Warner Bros. Discovery, Inc. · WBD · Next earnings

Warner Bros. Discovery, Inc. reports Thursday, Nov 5, 2026

WBD reports before market open with consensus EPS at $0.02 and revenue at $8.74B. Last quarter: WBD Q1 2026: HBO Max Tops 140M Subscribers as Paramount Skydance Deal Looms

Reports Before market open46 days awayDate estimated Communication Services

What the street expects

Consensus for the coming report
Consensus EPS $0.02 Calendar consensus
Consensus revenue $8.74B Calendar consensus
Report date Nov 5, 2026 Thursday, date estimated
Session Before market open 46 days away

Where WBD left off: FY2026 Q1

Full report

WBD Q1 2026: HBO Max Tops 140M Subscribers as Paramount Skydance Deal Looms

EPS surprise -975.4% Reported $-1.17 vs $-0.11
Revenue surprise +0.0% Reported $8.89B vs $8.89B
Stock move -0.3% Event window
Subsequent drift -3.2% Up to 20 sessions

Raised. Management moved from maintaining guidance in Q4 2025 to raising guidance in Q1 2026, citing subscriber growth outperformance and content momentum.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Separation and transaction costs related to the Paramount acquisition impacting EBITDA and cash flow.
  • Uncertainty around profitability of sports streaming models.
  • Intense competition from Netflix, Disney+, Amazon, and other global streamers.
  • Execution risk in continuing global HBO Max roll-outs and integration of assets.

Questions analysts left open

  • Monetization and profitability of sports within the streaming platform.
  • Impact of bundling strategies on churn and lifetime value.
  • Internal licensing accounting treatment and its effect on studio EBITDA.
  • Potential EBITDA and revenue trajectory for the linear network segment.
  • Costs associated with the planned spin-off and acquisition process.

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Recent WBD quarters

All WBD earnings
-0.3%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.