Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 160

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 160
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uring 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 legal ruling that may require adjustments to prior customer billings.

Advertising revenue increased 14% and 21% for the three and nine months ended September 30, 2025, respectively, primarily attributable to an increase in ad-lite subscribers, partially offset by domestic pricing pressures.

1Streaming subscriber - We define a “Core Streaming Subscription” as: 

i.a retail subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product (defined below) for which we have recognized subscription revenue, whether directly or through a third party, from a Streaming platform;

ii.a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue from a fixed-fee arrangement with a third party and where the individual user has activated their subscription;

iii.a wholesale subscription to discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis, including third-party services that host a branded environment of discovery+, HBO, HBO Max, Max, or a Premium Sports Product for which we have recognized subscription revenue on a per subscriber basis;