---
title: "Warner Bros. Discovery: Metrics Guide"
description: "Warner Bros. Discovery revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained."
canonical: https://www.getswoopr.com/stocks/companies/warner-bros-discovery/metrics/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Warner Bros. Discovery: Financial & Operating Metrics Guide

## Direct Answer

Warner Bros. Discovery reported revenue of $37.3 billion for the fiscal year ended December 31, 2025, with an operating margin of 2.0% and net income of $727 million, according to its SEC filings. Revenue fell 5.1% from the prior year.

## What Are Warner Bros. Discovery's Key Financial Figures?

| Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 |
| --- | --- | --- | --- | --- |
| Revenue | $37.3 billion | $39.3 billion | $41.3 billion | $33.8 billion |
| Operating income | $738 million | -$10.0 billion | -$1.5 billion | -$7.4 billion |
| Operating margin | 2.0% | -25.5% | -3.7% | -21.8% |
| Net income | $727 million | -$11.3 billion | -$3.1 billion | -$7.4 billion |
| Net margin | 1.9% | -28.8% | -7.6% | -21.8% |
| Operating cash flow | $4.3 billion | $5.4 billion | $7.5 billion | $4.3 billion |
| Capital expenditures | $1.2 billion | $948 million | $1.3 billion | $987 million |
| Free cash flow | $3.1 billion | $4.4 billion | $6.2 billion | $3.3 billion |

Operating margin widened by 27.5 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $3.1 billion against net income of $727 million; cash generation covered reported earnings.

![Bar chart of Warner Bros. Discovery revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $37.3 billion, operating income $738 million and net income $727 million.](https://www.getswoopr.com/images/charts/warner-bros-discovery-metrics-revenue-profit.webp)
*Warner Bros. Discovery revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.*

![Line chart of Warner Bros. Discovery operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 2.0% and net margin was 1.9%.](https://www.getswoopr.com/images/charts/warner-bros-discovery-metrics-margins.webp)
*Warner Bros. Discovery operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.*

![Bar chart of Warner Bros. Discovery operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $4.3 billion, capital expenditures was $1.2 billion, free cash flow was $3.1 billion.](https://www.getswoopr.com/images/charts/warner-bros-discovery-metrics-cash-flow.webp)
*Warner Bros. Discovery operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.*

## What Does Warner Bros. Discovery's Balance Sheet Show?

| Cash and cash equivalents | $4.6 billion |
| --- | --- |
| Long-term debt | $32.6 billion |
| Total assets | $100 billion |
| Total liabilities | $62.9 billion |
| Shareholders' equity | $35.9 billion |
| Current ratio | 1.1x |

Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions.

## Where These Numbers Come From

Every figure on this page is a value Warner Bros. Discovery reported in its own SEC filings, read from the SEC's XBRL data (accession 0001437107-26-000020 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary.

Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What was Warner Bros. Discovery's revenue in fiscal 2025?

Warner Bros. Discovery reported revenue of $37.3 billion for the fiscal year ended December 31, 2025, according to its SEC filings.

### What is Warner Bros. Discovery's operating margin?

Warner Bros. Discovery's operating margin was 2.0% in fiscal 2025: operating income of $738 million on revenue of $37.3 billion.

### How much free cash flow did Warner Bros. Discovery generate?

Operating cash flow of $4.3 billion less capital expenditures of $1.2 billion gives free cash flow of $3.1 billion for fiscal 2025.

## References

- [SEC EDGAR: Warner Bros. Discovery, Inc. Form 10-K filed February 27, 2026](https://www.sec.gov/Archives/edgar/data/1437107/000143710726000020/wbd-20251231.htm)
- [SEC EDGAR: Warner Bros. Discovery, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1437107&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)

## Related Pages

- [Warner Bros. Discovery company dossier](https://www.getswoopr.com/stocks/companies/warner-bros-discovery/)
- [Warner Bros. Discovery financial metrics](https://www.getswoopr.com/stocks/companies/warner-bros-discovery/metrics/)
- [Warner Bros. Discovery financial risk indicators](https://www.getswoopr.com/stocks/companies/warner-bros-discovery/risks/)
- [Warner Bros. Discovery peer comparison](https://www.getswoopr.com/stocks/companies/warner-bros-discovery/competitors/)
- [Warner Bros. Discovery business model and revenue mix](https://www.getswoopr.com/stocks/companies/warner-bros-discovery/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).