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

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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,320 — %— %$7,056 $6,707 5 %5 %Advertising235 205 15 %14 %754 620 22 %21 %Content79 107 (26)%(27)%269 329 (18)%(19)%Other2 2 — %— %3 6 (50)%(50)%Total revenues2,633 2,634 — %— %8,082 7,662 5 %6 %Costs of revenues, excluding depreciation and amortization1,789 1,776 1 %— %5,526 5,699 (3)%(4)%Selling, general and administrative499 569 (12)%(13)%1,579 1,695 (7)%(7)%Adjusted EBITDA - Streaming segment345 289 19 %24 %977 268 NMNMDepreciation and amortization347 450 1,074 1,425 Restructuring and other charges1 (16)20 1 Transaction and integration costs — (1)— (1)Facility consolidation costs— — — 5 Impairment and amortization of fair value step-up for content41 57 127 230 Impairments and loss on dispositions— 1 14 17 Operating loss$(44)$(202)$(258)$(1,409)

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

38

Revenues

Subscriber information consisted of the following (in millions).

September 30, 2025September 30, 2024% ChangeTotal Domestic subscribers158.0 52.6 10 %Total International subscribers170.0 57.9 21 %Total Streaming subscribers1128.0 110.5 16 %

Distribution revenue was flat and increased 5% for the three and nine months ended September 30, 2025, respectively, primarily attributable to a 16% increase year-over-year in subscribers as a result of continued growth and global expansion of HBO Max, including new distribution deals, partially offset by the first full quarter impact of the previously disclosed domestic wholesale deal renewal. Additionally, the three months ended September 30, 2025 was negatively impacted by an offset to international revenue associated with a