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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robert Fishman | MoffettNathanson | 12 (17%) |
| Jessica Reif Ehrlich | Bank of America | 10 (0%) |
| Rich Greenfield | LightShed Partners | 10 (10%) |
| Steve Cahall | Wells Fargo | 9 (22%) |
| Kannan Venkateshwar | Barclays | 6 (67%) |
| John Hodulik | UBS | 5 (0%) |
| Bryan Kraft | Deutsche Bank | 5 (0%) |
| Ben Swinburne | Morgan Stanley | 5 (20%) |
| Ric Prentiss | Raymond James | 4 (0%) |
| Mike Ng | Goldman Sachs | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| MoffettNathanson | 1 | 12 (17%) |
| Bank of America | 1 | 10 (0%) |
| LightShed Partners | 1 | 10 (10%) |
| Wells Fargo |
| 1 |
| 9 (22%) |
| Morgan Stanley | 2 | 7 (14%) |
| Barclays | 1 | 6 (67%) |
| Deutsche Bank | 1 | 5 (0%) |
| UBS | 1 | 5 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.03B | -2.5% | $-0.20 | -25.0% | 1.6% | -4.9% | $2.43B |
| FY2025 Q1 | $8.98B | -9.8% | $-0.18 | +55.0% | -0.4% | -5.0% | $302M |
| FY2025 Q2 | $9.81B | +1.0% | $0.63 | +115.5% | -1.9% | 16.1% | $702M |
| FY2025 Q3 | $9.04B | -6.0% | $-0.06 | -209.7% | 6.8% | -1.6% | $701M |
| FY2025 Q4 | $9.46B | -5.7% | $-0.10 | +50.0% | 5.7% | -2.7% | $1.38B |
| FY2026 Q1 | $8.89B | -1.0% | $-1.17 | -550.0% | 6.2% | -32.8% | $-476M |
| FY2026 Q2 | $8.72B | -11.2% | $0.06 | -90.5% | 2.7% | 1.7% | $572M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Warner Bros. Discovery meaningfully exceeded the 140 million subscriber guidance, raising the year-end target to 150 million+ as HBO Max European expansion required heavy investment. Total revenue declined modestly as cord-cutting headwinds continued offsetting a 16% sequential improvement in general entertainment delivery trends versus Q4. The Paramount Skydance acquisition was approved while streaming profitability improved, though the company remained loss-making overall as the content renaissance and creative excellence drove cultural relevance.
Competitive Dynamics | Revenue Growth | Subscriber Growth | Capex Investment | Margin | Pricing | M&A | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 3 | 3 | 2 | 3 | 2 | 2 | 2 |
| 2025Q1 | 4 | 3 | 4 | 3 | 3 | 2 | 2 | |
| 2025Q2 | 6 | 5 | 4 | 2 | 1 | 4 | 2 | |
| 2025Q3 | 4 | 3 | 2 | 4 | 1 | 2 | 2 | 1 |
| 2025Q4 | 2 | 3 | 1 | 2 | 1 | 1 | 1 | |
| 2026Q1 | 5 | 2 | 3 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 7 | 4 | 6 | 4 | 2 | 5 |
| Revenue Growth | 3 | 3 | 5 | 3 | 3 | 2 |
| Subscriber Growth | 3 | 4 | 4 | 2 | 1 | 3 |
| Capex Investment | 2 | 3 | 2 | 4 | 2 | |
| Margin | 3 | 3 | 1 | 1 | 1 | 2 |
| Pricing | 2 | 2 | 4 | 2 | ||
| M&A | 2 | 2 | 2 | 1 | 2 | |
| Product Launch | 2 | 2 | 1 | 1 |
What WBD and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we're excited about this Paramount WBD combination”
TKO is enthusiastic about the pending Paramount/Warner Bros. Discovery combination and the expanded platforms it would put behind UFC and Zuffa Boxing.
“Running Point is produced by Warner Brothers for us.”
Warner Brothers produces the series Running Point for Netflix, a content-supplier relationship alongside the failed acquisition.
“For Warner Brothers specifically, even though we walked away from the deal, some of our initially planned costs for the deal will not fully materialize, but some that we were planning to carry into 2027 were pulled forward into 2026.”
Netflix walked away from its bid for Warner Brothers after deal cost exceeded net value, leaving WBD without the Netflix acquisition.
“we continue to make steady progress towards completing the Warner Bros. Discovery transaction, which we believe will accelerate our transformation, strengthen our competitive position, and enhance our ability to help shape the next era of entertainment.”
Paramount Skydance is progressing toward completing its pending acquisition of Warner Bros. Discovery, which it expects to close by September to form a combined global media company.
“First, we provided a $19 billion bridge commitment in support of Paramount's acquisition of Warner Bros.”
Warner Bros. is the target of Paramount's acquisition, which Apollo is helping finance with a $19 billion bridge commitment.
“with the launch of YouTube TV sports and just overall cord-cutting trends”
An analyst frames YouTube TV's sports launch (Google/Alphabet) alongside cord-cutting as a factor reshaping the pay-TV landscape WBD's networks operate in.
“We've launched with Viu in Southeast Asia.”
WBD launched a bundle with Viu in Southeast Asia as part of its global bundling strategy with regional streaming players.
“we launched in Germany with RTL+.”
WBD launched a streaming bundle with RTL+ in Germany, part of its strategy of partnering with regional programmers to grow high-LTV bundled subscribers.
“our Sky licensing relationship has long made WBD content available in these significant European markets”
WBD notes Sky has long licensed its content across major European markets; WBD is now building a direct HBO Max relationship in those same markets.
“It's encouraging what Chris Winfrey's strategy has been at Charter. And if you look at their actual multichannel subscribers, they're almost flat”
WBD points to Charter's near-flat multichannel subscriber trend under Chris Winfrey as an encouraging sign for the pay-TV distributors that carry its networks.
“we saw with Disney that it was that bundling together, we -- the churn went down.”
WBD cites its bundle with Disney as evidence bundling lowers churn and improves the consumer and economic experience, a positive read-through for streaming aggregation.
“you see the Netflix break fee that we didn't even pay -- flow through our P&L”
WBD's restructuring line includes a Netflix break fee it never paid, implying Netflix had been a bidder/counterparty in WBD's sale process before the Paramount Skydance deal.
“our reaching an agreement for Paramount Skydance to acquire WBD at a cash price of $31 per share”
Warner Bros. Discovery agreed to be acquired by Paramount Skydance for $31 per share in cash, a deal shareholders approved; management frames the combined streaming/studio assets as a benefit to Paramount.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
WBD Warner Bros. Discovery | 4 | -1.0% | |
| DIS The Walt Disney Company | 6 | +6.5% | |
| FOX Fox Corporation (Class B) | 5 | -8.6% | |
| LYV Live Nation Entertainment | 7 | +12.2% | |
| NFLX Netflix, Inc. | 8 | +16.2% | |
| NWS News Corp (Class B) | 7 | +8.8% | |
| PSKY Paramount Skydance Corp | 6 | +2.2% | |
| ROKU Roku, Inc. | 9 | +22.4% | |
| TKO TKO Group Holdings | 7 | +25.9% |