What is the primary revenue source for Warner Bros. Discovery (WBD)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze WBD's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Warner Bros. Discovery's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Warner Bros. Discovery Makes Money: WBD Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

The largest revenue segment accounts for 55.97% of revenue, indicating concentration.

Revenue: USD 17.61B
Largest revenue segment share (Distribution Revenue): 55.97%
Selling, general and administrative: USD 5.04B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Largest revenue segment share (Distribution Revenue)Distribution Revenue · segment_value / revenue * 100
RevenueRevenues · RevenueFromContractWithCustomerExcludingAssessedTax
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Goodwill: USD 25.86B
Property, plant and equipment: USD 6.65B
Accounts receivable: USD 4.95B
Total liabilities: USD 63.25B
Shareholder equity: USD 33.99B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableReceivables · ReceivablesNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Free cash flow remains positive after capital expenditure.

Operating cash flow: USD 640.00M
Free cash flow: USD 96.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Free cash flowcfo - capex
Operating cash flowsum(waterfull.operating)

Some conclusions lack complete source metrics and should be interpreted cautiously.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?