Warner Bros. Discovery Inc - Ordinary Shares - Class A
WBD - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$77.6B
Close$
Earnings Call Q2 2026
August 6, 2026 - AI Summary
Streaming turnaround is real (key positive): In Q2 2026, Streaming revenue exceeded $3B for the first time ever; subscriber-related revenue growth accelerated ~200 bps sequentially to 10% ex-FX. Streaming also generated $512M adjusted EBITDA, >60% improvement vs Q2 2025 and ~17% adjusted EBITDA margin—evidence HBO Max’s global strategy is now financially meaningful rather than loss-making.
Content pipeline supports continued subscriber growth (outlook/expectations): Management expects momentum to continue with strong HBO slate strength—The Pitt, A Knight of the Seven Kingdoms, House of the Dragon, Euphoria each averaging ≥25M global viewers/episode (several >30M). 2027 described as “arguably our best year yet” with White Lotus returning, The Last of Us returning, A Knight of the Seven Kingdoms repeating/freestanding success, plus Gilded Age and upcoming debuts like Lanterns and Harry Potter (10-year run) launching (Christmas Day). Opportunity: monetization + engagement should keep supporting distribution/subscriber trends.
Distribution growth strength; international growth partly offsets cyclical advertising pressure (good + surprising): JB Perrette said that even excluding a related-party deal, distribution growth would have been in the low teens, implying the core machine is working. Zaslav emphasized HBO Max global growth is “outrunning the decline” in a number of countries, though not uniformly everywhere. Surprising/important: they point to churn/retention improving dynamics tied to bundling and content consistency (see next bullet).
Exclusive for Stockcircle Pro members
Sign up
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $77.60 Billion |
|---|---|
| Enterprise Value | $77.23 Billion |
| Earnings per Share | $0.29 |
| Beta | 1.54 |
| Outstanding Shares | 2,511,000,000 |
Return
| Return on Equity | -5.43% |
|---|---|
| Return on Assets | -1.83% |
| Return on Invested Capital | 0.70% |
Valuation & Multiples
| P/E Ratio | -24.37 |
|---|---|
| PEG | 25.52 |
| Price to Sales | 2.21 |
| Price to Book Ratio | 2.38 |
| Enterprise Value to Revenue | 2.14 |
| Enterprise Value to EBIT | 135.98 |
| Enterprise Value to Net Income | -44 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.09 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 6, 2026
EPS Estimate
$-0.14
Consensus analyst estimateRevenue Estimate
$9.25 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$-0.04
Consensus analyst estimateRevenue Estimate
$8.74 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.07, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0695▼ 222.31% |
|---|---|
| Total Calls | 1,002,986▼ 98.23% |
| Total Puts | 69,700▼ 99.95% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.10%▼ 77.04% |
|---|---|
| Total Invested | $1.63B▼ 96.90% |
| Investors Holding | 465▼ 968.00% |
About Warner Bros.Discovery Inc
9,800 employees
CEO: David Zaslav
Discovery, Inc. is a global leader in real life entertainment, serving a passionate audience of superfans around the world with content that inspires, informs and entertains. Discovery delivers over 8,000 hours of original programming ea...