Warner Bros. Discovery, Inc. (WBD) Stock Price & News

NewEarnings release, scored · filed Aug 6, 2026tone -1.0 vs prior release · 40 lines scoredSee the breakdown

Technical Score (1D)

BULLISH

News Sentiment

MIXED

On Oct 6, Warner Bros. Discovery completed its $110 billion acquisition by Paramount Skydance, forming a new company that trades under the ticker SKYD and moving its primary listing to the New York Stock Exchange. The merger closed after a Supreme Court decision denied a last‑minute challenge, and WBD shareholders received $31.02 in cash per share plus a $41.9 million ticking fee, ending WBD’s independent operations. The new Skydance entity will own HBO Max, Paramount+, CBS, and other major film studios, streaming platforms, and cable networks, and it has pledged to produce at least 30 theatrical films and 180 television shows annually. The combined company now holds over 200 million streaming subscribers and a content spend exceeding $30 billion, positioning it as a global entertainment leader. The deal was priced to favor target shareholders, which boosted market confidence and drove WBD’s share price to a one‑year high. Earlier on Oct 5, a Wall Street Journal report noted that Warner Bros. was again being considered for sale amid declining box office returns and streaming competition, suggesting that a sale could trigger restructuring and strategic shifts.

WBD|Analyst Targets

LOW TARGET

$26 -16.0%

3 analysts

MEAN TARGET

$30 -2.5%

16 analysts

HIGH TARGET

$31 +1.0%

7 analysts

PRICE RANGE

$26.00 - $31.25

SB / B / H / S / SS

2/5/17/1/1

DAILYIQ EST.

$30.11 (-2.7%)

WBD|Company Info

Sector

Communication Services

Industry

Entertainment

Exchange

NMS

Country

United States

Website

ir.wbd.com

Symbol

WBD

Description

Warner Bros. Discovery, Inc. is a global media and entertainment enterprise with a diverse portfolio of content spanning film, television, and streaming services. The company's core operations are structured around three primary segments: Studios, Networks, and Direct-to-Consumer (DTC). The Studios segment focuses on film production and distribution, as well as television program licensing. The Networks segment encompasses a wide array of domestic and international television channels, while the DTC segment delivers premium pay-TV and streaming offerings. With a robust collection of well-known brands and franchises, including Warner Bros., HBO, Discovery Channel, and DC, Warner Bros. Discovery aims to reach audiences through various distribution platforms, from traditional linear networks to digital streaming services.

WBD|Insider Trading

Bought (1Y)

0 shares

Sold (1Y)

4,355,200 shares

$119.7M

Aiyar PriyaChief Legal Officer

D156,827 shares2026-10-06

Aiyar PriyaChief Legal Officer

D948,656 shares2026-10-06

Aiyar PriyaChief Legal Officer

Award/Grant948,656 shares2026-10-06

Aiyar PriyaChief Legal Officer

D897,844 shares2026-10-06

Zaslav DavidChief Executive Officer & Pres

D3,052,734 shares2026-10-06

WBD|Fundamentals

Neutral / mixed

Overall: Neutral

✕Revenue declining year over year

✓Positive net margin

✓Positive operating cash flow

Net Margin

1.9%

Revenue CAGR

41.1%

Current Ratio

1.06x

Debt / Equity

0.91x

Return on Equity

2.0%

WBD|Earnings Snapshot

Earnings Summary

Warner Bros. Discovery, Inc. is a global media and entertainment enterprise that operates through Studios, Networks, and Direct‑to‑Consumer segments, delivering film, television, and streaming content under brands such as HBO and Discovery Channel. The company competes in the highly competitive communication services sector, where content ownership and distribution reach are critical. In the most recent two quarters, WBD posted a revenue of $9.46 billion in Q4 2025 and $8.89 billion in Q1 2026, a decline of 6.4% from the prior year’s $9.81 billion and $8.90 billion respectively, while EPS swung from a positive $0.63 in Q2 2025 to a negative $1.17 in Q1 2026, reflecting a sharp earnings reversal; the company beat estimates in Q2 2025 but missed in Q1 2026. Historically, WBD has shown a volatile earnings trajectory, with EPS oscillating between negative and positive territory over the past four quarters and revenue growth fluctuating around the 5–10% range; the company has consistently missed analyst EPS estimates in three of the last four quarters, though it has delivered revenue above expectations in two of those periods. Recent news highlights the completion of a $110 billion merger with Paramount Skydance on October 6, 2026, which ended WBD’s independent listing and created the new Skydance entity; the deal is expected to reshape the company’s capital structure and could influence future earnings through debt load and integration costs.

