Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 16

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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ensurate with higher theatrical product revenue. The decrease in games content expense was primarily due to impairments of $335 million in the prior year and lower games content expense commensurate with lower revenue and fewer releases in 2025.

Selling, General and Administrative

Selling, general and administrative expenses increased 14% and 10% for the three and nine months ended September 30, 2025, primarily attributable to higher theatrical marketing expenses and overhead costs.

Adjusted EBITDA

Adjusted EBITDA increased $387 million and $1,115 million for the three and nine months ended September 30, 2025, respectively.

Global Linear Networks Segment

The table below presents, for our Global Linear Networks segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss) (in millions).

 Three Months Ended September 30,Nine Months Ended September 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$2,387 $2,598 (8)%(8)%$7,422 $8,070 (8)%(7)%Advertising1,186 1,490 (20)%(21)%4,897 5,691 (14)%(15)%Content217 833 (74)%(74)%884 1,396 (37)%(36)%Other93 89 4 %3 %257 250 3 %1 %Total revenues3,883 5,010 (22)%(23)%13,460 15,407 (13)%(13)%Costs of revenues, excluding depreciation and amortization1,520 2,185 (30)%(30)%6,439 7,088 (9)%(9)%Selling, general and administrative661 710 (7)%(7)%2,014 2,087 (3)%(4)%Adjusted EBITDA - Global Linear Networks segment1,702 2,115 (20)%(20)%5,007 6,232 (20)%(19)%Depreciation and amortization758 1,048 2,494 3,205 Employee share-based compensation— — 1 — Restructuring and other charges16 5 57 58