Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 77

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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,Six Months Ended June 30, 20252024% Change% Change (ex-FX)20252024% Change% Change (ex-FX)Revenues:Distribution$2,410 $2,202 9 %9 %$4,739 $4,387 8 %8 %Advertising282 240 18 %17 %519 415 25 %25 %Content102 123 (17)%(21)%190 222 (14)%(15)%Other(1)3 NMNM1 4 (75)%(75)%Total revenues2,793 2,568 9 %8 %5,449 5,028 8 %9 %Costs of revenues, excluding depreciation and amortization1,913 2,028 (6)%(6)%3,737 3,923 (5)%(5)%Selling, general and administrative587 647 (9)%(10)%1,080 1,126 (4)%(4)%Adjusted EBITDA - Streaming segment293 (107)NMNM632 (21)NMNMDepreciation and amortization356 460 727 975 Restructuring and other charges7 15 19 17 Facility consolidation costs— 3 — 5 Impairment and amortization of fair value step-up for content39 71 86 173 Impairments and loss on dispositions11 11 14 16 Operating loss$(120)$(667)$(214)$(1,207)

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis.

37

Revenues

Subscriber information consisted of the following (in millions).

June 30, 2025June 30, 2024% ChangeTotal Domestic subscribers157.8 52.4 10 %Total International subscribers167.9 50.8 33 %Total Streaming subscribers1125.7 103.3 22 %

Distribution revenue increased 9% and 8% for the three and six months ended June 30, 2025, respectively, primarily attributable to a 22% increase in subscribers as a result of continued global expansion of HBO Max, including new distribution deals, partially offset by the impact of a wholesale deal renewal and lower global distribution ARPU due to a mix shift in the subscriber base