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Warner Bros. Discovery Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $77.6B | |
|---|---|---|
| P/E (forward) | 434.8x |
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
| Revenue | $12.19B | $33.82B | $41.32B | $39.32B | $37.30B | +32.3% |
| Gross profit | $7.57B | $13.38B | $16.80B | $16.35B | $10.51B | +8.5% |
| Operating income | $2.01B | $-7.37B | $-1.55B | $-10.03B | $738.0M | -22.2% |
| Net income | $1.01B | $-7.37B | $-3.13B | $-11.31B | $727.0M | -7.8% |
| EPS (diluted) | $1.54 | $-3.82 | $-1.28 | $-4.62 | $0.29 | -34.1% |
| EBITDA | $7.15B | $14.17B | $22.37B | $11.61B | $9.42B | +7.1% |
| R&D | — | — | — | — | — | — |
| SG&A | $4.02B | $9.68B | $9.70B | $9.30B | $9.42B | +23.7% |
Recent company headlines from major financial publishers.
The modal expected path reflects gradual turnaround execution. Linear networks contract moderately (-2.96% revenue contraction in FY2026 to $36.19B), offset by studio production ramping to 19 films in FY2027 which lifts consolidated revenue +3.12% to $37.32B. Operating margin expands from the 1.98% baseline in FY2025 toward normalized double-digit profitability. Robust annual free cash flow is systematically deployed to retire debt from the $32.02B base.
Under the bull scenario, the Studio segment cleanly executes on its 19-film release slate in FY2027, delivering multiple box office hits that accelerate Studio adjusted EBITDA past management's $3B target. International Max expansion in Europe outpaces linear cord-cutting, lifting consolidated FY2027 revenue toward the consensus high of $39.14B. Annual free cash flow expands substantially, accelerating balance-sheet deleveraging and compressing the enterprise cost of capital.
| Ke ↓ / g → | 1.5% | 1.8% | 2.0% | 2.3% | 2.5% |
|---|---|---|---|---|---|
| 9.5% | $24.1 | $24.1 | $24.1 | $24.1 | $24.1 |
| 10.0% | $24.1 | $24.1 | $24.1 | $24.1 | $24.1 |
| 10.5% | $24.1 | $24.1 | $24.1 | $24.1 | $24.1 |
| 11.0% | $24.1 | $24.1 | $24.1 | $24.1 | $24.1 |
| 11.5% | $24.1 | $24.1 | $24.1 | $24.1 | $24.1 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
