Warner Bros. Discovery has released its 2026 first-quarter financial results. Overall, the company saw a slight decrease.
What We Know: Total revenue for Warner Bros. Discovery reached $8.9 billion during the quarter. Distribution revenues were largely unchanged, while streaming subscribers helped offset any losses there. Additionally, losses were offset by Paramount Skydance paying Netflix the $2.9 billion due after the streaming giant was unable to complete the deal to purchase the company.
What the Numbers Show:
| Segment | 2026 | 2025 | % Change |
|---|---|---|---|
| Distribution | $4,906,000 | $4,886,000 | –% |
| Advertising | $1,847,000 | $1,980,000 | ↓ 7% |
| Content | $1,887,000 | $1,866,000 | ↑ 1% |
| Other | $253,000 | $247,000 | ↑ 2% |
| Total Revenues | $8,893,000 | $8,979,000 | ↓ 1% |
Total Adjusted EBITDA was $2.2 billion, up 5% from the $2.1 billion it ended during the same quarter in 2025.
What They Said: “We’ve said consistently that we’re living through a period of historic disruption in media and entertainment … Each segment of our business is demonstrably more nimble and better positioned for future success than when Warner Bros. Discovery was formed. That’s a testament to the hard work and dedication of our talented team of 30,000 plus colleagues who have remained focused and relentless in pushing Warner Bros. Discovery forward.” -CEO David Zaslav
What It Means: The company still puts a large value on HBO Max and will continue to do so. Warner Bros. Discovery CEO David Zaslav says that he believes HBO Max will surpass 150 million global subscribers by the end of 2026. Zaslav said that the company sees “nothing but strong growth ahead for HBO Max.” It’s also positive news for Paramount Skydance, who still hopes to acquire WBD later this year, pending regulatory approval.
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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.
