Warner Bros. Discovery - Public Comps and Valuation Multiples

Warner Bros. Discovery Overview

About Warner Bros. Discovery

Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. In 2026, it intends to split its global networks business from its streaming and studios businesses, forming two separate companies. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner’s own platforms. Global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks.

Founded

2008

HQ

Employees

35K+

Website

wbd.com

Sectors

Content Production
TV Broadcasting
Streaming
Consumer SaaS

Financials

LTM Revenue $37.8B

LTM EBITDA $8.6B

EV

$74.8B

Valuation Multiples

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Warner Bros. Discovery Financials

As of September 2025, Warner Bros. Discovery reported last 12-month revenue of $37.8B and EBITDA of $8.6B.

In the same period, Warner Bros. Discovery generated $14.5B in LTM gross profit and -$1.5B in net income.

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Warner Bros. Discovery P&L

In the most recent fiscal year, Warner Bros. Discovery reported revenue of $39.3B and EBITDA of $11.6B.

Warner Bros. Discovery expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$37.8B	XXX	$39.3B	XXX	XXX	XXX
Gross Profit	$14.5B	XXX	$16.4B	XXX	XXX	XXX
Gross Margin	38%	XXX	42%	XXX	XXX	XXX
EBITDA	$8.6B	XXX	$11.6B	XXX	XXX	XXX
EBITDA Margin	23%	XXX	30%	XXX	XXX	XXX
EBIT	-$1.3B	XXX	$18.0M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	0%	XXX	XXX	XXX
Net Profit	-$1.5B	XXX	-$11.3B	XXX	XXX	XXX
Net Margin	-4%	XXX	-29%	XXX	XXX	XXX
Net Debt	XXX	XXX	$34.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Warner Bros. Discovery including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $37.8B. EBITDA for the last twelve months was $8.6B. In the most recent fiscal year, Warner Bros. Discovery achieved $39.3B in revenue and $11.6B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$37.8B	Analyst estimates available to subscribers	$39.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$14.5B	Analyst estimates available to subscribers	$16.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	38.4% gross margin	Analyst estimates available to subscribers	41.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$8.6B	Analyst estimates available to subscribers	$11.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	22.7% EBITDA margin	Analyst estimates available to subscribers	29.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$1.3B	Analyst estimates available to subscribers	$18.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.4% EBIT margin	Analyst estimates available to subscribers	0.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$1.5B	Analyst estimates available to subscribers	-$11.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-4.0% net profit margin	Analyst estimates available to subscribers	-28.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$34.2B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Warner Bros. Discovery

This financial data table provides comprehensive performance metrics for Warner Bros. Discovery, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Warner Bros. Discovery generated $37.8B in revenue over the last twelve months.
The company achieved $8.6B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $14.5B.
Net income over the last twelve months reached -$1.5B.

Fiscal Year Performance

In the most recent fiscal year, Warner Bros. Discovery reported $39.3B in total revenue.
Fiscal year EBITDA was $11.6B.
The company maintained a gross profit margin of 41.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 29.5%.
Net profit margin reached -28.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Warner Bros. Discovery. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Warner Bros. Discovery Stock Performance

Warner Bros. Discovery has current market cap of $45.0B, and EV of $74.8B.

Market Cap Evolution

Warner Bros. Discovery Stock Data

As of October 17, 2025, Warner Bros. Discovery's stock price is $18.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$74.8B	$45.0B	XXX	XXX	XXX	XXX	$-0.61

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Warner Bros. Discovery Valuation Multiples

Warner Bros. Discovery's trades at 1.9x EV/Revenue multiple, and 6.4x EV/EBITDA.

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Warner Bros. Discovery Financial Valuation Multiples

As of October 17, 2025, Warner Bros. Discovery has market cap of $45.0B and EV of $74.8B.

Equity research analysts estimate Warner Bros. Discovery's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Warner Bros. Discovery has a P/E ratio of -30.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$45.0B	XXX	$45.0B	XXX	XXX	XXX
EV (current)	$74.8B	XXX	$74.8B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	1.9x	XXX	XXX	XXX
EV/EBITDA	8.7x	XXX	6.4x	XXX	XXX	XXX
EV/EBIT	-58.8x	XXX	4154.3x	XXX	XXX	XXX
EV/Gross Profit	5.1x	XXX	n/a	XXX	XXX	XXX
P/E	-30.0x	XXX	-4.0x	XXX	XXX	XXX
EV/FCF	20.7x	XXX	16.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Warner Bros. Discovery Margins & Growth Rates

Warner Bros. Discovery's last 12 month revenue growth is -1%

Warner Bros. Discovery's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.5M for the same period.

Warner Bros. Discovery's rule of 40 is 53% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Warner Bros. Discovery's rule of X is 20% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Warner Bros. Discovery Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-1%	XXX	-2%	XXX	XXX	XXX
EBITDA Margin	23%	XXX	30%	XXX	XXX	XXX
EBITDA Growth	0%	XXX	-38%	XXX	XXX	XXX
Rule of 40	53%	XXX	29%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	20%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	42%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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