WARNER BROS. DISCOVERY, INC., 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 23, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-34177  
Entity Registrant Name Warner Bros. Discovery, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 35-2333914  
Entity Address, Address Line One 230 Park Avenue South  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10003  
City Area Code 212  
Local Phone Number 548-5555  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,507,136,702
Entity Central Index Key 0001437107  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Series A Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Series A Common Stock  
Trading Symbol WBD  
Security Exchange Name NASDAQ  
4.302% Senior Notes due 2030    
Document Information [Line Items]    
Title of 12(b) Security 4.302% Senior Notes due 2030  
Trading Symbol WBDI30  
Security Exchange Name NASDAQ  
4.302% Senior Notes due 2030    
Document Information [Line Items]    
Title of 12(b) Security 4.302% Senior Notes due 2030  
Trading Symbol WBDI30A  
Security Exchange Name NASDAQ  
4.693% Senior Notes due 2033    
Document Information [Line Items]    
Title of 12(b) Security 4.693% Senior Notes due 2033  
Trading Symbol WBDI33  
Security Exchange Name NASDAQ  
4.693% Senior Notes due 2033    
Document Information [Line Items]    
Title of 12(b) Security 4.693% Senior Notes due 2033  
Trading Symbol WBDI33A  
Security Exchange Name NASDAQ  
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Revenues $ 8,893 $ 8,979
Costs and expenses:    
Costs of revenues, excluding depreciation and amortization 4,643 5,131
Selling, general and administrative 2,475 2,194
Netflix Termination Fee (See Note 1) 2,800 0
Depreciation and amortization 1,226 1,547
Restructuring and other charges 204 54
Impairments and loss on dispositions 14 90
Total costs and expenses 11,362 9,016
Operating loss (2,469) (37)
Interest expense, net (581) (468)
Loss on extinguishment of debt, net (27) (4)
Loss from equity investees, net (5) (7)
Other (expense) income, net (38) 82
Loss before income taxes (3,120) (434)
Income tax benefit (expense) 214 (15)
Net loss (2,906) (449)
Net income attributable to noncontrolling interests (10) (8)
Net loss attributable to redeemable noncontrolling interests 0 4
Net loss available to Warner Bros. Discovery, Inc. $ (2,916) $ (453)
Net loss per share available to Warner Bros. Discovery, Inc. Series A common stockholders:    
Basic (in dollars per share) $ (1.17) $ (0.18)
Diluted (in dollars per share) $ (1.17) $ (0.18)
Weighted average shares outstanding:    
Basic (in shares) 2,492 2,462
Diluted (in shares) 2,492 2,462
Distribution    
Revenues:    
Revenues $ 4,906 $ 4,886
Advertising    
Revenues:    
Revenues 1,847 1,980
Content    
Revenues:    
Revenues 1,887 1,866
Other    
Revenues:    
Revenues $ 253 $ 247
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (2,906) $ (449)
Other comprehensive loss:    
Currency translation, net of income tax expense of $(14) and $(90) (218) 231
Pension plan and SERP liability, net of income tax benefit of $2 and $— 2 0
Derivatives    
Change in net unrealized (losses) gains (26) 9
Less: Reclassification adjustment for net losses (gains) included in net income 7 (13)
Net change, net of income tax benefit (expense) of $5 and $(1) (19) (4)
Comprehensive loss (3,141) (222)
Comprehensive income attributable to noncontrolling interests (9) (11)
Comprehensive loss attributable to redeemable noncontrolling interests 0 4
Comprehensive loss attributable to Warner Bros. Discovery, Inc. $ (3,150) $ (229)
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Income tax benefit (expense), currency translation $ (14) $ (90)
Pension plan and SERP liability, net of income tax benefit 2 0
Income tax (expense) benefit $ 5 $ (1)
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,264 $ 4,566
Receivables, net 5,009 5,294
Prepaid expenses and other current assets 3,468 3,346
Total current assets 11,741 13,206
Film and television content rights and games 19,312 19,114
Property and equipment, net 6,642 6,685
Goodwill 25,874 25,933
Intangible assets, net 26,803 27,764
Other noncurrent assets 7,465 7,383
Total assets 97,837 100,085
Current liabilities:    
Accounts payable 1,110 1,093
Accrued liabilities 11,920 9,626
Deferred revenues 1,592 1,642
Current portion of debt 1,493 139
Total current liabilities 16,115 12,500
Noncurrent portion of debt 30,973 32,428
Deferred income taxes 5,873 6,383
Other noncurrent liabilities 11,169 11,608
Total liabilities 64,130 62,919
Commitments and contingencies (See Note 15)
Redeemable noncontrolling interests 0 19
Warner Bros. Discovery, Inc. stockholders’ equity:    
Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,737 and 2,710 shares issued; and 2,507 and 2,480 shares outstanding 27 27
Preferred stock: $0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding 0 0
Additional paid-in capital 55,865 56,055
Treasury stock, at cost: 230 and 230 shares (8,244) (8,244)
Accumulated deficit (14,428) (11,512)
Accumulated other comprehensive loss (642) (407)
Total Warner Bros. Discovery, Inc. stockholders’ equity 32,578 35,919
Noncontrolling interests 1,129 1,228
Total equity 33,707 37,147
Total liabilities and equity $ 97,837 $ 100,085
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2026
Dec. 31, 2025
Warner Bros. Discovery, Inc. stockholders’ equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 10,800 10,800
Common stock issued (in shares) 2,737 2,710
Common stock outstanding (in shares) 2,507 2,480
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 1,200 1,200
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Treasury stock (in shares) 230 230
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net loss $ (2,906) $ (449)