Read full report

EPS

EstBeatMiss

Qtr	Est	Actual	+/−
Q3'26	$-0.02	-	-
Q2'26	$-0.13	$0.06	+147.7%
Q1'26	$-0.10	$-1.17	-1110.3%
Q4'25	$-0.08	$-0.10	-19.0%
Q3'25	$-0.08	$-0.06	+28.6%
Q2'25	$-0.23	$0.63	+376.3%

Revenue

EstBeatMiss

Qtr	Est	Actual	+/−
Q3'26	$8.9B	-	-
Q2'26	$9.3B	$8.7B	-6.5%
Q1'26	$8.9B	$8.9B	+0.1%
Q4'25	$8.8B	$9.5B	+7.2%
Q3'25	-	$9.0B	-
Q2'25	-	$9.8B	-

Full Earnings BreakdownEstimates, actuals, guidance, and historical context

→

WBD|Monthly Returns

Market Data

WBD Stock Snapshot

BULLISH91/100

$30.98+$0.01 (0.0%)

Market cap: 77.47B
P/E ratio: 106.6
Day range: $30.91 – $30.99
News sentiment: 53/100 · Neutral
Analyst target: $30.17 (-2.6%)
Consensus: Hold · 26 analysts

52-week range+83.1% off low · -0.0% from high

$16.92$30.99

Price $30.98 DailyIQ Est. $30.11

Trend, momentum and range position line up bullish on WBD at the moment. Institutional coverage is thorough here, so shifts in analyst expectations show up in price quickly.

Reverse DCF

What growth is priced into WBD?

FAIR

At today's price, Warner Bros. Discovery, Inc. needs to grow free cash flow about 21.6% a year for the next 10 years to justify its valuation at a 9.02% cost of capital. Over its actual history it has compounded free cash flow at 20.8% a year, so the market is asking for 0.8 percentage points above its own delivered rate. On that basis WBD looks priced roughly in line with its own growth record.

Implied FCF growth: 21.6%
Historical FCF CAGR: 20.8%
Growth gap: +0.8 pts
Verdict: FAIR
Discount rate (WACC): 9.02%
Beta: 1.14

Behaviour On Record

What WBD's own history says about today's numbers

Realized volatility (21d): 23.6% 8th pct
Below its peak: -70.2%
vs 200-day average: +11.8%
Up days (1y): 50%

Warner Bros. Discovery, Inc. is currently running 23.6% annualised volatility over the last 21 sessions. Measured against WBD's own 8 years of daily returns rather than a market-wide average, that is the 8th percentile — unusually subdued by its own history, against a typical reading of 53.3%. The distinction matters because a number that looks calm for one stock is turbulent for another, and the absolute figure on its own tells you neither.

WBD is trading -70.2% below its running peak. Across 5 full years on file, its median worst-drawdown-in-a-year was -42.5%, and the deepest was -80.0% in 2022. The current drawdown is already deeper than this stock's typical annual low point, which puts it in the part of its range where past recoveries began — and where past declines also continued.

Price sits +11.8% from its 200-day moving average. Against every other day in its history, that gap ranks at the 69th percentile — a somewhat wider gap than its own norm. Over the past year WBD closed higher on 50% of sessions, and it is currently 2 sessions into a rising streak.

On October specifically: over 7 years of records, WBD finished the month higher 3 of 7 times, with a median return of -0.7% and an average of +0.8%. Its strongest month historically has been January at +13.5% on average, its weakest April at -8.9%. Seasonality is a weak signal on its own — a decade is a small sample and regimes change — but it is a real distribution rather than a rule of thumb.

