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

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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028 (6)%(6)%3,737 3,923 (5)%(5)%Selling, general and administrative587 647 (9)%(10)%1,080 1,126 (4)%(4)%Adjusted EBITDA - Streaming segment293 (107)NMNM632 (21)NMNMDepreciation and amortization356 460 727 975 Restructuring and other charges7 15 19 17 Facility consolidation costs— 3 — 5 Impairment and amortization of fair value step-up for content39 71 86 173 Impairments and loss on dispositions11 11 14 16 Operating loss$(120)$(667)$(214)$(1,207)

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis.

37

Revenues

Subscriber information consisted of the following (in millions).

June 30, 2025June 30, 2024% ChangeTotal Domestic subscribers157.8 52.4 10 %Total International subscribers167.9 50.8 33 %Total Streaming subscribers1125.7 103.3 22 %

Distribution revenue increased 9% and 8% for the three and six months ended June 30, 2025, respectively, primarily attributable to a 22% increase in subscribers as a result of continued global expansion of HBO Max, including new distribution deals, partially offset by the impact of a wholesale deal renewal and lower global distribution ARPU due to a mix shift in the subscriber base across distribution channels, geography, and product type.

Advertising revenue increased 17% and 25% for the three and six months ended June 30, 2025, respectively, primarily attributable to an increase in ad-lite subscribers, partially offset by domestic pricing pressures.

1Streaming subscriber - We define a “Core Streaming Subscription” as: 

i.a retail subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product (defined below) for which we have recognized subscription revenue, whether directly or through a third party, from a Streaming platform;

ii.a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue from a fixed-fee arrangement with a third party and where the individual user has activated their subscription;

iii.a wholesale subscription to discovery+, HBO, HBO Max, Max, or a