Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 84

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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NM1 5 (80)%(80)%Content3,111 2,463 26 %26 %8,841 7,323 21 %21 %Other208 210 (1)%(4)%590 608 (3)%(5)%Total revenues3,321 2,680 24 %23 %9,436 7,950 19 %19 %Costs of revenues, excluding depreciation and amortization1,897 1,736 9 %9 %5,525 5,356 3 %3 %Selling, general and administrative729 636 15 %14 %2,094 1,892 11 %10 %Adjusted EBITDA - Studios segment695 308 NMNM1,817 702 NMNMDepreciation and amortization170 171 509 531 Employee share-based compensation— — — (1)Restructuring and other charges12 2 6 32 Transaction and integration costs — — — 2 Facility consolidation costs— 1 — 2 Impairment and amortization of fair value step-up for content33 34 94 45 Amortization of capitalized interest for content19 8 28 38 Impairments and gain on dispositions— (5)(1)(6)Operating income$461 $97 $1,181 $59 

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. The Studios discussion below also includes intra-segment revenue and expense between product lines, which represented less than 3% of total revenues and operating expenses for this segment for the three and nine months ended September 30, 2025. Intra-segment revenue and expense are eliminated at the Studios segment level.

Fluctuations in results for our Studios segment may occur due to various factors, including (but not limited to) the timing and number of new film releases each quarter, the timing of marketing expenses recognized relative to (i.e., prior to) a film’s release, and the mix of content distributed each period.

Revenues

Content revenue increased 26% for the three months ended September 30, 2025, primarily attributable to a 74% increase in theatrical product revenue, partially offset by a 13% decrease in television product revenue and a 23% decrease