Overnight risk is measurable too: WBD has opened more than 2% away from the prior close in 558 of 2,117 sessions (26.4% of the time), with the largest gaps running +61.4% and -20.7%. For anyone holding through an event, that rate is a better guide to overnight exposure than the intraday range.

Across the last 3 dated reports on file, WBD moved an average of 0.5% in the session after earnings, closing higher 1 of those 3 times, with a median move of -0.0% and a largest of +1.3%.

All figures computed from 2,118 daily closes between 2013-10-14 and 2026-10-06, split-adjusted, recomputed daily. Percentiles are against WBD's own 13-year history, not a peer group or index.

Sector Rotation

Is money rotating into or out of WBD's sector?

Warner Bros. Discovery, Inc. sits in the Communication Services sector, currently ranked 10th of 12 GICS sectors by relative-strength rotation score (improving).

Sector rank: #10 of 12
Sector state: Improving
Sector rotation score: 64

Options Market

What is the options market pricing for WBD?

CallsPuts

For Warner Bros. Discovery, Inc.'s nearest expiry (2026-11-20, 39 days out), open interest is call-heavy, a bullish tilt (put/call ratio of 0.00), with at-the-money implied volatility around 15.8%. The options market is pricing roughly a ±5.2% move by that expiry — a range of about $29.35–$32.55.

Put/call ratio (2026-11-20): 0.00
ATM implied volatility: 15.8%
Total open interest: 24
Expected move by 2026-11-20: ±5.2% ($29.35–$32.55)

Analyst Rating Changes

Are analysts turning bullish or bearish on WBD?

Argus Research most recently downgraded Warner Bros. Discovery, Inc. to Sell on Sep 29, 2026. Over the last 90 days, coverage has run 0 upgrades against 2 downgrades, a net bearish lean.

Latest action: Argus Research — Sell
90-day upgrades: 0
90-day downgrades: 2
Net rating momentum: -2

Date	Firm	Action	Rating	Price target
Sep 29, 2026	Argus Research	Downgrade	Hold → Sell	-
Sep 22, 2026	Morgan Stanley	Maintained	Equal-Weight	$29 → $31
Aug 18, 2026	Argus Research	Reiterated	Buy	$31
Jul 27, 2026	Seaport Global	Downgrade	Buy → Neutral	-
Jun 29, 2026	Seaport Global	Upgrade	Neutral → Buy	$31
May 7, 2026	UBS	Maintained	Neutral	$30 → $31
May 7, 2026	Guggenheim	Reiterated	Neutral	-
Mar 10, 2026	Freedom Broker	Maintained	Hold	$30 → $31
Feb 27, 2026	TD Cowen	Maintained	Hold	$22 → $26
Feb 27, 2026	Raymond James	Downgrade	Outperform → Underperform	-
Feb 27, 2026	Benchmark	Downgrade	Buy → Hold	-
Feb 25, 2026	Bernstein	Maintained	Market Perform	$24 → $28

Earnings Release, Scored

What did Warner Bros. Discovery, Inc.'s latest earnings release say?

