Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 167

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 167
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 Studios discussion below also includes intra-segment revenue and expense between product lines, which represented less than 2% and 3% of total revenues and operating expenses for this segment for the three and six months ended June 30, 2025, respectively. Intra-segment revenue and expense are eliminated at the Studios segment level.

Fluctuations in results for our Studios segment may occur due to various factors, including (but not limited to) the timing and number of new film releases each quarter, the timing of marketing expenses recognized relative to (i.e., prior to) a film’s release, and the mix of content distributed each period.

Revenues

Content revenue increased 59% for the three months ended June 30, 2025, primarily attributable to a 115% increase in television product revenue and a 38% increase in theatrical product revenue, partially offset by a 14% decrease in games revenue.

•The increase in television product revenue was attributable to higher intercompany content licensing, primarily due to the timing of renewals.

•The increase in theatrical product revenue was attributable to higher film rental revenue, partially offset by lower content licensing. The increase in film rental revenue was primarily due to the strong performance of A Minecraft Movie, Sinners, and Final Destination Bloodlines, which were released in the second quarter of 2025.

•The decrease in games revenue was attributable to no releases in 2025. 

Content revenue increased 18% for the six months ended June 30, 2025, primarily attributable to a 54% increase in television product revenue and a 3% increase in theatrical product revenue, partially offset by a 34% decrease in games revenue.

•The increase in television product revenue was attributable to higher intercompany content licensing, primarily due to the timing of renewals.

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•The increase in theatrical product revenue was attributable to higher film rental revenue and intercompany content sales, partially offset by lower home entertainment revenue. The increase in film rental revenue was primarily due to the strong current year performance of A Minecraft Movie, Sinners, and Final Destination Bloodlines. The decrease in home entertainment revenue was primarily due to the strong prior year performance of Dune: Part Two, Wonka, and Aquaman and the Lost Kingdom.

•The decrease in games revenue was attributable to no releases in 2025 compared to the prior year release of Suicide Squad: Kill the Justice League in the first quarter of 2024.

Other revenue decreased 5% and 6% for the three