Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 9

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 9
---
gment eliminations (186)(161)(16)%(16)%(328)(292)(12)%(12)%Total revenues$9,812 $9,713 1 %— %$18,791 $19,671 (4)%(4)%

Adjusted EBITDA

 Three Months Ended June 30, Six Months Ended June 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Streaming$293 $(107)NMNM$632 $(21)NMNMStudios863 210 NMNM1,122 394 NMNMStreaming & Studios eliminations(366)(27)NMNM(424)22 NMNMStreaming & Studios790 76 NMNM1,330 395 NMNMGlobal Linear Networks1,512 1,998 (24)%(25)%3,305 4,117 (20)%(19)%Corporate(316)(285)(11)%(9)%(549)(631)13 %14 %Other inter-segment eliminations (33)6 NMNM(28)16 NMNMAdjusted EBITDA$1,953 $1,795 9 %9 %$4,058 $3,897 4 %6 % 

36

Streaming Segment

The following table presents, for our Streaming segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in millions).

 Three Months Ended June 30,Six Months Ended June 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$2,410 $2,202 9 %9 %$4,739 $4,387 8 %8 %Advertising282 240 18 %17 %519 415 25 %25 %Content102 123 (17)%(21)%190 222 (14)%(15)%Other(1)3 NMNM1 4 (75)%(75)%Total revenues2,793 2,568 9 %8 %5,449 5,028 8 %9 %Costs of revenues, excluding depreciation and amortization1,913 2,