Filed Aug 6, 2026 · SEC Form 8-K, Exhibit 99

Tone42.5/ 100-1.0 vs prior release

Hedging words0.20per 100 words-0.36 vs prior release

Tone, last 2 releases

Scale 37–57

Most important lines

1
Q2 2026 Highlights • Studios revenues decreased 39% ex-FX to $2,328 million compared to the prior year quarter. • Content revenue decreased 41% ex-FX. • Theatrical revenue decreased 46% ex-FX, driven by lower box office revenue primarily due to this quarter’s slate in relation to the strong performance of A Minecraft Movie, Sinners, and Final Destination Bloodlines in the prior year quarter. • TV revenue decreased 45% ex-FX, primarily driven by lower intercompany content licensing due to the timing of renewals. • Games revenue increased 45% ex-FX, due to the release of LEGO Batman: Legacy of the Dark Knight in the current year quarter. • Studios operating expenses decreased 24% ex-FX to $2,232 million compared to the prior year quarter. • Costs of revenues decreased 32% ex-FX. • Theatrical content expense decreased 41% ex-FX due to lower theatrical revenues, partially offset by impairments in the current year quarter. • TV content expense decreased 35% ex-FX primarily driven by lower intercompany content licensing. • Games content expense increased 52% ex-FX, due to the release of LEGO Batman: Legacy of the Dark Knight in the current year quarter. • SG&A decreased 1% ex-FX, primarily driven by lower marketing costs. • Studios Adjusted EBITDA decreased by 89% ex-FX to $96 million compared to the prior year quarter.
New this quarterNegative tone
2
Free cash flow was unfavorably impacted by approximately $350 million of separation & transaction-related items compared to an approximate $250 million impact in the prior year quarter. • Ended the first quarter with $29.7 billion of net debt(4)(*) and 3.4x net leverage(5)(*). • During the second quarter, the Company repaid in full the $15 billion bridge loan facility with a $13 billion Term Loan B and a €1.7 billion Term Loan B. Q2 2026 Earnings Press ReleaseAugust 6, 2026 1
Negative tone
3
Discovery, Inc. was $0.1 billion, which includes $1.1 billion of pre-tax acquisition- related amortization of intangibles, content fair value step-up, and restructuring expenses. • Total Adjusted EBITDA(2)(*) was $1.9 billion, a 6% ex-FX decrease compared to the prior year quarter, as growth in the Streaming segment was more than offset by a decline in the Studios and Global Linear Networks segments. • Cash provided by operating activities was $848 million.
Negative tone

Peers & ETF holders

WBD peers & ETF holders

EntertainmentMarket cap · today

WBDYou're here$77.5B+0.03%
DISThe Walt Disney Company$187.3B-0.43%
LYVLive Nation Entertainment, Inc.$40.5B-0.03%
FOXFox Corporation$25.0B+0.02%
ROKURoku Inc$22.8B+0.05%
NWSNews Corporation$16.4B0.00%

Top ETF holdersWeight

News Sentiment Analysis

Sentiment gathered from recent headlines

53/100

Strong NegativeNeutralStrong Positive

MIXED

Recent News Coverage

Most recent articles, ranked by recency (click to expand).

10+ articles

What did this article say?

On October 6, the $111 billion Paramount‑Warner Bros. Discovery merger closed, and Skydance (SKYD) began trading on the NYSE while WBD ceased Nasdaq trading. CEO David Ellison announced that technology, including artificial intelligence, would become a core capability to integrate the combined operations and enhance creative workflows. The announcement signals a strategic shift but does not yet indicate a material change in the company’s financial outlook.

What did this article say?

David Zaslav, the former president and CEO of Warner Bros. Discovery, exited the company following its sale to Paramount Skydance Corp. He received nearly $800 million in compensation, largely from stock options and shares, after the merger closed on October 6. The payout was disclosed in SEC filings and reported by Variety and The Wrap. The transaction did not alter WBD’s remaining shareholders’ positions or the company’s financial statements.

What did this article say?

Following the October 6 acquisition of Warner Bros. Discovery by Paramount Skydance Corp., David Zaslav received $606.1 million in cash and stock options. The payout included $381.7 million from options and $224.4 million from shares, as reported by Variety and The Wrap. Zaslav also sold approximately $195 million in WBD stock prior to the merger under a Rule 10b5‑1 plan. The transaction did not affect the remaining WBD shareholders’ equity or the company’s financial statements.

What did this article say?

The $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance Corp. closed on October 6, creating a new media conglomerate with a pro forma long‑term debt load of roughly $80 billion. The debt burden raises concerns about cost savings, integration costs, and streaming profitability. While the deal is complete, the new company’s financial health will hinge on reducing leverage and generating cash flow. The merger’s completion does not yet alter WBD’s remaining shareholders’ equity, but the debt load signals a potential downside for the combined entity.

What did this article say?

Skydance completed a debt overhaul for Warner Bros. Discovery, retiring nearly all legacy notes through tender offers and exchanges. About 98.8% of eligible notes were tendered for cash, while 99.2% were swapped for new Skydance securities maturing between 2029 and 2052. The transaction is expected to settle on Friday, effectively reducing WBD’s long‑term debt burden and improving balance‑sheet metrics.

