Warner Bros. Discovery, Inc. · WBD · FY2026 Q2 · Calendar Q3 2026

WBD’s streaming turnaround strengthens, but execution risks remain

The supplied analysis supports a constructive but conditional view: streaming momentum, global distribution, and a strong content pipeline improve the growth case, while studio execution, linear advertising pressure, and transaction uncertainty limit confidence in its durability.

Reported Before market openNASDAQCommunication Services $77.22B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.06 Consensus $-0.14
EPS surprise +142.7% Reported versus consensus
Reported revenue $8.72B Consensus $9.25B
Revenue surprise -5.8% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.7% Event window
SPY move -0.2% Same window
Abnormal move +1.8% Stock minus SPY
Volume 1.0× Versus trailing sessions
Subsequent drift +7.5% Up to 20 sessions
WBDSPY benchmark

Ask FN2 about WBD FY2026 Q2

Transcript, numbers and history already loaded
Why did WBD rise 1.7% after beating EPS estimates in FY2026 Q2?What changed in WBD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for WBD after FY2026 Q2 earnings.

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Transcript intelligence

What changed

The quarter’s analysis emphasized that streaming revenue exceeded $3 billion for the first time and that management remains focused on a large film, series, and gaming pipeline. Compared with the prior quarter, the central narrative shifted toward demonstrating streaming profitability and executing the planned slate, while the Paramount Skydance transaction remained a key strategic dependency.

Guidance delta

Maintained; management continued to express confidence in the existing studio EBITDA objective and broader strategy.

Key takeaways

  • HBO Max surpassed $3 billion in streaming revenue for the first time, according to the supplied analysis.
  • Management highlighted global distribution growth through bundles and a broad upcoming content slate.
  • The company reiterated confidence in its $3 billion adjusted EBITDA studio target.
  • Linear advertising weakness and the pending Paramount Skydance transaction remain important swing factors.

Management priorities

  • Expand HBO Max internationally and through distribution bundles.
  • Deliver the planned film, series, and gaming pipeline.
  • Build streaming profitability while pursuing the studio EBITDA objective.
  • Complete the Paramount Skydance transaction.

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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 $-0.02 Q4 '26 estimate $-0.05 Q1 '27 estimate $0.05
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Analyst Consensus ?

ConsensusHold31 ratings
Bullish1238.7%
Neutral1858.1%
Bearish13.2%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$30.8Current
$5Low
$20.39Average
$40High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Seaport Global Neutral BuyDowngradeJul 27, 2026
UBS Neutral NeutralMaintainMay 7, 2026
Guggenheim Neutral NeutralMaintainMay 7, 2026
Freedom Broker Hold HoldMaintainMar 10, 2026
TD Cowen Hold HoldMaintainFeb 27, 2026
Show 27 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $30.8. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Seaport GlobalAnalyst unavailable$31$26.74 +0.6%Jun 29, 2026
UBSJohn Hodulik$31$27.12 +0.6%May 7, 2026
Wells FargoAnalyst unavailable$31$27.75 +0.6%Mar 9, 2026
MoffettNathansonRobert Fishman$31$27.82 +0.6%Mar 6, 2026
Redburn PartnersAnalyst unavailable$31$27.99 +0.6%Feb 17, 2026
See 49 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
-0.3%FY2026 Q1 · Calendar Q2 2026

Latest beats and misses

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-06T15:16:00.574045+00:00
  2. FN2 earnings calendar · 2026-09-11T01:23:15.000588+00:00
  3. Polygon adjusted daily market bars · 2026-09-22T15:30:54.706810+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T15:30:54.703570+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 2026-09-22. For educational purposes only; not investment advice.