WBD · As filed with the SEC
Warner Bros. Discovery cash flow statement, by fiscal year
The statement as Warner Bros. Discovery presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
CONSOLIDATED STATEMENTS OF CASH FLOWS · USD millions
| USD millions | FY2025 Year ended Dec 31, 2025 | FY2024 Year ended Dec 31, 2024 | FY2023 Year ended Dec 31, 2023 | FY2022 Year ended Dec 31, 2022 |
|---|---|---|---|---|
| Operating Activities | ||||
| Net income (loss) | 749 | (11,482) | (3,079) | (7,297) |
| Adjustments to reconcile net income to cash provided by operating activities: | ||||
| Content rights amortization and impairment | — | — | — | 14,161 |
| Content rights amortization and impairment | 11,855 | 13,946 | 16,024 | — |
| Content restructuring impairments and write-offs | 0 | 165 | 115 | 2,808 |
| Depreciation and amortization | 5,684 | 7,037 | 7,985 | 7,193 |
| Deferred income taxes | (710) | (1,732) | (2,344) | (2,842) |
| Preferred stock conversion premium | — | 0 | 0 | 789 |
| Equity in losses of equity method investee companies and cash distributions | 75 | 167 | 157 | 211 |
| Gain on extinguishment of debt | (2,945) | (632) | — | 0 |
| Share-based compensation expense | 769 | 557 | 500 | 412 |
| Impairment and loss (gain) on disposition and disposal groups | — | — | — | 116 |
| Impairments and loss on dispositions | — | 9,603 | 0 | — |
| Impairments and loss on dispositions | 172 | — | — | — |
| Gain from derivative instruments, net | (93) | (16) | (151) | (501) |
| Gain on sale of investments | (4) | (227) | 0 | (199) |
| Other, net | 69 | 115 | 259 | 435 |
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||||
| Receivables, net | (336) | 1,012 | 312 | 181 |
| Film and television content rights, games and payables, net | — | — | — | (12,562) |
| Film and television content rights, games and production payables, net | (11,401) | (12,349) | (12,305) | — |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | 108 | (529) | (820) | 1,529 |
| Foreign currency, prepaid expenses and other assets, net | 327 | (260) | 824 | (130) |
| Cash provided by operating activities | 4,319 | 5,375 | 7,477 | 4,304 |
| Investing Activities | ||||
| Purchases of property and equipment | (1,231) | (948) | (1,316) | (987) |
| Cash acquired from business acquisition and working capital settlement | — | — | — | 3,612 |
| Cash used for business acquisitions | 0 | 0 | (50) | — |
| Purchases of investments | — | — | 0 | 0 |
| Investments in and advances to equity investments | (100) | (109) | (112) | (168) |
| Proceeds from sales and maturities of investments | 54 | 541 | 0 | 306 |
| Proceeds from derivative instruments, net | 26 | 136 | 121 | 752 |
| Other investing activities, net | 72 | 31 | 98 | 9 |
| Cash used in investing activities | (1,179) | (349) | (1,259) | 3,524 |
| Financing Activities | ||||
| Principal repayments of term loans | 0 | 0 | (4,000) | (6,000) |
| Principal repayments of debt, including premiums and discounts to par value | (22,664) | (5,043) | (2,860) | (1,315) |
| Borrowings from debt, net of discount and issuance costs | 18,306 | 1,617 | 1,496 | 0 |
| Repurchases of stock | — | — | — | 0 |
| Repayments under revolving credit facility | — | — | (1,350) | (125) |
| Borrowings under revolving credit facility | — | — | 1,350 | 125 |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | (198) | (193) | (301) | (300) |
| Purchase of redeemable noncontrolling interest | 0 | 0 | (49) | — |
| Proceeds for noncontrolling interest in joint venture | 633 | — | — | — |
| Borrowings under commercial paper program and revolving credit facility | 4,228 | 14,203 | 3,857 | 2,268 |
| Repayments under commercial paper program and revolving credit facility | (4,228) | (14,203) | (3,864) | (2,270) |
| Principal repayments of finance and other lease obligations | 202 | — | — | — |
| Other financing activities, net | (115) | (130) | (116) | (125) |
| Cash used in financing activities | (4,240) | (3,749) | (5,837) | (7,742) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 254 | (180) | 8 | (61) |
| Net change in cash, cash equivalents, and restricted cash | (846) | 1,097 | 389 | 25 |
| Cash, cash equivalents, and restricted cash, beginning of period | 5,416 | 4,319 | 3,930 | 3,905 |
| Cash, cash equivalents, and restricted cash, end of period | 4,570 | 5,416 | 4,319 | 3,930 |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.