Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 161

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 161
---
. We prospectively updated certain corporate allocations at the beginning of 2025. The impact to prior periods was immaterial.

The table below presents our Adjusted EBITDA for each of the Company’s reportable segments, corporate, and inter-segment eliminations (in millions).

 Three Months Ended June 30, Six Months Ended June 30, 20252024% Change20252024% ChangeStreaming$293 $(107)NM$632 $(21)NMStudios$863 $210 NM$1,122 $394 NMGlobal Linear Networks$1,512 $1,998 (24)%$3,305 $4,117 (20)%Corporate$(316)$(285)(11)%$(549)$(631)13 %Inter-segment eliminations $(399)$(21)NM$(452)$38 NM

Supplemental Streaming & Studios and Global Linear Networks Division Information

The following tables present, for our Streaming & Studios and Global Linear Networks divisions, supplemental information about revenues and Adjusted EBITDA (in millions).

Revenues

 Three Months Ended June 30, Six Months Ended June 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Streaming$2,793 $2,568 9 %8 %$5,449 $5,028 8 %9 %Studios3,801 2,449 55 %54 %6,115 5,270 16 %16 %Streaming & Studios eliminations(1,400)(416)NMNM(2,023)(734)NMNMStreaming & Studios5,194 4,601 13 %12 %9,541 9,564 — %— %Global Linear Networks4,803 5,272 (9)%(9)%9,577 10,397 (8)%(8)%Corporate1 1 — %— %1 2 (50)%(50)%Other inter-segment eliminations (186)(161)(16)%(16)%(328)(292)(12)%(12)%Total revenues$9,812 $9,713 1 %— %$18,791 $19,671 (4)%(4)%

Adjusted EBITDA

 Three Months