Analyst Consensus ?
ConsensusHold31 ratings
Bullish1341.9%
Neutral1754.9%
Bearish13.2%
1 unmapped firm rating excluded from the percentages.
Warner Bros. Discovery, Inc. · WBD · FY2026 Q1 · Calendar Q2 2026
WBD Q1 2026: HBO Max Tops 140M Subscribers as Paramount Skydance Deal Looms
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.
Reported After market closeNASDAQCommunication Services
$64.21B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$-1.17
Consensus $-0
EPS surprise
-975.4%
Reported versus consensus
Reported revenue
$8.89B
Consensus $8.89B
Revenue surprise
+0.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$25.75Current
$5Low
$20.39Average
$40High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 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 |
|---|---|---|---|---|
| Seaport Global | Buy | Neutral | Upgrade | Jun 29, 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 |
| Argus Research | Buy | Hold | Upgrade | Oct 28, 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 | |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 25, 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 current price $25.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Seaport Global | Analyst unavailable | $31 | $26.74 | +20.4% | Jun 29, 2026 |
| UBS | John Hodulik | $31 | $27.12 | +20.4% | May 7, 2026 |
| Wells Fargo | Analyst unavailable | $31 | $27.75 | +20.4% | Mar 9, 2026 |
| MoffettNathanson | Robert Fishman | $31 | $27.82 | +20.4% | Mar 6, 2026 |
| Redburn Partners | Analyst unavailable | $31 | $27.99 | +20.4% | Feb 17, 2026 |
| UBS | Analyst unavailable | $30 | $28.02 | +16.5% | Jan 28, 2026 |
| UBS | Analyst unavailable | $32 | $28.78 | +24.3% | Jan 15, 2026 |
| Guggenheim | Analyst unavailable | $30 | $28.86 | +16.5% | Jan 14, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $28.21 | +12.6% | Dec 18, 2025 |
| Deutsche Bank | Analyst unavailable | $29.5 | $27.8 | +14.6% | Dec 8, 2025 |
| Argus Research | Analyst unavailable | $28 | $26.08 | +8.8% | Dec 8, 2025 |
| Redburn Partners | Analyst unavailable | $28 | $21.34 | +8.8% | Oct 30, 2025 |
| Argus Research | Analyst unavailable | $27 | $21.16 | +4.9% | Oct 28, 2025 |
| Barrington | Analyst unavailable | $25 | $21.14 | -2.9% | Oct 28, 2025 |
| Wells Fargo | Analyst unavailable | $21 | $18.45 | -18.4% | Oct 16, 2025 |
| Guggenheim | Analyst unavailable | $22 | $18.6 | -14.5% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $20 | $18.6 | -22.3% | Oct 8, 2025 |
| UBS | Analyst unavailable | $20 | $18.99 | -22.3% | Oct 6, 2025 |
| Raymond James | Analyst unavailable | $22 | $19.35 | -14.5% | Oct 2, 2025 |
| Morgan Stanley | Benjamin Swinburne | $15 | $19.84 | -41.7% | Sep 25, 2025 |
| Bernstein | Laurent Yoon | $16 | $19.33 | -37.9% | Sep 22, 2025 |
| KeyBanc | Brandon Nispel | $13 | $8.02 | -49.5% | Apr 14, 2025 |
| Barclays | Analyst unavailable | $12 | $11.46 | -53.4% | Feb 28, 2025 |
| Deutsche Bank | Bryan Kraft | $7.67 | $3.49 | -70.2% | Aug 8, 2024 |
| Morgan Stanley | Benjamin Swinburne | $9 | $8.31 | -65.0% | Jul 29, 2024 |
| Macquarie | Tim Nollen | $9 | $8.47 | -65.0% | Jul 25, 2024 |
| Goldman Sachs | Michael Ng | $8.5 | $7.31 | -67.0% | Jun 25, 2024 |
| Seaport Global | David Joyce | $8.18 | $4.35 | -68.2% | May 13, 2024 |
| Fox Advisors | Jessica Reif Ehrlich | $14 | $8.16 | -45.6% | May 10, 2024 |
| KeyBanc | Brandon Nispel | $11 | $8.04 | -57.3% | May 10, 2024 |
| Raymond James | Ric Prentiss | $13 | $8.04 | -49.5% | May 9, 2024 |
| CFRA | Kenneth Leon | $9 | $8.48 | -65.0% | Apr 2, 2024 |
| CFRA | Kenneth Leon | $10 | $8.74 | -61.2% | Mar 20, 2024 |
| Wedbush | Michael Pachter | $5 | $8.79 | -80.6% | Feb 29, 2024 |
| CFRA | Kenneth LeonKenneth Leon | $14 | $10.46 | -45.6% | Feb 1, 2024 |
| Macquarie | Tim Nollen | $20 | $11.44 | -22.3% | Sep 6, 2023 |
| Credit Suisse | Douglas Mitchelson | $16.35 | $7.14 | -36.5% | Aug 4, 2023 |
| Barrington | James Goss | $18 | $12.19 | -30.1% | May 16, 2023 |
| Credit Suisse | Douglas Mitchelson | $18.4 | $6.88 | -28.5% | May 8, 2023 |