Adjustments to reconcile net income to cash provided by operating activities:    
Content rights amortization and impairment 2,499 3,145
Depreciation and amortization 1,226 1,547
Deferred income taxes (513) (312)
Share-based compensation expense 152 123
Impairments and loss on dispositions 14 90
Netflix Termination Fee accrual (See Note 1) 2,800 0
Other, net 119 17
Changes in operating assets and liabilities, net of acquisitions and dispositions:    
Receivables, net 246 288
Film and television content rights, games, and production payables, net (2,603) (2,846)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities (1,033) (1,026)
Foreign currency, prepaid expenses and other assets, net (209) (24)
Cash (used in) provided by operating activities (208) 553
Investing Activities    
Purchases of property and equipment (268) (251)
Proceeds from sales of investments 0 11
Investments in and advances to equity investees (25) (14)
Proceeds from asset dispositions 0 66
Other investing activities, net 11 (7)
Cash used in investing activities (282) (195)
Financing Activities    
Principal repayments of debt, including premiums and discounts to par value (123) (3,665)
Borrowings from debt, net of discount and issuance costs (16) 1,500
Distributions to noncontrolling interests and redeemable noncontrolling interests (129) (157)
Proceeds for the formation of music catalog joint venture 0 601
Borrowings under commercial paper program and revolving credit facility 261 695
Repayments under commercial paper program and revolving credit facility (261) (695)
Cash paid to settle share-based awards, net (422) (117)
Other financing activities, net (66) (57)
Cash used in financing activities (756) (1,895)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (56) 95
Net change in cash, cash equivalents, and restricted cash (1,302) (1,442)
Cash, cash equivalents, and restricted cash, beginning of period 4,570 5,416
Cash, cash equivalents, and restricted cash, end of period $ 3,268 $ 3,974
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Warner Bros. Discovery, Inc. Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2024     2,684          
Beginning balance at Dec. 31, 2024 $ 34,829 $ 34,037 $ 27 $ 55,560 $ (8,244) $ (12,239) $ (1,067) $ 792
Increase (Decrease) in Stockholders' Equity                
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests (445) (453)       (453)   8
Other comprehensive income (loss) 230 227         227 3
Net share-based plan activity (in shares)     19          
Net share-based plan activity 41 41   41        
Dividends paid to noncontrolling interests (147)             (147)
Redeemable noncontrolling interest adjustments to redemption value (3) (3)   (3)        
Reclassification associated with the expiration of put rights 74             74
Formation of music catalog joint venture 569 (13)   (13)       582
Ending balance (in shares) at Mar. 31, 2025     2,703          
Ending balance at Mar. 31, 2025 $ 35,148 33,836 $ 27 55,585 (8,244) (12,692) (840) 1,312
Beginning balance (in shares) at Dec. 31, 2025 2,480   2,710          
Beginning balance at Dec. 31, 2025 $ 37,147 35,919 $ 27 56,055 (8,244) (11,512) (407) 1,228
Increase (Decrease) in Stockholders' Equity                
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests (2,906) (2,916)       (2,916)   10
Other comprehensive income (loss) (236) (235)         (235) (1)
Net share-based plan activity (in shares)     27          
Net share-based plan activity (187) (187)   (187)        
Dividends paid to noncontrolling interests (127)             (127)
Redeemable noncontrolling interest adjustments to redemption value (3) (3)   (3)        
Reclassification associated with the expiration of put rights $ 19             19
Ending balance (in shares) at Mar. 31, 2026 2,507   2,737          
Ending balance at Mar. 31, 2026 $ 33,707 $ 32,578 $ 27 $ 55,865 $ (8,244) $ (14,428) $ (642) $ 1,129
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and others.
Termination of Netflix Merger
On January 19, 2026, the Company entered into an amended and restated agreement and plan of merger, by and among the Company, Netflix, Inc. (“Netflix”), Nightingale Sub, Inc., a wholly owned subsidiary of Netflix, and New Topco 25, Inc., a wholly owned subsidiary of WBD (the “Netflix Merger Agreement”), pursuant to which Netflix would have acquired the Streaming and Studios segments (subject to certain deviations) and certain other assets and liabilities, including the Company’s film and television studios, HBO Max, and HBO, following the separation and distribution of Discovery Global to the Company’s stockholders (the “Separation Transaction”).
Following the board of directors’ determination that it had received a “Company Superior Proposal,” as defined in the Netflix Merger Agreement, from Paramount Skydance Corporation (“PSKY”) and Netflix’s waiver of its right to propose revisions to the Netflix Merger Agreement, on February 27, 2026, in accordance with the terms of the Netflix Merger Agreement, the Company terminated the Netflix Merger Agreement in connection with entering into the PSKY Merger Agreement (as defined below). As a result of the termination of the Netflix Merger Agreement, PSKY, on behalf of the Company, paid Netflix a termination fee of $2.8 billion in cash (the “Netflix Termination Fee”) as required by the terms of the Netflix Merger Agreement. During the three months ended March 31, 2026, the Company recorded an expense for the Netflix Termination Fee in the consolidated statements of operations. The amount paid by PSKY is reimbursable by the Company to PSKY in certain circumstances in the event the PSKY Merger Agreement is terminated, and therefore has been recorded in accrued liabilities in the consolidated balance sheets.
PSKY Merger
On February 27, 2026, the Company entered into an Agreement and Plan of Merger, by and among the Company, PSKY and Prince Sub Inc., a wholly owned subsidiary of PSKY (“Merger Sub”) (as may be amended from time to time, the “PSKY Merger Agreement”), pursuant to which and subject to the terms and conditions therein, at the effective time, Merger Sub will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY (the “PSKY Merger”).
Upon completion of the PSKY Merger, each issued and outstanding share of WBD’s Series A common stock (“WBD Common Stock”) (subject to certain exceptions) will be converted into the right to receive an amount in cash equal to $31.00, without interest, plus, if the closing date of the PSKY Merger occurs after September 30, 2026, the Ticking Consideration (together, the “Merger Consideration”). The “Ticking Consideration” will be an amount in cash equal to $0.00277778 multiplied by the number of calendar days elapsed after September 30, 2026 to and including the closing date (which, for the avoidance of doubt, will not exceed $0.25 per 90 calendar day period).
Concurrently with the execution of the PSKY Merger Agreement, Larry J. Ellison and an affiliated trust entered into a guarantee in favor of WBD to, among other things, jointly and severally guarantee certain payments by PSKY under the PSKY Merger Agreement, including $45.72 billion of the aggregate Merger Consideration, and assist WBD with the consummation of the PSKY Merger.
On April 23, 2026, WBD stockholders approved the adoption of the PSKY Merger Agreement. The completion of the PSKY Merger is subject to customary closing conditions, including regulatory clearances. In addition, PSKY’s obligation to consummate the PSKY Merger is subject to WBD not having completed the separation of its Streaming & Studios business from its Global Linear Networks business nor having declared or made any dividend to WBD’s stockholders to effectuate the separation. There can be no assurance that the PSKY Merger will occur in accordance with the expected plans or anticipated timeline, or at all.
The PSKY Merger Agreement contains certain customary termination rights for WBD and PSKY, including, without limitation, a right for either party to terminate if the PSKY Merger is not completed on or before March 4, 2027, subject to an extension to June 4, 2027 in certain circumstances as specified in the PSKY Merger Agreement. Termination under specified circumstances will require WBD to pay PSKY a termination fee of $3.0 billion and reimburse PSKY for (i) any payment made by PSKY, which will in no event be more than $1,528 million, in connection with WBD’s obligation to complete the Junior Lien Exchange Offer by December 30, 2026 and (ii) the Netflix Termination Fee, or PSKY to pay WBD a termination fee of $7.0 billion. Additionally, the PSKY Merger Agreement provides for customary pre-closing covenants of WBD, including covenants relating to conducting its business in the ordinary course consistent with past practice and to refrain from taking certain actions without PSKY’s consent.
Reportable Segments
As of March 31, 2026, we classified our operations in three reportable segments:
•Streaming - Our Streaming segment primarily consists of our premium pay-TV and streaming services.
•Studios - Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/streaming services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and themed experience licensing, and interactive gaming.
•Global Linear Networks - Our Global Linear Networks segment primarily consists of our domestic and international television networks.
Our segment presentation is aligned with our management structure and the financial information management uses to make decisions about operating matters, such as the allocation of resources and business performance assessments.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Accounting and Reporting Pronouncements Adopted
Credit Losses
In July 2025, the Financial Accounting Standards Board (“FASB”) issued guidance which provides a practical expedient to simplify the estimation of expected credit losses by assuming that current conditions as of the balance sheet do not change for the remaining life of the asset. This guidance is effective for interim and annual periods beginning after December 15, 2025, and the standard is to be applied prospectively. The Company elected not to apply the practical expedient in its expected credit losses calculation therefore, there was no impact on its consolidated financial statements.
Accounting and Reporting Pronouncements Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance updating the disclosure requirements for income statement expenses, primarily through disaggregation of certain types of expenses presented on the income statement. The amendments are effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Accounting for Internal-Use Software
In September 2025, the FASB issued guidance which amends the existing standard for internal-use software to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed, and the software will be used to perform the function intended. This guidance may be applied prospectively, retrospectively, or with a modified transition approach, and is effective for all annual periods beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Derivatives and Hedging and Revenue from Contracts with Customers
In September 2025, the FASB issued guidance that amends existing standards for derivatives and hedging (“Topic 815”) and revenue from contracts with customers (“Topic 606”). The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. This guidance may be applied prospectively or with a modified retrospective approach, and is effective for all annual periods beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Derivatives and Hedging: Hedge Accounting Improvements
In November 2025, the FASB issued guidance that improves hedge accounting guidance by clarifying certain aspects and aligning hedge accounting more closely with the economics of an entity’s risk management activities. The update is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within those annual reporting periods, with early adoption permitted. The updates should be applied prospectively for all hedging relationships as of the date of adoption. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
We perform fair value-based impairment tests of goodwill and intangible assets on an annual basis, and between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an intangible asset below its carrying value.
During the three months ended March 31, 2026, the Company performed goodwill and intangible assets impairment monitoring procedures for all of its reporting units and identified no indicators of impairment.
The Company continues to monitor its reporting units for triggers that could impact the recoverability of goodwill. Long-term trends and risks the Company is monitoring in its ongoing assessment include, but are not limited to, the following:
•uncertainty related to affiliate rights renewals associated with the Company’s Global Linear Networks and Streaming reporting units;
•declining levels of global GDP growth and continued softness in the U.S. linear advertising market associated with the Company’s Global Linear Networks reporting unit;
•increased competition for advertising expenditures associated with the Company’s Global Linear Networks and Streaming reporting units as a result of an increase in digital advertising inventory available in the marketplace;
•content licensing trends and volatility related to the performance of theatrical film and game slates in the Company’s Studios reporting unit; and
•risks in executing the projected growth strategies of the Company’s Streaming reporting unit.
v3.26.1
RESTRUCTURING AND OTHER CHARGES
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
The Company periodically initiates restructuring programs, which may include, among other things, strategic content programming assessments, organizational restructuring, employee retention, facility consolidation activities, other contract termination costs, and consulting fees related to the previously announced Separation Transaction and the PSKY Merger. During 2025, the Company initiated restructuring plans related to the previously proposed Separation Transaction.
Restructuring and other charges by reportable segments and corporate and inter-segment eliminations were as follows (in millions).
 Three Months Ended March 31,
 20262025
Streaming$26 $12 
Studios9 (5)
Global Linear Networks42 16 
Corporate and inter-segment eliminations127 31 
Total restructuring and other charges$204 $54 
During the three months ended March 31, 2026 and 2025, restructuring and other charges were primarily related to organization restructuring costs, employee retention, and consulting fees related to the previously announced Separation Transaction and the PSKY Merger.
Changes in restructuring liabilities recorded in accounts payable, accrued liabilities, and other noncurrent liabilities by major category and by reportable segment and corporate were as follows (in millions).
StreamingStudiosGlobal Linear NetworksCorporateTotal
December 31, 2025$23 $58 $69 $127 $277 
Contract termination accruals, net— — — 12 12 
Employee termination accruals, net— 9 6 (3)12 
Employee retention, net15 6 36 23 80 
Consulting fees and other accruals and adjustments
11 (6)— 95 100 
Cash paid(19)(4)(30)(111)(164)
March 31, 2026$30 $63 $81 $143 $317 
v3.26.1
REVENUES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended March 31, 2026
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,533 $1 $2,373 $(1)$4,906 
Advertising284 — 1,570 (7)1,847 
Content68 2,934 346 (1,461)1,887 
Other2 190 88 (27)253 
Total$2,887 $3,125 $4,377 $(1,496)$8,893 
Three Months Ended March 31, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,329 $1 $2,558 $(2)$4,886 
Advertising237 1 1,758 (16)1,980 
Content88 2,139 380 (741)1,866 
Other2 173 78 (6)247 
Total$2,656 $2,314 $4,774 $(765)$8,979 
Contract Liabilities and Contract Assets
The following table presents contract liabilities on the consolidated balance sheets (in millions).
CategoryBalance Sheet LocationMarch 31, 2026December 31, 2025
Contract liabilitiesDeferred revenues$1,592 $1,642 
Contract liabilitiesOther noncurrent liabilities360 355 
For the three months ended March 31, 2026 and 2025, respectively, revenues of $774 million and $677 million were recognized that were included in deferred revenues as of December 31, 2025 and December 31, 2024, respectively. Contract assets were not material as of March 31, 2026 and December 31, 2025.
Remaining Performance Obligations
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
Contract TypeMarch 31, 2026Duration
Distribution - fixed price or minimum guarantee$2,848 
Through 2030
Content licensing and sports sublicensing4,528 
Through 2032
Brand licensing3,953 
Through 2062
Advertising1,006 
Through 2032
Other124 
Through 2029
Total$12,459 
The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.
v3.26.1
SALES OF RECEIVABLES
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
SALES OF RECEIVABLES SALES OF RECEIVABLES
Revolving Receivables Program
During 2025, the Company amended its revolving receivables program to reduce the facility limit to $5,000 million and extend the program to June 2026. The outstanding portfolio of receivables derecognized from our consolidated balance sheet was $3,850 million and $3,700 million as of March 31, 2026 and December 31, 2025, respectively.
The Company recognized $20 million and $36 million for the three months ended March 31, 2026 and 2025, respectively, in selling, general and administrative expenses in the consolidated statements of operations from the revolving receivables program (net of non-designated derivatives). (See Note 9.)
The following table presents a summary of receivables sold (in millions).
Three Months Ended March 31,
20262025
Gross receivables sold/cash proceeds received$3,445 $4,231 
Collections reinvested under revolving receivables program(3,295)(4,120)
Net cash proceeds received$150 $111 
Net receivables sold$3,416 $4,205 
Obligations recorded (Level 3)$67 $103 
The following table presents a summary of the amounts transferred or pledged, which were held at the Company’s bankruptcy-remote consolidated subsidiary (in millions).
March 31, 2026December 31, 2025
Gross receivables pledged as collateral$2,121 $2,632 
Balance sheet classification:
Receivables, net$1,652 $2,230 
Other noncurrent assets$469 $402 
Accounts Receivable Factoring
No amounts were sold under the Company’s factoring arrangement for the three months ended March 31, 2026. Total trade accounts receivable sold under the Company’s factoring arrangement was $102 million for the three months ended March 31, 2025. The impact to the consolidated statements of operations was immaterial for the three months ended March 31, 2026 and 2025. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.
v3.26.1
CONTENT RIGHTS
 3 Months Ended
Mar. 31, 2026
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
CONTENT RIGHTS CONTENT RIGHTS
For purposes of amortization and impairment, capitalized production costs are grouped based on their predominant monetization strategy: individually or as a group. Live programming includes licensed sports rights and related advances. The tables below present the components of content rights (in millions).
March 31, 2026
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,269 $5,930 $9,199 
Completed and not released1,186 587 1,773 
In production and other1,723 2,082 3,805 
Total production costs$6,178 $8,599 $14,777 
Licensed content, live programming, and advances, net4,544 
Game development costs, less amortization362 
Total film and television content rights and games19,683 
Less: Current content rights and prepaid license fees, net(371)
Total noncurrent film and television content rights and games$19,312 
December 31, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,006 $5,686 $8,692 
Completed and not released1,109 521 1,630 
In production and other1,782 2,544 4,326 
Total production costs$5,897 $8,751 $14,648 
Licensed content, live programming, and advances, net4,478 
Game development costs, less amortization310 
Total film and television content rights and games19,436 
Less: Current content rights and prepaid license fees, net(322)
Total noncurrent film and television content rights and games$19,114 
Content amortization consisted of the following (in millions).
Three Months Ended March 31,
20262025
Predominantly monetized individually$400 $580 
Predominantly monetized as a group2,057 2,530 
Total content amortization$2,457 $3,110 
Content expense includes amortization, impairments, and development expense and is generally a component of costs of revenues on the consolidated statements of operations. Content impairments were $42 million and $35 million, respectively, for the three months ended March 31, 2026 and 2025.
v3.26.1
INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
INVESTMENTS INVESTMENTS
The Company’s equity investments consisted of the following (in millions).
CategoryBalance Sheet LocationOwnershipMarch 31, 2026December 31, 2025
Equity method investments:
The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$276 $276 
nC+Other noncurrent assets32%153 153 
OtherOther noncurrent assets270 268 
Total equity method investments699 697 
Investments without readily determinable fair values
Other noncurrent assets(a)
349 348 
Total investments$1,048 $1,045 
(a) Investments without readily determinable fair values included $17 million as of March 31, 2026 and December 31, 2025 that was recorded in prepaid expenses and other current assets.
Equity Method Investments
Certain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of March 31, 2026, the Company’s maximum exposure for all of its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $477 million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $467 million and $481 million as of March 31, 2026 and December 31, 2025, respectively. VIE gains and losses are recorded in loss from equity investees, net on the consolidated statements of operations, and were not material for the three months ended March 31, 2026 and 2025.
Joint Venture
In January 2025, the Company contributed a 70% interest in its music catalog to a joint venture with Cutting Edge Group in exchange for net proceeds of $601 million. The Company retained a controlling financial interest and consolidated the joint venture as a VIE. The Company has determined that it is the primary beneficiary of the joint venture as the Company has certain operational rights that significantly impact the economic performance of the business including exploitation of the catalog works and selection of the administrator. As the primary beneficiary, the Company includes the joint venture assets, liabilities and results of operations in the Company's consolidated financial statements. As of March 31, 2026, the carrying amounts of assets and liabilities of the consolidated VIE were not material. During the three months ended March 31, 2026, it was determined that the Cutting Edge Group will receive an additional 9% economic interest in the venture based on the results of certain operational metrics.
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The table below presents the components of outstanding debt (in millions).
Weighted-Average
Interest Rate as of
March 31, 2026
March 31, 2026December 31, 2025
Bridge loan with maturity of 15 months
7.67 %$15,000 $15,000 
Senior notes with maturities of 5 years or less
3.91 %6,525 6,659 
Senior notes with maturities between 5 and 10 years
4.37 %3,505 3,509 
Senior notes with maturities greater than 10 years
5.17 %7,671 7,677 
Total debt32,701 32,845 
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net(235)(278)
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting32,466 32,567 
Current portion of debt(1,493)(139)
Noncurrent portion of debt$30,973 $32,428 
During the three months ended March 31, 2026, the Company repaid in full at maturity $123 million of aggregate principal amount outstanding of its senior notes due January and March 2026.
On February 18, 2026, DGH (formerly WarnerMedia Holdings, Inc., the “Borrower”), together with JPMorgan Chase Bank, N.A., in its capacities as Administrative Agent and Collateral Agent, executed Amendment No. 1 (“Amendment No. 1”) to the Non-Investment Grade Leveraged Bridge Loan Agreement dated June 26, 2025 (the “Bridge Loan Agreement”). Amendment No. 1 extends the maturity of the Borrower’s outstanding bridge loans from the earlier of (i) December 30, 2026 and (ii) the completion of the previously proposed Separation Transaction to the earlier of (x) June 30, 2027 and (y) the date that the previously proposed Spin-Off (as defined in the Bridge Loan Agreement) occurs.
Under Amendment No. 1, all previously scheduled duration fees through June 30, 2026 remain unchanged, however, the duration fees payable on September 30, 2026 and December 31, 2026 were increased from 0.75% to 1.00% of the principal amount of outstanding loans on such dates. In addition, a new duration fee of 1.00% of the principal amount of outstanding loans will be payable on March 31, 2027.
Amendment No. 1 does not modify the mandatory prepayment provisions, guarantee structure, or collateral securing the bridge facility, all of which remain consistent with the Bridge Loan Agreement. The amendment also maintains the original representations and warranties, affirmative and negative covenants, events of default and continues to include no financial maintenance covenants.
During the three months ended March 31, 2025, the Company repaid in full at maturity $2,165 million of aggregate principal amount outstanding of its senior notes due March 2025, and redeemed in full $1,500 million aggregate principal amount outstanding of its senior notes due March 2026. The redemption was funded with the proceeds of borrowings pursuant to a $1,500 million 364-day senior unsecured term loan credit facility.
We are obligated to cause certain of our subsidiaries to conduct one or more offers to exchange (collectively, the “Junior Lien Exchange Offer”) certain of the senior notes issued by DGH and DCL, as applicable, for new junior lien secured notes with the same economic terms (including denominations, interest rate, interest payment dates, maturity date and redemption provisions) to be issued by DGH or DCL, as applicable (the “junior lien notes”). If the Junior Lien Exchange Offer is not completed by December 30, 2026, WBD will be required to pay to each holder of the applicable senior notes entitled to participate in the Junior Lien Exchange Offer a one-time cash payment in the amount of $100 per $1,000 principal amount or €100 per €1,000 principal amount, as applicable, of the applicable senior notes held by such holder, equal to an aggregate amount of approximately $1.5 billion.
The PSKY Merger Agreement provides that, prior to October 15, 2026, PSKY may deliver one formal request (a “Specified Request”) in writing to WBD requesting that WBD either, subject to certain exceptions, (i) commence and use reasonable best efforts to effectuate a consent solicitation (on terms mutually determined by PSKY and WBD in good faith) to eliminate the obligation to commence the Junior Lien Exchange Offer or otherwise modify the required terms of the Junior Lien Exchange Offer, (ii) commence and use reasonable best efforts to effectuate the Junior Lien Exchange Offer (on terms mutually determined by PSKY and WBD in good faith, subject to certain conditions) or (iii) make a payment in the amount of $100 per $1,000 principal amount or €100 per €1,000 principal amount of such outstanding senior notes in lieu of effectuating the Junior Lien Exchange Offer (the “Amended Notes Payment Amount”); provided that, if the Amended Notes Payment Amount becomes due and payable pursuant to the above, PSKY shall timely and fully pay such amount (such amount not to exceed $1,528 million in the aggregate).
If PSKY does not make a Specified Request by October 15, 2026, WBD may, after such date, commence one or more consent solicitations with respect to the outstanding senior notes or commence the Junior Lien Exchange Offer, in each case, on terms determined by WBD in its sole discretion, or pay the Amended Notes Payment Amount; provided that, if the Amended Notes Payment Amount becomes due and payable pursuant to the above, PSKY shall timely and fully pay such amount (subject to the aggregate limit described above).
As of March 31, 2026, all senior notes are fully and unconditionally guaranteed by the Company, Scripps Networks, DCL (to the extent it is not the primary obligor on such senior notes), and DGH (to the extent it is not the primary obligor on such senior notes), except for $171 million of senior notes related to the legacy WarnerMedia business (the “WarnerMedia Business”).
Revolving Credit Facility and Commercial Paper Programs
DCL and certain subsidiaries of the Company, as borrowers, have a multicurrency revolving credit agreement, which was amended in June 2025 (the “Credit Agreement”). The Credit Agreement provides for a senior revolving credit facility (the “Credit Facility”) with aggregate commitments of $4,000 million and includes a $150 million sublimit for the issuance of standby letters of credit. DCL may also request additional commitments up to $1,000 million from the lenders upon the satisfaction of certain conditions. The obligations of the borrowers under the Credit Agreement are secured by the same collateral and have the benefit of the same guarantees as provided in respect of the Bridge Loan Facility, as described above. The Credit Agreement is available on a revolving basis until October 2029, with an option for up to two additional 364-day renewal periods subject to the lenders’ consent, and provides for an early termination of the Credit Agreement upon completion of the previously proposed Separation Transaction.
Additionally, the Company’s commercial paper program is supported by the Credit Facility. Under the commercial paper program, the Company may issue up to $2,000 million. In March 2025, the Company increased the issuance capacity under the commercial paper program from $1,000 million to $2,000 million. Borrowing capacity under the Credit Facility is effectively reduced by any outstanding borrowings under the commercial paper program.
As of March 31, 2026 and December 31, 2025, the Company and DCL had no outstanding borrowings under the Credit Facility or issuances under the commercial paper program.
The Credit Agreement contains customary representations and warranties as well as affirmative and negative covenants, and also requires maintenance of a minimum consolidated interest coverage ratio of 3.00 to 1.00 and a maximum consolidated leverage ratio of 4.50 to 1.00. As of March 31, 2026, the Company was in compliance with all applicable covenants and there were no events of default under the Credit Agreement.
