual $0.05, beat Q2 '25 estimate $-0.24 Q2 '25 actual $0.63, beat Q3 '25 estimate $-0.07 Q3 '25 actual $-0.06, match Q4 '25 estimate $-0.03 Q4 '25 actual $-0.10, miss Q1 '26 estimate $-0.11 Q1 '26 actual $-1.17, miss Q2 '26 estimate $-0.14 Q2 '26 actual $0.06, beat Q3 '26 estimate $-0.04 Q4 '26 estimate $-0.05 Q1 '27 estimate $0.02
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Analyst Consensus ?

ConsensusHold31 ratings
Bullish1135.5%
Neutral1858.1%
Bearish26.4%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$30.95Previous close
$5Low
$20.46Average
$40High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Argus Research Sell HoldDowngradeSep 29, 2026
Morgan Stanley Equal Weight Equal WeightMaintainSep 22, 2026
Seaport Global Neutral BuyDowngradeJul 27, 2026
UBS Neutral NeutralMaintainMay 7, 2026
Guggenheim Neutral NeutralMaintainMay 7, 2026
Show 27 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $30.95. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Morgan StanleySean Diffley$31$30.8 +0.2%Sep 22, 2026
Seaport GlobalAnalyst unavailable$31$26.74 +0.2%Jun 29, 2026
UBSJohn Hodulik$31$27.12 +0.2%May 7, 2026
Wells FargoAnalyst unavailable$31$27.75 +0.2%Mar 9, 2026
MoffettNathansonRobert Fishman$31$27.82 +0.2%Mar 6, 2026
See 50 more

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Company context

Snapshot as of publication

Warner Bros. Discovery, Inc. operates as a prominent global media and entertainment conglomerate. Its operations are structured across three key divisions: Studios, Network, and Direct-to-Consumer (DTC). The Studios segment is responsible for the creation and theatrical release of feature films. It also develops and licenses television programming, serving both its internal network infrastructure and external partners, including direct-to-consumer platforms. Further, this segment manages the distribution of its film and television catalog to various third-party outlets and its proprietary television channels. Additionally, it encompasses streaming services, home entertainment distribution, licensing for themed attractions, and the creation of interactive games. The Network division oversees a comprehensive portfolio of television channels, both domestically and internationally.…

Historical context

All WBD earnings
+1.7%FY2026 Q2 · Calendar Q3 2026-0.3%FY2026 Q1 · Calendar Q2 2026-0.9%FY2025 Q4 · Calendar Q1 2026

Communication Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
VZ Verizon Communications Inc. FY2026 Q3 · Calendar Q4 2026 — -2.8% Verizon’s demand rebound broadens as AI Connect scales
RCI Rogers Communications Inc. FY2026 Q3 · Calendar Q4 2026 +9.5% -2.4% Rogers Reaffirms 2026 Guidance as Capex Falls and MLSE Monetization Advances
OMC Omnicom Group Inc. FY2026 Q3 · Calendar Q4 2026 +2.2% +2.6% Omnicom pairs resilient demand with AI and integration progress
SPOT Spotify Technology S.A. FY2026 Q3 · Calendar Q4 2026 -11.6% +11.1% Spotify: resilient Q3 demand, with AI and audiobooks central to growth
CMCSA Comcast Corporation FY2026 Q3 · Calendar Q4 2026 +8.5% +3.4% Comcast balances wireless and Peacock gains against Q4 costs

Latest beats and misses

Who reports next

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
  3. Polygon adjusted daily market bars · 2026-10-27T01:00:42.406263+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-27T01:00:42.403466+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-27. For educational purposes only; not investment advice.