WBD · As filed with the SEC
Warner Bros. Discovery cash flow statement, by quarter
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 | Q2 2026† 3 months ended Jun 30, 2026 | Q1 2026 3 months ended Mar 31, 2026 | Q4 2025† 3 months ended Dec 31, 2025 | Q3 2025† 3 months ended Sep 30, 2025 | Q2 2025† 3 months ended Jun 30, 2025 | Q1 2025 3 months ended Mar 31, 2025 | Q4 2024† 3 months ended Dec 31, 2024 | Q3 2024† 3 months ended Sep 30, 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net (loss) income | 162† | (2,906) | (247)† | (143)† | 1,588† | (449) | (640)† | 141† |
| Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
| Content rights amortization and impairment | — | — | — | — | — | 3,145 | — | 3,132† |
| Content rights amortization and impairment | 2,589† | 2,499 | 2,762† | 2,242† | 3,706† | — | 3,067† | 3,132† |
| Depreciation and amortization | 1,159† | 1,226 | 1,315† | 1,375† | 1,447† | 1,547 | 1,643† | 1,762† |
| Deferred income taxes | (299)† | (513) | (438)† | 199† | (159)† | (312) | (381)† | (462)† |
| Equity in losses of equity method investee companies and cash distributions | — | — | 49† | 8† | — | — | 37† | 47† |
| Share-based compensation expense | 190† | 152 | 229† | 242† | 175† | 123 | 138† | 159† |
| Impairments and loss on dispositions | — | — | — | — | — | 90 | — | 5† |
| Loss (gain) on extinguishment of debt | — | — | 8† | 1† | — | — | (42)† | (23)† |
| Impairments and loss on dispositions | 23† | 14 | 10† | 46† | 26† | — | 191† | 5† |
| Gain from derivative instruments, net | — | — | — | — | — | — | 25† | (8)† |
| Gain on sale of investments | — | — | 0† | 2† | — | — | (23)† | (1)† |
| Netflix Termination Fee accrual (See Note 1) | 0† | 2,800 | — | — | 0† | — | — | — |
| Other, net | (77)† | 119 | 144† | 10† | (114)† | 17 | 60† | 71† |
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||||||||
| Receivables, net | 32† | 246 | (136)† | 260† | (748)† | 288 | 495† | 708† |
| Film and television content rights, games, and production payables, net | — | — | — | — | — | (2,846) | — | (3,155)† |
| Film and television content rights, games, and production payables, net | (2,924)† | (2,603) | (2,305)† | (2,782)† | (3,468)† | — | (2,843)† | (3,155)† |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | 200† | (1,033) | 510† | (261)† | 885† | (1,026) | 964† | (1,361)† |
| Foreign currency, prepaid expenses and other assets, net | (309)† | (209) | (4)† | (232)† | 587† | (24) | (100)† | (135)† |
| Cash provided by operating activities | 848† | (208) | 1,804† | 979† | 983† | 553 | 2,715† | 847† |
| Investing Activities | ||||||||
| Purchases of property and equipment | (276)† | (268) | (421)† | (278)† | (281)† | (251) | (286)† | (215)† |
| Proceeds from sales of investments | 9† | 0 | 0† | 0† | 43† | 11 | 217† | 0† |
| Investments in and advances to equity investees | 0† | (25) | (3)† | (71)† | (12)† | (14) | (5)† | (36)† |
| Proceeds from asset dispositions | 0† | 0 | — | — | 0† | 66 | — | — |
| Other investing activities, net | 50† | 11 | (20)† | 85† | 14† | (7) | (56)† | 33† |
| Cash used in investing activities | (217)† | (282) | (418)† | (330)† | (236)† | (195) | 6† | (218)† |
| Financing Activities | ||||||||
| Principal repayments of term loans | — | — | — | — | — | — | 0† | 0† |
| Principal repayments of debt, including premiums and discounts to par value | (15,250)† | (123) | (1,001)† | (1,260)† | (16,738)† | (3,665) | (493)† | (847)† |
| Borrowings from debt, net of discount and issuance costs | — | — | 0† | 3† | 16,803† | 1,500 | 0† | 0† |
| Borrowings from debt, net of discount and issuance costs | 14,797† | (16) | — | — | 16,803† | — | — | — |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | (15)† | (129) | (10)† | (14)† | (17)† | (157) | (21)† | (11)† |
| Proceeds for noncontrolling interest in joint venture | — | — | — | 32† | 0† | 601 | — | 0† |
| Securitization receivables collected but not remitted | — | — | — | — | — | — | — | 13† |
| Proceeds from the formation of music catalog joint venture | 0† | 0 | — | — | 0† | — | — | — |
| Borrowings under commercial paper program and revolving credit facility | 1,000† | 261 | 677† | 0† | 2,856† | 695 | 0† | 2,598† |
| Repayments under commercial paper program and revolving credit facility | (1,000)† | (261) | (677)† | 0† | (2,856)† | (695) | 0† | (2,598)† |
| Cash paid to settle share-based awards, net | (29)† | (422) | — | — | 0† | — | — | — |
| Other financing activities, net | 100† | (66) | 147† | (267)† | (156)† | (174) | (73)† | (30)† |
| Cash used in financing activities | (517)† | (756) | (1,117)† | (1,237)† | 9† | (1,895) | (600)† | (875)† |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (9)† | (56) | 3† | (5)† | 161† | 95 | (195)† | 119† |
| Net change in cash, cash equivalents, and restricted cash | 105† | (1,302) | 272† | (593)† | 917† | (1,442) | 1,926† | (127)† |
| Cash, cash equivalents, and restricted cash, beginning of period | 3,268 | 4,570 | 4,298 | 4,891 | 3,974 | 5,416 | 3,490 | 3,617 |
| Cash, cash equivalents, and restricted cash, end of period | 3,373 | 3,268 | 4,570 | 4,298 | 4,891 | 3,974 | 5,416 | 3,490 |
† Derived: worked out from the filings, not stated in them. A fourth quarter is the 10-K year less the nine months in the third-quarter 10-Q; a quarter of cash flows is year to date less the prior year to date.
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.