Warner Bros. Discovery, Inc.

Warner Bros. Discovery did not provide a full consolidated revenue or EPS figure in the prepared remarks provided, but it did report that Streaming revenue exceeded $3 billion in Q2 for the first time. Streaming adjusted EBITDA was $512 million, up more than 60% year over year, with an adjusted EBITDA margin of nearly 17%. Subscriber-related revenue growth in Streaming accelerated 200 basis points sequentially to 10% ex FX. On the network side, CNN linear viewership rose 24% and minutes spent across all CNN platforms increased 19%, while premium sports properties posted strong ratings gains including more than 20% growth in MLB regular-season viewership and a 50% increase for NHL playoffs. Management said it expects continued strength in Streaming, a strong content pipeline into 2027, and reiterated the studio goal of more than $3 billion in adjusted EBITDA over the long term.

David Zaslav framed the quarter as evidence that the company’s strategy of prioritizing creative quality is working, especially in Streaming, which he called a global, high-growth asset built around HBO’s programming strength. He highlighted the breadth of the content pipeline, including Lanterns, White Lotus, Gilded Age, and Harry Potter, and pointed to strong Emmy recognition as proof of creative momentum. His tone was confident and upbeat, while acknowledging that the studio business still experiences lumpiness.

Gunnar Wiedenfels focused on the financial trajectory of each segment and emphasized that the studio remains on track to reach more than $3 billion in adjusted EBITDA over the long term. He said the studio was hit by a tough comp versus Q2 2025 and that this year’s film slate is lighter, but noted the business is being diversified across licensing, TV, consumer products, tours, and games. He also said WBD is making 14 films this year and ramping to 19 next year, and pointed to healthy library licensing demand, better replenishment from SVOD shows returning, and ongoing benefits from internalizing content into HBO Max and linear networks.

Analysts pressed management on the HBO scripted pipeline, studio EBITDA recovery, film output, linear ad softness, licensing demand, bundling, and DC strategy. Management said 2027 may be one of the strongest years yet for HBO, that the studio plan includes a larger number of films and a more balanced slate, and that licensing demand remains very healthy even for older titles. On ads, Gunnar said U.S. trends were broadly stable but international markets were weaker in Q2 and early Q3 visibility is mixed, with World Cup comparisons affecting the market; on bundling, JB said bundles are helping acquisition and churn, and that 2026 is shaping up to be the company’s best year ever for retention and lower churn.