Analyst Consensus ?
ConsensusHold31 ratings
Bullish1135.5%
Neutral1858.1%
Bearish26.4%
1 unmapped firm rating excluded from the percentages.
Warner Bros. Discovery, Inc. · WBD · FY2024 Q3 · Calendar Q4 2024
Max growth and debt reduction lead WBD’s quarter
The supplied analysis supports a constructive operating trajectory for WBD’s direct-to-consumer business: Max subscriber growth, higher DTC EBITDA, and ongoing debt reduction are meaningful positives. The thesis remains conditional because linear advertising weakness, studio and game profitability, and leverage continue to offset that progress.
Reported Before market openNASDAQCommunication Services
$77.60B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.05
Consensus $-0.07
EPS surprise
+171.4%
Reported versus consensus
Reported revenue
$9.62B
Consensus $10.46B
Revenue surprise
-8.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+11.8%
Event window
SPY move
+0.8%
Same window
Abnormal move
+11.0%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+13.8%
Up to 20 sessions
WBDSPY benchmark
Ask FN2 about WBD FY2024 Q3
Transcript, numbers and history already loaded
Why did WBD rise 11.8% after beating EPS estimates in FY2024 Q3?What changed in WBD's guidance and outlook in FY2024 Q3?Give me the bull and bear case for WBD after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, Max had surpassed 110 million subscribers after 13 million additions in Q3, DTC EBITDA growth reached 175% year over year, and management highlighted more than $16 billion of debt paid down. The international rollout broadened, while studio and game profitability concerns remained.
Guidance delta
Maintained; management continues to target more than $1 billion of EBITDA in 2025 and a 2.5–3x leverage ratio.
Key takeaways
- Max surpassed 110 million subscribers after adding 13 million in Q3.
- Direct-to-Consumer EBITDA increased 175% year over year.
- Management said more than $16 billion of debt has been paid down.
- Studios, Games, and linear-TV advertising remain the main operating challenges.
Management priorities
- Expand Max across Southeast Asia, Australia, Europe, and other international markets.
- Prioritize four core game franchises while reducing underperforming titles.
- Continue debt repayment and work toward a 2.5–3x leverage ratio.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Argus Research | Sell | Hold | Downgrade | Sep 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 22, 2026 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 27, 2026 |
| UBS | Neutral | Neutral | Maintain | May 7, 2026 |
| Guggenheim | Neutral | Neutral | Maintain | May 7, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Mar 10, 2026 |
| TD Cowen | Hold | Hold | Maintain | Feb 27, 2026 |
| Raymond James | Underperform | Outperform | Downgrade | Feb 27, 2026 |
| Benchmark | Hold | Buy | Downgrade | Feb 27, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Feb 25, 2026 |
| Barrington Research | Market Perform | Outperform | Downgrade | Dec 5, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Nov 7, 2025 |
| Rothschild & Co | Buy | Neutral | Upgrade | Oct 30, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Sep 30, 2025 |
| B of A Securities | Buy | Buy | Maintain | Sep 30, 2025 |
| Keybanc | Overweight | Downgrade | Sep 26, 2025 | |
| Needham | Hold | Hold | Maintain | Sep 12, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 9, 2025 |
| Citigroup | Buy | Buy | Maintain | May 29, 2025 |
| Rosenblatt | Neutral | Neutral | Maintain | Mar 7, 2025 |
| MoffettNathanson | Buy | Neutral | Upgrade | Jan 21, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Jan 14, 2025 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Nov 11, 2024 |
| Macquarie | Neutral | Neutral | Maintain | Nov 8, 2024 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 8, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 8, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Jan 11, 2024 |
| Truist Securities | Buy | Buy | Maintain | Sep 6, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | May 8, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jan 24, 2023 |
| RBC Capital | Outperform | Outperform | Maintain | Nov 7, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | May 12, 2022 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Sean Diffley | $31 | $30.8 | +0.2% | Sep 22, 2026 |
