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北京时间·🕒 发布 19:07:06(美东 07:07)·⟳ 抓取 08-26 19:47:10 +20d00h·⚡ 决策 08-06 19:11:48 −20d00h·81.9 天前
华纳兄弟探索发布2026年Q2财报：营收与广告、内容同比下滑，短期缺少超预期增量
公司披露Q2 2026总营收8.7十亿美元，同比剔除汇率后下降12%，广告收入下降22%、内容收入下降26%，短线盈利基础趋弱。
📄 原文WBD↗ 原文
Warner Bros. Discovery Reports Second Quarter 2026 Results
Aug 06, 2026 Warner Bros. Discovery Reports Second Quarter 2026 Results Warner Bros. Discovery, Inc. (the “Company”) (N…
不做 Warner Bros. Discovery（WBD.US）
单条财报结果方向偏弱但非明确新单边催化：缺少超预期幅度与明确指引突破，且财报类事件多为已预期交易，暂不形成可执行入场优势。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-08-06 · 扩散 low · price-in 风险 medium ↗
关键理由
- 公司披露Q2 2026总营收8.7十亿美元，同比剔除汇率后下降12%，广告收入下降22%、内容收入下降26%，短线盈利基础趋弱。
- 可得净利润只有1亿美元且包含11亿美元的收购相关摊销及重组费用，调整后EBITDA为19亿美元，同比降6%，显示质量仍偏弱。
- 报告期末现金流（经营性现金流8.48亿美元，FCF5.72亿美元）与净债297亿美元、3.4倍净杠杆共同说明，本次事件是财务承压再确认而非明确新增增长催化。
主要风险
- 财报属于高频预期内事件，若开盘前已有一致预期，缺少超预期与指引上调使新edge较小。
- 无明确短期经营改善信号且行业广告/内容链条仍下行，容易快速转弱后出现追捧式回撤，难以形成可执行的稳健单边。
原文全文
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Aug 06, 2026
Warner Bros. Discovery Reports Second Quarter 2026 Results
Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended June 30, 2026. Please visit the “Investor Relations” section of the Company’s website to view the
financial results
and other earnings materials, including a
Shareholder Letter
.
The Company will conduct a conference call today at 8:00 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at
https://ir.wbd.com/
A replay of the audio webcast will be available in the “Investor Relations” section of the Company’s website for twelve months.
Q2 2026 Highlights
Total revenues were $8.7 billion, a 12% ex-FX decrease from the prior year quarter.
Distribution revenues increased 1% ex-FX, as dynamic underlying growth in global streaming subscribers was partially offset by continued domestic linear pay TV subscriber declines and the impact of the HBO Max domestic distribution deal renewal with a former related party, previously disclosed in the second quarter of 2025.
Advertising revenues decreased 22% ex-FX, as ad-lite streaming subscriber growth was more than offset by the absence of the NBA along with continued domestic linear audience declines. The absence of the NBA in the current year negatively impacted the year-over-year growth rate by 20% ex-FX.
Content revenues decreased 26% ex-FX, primarily due to lower theatrical revenue at the Studios segment.
Net income available to Warner Bros. Discovery, Inc. was $0.1 billion, which includes $1.1 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
Total Adjusted EBITDA was $1.9 billion, a 6% ex-FX decrease compared to the prior year quarter, as growth in the Streaming segment was more than offset by a decline in the Studios and Global Linear Networks segments.
Cash provided by operating activities was $848 million. Free cash flow was $572 million. Free cash flow was unfavorably impacted by approximately $350 million of separation & transaction-related items compared to an approximate $250 million impact in the prior year quarter.
Ended the first quarter with $29.7 billion of net debt and 3.4x net leverage.
During the second quarter, the Company repaid in full the $15 billion bridge loan facility with a $13 billion Term Loan B and a €1.7 billion Term Loan B.
About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit
www.wbd.com
###
Source: Warner Bros. Discovery, Inc.
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Warner Bros. Discovery Reports Second Quarter 2026 Results
Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended June 30, 2026. Please visit the “Investor Relations” section of the Company’s website to view the
financial results
and other earnings materials, including a
Shareholder Letter
.
The Company will conduct a conference call today at 8:00 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at
https://ir.wbd.com/
A replay of the audio webcast will be available in the “Investor Relations” section of the Company’s website for twelve months.
Q2 2026 Highlights
Total revenues were $8.7 billion, a 12% ex-FX decrease from the prior year quarter.
Distribution revenues increased 1% ex-FX, as dynamic underlying growth in global streaming subscribers was partially offset by continued domestic linear pay TV subscriber declines and the impact of the HBO Max domestic distribution deal renewal with a former related party, previously disclosed in the second quarter of 2025.
Advertising revenues decreased 22% ex-FX, as ad-lite streaming subscriber growth was more than offset by the absence of the NBA along with continued domestic linear audience declines. The absence of the NBA in the current year negatively impacted the year-over-year growth rate by 20% ex-FX.
Content revenues decreased 26% ex-FX, primarily due to lower theatrical revenue at the Studios segment.
Net income available to Warner Bros. Discovery, Inc. was $0.1 billion, which includes $1.1 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
Total Adjusted EBITDA was $1.9 billion, a 6% ex-FX decrease compared to the prior year quarter, as growth in the Streaming segment was more than offset by a decline in the Studios and Global Linear Networks segments.
Cash provided by operating activities was $848 million. Free cash flow was $572 million. Free cash flow was unfavorably impacted by approximately $350 million of separation & transaction-related items compared to an approximate $250 million impact in the prior year quarter.
Ended the first quarter with $29.7 billion of net debt and 3.4x net leverage.
During the second quarter, the Company repaid in full the $15 billion bridge loan facility with a $13 billion Term Loan B and a €1.7 billion Term Loan B.
About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit
www.wbd.com
###
Source: Warner Bros. Discovery, Inc.
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