EarningsQ2 2026 Earnings Report
MX:WBD Q2 2026 EPS Results
Actual EPS$1.03
Consensus EPS-$2.40
Beat/MissBeat by +$3.43
One Year Ago EPS$10.81
MX:WBD Q2 2026 Revenue Results
Actual Revenue$149.77B
Expected Revenue$158.72B
Beat/MissMissed by -$8.94B
YoY Revenue Growth-11.07%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:WBD Upcoming Earnings
Warner Bros's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WBD Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture driven by a pronounced streaming turnaround (record streaming revenue, strong adjusted EBITDA improvement and global HBO engagement), significant gains in news and sports viewership, and a clear multi-year plan to grow studio output and diversify revenue streams. Near-term challenges include a steep decline in linear ad revenues (nearly 30%), studio underperformance this quarter vs. a tough prior-year comp, international ad softness in some markets, and timing/lapping effects from related-party items. Management expressed confidence in recovering studio momentum with a ramped 2027 slate and emphasized retention initiatives (bundles) and ancillary business buildouts. Overall, the highlights—particularly streaming profitability and audience strength—outweigh the lowlights, though ad-market and studio timing risks warrant monitoring.Company Guidance
Record Streaming Revenue
Streaming segment delivered more than $3.0 billion in revenue in Q2 (first time ever) with subscriber-related revenue growth accelerating 200 basis points sequentially to 10% ex FX.
Streaming Profitability Turnaround
Streaming generated $512 million in adjusted EBITDA in Q2, a more than 60% improvement versus Q2 2025, representing a nearly 17% adjusted EBITDA margin.
Strong HBO Global Engagement and Large Viewership Hits
Multiple HBO programs (The Pitt, A Knight of the Seven Kingdoms, House of the Dragon, Euphoria) averaged at least 25 million global viewers per episode in 2026 with several programs exceeding 30 million average viewers; upcoming tentpoles include Gilded Age, Lanterns and Harry Potter (debuting Christmas Day).
Content Excellence Recognized (Emmys)
Warner Bros. Discovery led the industry with 150 Emmy nominations; HBO Max garnered 122 nominations across 21 programs (26 for Season 2 of The Pitt, 25 for final season of Hacks); Warner Bros. Television had 52 nominations.
Network & Sports Viewership Gains
TNT Sports aired the highest rated national championship basketball game ever; MLB regular season viewership up more than 20% year-to-date and NHL playoffs viewership up 50%; Discovery's Shark Week posted its highest YoY growth in over a decade and Discovery ranked #1 cable in prime among adults 25-54 across Shark Week's first three nights.
CNN Audience Growth
CNN linear viewership increased 24% YoY and minutes spent across all CNN platforms increased 19% in Q2, demonstrating strengthened news engagement.
Distribution and Subscriber Momentum
Company returned to double-digit distribution growth in Q2; excluding a related-party deal, distribution growth would have been in the low teens, indicating healthy underlying traction across markets and bundles.
Studios & Slate Visibility / Slate Build-Out
Management projects long-term studio adjusted EBITDA target of over $3 billion; film production planned to ramp from 14 films this year to 19 films next year (an increase of 5 films, ~35.7% year-over-year), plus a strengthened pipeline including major IP tentpoles in 2027 (Lord of the Rings, Batman, Superman, Minecraft 2).
Ancillary Growth Initiatives
Investments to diversify studio revenue streams (consumer products, retail, tours, games) are driving higher-margin, predictable cash-generative businesses; games pipeline includes LEGO Batman launch and a forthcoming Hogwarts Legacy sequel.
MX:WBD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed