Also trades as: DISCA (NASDAQ) · $vol 292M · DISCK (NASDAQ) · $vol 130M · DISCB (NASDAQ) · $vol 0M · 0IBD.L (LSE)
WBD NASDAQ
Warner Bros. Discovery, Inc.
1W: +0.2%
1M: +9.1%
3M: +18.5%
YTD: +8.6%
1Y: +60.9%
3Y: +189.5%
5Y: +18.4%
$30.95
Last traded 2026-10-05 — delisted
Credit Risk of going bust: lower than 72% of companies Debt: 29.2% of company value Bonds: $1.19B held by 608 funds, 337 bp over Treasuries → details ▾
Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.72 (down 98%), Warner Bros. Discovery, Inc. would be worth roughly what it owes.
Total debt $32.02B against a stock market value of $77.72B.
Distance to default 7.91 (Merton model): prices to 2026-10-05, balance sheet 2026-06-30, debt counted $16.76B (short-term plus half of long-term), stock volatility 26.5%; Altman Z'' -0.28. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $0.72 (down 98%), Warner Bros. Discovery, Inc. would be worth roughly what it owes.
Total debt $32.02B against a stock market value of $77.72B.
Distance to default 7.91 (Merton model): prices to 2026-10-05, balance sheet 2026-06-30, debt counted $16.76B (short-term plus half of long-term), stock volatility 26.5%; Altman Z'' -0.28. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$4.3B
-19.6% ▼
5Y CAGR: +9.5%
Capital Expenditures
$1.2B
-29.9% ▼
5Y CAGR: +25.1%
Free Cash Flow
$3.1B
-30.2% ▼
5Y CAGR: +5.7%
Dividends Paid
$0
+0.0% ▲
Buybacks
$0
+0.0% ▲
Net Change in Cash
-$850M
-177.5% ▼
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $1.2B | -$7.3B | -$3.1B | -$11.5B | $727M |
| Depreciation & Amort. | $5.1B | $21.4B | $24.0B | $21.0B | $5.7B |
| Stock-Based Comp. | $178M | $412M | $500M | $557M | $0 |
| Change in Working Capital | -$3.2B | -$11.0B | -$12.0B | -$12.1B | -$11.3B |
| Other Non-Cash Items | $88M | $3.7B | $380M | $9.2B | $9.9B |
| Operating Cash Flow | $2.8B | $4.3B | $7.5B | $5.4B | $4.3B |
| — Investing Activities — | |||||
| Capital Expenditures | -$373M | -$987M | -$1.3B | -$948M | -$1.2B |
| Acquisitions (Net) | -$186M | $3.4B | -$162M | -$109M | $0 |
| Investment Purchases | -$189M | $0 | $0 | $0 | -$100M |
| Investment Sales | $599M | $1.1B | $121M | $677M | $54M |
| Other Investing | $93M | $9M | $98M | $31M | $731M |
| Investing Cash Flow | -$56M | $3.5B | -$1.3B | -$349M | -$546M |
| — Financing Activities — | |||||
| Net Debt Issuance | -$574M | -$7.3B | -$5.4B | -$3.4B | -$4.6B |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing | -$279M | -$425M | -$466M | -$323M | -$313M |
| Financing Cash Flow | -$853M | -$7.7B | -$5.8B | -$3.7B | -$4.9B |
| Net Change in Cash | $1.8B | $25M | $389M | $1.1B | -$850M |
| Cash End of Period | $3.9B | $3.9B | $4.3B | $5.4B | $4.6B |
| Free Cash Flow | $2.4B | $3.3B | $6.2B | $4.4B | $3.1B |