Stocks · Communication Services · Entertainment
Warner Bros. Discovery, Inc. WBD
$30.94 -0.03% Close, Oct 2, 2026 · NASDAQ · Market cap $77.57B
Strong trend
Next earnings report: Nov 5, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Diluted EPS over the last four quarters was $-1.27, down 516.8% year over year.
- Net debt is 4.7× EBITDA, a high level of leverage.
- The stock is in an uptrend: above its 200-day average for 40 trading days, with the 50-day average above the 200-day.
PromtFinance scores
Each score is a percentile within the Communication Services sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 18%
- EPS growth (TTM, YoY)Bottom 9%
- FCF growth (TTM, YoY)Bottom 20%
- Revenue growth, 3-year CAGRBottom 41%
- Revenue growth accelerationBottom 21%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 41%
- Gross marginBottom 35%
- Operating marginBottom 47%
- Accruals (lower is better)Bottom 41%
- Net debt / EBITDA (lower is better)Bottom 24%
- Interest coverBottom 40%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 35%
- Free-cash-flow yieldBottom 30%
- EBITDA / enterprise valueBottom 47%
- Sales / enterprise valueBottom 31%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 16%
- 6-month returnTop 34%
- 1-year return vs S&P 500Top 9%
- Distance from 52-week highTop 1%
- Trend checklist (0–4)Top 6%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 9%
- Consecutive EPS beatsBottom 47%
- Share of analysts rating BuyBottom 19%
- Upside to consensus price targetBottom 7%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 15%
- Maximum drawdown, 3 yearsTop 33%
- Beta vs S&P 500 (lower is better)Bottom 28%
- Net debt / EBITDA (lower is better)Bottom 24%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -3.0% | -6.1% | ↓ |
| Gross margin | 43.3% | 43.4% | ↑ |
| Operating margin | 0.6% | 5.4% | ↑ |
| FCF margin | 10.6% | 6.0% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -6.1% | -3.0% | ↓ | Bottom 18% |
| EPS growth (TTM, YoY) | -516.8% | — | Bottom 9% | |
| Gross margin | 43.4% | 43.3% | ↑ | Bottom 35% |
| Operating margin | 5.4% | 0.6% | ↑ | Bottom 47% |
| Net margin | -8.8% | 2.0% | ↓ | — |
| Free-cash-flow margin | 6.0% | 10.6% | ↓ | — |
| Return on invested capital | 1.9% | — | Bottom 41% | |
| Revenue growth, 3-year CAGR | 3.3% | — | Bottom 41% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -6.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 1.2%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -2.0 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 4.74×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.9×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -0.54%
- Shareholder yield
- -0.54%
- Share count change, 1 year
- +3.0%
- Share count change, 3-year CAGR
- +1.9%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 6, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 1
- Beats in the last 8 reports
- 4 of 8
- Average EPS surprise, last 4
- -100.0%
- Average 2-day reaction, last 8
- +1.8%
- Positive 20 days after report
- 5 of 8
Analysts
- Consensus price target
- $31.00
- Target vs current price
- +0.2%
- Analysts with a rating
- 32
- Share rating Buy or Strong Buy
- 34%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 6, 2026 | +142.7% | +1.7% | +6.5% | +9.3% | — |
| May 6, 2026 | -975.4% | -0.1% | -0.1% | -0.8% | -3.4% |
| Feb 26, 2026 | -209.8% | -0.3% | -3.3% | -5.8% | -6.2% |
| Nov 6, 2025 | +11.6% | -1.5% | -2.5% | +7.8% | +19.5% |
