Warner Bros. Discovery
WBD on Nasdaq. Warner Bros. Discovery sells television networks, streaming, movies, and advertising to viewers and advertisers. Market value $77.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.81 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 15 of 100. Our list needs 70 on quality and 60 on price.
$30.95 a share, 81% above its 1-year low
Over the past year the price has ranged from $17.08 to $30.99.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $12.2bn | $33.8bn | $41.3bn | $39.3bn | $37.3bn |
| Operating margin | |||||
| Operating margin | 16.5% | -21.8% | -3.7% | -25.5% | 2.0% |
| Debt to equity | |||||
| Debt to equity | 1.27 | 1.04 | 0.97 | 1.16 | 0.91 |
| Shares outstanding | |||||
| Shares outstanding | 2.43bn | 2.44bn | 2.45bn | 2.48bn | 2.51bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.91× equity
- Revenue growth, five yearsStrong, 28.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $8.7 billion last quarter, down 11% on a year ago.
- Profit: $149 million, down 91% on a year ago.
- It loses 4 cents on each $1 of sales, after keeping 1 cents a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $28.7 billion more than cash, down from $29.7 billion a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $9.6bn |
| December 2024 | $10.0bn |
| March 2025 | $9.0bn |
| June 2025 | $9.8bn |
| September 2025 | $9.0bn |
| December 2025 | $9.5bn |
| March 2026 | $8.9bn |
| June 2026 | $8.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $135m |
| December 2024 | -$494m |
| March 2025 | -$453m |
| June 2025 | $1.6bn |
| September 2025 | -$148m |
| December 2025 | -$252m |
| March 2026 | -$2.9bn |
| June 2026 | $149m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
10 long-term investors we follow own it, up from 8 last quarter. 1,309 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $533m | 11.5% | New |
| Harris Associates (Oakmark)Bill Nygren | $128m | 0.2% | Cut |
| Greenlight CapitalDavid Einhorn | $60m | 1.5% | New |
| GAMCO InvestorsMario Gabelli | $35m | 0.3% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $33m | <0.1% | Added |
| GMOJeremy Grantham | $27m | <0.1% | Added |
| Hillman Capital ManagementMark Hillman | $5m | 3.7% | Cut |
| First Manhattan Co.First Manhattan partners | $4m | <0.1% | |
| Fairfax FinancialPrem Watsa | $2m | <0.1% | Added |
| Auxier Asset ManagementJeff Auxier | $2m | 0.2% | Cut |
Largest holders overall
- BlackRock$5.3bn
- Vanguard Capital Management$4.2bn
- State Street$3.4bn
- Vanguard Portfolio Management$2.8bn
- Invesco$2.1bnAdded
- Geode Capital Management$1.9bn
- Millennium Management$1.5bnAdded
- Pentwater Capital Management LP$1.3bnCut
- FMR$1.2bnAdded
- Citadel Advisors$1.2bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.2%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.3%−1.6 ptsSince 31 December 2025
- A/NPP Diversified Holdings LLCat least 4.0%(filed with 3 related holders)Since 30 June 2025
What they said
Item 4 of the Schedule 13D is hereby amended by adding the following thereto: On June 30, 2025, ANPP Diversified and ANP have agreed to sell 100,000,000 shares of Common Stock in the aggregate in a block sale at a net price of $10.97 per share (the "Sale"). The Sale is intended…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.2% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.3%−1.6 pts | 31 December 2025 | |
A/NPP Diversified Holdings LLC | at least 4.0% (filed with 3 related holders) | 30 June 2025 | What they saidItem 4 of the Schedule 13D is hereby amended by adding the following thereto: On June 30, 2025, ANPP Diversified and ANP have agreed to sell 100,000,000 shares of Common Stock in the aggregate in a block sale at a net price of $10.97 per share (the "Sale"). The Sale is intended… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 13 sold $407m, $100m of it under preset trading plans.
- Locke Lori C.Chief Accounting OfficerSold
- Date
- 14 September 2026
- Shares
- 29,115
- Price
- $28.13
- Value
- $819,005
- FISHER RICHARD WDirectorSold
- Date
- 11 September 2026
- Shares
- 6,700
- Price
- $28.06
- Value
- $188,002
- LOWE KENNETH WDirectorSold
- Date
- 10 September 2026
- Shares
- 200,000
- Price
- $28.23
- Value
- $6m
- Girdwood AmyChief People & Culture OfficerSold
- Date
- 9 September 2026
- Shares
- 262,285
- Price
- $27.98
- Value
- $7m
- LEVY ANTON JDirectorSold
- Date
- 3 September 2026
- Shares
- 340,000
- Price
- $28.39
- Value
- $10m
- LOWE KENNETH WDirectorSold
- Date
- 3 September 2026
- Shares
- 200,000
- Price
- $28.35
- Value
- $6m
- Perrette Jean-BriacPres.&CEO, Global StreamingSold
- Date
- 27 August 2026
- Shares
- 126,707
- Price
- $28.96
- Value
- $4m
- Zaslav DavidChief Executive Officer & Pres, DirectorSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 194,999
- Price
- $28.02
- Value
- $5m
- Merchant Fazal FDirectorSold
- Date
- 13 August 2026
- Shares
- 71,539
- Price
- $27.75
- Value
- $2m
- Zaslav DavidChief Executive Officer & Pres, DirectorSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 773,173
- Price
- $28.01
- Value
- $22m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Locke Lori C. Chief Accounting Officer | Sold | 29,115 | $28.13 | $819,005 |
| 11 September 2026 | FISHER RICHARD W Director | Sold | 6,700 | $28.06 | $188,002 |
| 10 September 2026 | LOWE KENNETH W Director | Sold | 200,000 | $28.23 | $6m |
| 9 September 2026 | Girdwood Amy Chief People & Culture Officer | Sold | 262,285 | $27.98 | $7m |
| 3 September 2026 | LEVY ANTON J Director | Sold | 340,000 | $28.39 | $10m |
| 3 September 2026 | LOWE KENNETH W Director | Sold | 200,000 | $28.35 | $6m |
| 27 August 2026 | Perrette Jean-Briac Pres.&CEO, Global Streaming | Sold | 126,707 | $28.96 | $4m |
| 14 August 2026 | Zaslav David Chief Executive Officer & Pres, Director | Sold under a preset trading plan | 194,999 | $28.02 | $5m |
| 13 August 2026 | Merchant Fazal F Director | Sold | 71,539 | $27.75 | $2m |
| 13 August 2026 | Zaslav David Chief Executive Officer & Pres, Director | Sold under a preset trading plan | 773,173 | $28.01 | $22m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.