Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 80

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 80
---
 Ended September 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$2,317 $2,320 — %— %$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