Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 80

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 the six months ended June 30, 2025 was partially offset by higher overhead costs.

Adjusted EBITDA

Adjusted EBITDA increased $400 million and $653 million for the three and six months ended June 30, 2025, respectively.

2ARPU: The Company defines Streaming Average Revenue Per User (“ARPU”) as total subscription revenue plus net advertising revenue for the period divided by the daily average number of paying subscribers for the period. Where daily values are not available, the sum of beginning of period and end of period divided by two is used.

Excluded from the ARPU calculation are: (i) Revenue and subscribers for streaming products, other than discovery+, HBO, HBO Max, Max, a Premium Sports Product, and independently-branded, regional products (currently consisting of TVN/Player), that may be offered by us or by certain joint venture partners or affiliated parties from time to time; (ii) A limited amount of international discovery+ revenue and subscribers that are part of non-strategic partnerships or short-term arrangements as may be identified by the Company from time to time; (iii) Cinemax, Max/HBO hotel and bulk institution (i.e., subscribers billed on a bulk basis), and international basic HBO revenue and subscribers; and (iv) Users on free trials who convert to a subscription for which we have recognized subscription revenue within the first seven days of the calendar month immediately following the month in which their free trial expires.

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Studios Segment

The following table presents, for our Studios segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (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$1 $3 (67)%(67)%$2 $8 (75)%(75)%Advertising— — NMNM1 4 (75)%(75)%Content3,591 2,237 61 %59 %5,730 4,860 18 %18 %Other209 209 — %(5)%382 398 (4)%(6)%Total revenues3,801 2,449 55 %54 %6,115 5,270 16 %16 %Costs of