Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 159

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 159
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%24 %$977 $268 NMNMStudios695 308 NMNM1,817 702 NMNMStreaming & Studios eliminations(32)42 NMNM(456)64 NMNMStreaming & Studios1,008 639 58 %59 %2,338 1,034 NMNMGlobal Linear Networks1,702 2,115 (20)%(20)%5,007 6,232 (20)%(19)%Corporate(258)(296)13 %14 %(807)(927)13 %14 %Other inter-segment eliminations 18 (45)NMNM(10)(29)(66)%(66)%Adjusted EBITDA$2,470 $2,413 2 %2 %$6,528 $6,310 3 %5 % 

37

Streaming Segment

The following table presents, for our Streaming segment, revenues by type, certain operating expenses, Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating loss (in millions).

 Three Months Ended September 30,Nine Months 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 Restruct