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company is exposed to foreign currency exchange rate market risk and interest rate fluctuations. As part of its risk management strategy, the Company uses derivative financial instruments, primarily foreign currency forward contracts, fixed-to-fixed currency swaps, total return swaps and interest rate swaps to hedge certain foreign currency, market value, and interest rate exposures. The Company’s objective is to reduce earnings volatility by offsetting gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them. The Company does not enter into or hold derivative financial instruments for speculative trading purposes.
There were no amounts eligible to be offset under master netting agreements as of March 31, 2026 and December 31, 2025. The fair value of the Company’s derivative financial instruments was determined using a market-based approach (Level 2). The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).
March 31, 2026December 31, 2025
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities
Cash flow hedges:
Foreign exchange$3,084 $49 $36 $32 $51 $2,235 $53 $60 $35 $38 
Net investment hedges: (a)
Cross-currency swaps444 7 — — 21 452 7 — — 21 
No hedging designation:
Foreign exchange145 10 1 91 1 126 9 — 15 79 
Cross-currency swaps221 4 — — 10 225 4 — — 11 
Total return swaps486 — — 27 — 501 — — — — 
Credit contracts— — — — — 2,000 8 — — — 
Total$70 $37 $150 $83 $81 $60 $50 $149 
(a) Excludes €781 million and €781 million of euro-denominated notes ($897 million and $919 million equivalent) at March 31, 2026 and December 31, 2025, respectively, designated as a net investment hedge.
Derivatives Designated for Hedge Accounting
Cash Flow Hedges
The Company uses foreign exchange forward contracts to mitigate the foreign currency risk related to revenues, production rebates, and production expenses. As production spend occurs or when rebate receivables are recognized, foreign forward exchange contracts designated as cash flow hedges are de-designated. Upon de-designation, gains and losses on these derivatives directly impact earnings in the same line and same period as the hedged risk. These cash flow hedges are carried at fair market value on the Company’s consolidated balance sheets. Hedge effectiveness is assessed using the spot method, with fair market value changes recorded in other comprehensive income (loss) until the hedged item affects earnings. Excluded components, including forward points, are included in current earnings.
The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive income (loss) (in millions).
 Three Months Ended March 31,
 20262025
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign exchange - derivative adjustments
$(32)$14 
Gains (losses) reclassified into income from accumulated other comprehensive loss:
Foreign exchange - distribution revenue
(10)4 
Foreign exchange - costs of revenues
3 — 
Interest rate - interest expense, net(1)(1)
Interest rate - other (expense) income, net
— 14 
If current fair values of designated cash flow hedges as of March 31, 2026 remained static over the next twelve months, the amount the Company would reclassify from accumulated other comprehensive loss into income in the next twelve months would not be material for the current fiscal year. The maximum length of time the Company is hedging exposure to the variability in future cash flows is 29 years.
Net Investment Hedges
The Company is exposed to foreign currency risk associated with the net assets of non-USD functional entities and uses fixed-to-fixed cross currency swaps to mitigate this risk.
The following table presents the pre-tax impact of derivatives and other instruments designated as net investment hedges on other comprehensive income (loss) (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2026202520262025
Cross currency swaps$(3)$(4)Interest expense, net$3 $3 
Euro-denominated notes (foreign denominated debt)22 (60)N/A— — 
Total$19 $(64)$3 $3 
Derivatives Not Designated for Hedge Accounting
The Company has deferred compensation plans that have risk related to the fair value gains and losses on these investments and uses total return swaps to mitigate this risk. The gains and losses associated with these swaps are recorded to selling, general and administrative expenses, offsetting the deferred compensation investment gains and losses.
During the year ended December 31, 2025, the Company entered into $2,000 million notional amount of credit contract swaptions to mitigate the interest rate risk related to future issuances of debt related to the previously proposed Separation Transaction, which were unwound during the three months ended March 31, 2026 for an immaterial loss.
The Company is also exposed to the risk of secured overnight financing rate changes in connection with securitization fees on the receivables securitization program. To mitigate this risk, the Company entered into $1,500 million notional of non-designated interest rate swaps in the first quarter of 2025. The gains and losses on these derivatives are recorded to selling, general and administrative expenses, offsetting securitization interest expense.
The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other (expense) income, net in the consolidated statements of operations (in millions).
Three Months Ended March 31,
20262025
Interest rate swaps$— $1 
Total return swaps(12)(11)
Total in selling, general and administrative expense(12)(10)
Cross-currency swaps1 (1)
Credit contracts(5)— 
Foreign exchange derivatives 2 9 
Total in other (expense) income, net
(2)8 
Total$(14)$(2)
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1–Quoted prices for identical instruments in active markets.
Level 2–Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3–Valuations derived from techniques in which one or more significant inputs are unobservable.