| Seaport Global | Analyst unavailable | $31 | $26.74 | +0.2% | Jun 29, 2026 |
| UBS | John Hodulik | $31 | $27.12 | +0.2% | May 7, 2026 |
| Wells Fargo | Analyst unavailable | $31 | $27.75 | +0.2% | Mar 9, 2026 |
| MoffettNathanson | Robert Fishman | $31 | $27.82 | +0.2% | Mar 6, 2026 |
| Redburn Partners | Analyst unavailable | $31 | $27.99 | +0.2% | Feb 17, 2026 |
| UBS | Analyst unavailable | $30 | $28.02 | -3.1% | Jan 28, 2026 |
| UBS | Analyst unavailable | $32 | $28.78 | +3.4% | Jan 15, 2026 |
| Guggenheim | Analyst unavailable | $30 | $28.86 | -3.1% | Jan 14, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $28.21 | -6.3% | Dec 18, 2025 |
| Deutsche Bank | Analyst unavailable | $29.5 | $27.8 | -4.7% | Dec 8, 2025 |
| Argus Research | Analyst unavailable | $28 | $26.08 | -9.5% | Dec 8, 2025 |
| Redburn Partners | Analyst unavailable | $28 | $21.34 | -9.5% | Oct 30, 2025 |
| Argus Research | Analyst unavailable | $27 | $21.16 | -12.8% | Oct 28, 2025 |
| Barrington | Analyst unavailable | $25 | $21.14 | -19.2% | Oct 28, 2025 |
| Wells Fargo | Analyst unavailable | $21 | $18.45 | -32.1% | Oct 16, 2025 |
| Guggenheim | Analyst unavailable | $22 | $18.6 | -28.9% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $20 | $18.6 | -35.4% | Oct 8, 2025 |
| UBS | Analyst unavailable | $20 | $18.99 | -35.4% | Oct 6, 2025 |
| Raymond James | Analyst unavailable | $22 | $19.35 | -28.9% | Oct 2, 2025 |
| Morgan Stanley | Benjamin Swinburne | $15 | $19.84 | -51.5% | Sep 25, 2025 |
| Bernstein | Laurent Yoon | $16 | $19.33 | -48.3% | Sep 22, 2025 |
| KeyBanc | Brandon Nispel | $13 | $8.02 | -58.0% | Apr 14, 2025 |
| Barclays | Analyst unavailable | $12 | $11.46 | -61.2% | Feb 28, 2025 |
| Deutsche Bank | Bryan Kraft | $7.67 | $3.49 | -75.2% | Aug 8, 2024 |
| Morgan Stanley | Benjamin Swinburne | $9 | $8.31 | -70.9% | Jul 29, 2024 |
| Macquarie | Tim Nollen | $9 | $8.47 | -70.9% | Jul 25, 2024 |
| Goldman Sachs | Michael Ng | $8.5 | $7.31 | -72.5% | Jun 25, 2024 |
| Seaport Global | David Joyce | $8.18 | $4.35 | -73.6% | May 13, 2024 |
| Fox Advisors | Jessica Reif Ehrlich | $14 | $8.16 | -54.8% | May 10, 2024 |
| KeyBanc | Brandon Nispel | $11 | $8.04 | -64.5% | May 10, 2024 |
| Raymond James | Ric Prentiss | $13 | $8.04 | -58.0% | May 9, 2024 |
| CFRA | Kenneth Leon | $9 | $8.48 | -70.9% | Apr 2, 2024 |
| CFRA | Kenneth Leon | $10 | $8.74 | -67.7% | Mar 20, 2024 |
| Wedbush | Michael Pachter | $5 | $8.79 | -83.8% | Feb 29, 2024 |
| CFRA | Kenneth LeonKenneth Leon | $14 | $10.46 | -54.8% | Feb 1, 2024 |
| Rosenblatt Securities | Barton Crockett | $10 | $11.44 | -67.7% | Sep 6, 2023 |
| Credit Suisse | Douglas Mitchelson | $16.35 | $7.14 | -47.2% | Aug 4, 2023 |
| Barrington | James Goss | $18 | $12.19 | -41.8% | May 16, 2023 |
| Credit Suisse | Douglas Mitchelson | $18.4 | $6.88 | -40.5% | May 8, 2023 |
| Truist Financial | Matthew Thorton | $19 | $15.26 | -38.6% | Apr 10, 2023 |
| Wolfe Research | Peter Supino | $20 | $14.34 | -35.4% | Mar 17, 2023 |
| Macquarie | Analyst unavailable | $16 | $9.54 | -48.3% | Jan 4, 2023 |
| Morgan Stanley | Analyst unavailable | $14 | $11.43 | -54.8% | Dec 2, 2022 |
| UBS | Analyst unavailable | $15 | $12.91 | -51.5% | Aug 23, 2022 |
| Barclays | Analyst unavailable | $17 | $17.48 | -45.1% | Aug 5, 2022 |
| Goldman Sachs | Brett Feldman | $22 | $15 | -28.9% | Jul 30, 2022 |
| Morgan Stanley | Analyst unavailable | $18 | $14.16 | -41.8% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $19 | $13.61 | -38.6% | Jul 14, 2022 |
| New Street | Jessica Reif Ehrlich | $23 | $9.01 | -25.7% | Jun 1, 2022 |
| Morgan Stanley | Benjamin Swinburne | $27 | $18.15 | -12.8% | Apr 28, 2022 |
| Rosenblatt Securities | Barton Crockett | $18 | $18.32 | -41.8% | Apr 28, 2022 |
| Barclays | Analyst unavailable | $24 | $18.96 | -22.5% | Apr 27, 2022 |
| Rosenblatt Securities | Barton Crockett | $20 | $20.57 | -35.4% | Apr 22, 2022 |
| Evercore ISI | Vijay Jayant | $40 | $26 | +29.2% | Apr 13, 2022 |
Track every rating change on WBD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWarner 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 earningsLatest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-12T16:20:42.043522+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T16:20:42.040466+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 2026-10-12. For educational purposes only; not investment advice.