| Truist Financial | Matthew Thorton | $19 | $15.26 | -26.2% | Apr 10, 2023 |
| Wolfe Research | Peter Supino | $20 | $14.34 | -22.3% | Mar 17, 2023 |
| Macquarie | Analyst unavailable | $16 | $9.54 | -37.9% | Jan 4, 2023 |
| Morgan Stanley | Analyst unavailable | $14 | $11.43 | -45.6% | Dec 2, 2022 |
| UBS | Analyst unavailable | $15 | $12.91 | -41.7% | Aug 23, 2022 |
| Barclays | Analyst unavailable | $17 | $17.48 | -34.0% | Aug 5, 2022 |
| Goldman Sachs | Brett Feldman | $22 | $15 | -14.5% | Jul 30, 2022 |
| Morgan Stanley | Analyst unavailable | $18 | $14.16 | -30.1% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $19 | $13.61 | -26.2% | Jul 14, 2022 |
| New Street | Jessica Reif Ehrlich | $23 | $9.01 | -10.7% | Jun 1, 2022 |
| Morgan Stanley | Benjamin Swinburne | $27 | $18.15 | +4.9% | Apr 28, 2022 |
| Rosenblatt Securities | Barton Crockett | $18 | $18.32 | -30.1% | Apr 28, 2022 |
| Barclays | Analyst unavailable | $24 | $18.96 | -6.8% | Apr 27, 2022 |
| Rosenblatt Securities | Barton Crockett | $20 | $20.57 | -22.3% | Apr 22, 2022 |
| Evercore ISI | Vijay Jayant | $40 | $26 | +55.4% | Apr 13, 2022 |
Track every rating change on WBD the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-0.3%
Event window
SPY move
-0.3%
Same window
Abnormal move
+0.0%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
-3.2%
Up to 20 sessions
WBDSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Relative to the prior quarter (Q4 2025), management moved guidance from maintained to raised. HBO Max subscriber growth accelerated past the 140 million mark after four European market launches that were previously announced as planned. The most significant new development is the definitive Paramount Skydance acquisition agreement at $31 per share with shareholder approval secured, a transformational corporate event not present in the prior quarter. Content performance continued to strengthen, with A Knight of the Seven Kingdoms averaging 36 million viewers per episode, a record for HBO Max. Linear networks posted a 50% increase in Winter Olympics viewership.
Guidance delta
Raised. Management moved from maintaining guidance in Q4 2025 to raising guidance in Q1 2026, citing subscriber growth outperformance and content momentum.
Key takeaways
- HBO Max subscriber base now exceeds 140 million with a goal of over 150 million by year-end, driven by new market roll-outs in the U.K., Germany, Italy, and Ireland.
- Premium content slate including award-winning series and major franchise releases fuels subscriber and revenue growth.
- Warner Bros. Studios targets at least $3 billion in adjusted EBITDA, reflecting a creative and financial renaissance.
- Linear networks delivered strong sports and news performance, notably a 50% increase in Winter Olympics viewership.
- The pending Paramount Skydance merger will create a larger, globally-scaled entertainment platform at $31 per share, with shareholder approval secured.
Management priorities
- Further HBO Max launches in additional international markets beyond Q1.
- Release of upcoming titles including House of the Dragon, Harry Potter and the Philosopher's Stone, and Dune: Part Three.
- Continued experimentation with sports bundling models across various regions.
- Integration and joint product development with Paramount Skydance post-acquisition.
- Expansion of Potter-themed experiences in Tokyo, Shanghai, and additional cities.
Related earnings events
Communication ServicesVZ · FY2026 Q2 · Calendar Q3 2026Verizon Q2 2026: Record Postpaid Adds, Raised Guidance, New AI Infrastructure DealsCMCSA · FY2026 Q2 · Calendar Q3 2026Comcast Beats on EPS and Revenue as Peacock Turns Profitable and Wireless Hits 10M LinesTMUS · FY2026 Q2 · Calendar Q3 2026T-Mobile Q2 2026: Record NPS, Strong Postpaid Adds, EPS Beat Offset by Revenue Miss
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T16:31:05.103470+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T16:31:05.101389+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 . For educational purposes only; not investment advice.