Earnings Summary: Highlights of Warner Bros. Discovery’s Q3 2025 results

Media and entertainment company Warner Bros. Discovery (NASDAQ: WBD) on Thursday reported a net loss for the third quarter of fiscal 2025, compared to a profit last year.

• Total revenues were $9.0 billion in the third quarter, down 6% from the prior year quarter
• Revenues, excluding the impact of the 2024 Olympics, were flat compared to the prior year quarter
• Distribution revenues decreased 4%, and Advertising revenues dropped 17% YoY during the quarter
• Net loss available to the company was $148.0 million in Q3, including $1.3 billion of pre-tax acquisition-related expenses, vs. a profit of $135 million in Q3 2024
• On a per-share basis, Q3 loss was $0.06, compared to earnings of $0.05 per share in the year-ago period
• Total Adjusted EBITDA rose 2% year-over-year to $2.5 billion in the September quarter, reflecting growth in the Streaming and Studios segments
• The company recorded cash provided by operating activities of $1.0 billion and free cash flow of $0.7 billion in Q3
• Warner Bros. ended the quarter with 128.0 million streaming subscribers, an increase of 2.3 million subscribers sequentially