Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 147

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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Revenues Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Streaming$2,633 $2,634 $8,082 $7,662 Studios3,321 2,680 9,436 7,950 Global Linear Networks3,883 5,010 13,460 15,407 Corporate1 4 2 6 Inter-segment eliminations (793)(705)(3,144)(1,731)Total revenues$9,045 $9,623 $27,836 $29,294 Reconciliation of Revenues to Segment Adjusted EBITDAThree months ended September 30, 2025StreamingStudiosGlobal Linear NetworksRevenues$2,633 $3,321 $3,883 Less: Content expense (a)1,497 1,843 1,055 Personnel expense (b)175 240 479 Marketing expense210 331 128 Other segment expenses (c)406 212 519 Segment Adjusted EBITDA$345 $695 $1,702 

29

WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Three months ended September 30, 2024StreamingStudiosGlobal Linear NetworksRevenues$2,634 $2,680 $5,010 Less: Content expense (a)1,470 1,675 1,679 Personnel expense (b)194 229 524 Marketing expense263 309 125 Other segment expenses (c)418 159 567 Segment Adjusted EBITDA$289 $308 $2,115 Nine months ended September 30, 2025StreamingStudiosGlobal Linear NetworksRevenues$8,082 $9,436 $13,460 Less: Content expense (a)4,601 5,317 4,992 Personnel expense (b)552 702 1,480 Marketing expense724 946 347 Other segment expenses (c)1,228 654 1,634 Segment Adjusted EBITDA$977 $1,817 $5,007 Nine months ended September 30, 2024StreamingStudiosGlobal Linear NetworksRevenues$7,662 $7,950 $15,