Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 90

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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$3,617 

Operating Activities

Cash provided by operating activities was $1,536 million and $1,813 million during the six months ended June 30, 2025 and 2024, respectively. The decrease in cash provided by operating activities was primarily attributable to a decrease in net income, excluding non-cash items, partially offset by an improvement in working capital activity.

Investing Activities

Cash used in investing activities was $431 million and $137 million during the six months ended June 30, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily attributable to reduced proceeds from the sale of investments and increased purchases of property and equipment during the six months ended June 30, 2025.

Financing Activities

Cash used in financing activities was $1,886 million and $2,274 million during the six months ended June 30, 2025 and 2024, respectively. The decrease in cash used in financing activities was primarily attributable to proceeds received for the contribution of 70% of our music catalog to a joint venture during the six months ended June 30, 2025.

Capital Resources

As of June 30, 2025, capital resources were comprised of the following (in millions).

 June 30, 2025 TotalCapacityOutstandingIndebtednessUnusedCapacityCash and cash equivalents$4,888 $— $4,888 Revolving credit facility and commercial paper program4,000 — 4,000 Bridge loan17,000 17,000 — Senior notes (a)18,000 18,000 — Total$43,888 $35,000 $8,888 (a) Interest on the senior notes is paid annually or semi-annually. Our senior notes outstanding as of June 30, 2025 had interest rates that ranged from 1.90% to 8.30% and will mature between 2025 and 2062. 

We expect that our cash balance, cash generated from operations and availability under the Credit Agreement will be sufficient to fund our cash needs for both the short- and long-term. Our borrowing costs and access to capital markets can be affected by short and long-term debt ratings assigned by independent rating agencies which are based, in part, on our performance as measured by credit metrics such as interest coverage and leverage ratios. Credit rating agencies may continue to

review and adjust our ratings or outlook.