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
Operating Activities
Net (loss) income	162^†	(2,906)	(247)^†	(143)^†
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment	2,589^†	2,499	2,762^†	2,242^†
Depreciation and amortization	1,159^†	1,226	1,315^†	1,375^†
Deferred income taxes	(299)^†	(513)	(438)^†	199^†
Equity in losses of equity method investee companies and cash distributions	—	—	49^†	8^†
Share-based compensation expense	190^†	152	229^†	242^†
Loss (gain) on extinguishment of debt	—	—	8^†	1^†
Impairments and loss on dispositions	23^†	14	10^†	46^†
Gain on sale of investments	—	—	0^†	2^†
Netflix Termination Fee accrual (See Note 1)	0^†	2,800	—	—
Other, net	(77)^†	119	144^†	10^†
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	32^†	246	(136)^†	260^†
Film and television content rights, games, and production payables, net	(2,924)^†	(2,603)	(2,305)^†	(2,782)^†
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities	200^†	(1,033)	510^†	(261)^†
Foreign currency, prepaid expenses and other assets, net	(309)^†	(209)	(4)^†	(232)^†
Cash provided by operating activities	848^†	(208)	1,804^†	979^†
Investing Activities
Purchases of property and equipment	(276)^†	(268)	(421)^†	(278)^†
Proceeds from sales of investments	9^†	0	0^†	0^†
Investments in and advances to equity investees	0^†	(25)	(3)^†	(71)^†
Proceeds from asset dispositions	0^†	0	—	—
Other investing activities, net	50^†	11	(20)^†	85^†
Cash used in investing activities	(217)^†	(282)	(418)^†	(330)^†
Financing Activities
Principal repayments of debt, including premiums and discounts to par value	(15,250)^†	(123)	(1,001)^†	(1,260)^†
Borrowings from debt, net of discount and issuance costs	—	—	0^†	3^†
Borrowings from debt, net of discount and issuance costs	14,797^†	(16)	—	—
Distributions to noncontrolling interests and redeemable noncontrolling interests	(15)^†	(129)	(10)^†	(14)^†
Proceeds for noncontrolling interest in joint venture	—	—	—	32^†
Proceeds from the formation of music catalog joint venture	0^†	0	—	—
Borrowings under commercial paper program and revolving credit facility	1,000^†	261	677^†	0^†
Repayments under commercial paper program and revolving credit facility	(1,000)^†	(261)	(677)^†	0^†
Cash paid to settle share-based awards, net	(29)^†	(422)	—	—
Other financing activities, net	100^†	(66)	147^†	(267)^†
Cash used in financing activities	(517)^†	(756)	(1,117)^†	(1,237)^†
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(9)^†	(56)	3^†	(5)^†
Net change in cash, cash equivalents, and restricted cash	105^†	(1,302)	272^†	(593)^†
Cash, cash equivalents, and restricted cash, beginning of period	3,268	4,570	4,298	4,891
Cash, cash equivalents, and restricted cash, end of period	3,373	3,268	4,570	4,298

† 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.