Warner Bros. Discovery (WBD)
Runs HBO Max, Warner Bros. studios, and global news, sports, and lifestyle networks.
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Operates HBO Max, Warner Bros. film and television studios, and global networks such as CNN, TNT Sports, Discovery, HGTV, and Food Network. Revenue comes from subscriptions and carriage fees, advertising, content licensing, games, and consumer products; an approved acquisition by Paramount Skydance remains pending regulatory clearance.
Runs three reportable segments: Streaming, Studios, and Global Linear Networks. HBO Max, discovery+, and HBO sell subscriptions; Warner Bros. Motion Picture Group, Warner Bros. Television, DC Studios, and Warner Bros. Games produce and license film, television, franchises, and games; CNN, TNT Sports, Discovery, HGTV, Food Network, TLC, and other channels sell advertising and earn distribution fees across U.S. and international markets.
Extends owned film, television, and character libraries across theaters, third-party licensing, streaming, home entertainment, games, consumer products, and themed experiences. Results depend on audience demand, distributor agreements, advertising conditions, sports rights, content protection, and servicing significant debt, while linear distribution continues to lose subscribers. The shareholder-approved all-cash acquisition by Paramount Skydance remains subject to regulatory clearances.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $29 | Target: $31 |
| Aug 14, 2026 | Wells Fargo | Upgrade | ||
| Jul 27, 2026 | Seaport Global | Downgrade | ||
| Jul 26, 2026 | Seaport Global | Downgrade | ||
| Jul 13, 2026 | Cowen & Co. | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $3.37B · Total debt $32.02B · Total assets $97.25B · Shareholders' equity $32.84B
- Revenue
- $8.72B
- Operating income
- $237.0M
- Net income
- $149.0M
No dividends on record.
| Institutions | 78.52% | 1.97B shares | |
|---|---|---|---|
| 1,429 holders · as of Jun 30, 2026 | |||
| Insiders | 0.35% | 8.66M shares | |
| 21 holders · as of Sep 16, 2026 | |||
| Other | 21.13% | 530.68M shares | |
| remainder | |||
2.51B company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.89% | 198.09M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.32% | 158.64M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.11% | 128.36M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.19% | 105.10M | as of Jun 30, 2026 |
Invesco Ltd.Institution | 3.19% | 80.09M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Lori C. Locke | officer: Chief Accounting Officer | −29,115 | $28.13 |
| Sep 11, 2026 | Richard W. Fisher | director | −6,700 | $28.06 |
| Sep 10, 2026 | Kenneth W. Lowe | director | −200,000 | $28.23 |
| Sep 9, 2026 | Amy Girdwood | officer: Chief People & Culture Officer | −262,285 | $27.98 |
| Sep 3, 2026 | Anton J. Levy | director | −340,000 | $28.39 |
- Netflix
Global SVOD leader, 325M paid subscribers; Max's most direct streaming rival.
- Walt Disney
Broadest multi-front rival: streaming, studio, sports (ESPN), and theme parks.
- Paramount Skydance
Legacy studio/SVOD rival (CBS, Paramount+, Skydance); pending acquirer of WBD.
- Comcast
Rival SVOD (Peacock/44M), Universal studio (#2 box office), NBA rights, MSNBC.
- Fox Class A
Dominant cable news rival (Fox News ~50%) and sports rival (NFL/MLB); Tubi AVOD.
- Amazon
Scale SVOD rival (Prime Video/130M U.S.) with MGM studio and sports rights.
- Apple
Premium SVOD niche (Apple TV+/~45M subs) competing on prestige originals.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Warner Bros. Discovery | $30.81 | +0.02% | $77.22B | — | — | 2.1 | −11.2% |
| Netflix | $71.91 | −1.98% | $305.47B | 23.1 | 20.8 | 6.3 | +13.4% |
| Walt Disney | $103.48 | −0.72% | $180.96B | 21.5 | 13.8 | 1.8 | +7.1% |
| Paramount Skydance | $10.07 | +1.56% | $10.78B | — | 12.1 | 0.4 | +0.9% |
| Comcast | $22.64 | −1.29% | $81.37B | 7.4 | 6.5 | 0.7 | −1.2% |
| Fox Class A | $64.50 | −0.45% | $28.41B | 16.9 | 10.8 | 1.7 | +28.1% |
| Amazon | $254.55 | −1.51% | $2.78T | 20.8 | 27.3 | 3.6 | +19.6% |
| Apple | $341.81 | +0.84% | $4.98T | 38.8 | 36.8 | 10.7 | +16.4% |
| Median | 21.1 | 13.8 | 1.8 | +13.4% |