Earnings Summary: Warner Bros. Discovery swings to profit in Q2 2025

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

• Second-quarter revenues increased modestly from last year to $9.8 billion, both on a reported and currency-adjusted basis
• Distribution revenue remained broadly unchanged, as growth in global streaming subscribers was offset by a decline in domestic linear pay TV subscribers
• Advertising revenue dropped 10% ex-FX in Q2, as ad-lite streaming subscriber growth was more than offset by domestic linear audience declines
• Content revenue rose 16% ex-FX, mainly driven by higher box office revenues amid strong performance of the theatrical releases
• Net income available to the company was $1.6 billion, compared to a loss of $9.9 billion in Q2 2024
• On a per-share basis, earnings were $0.63 in Q2, vs. a loss of $4.07 in the comparable quarter last year
• Adjusted EBITDA increased 9% year-over-year to $1.95 billion during the three months