| Aug 7, 2025 | +362.8% | -7.3% | -5.8% | -8.0% | +69.0% |
| May 8, 2025 | -3.8% | +5.3% | +7.6% | +12.7% | +49.5% |
| Feb 27, 2025 | -658.4% | +4.8% | +8.9% | +5.0% | -14.1% |
| Nov 7, 2024 | +155.6% | +11.8% | +16.0% | +27.4% | +21.6% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 6, 2026 | $0.06 | -$0.14 | +142.7% | $8.72B |
| May 6, 2026 | -$1.17 | -$0.11 | -975.4% | $8.89B |
| Feb 26, 2026 | -$0.10 | -$0.03 | -209.8% | $9.46B |
| Nov 6, 2025 | -$0.06 | -$0.07 | +11.6% | $9.04B |
| Aug 7, 2025 | $0.63 | -$0.24 | +362.8% | $9.81B |
| May 8, 2025 | -$0.18 | -$0.17 | -3.8% | $8.98B |
| Feb 27, 2025 | -$0.20 | -$0.03 | -658.4% | $10.03B |
| Nov 7, 2024 | $0.05 | -$0.09 | +155.6% | $9.62B |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| EV / EBITDA | 17.6× | — | — | Bottom 47% |
| EV / Sales | 2.94× | — | — | Bottom 31% |
| Free-cash-flow yield | 2.81% | — | — | Bottom 30% |
| Earnings yield | -4.10% | — | — | Bottom 35% |
P/E over the past five years
Range 9.8× – 118.0× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +59.9%
- Earnings per share growth (TTM)
- -516.8%
- Change in P/E multiple
- +440.0%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 40
- Days above the 200-day average
- 40
- 50-day average slope (20 days)
- +4.3%
- 200-day average slope (20 days)
- +1.5%
- Distance from 50-day average
- +9.6%
- Distance from 200-day average
- +11.8%
- RSI (14)
- 75.1
- Relative volume
- 1.23×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 26.9%
- Volatility vs own 5-year history
- 11th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.23
- Correlation with S&P 500
- 0.33
- Current drawdown from 1-year high
- -0.0%
- Maximum drawdown, 3 years
- -46.3%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Mar 19, 2021 | Aug 12, 2024 | -91.3% | 854 days | Not yet recovered |
| Oct 8, 2020 | Oct 28, 2020 | -15.4% | 14 days | 9 days (Nov 10, 2020) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $77.57B
- EPS, diluted (TTM)
- -$1.27
- Revenue (TTM)
- $36.12B
- 52-week range
- $17.08 – $30.97
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $12.19B | $33.82B | $41.32B | $39.32B | $37.30B |
| Gross profit | $7.57B | $13.38B | $16.80B | $16.35B | $10.51B |
| Operating income | $2.01B | -$7.37B | -$1.55B | -$10.03B | $1.31B |
| Net income | $1.01B | -$7.37B | -$3.13B | -$11.31B | $727.0M |
| EPS (diluted) | $1.54 | -$3.82 | -$1.28 | -$4.62 | $0.29 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.62B | $10.03B | $8.98B | $9.81B | $9.04B | $9.46B | $8.89B | $8.72B |
| Net income | $135.0M | -$494.0M | -$453.0M | $1.58B | -$148.0M | -$252.0M | -$2.92B | $149.0M |
| EPS (diluted) | $0.05 | -$0.20 | -$0.18 | $0.63 | -$0.06 | -$0.10 | -$1.17 | $0.06 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $2.80B | $4.30B | $7.48B | $5.38B | $4.32B |
| Capital expenditure | -$373.0M | -$987.0M | -$1.32B | -$948.0M | -$1.23B |
| Free cash flow | $2.42B | $3.32B | $6.16B | $4.43B | $3.09B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $0 | $0 | $0 | $0 | $0 |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $3.37B
- Total assets
- $97.25B
- Total liabilities
- $63.25B
- Total debt
- $32.02B
- Net debt
- $28.65B
- Shareholders’ equity
- $32.84B
As of Jun 30, 2026 (filed Aug 6, 2026).
Short interest
- Shares sold short
- 59,282,796
- Days to cover
- 3.81
- Change vs previous report
- -13.9%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Aug 7, 2014
- 1,957-for-1,000
- Sep 18, 2008
- 1-for-2