What did this article say?

Skydance Corporation, the newly formed entity from Paramount’s merger with Warner Bros. Discovery, announced new board members and an advisor. The additions include Ynon Kreiz, Laurene Powell Jobs, and Bobby Kotick as independent directors, with former UK Prime Minister Tony Blair serving as board advisor. The appointments reinforce the leadership structure of the combined company, which is closely tied to WBD’s future operations.

What did this article say?

On October 6, Warner Bros. Discovery finalized its merger with Skydance, a deal valued at $110 million that included debt. The transaction allowed Skydance shares to begin trading under the new ticker SKYD on the NYSE, while WBD shares ceased trading on Nasdaq. Skydance stock fell 4.5% on its first day of trading, reflecting short‑term market adjustment. The merger consolidates major film studios, streaming services, and cable networks under a single corporate umbrella, positioning WBD for broader content distribution. The deal is viewed as a strategic expansion rather than an immediate financial catalyst.

What did this article say?

Walmart Connect announced new services with Warner Bros. Discovery, Spotify and Yahoo DSP at its annual partner conference. The collaboration allows Walmart’s audiences to be used on live linear television through Warner Bros. Discovery’s demand side platform, extending reach to shoppers on networks such as TBS. The move aims to capture a larger share of TV advertising dollars by providing advertisers with closed‑loop measurement and broader media strategy options. This partnership positions Walmart Connect as a more competitive player in the commerce‑media space.

Technical Analysis

Real-time indicators across multiple timeframes

BULLISH

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Institutional & Hedge Fund Ownership

5 tracked managers · $148.96M combined position · 2 adding, 3 trimming, 0 unchanged (latest 13F filings)

Manager	Trend	Shares Held	% of Co.	Position Value	Filed
Whitebox Advisors LLC	▼ Sell	2,625,001	0.10%	$69.98M	2026-08-14
Schonfeld Strategic Advisors LLC	▲ Buy	2,472,620	0.10%	$65.92M	2026-08-14
Brevan Howard Capital Management LP	▲ Buy	460,731	0.02%	$12.33M	2026-08-14
Graham Capital Management, L.P.	▼ Sell	23,773	0.00%	$633.8K	2026-08-14
Ancora Advisors LLC	▼ Sell	3,440	0.00%	$91.7K	2026-08-14

Q2 2026 flow:2.06M sh bought ($54.97M)1.87M sh sold ($49.79M)net +193.7K sh (+$5.18M)

Congressional Trading Activity

13 disclosed trades · ~$128.5K est. traded value · 4 buys, 9 sells

Member	Chamber	State	Type	Amount	Traded	Filed
Alan Armstrong	Senate	OK	▲ Buy	$1K - $15K	2026-03-27	2026-07-21
Gilbert Cisneros	House	CA31	▼ Sell	$1K - $15K	2026-02-10	2026-03-09
August Lee Pfluger	House	TX11	▼ Sell	$1K - $15K	2026-02-10	2026-03-19
Gilbert Cisneros	House	CA31	▲ Buy	$1K - $15K	2026-01-09	2026-02-13
Julia Letlow	House	LA05	▼ Sell	$1K - $15K	2025-12-08	2026-01-13
Gilbert Cisneros	House	CA31	▲ Buy	$1K - $15K	2025-11-18	2025-12-15
Julia Letlow	House	LA05	▼ Sell	$1K - $15K	2025-07-25	2026-01-13
Jefferson Shreve	House	IN06	▼ Sell	$15K - $50K	2025-05-12	2025-06-22
August Lee Pfluger	House	TX11	▼ Sell	$1K - $15K	2025-01-13	2025-02-15
Laurel Lee	House	FL15	▼ Sell	$1K - $15K	2024-11-29	2025-08-11
Julia Letlow	House	LA05	▲ Buy	$1K - $15K	2024-11-01	2026-01-13
Sheldon Whitehouse	Senate	RI	▼ Sell	$1K - $15K	2023-09-20	2023-10-17
Gary Peters	Senate	MI	▼ Sell	$1K - $15K	2022-12-12	2023-01-10