Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 23

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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 of period$5,416 $4,319 Cash provided by operating activities2,515 2,660 Cash used in investing activities(761)(355)Cash used in financing activities(3,123)(3,149)Effect of exchange rate changes on cash, cash equivalents, and restricted cash251 15 Net change in cash, cash equivalents, and restricted cash(1,118)(829)Cash, cash equivalents, and restricted cash, end of period$4,298 $3,490 

Operating Activities

Cash provided by operating activities was $2,515 million and $2,660 million during the nine months ended September 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 $761 million and $355 million during the nine months ended September 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 nine months ended September 30, 2025.

Financing Activities

Cash used in financing activities was $3,123 million and $3,149 million during the nine months ended September 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, partially offset by higher net debt activity.

Capital Resources

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

 September 30, 2025 TotalCapacityOutstandingIndebtednessUnusedCapacityCash and cash equivalents$4,294 $— $4,294 Revolving credit facility and commercial paper program4,000 — 4,000 Bridge loan16,000 16,000 — Senior notes (a)17,844 17,844 — Total$42,138 $33,844 $8,294 (a) Interest on the senior notes is paid annually or semi-annually. Our senior notes outstanding as of September 30, 2025 had interest rates that ranged from 1.90% to 8.30% and will mature between 2026 and 2062