The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
  March 31, 2026
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $134 $— $134 
Equity securities:
Money market fundCash and cash equivalents58 — — 58 
Mutual fundsPrepaid expenses and other current assets15 — — 15 
Company-owned life insurance contractsPrepaid expenses and other current assets— 2 — 2 
Mutual fundsOther noncurrent assets201 — — 201 
Company-owned life insurance contractsOther noncurrent assets— 102 — 102 
Total$274 $238 $— $512 
Liabilities
Deferred compensation planAccrued liabilities$61 $— $— $61 
Deferred compensation planOther noncurrent liabilities674 — — 674 
Total$735 $— $— $735 
December 31, 2025
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $107 $— $107 
Equity securities:
Money market fundsCash and cash equivalents61 — — 61 
Mutual fundsPrepaid expenses and other current assets14 — — 14 
Company-owned life insurance contractsPrepaid expenses and other current assets— 2 — 2 
Mutual fundsOther noncurrent assets205 — — 205 
Company-owned life insurance contractsOther noncurrent assets— 105 — 105 
Total$280 $214 $— $494 
Liabilities
Deferred compensation planAccrued liabilities$66 $— $— $66 
Deferred compensation planOther noncurrent liabilities682 — — 682 
Total$748 $— $— $748 
In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, senior notes, and a bridge loan. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of March 31, 2026 and December 31, 2025. The estimated fair value of the Company’s outstanding senior notes, including accrued interest, using quoted prices from over-the-counter markets, considered Level 2 inputs, was $14,609 million and $15,205 million as of March 31, 2026 and December 31, 2025, respectively.
The Company’s derivative financial instruments are discussed in Note 9 and the obligation for its revolving receivable program is discussed in Note 5.
v3.26.1
SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
The Company has various incentive plans under which performance based restricted stock units (“PRSUs”), service based restricted stock units (“RSUs”), and stock options have been issued. The table below presents awards granted (in millions, except weighted-average grant price).
Three Months Ended March 31, 2026
AwardsWeighted-Average Grant Date Fair Value
Awards granted:
PRSUs1.2 $29.08 
RSUs19.1 $28.50 
Stock options3.1 $10.47 
The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of March 31, 2026 (in millions, except years).
Unrecognized Compensation CostWeighted-Average Amortization Period
(years)
PRSUs$92 1.4
RSUs877 1.5
Stock options147 2.5
Total unrecognized compensation cost$1,116 
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax benefit (expense) was $214 million and $(15) million for the three months ended March 31, 2026 and 2025, respectively. The increase in income tax benefit for the three months ended March 31, 2026 compared to the same period in 2025 was primarily attributable to excess tax benefits from share-based compensation.
Income tax benefit for the three months ended March 31, 2026, reflects an effective income tax rate that differs from the federal statutory tax rate primarily attributable to a book tax difference in the Netflix Termination Fee accrual (See Note 1) based on current assessments, as well as excess tax benefits from share-based compensation.
As of March 31, 2026 and December 31, 2025, the Company’s reserves for unrecognized tax benefits totaled $2,368 million and $2,356 million, respectively.
As of March 31, 2026 and December 31, 2025, the Company had accrued $896 million and $856 million, respectively, of total interest and penalties payable related to unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.
The Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two Global Anti-Base Erosion (“GloBE”) model rules, issued under the OECD Inclusive Framework on Base Erosion and Profit Shifting, introduce a global minimum tax of 15% applicable to multinational enterprise groups with consolidated financial statement revenue in excess of €750 million. Numerous foreign jurisdictions have already enacted tax legislation based on the GloBE rules, with some effective as early as January 1, 2024. In January 2026, the OECD issued additional guidance on the minimum tax framework, including a “side by side” safe harbor framework that would apply to U.S.-parented groups. Even if this safe harbor applies, we would still be subject to local minimum tax regimes in countries that have adopted these rules. The interpretation and adoption of the OECD’s recommendations continue to vary across jurisdictions. As of March 31, 2026, we recognized an immaterial income tax expense for Pillar Two GloBE minimum tax. The Company is continuously monitoring the evolving application of this legislation and assessing its potential impact on our future tax liability.
v3.26.1
SUPPLEMENTAL DISCLOSURES
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL DISCLOSURES SUPPLEMENTAL DISCLOSURES
The following tables present supplemental information related to the consolidated financial statements (in millions).
Other (Expense) Income, net
Other (expense) income, net, consisted of the following (in millions).
Three Months Ended March 31,
20262025
Foreign currency (losses) gains, net$(52)$30 
(Losses) gains on derivative instruments, net(2)22 
Change in the value of investments with readily determinable fair value— 4 
Change in fair value of equity investments without readily determinable fair value— (4)
Interest income22 64 
Indemnification receivable accrual(3)(38)
Other (expense) income, net(3)4 
Total other (expense) income, net
$(38)$82 
Supplemental Cash Flow Information
Three Months Ended March 31,
20262025
Non-cash investing and financing activities:
Assets acquired under finance lease and other arrangements$17 $144 
Settlement of PRSU awards$97 $51 
Cash, Cash Equivalents, and Restricted Cash
 March 31, 2026December 31, 2025
Cash and cash equivalents$3,264 $4,566 
Restricted cash - recorded in prepaid expenses and other current assets4 4 
Total cash, cash equivalents, and restricted cash $3,268 $4,570 
Earnings Per Share
The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
Three Months Ended March 31,
20262025
Numerator:
Net loss$(2,906)$(449)
Less:
Net income attributable to noncontrolling interests(10)(8)
Net loss attributable to redeemable noncontrolling interests— 4 
Net loss available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share$(2,916)$(453)
Denominator — weighted average:
Common shares outstanding — basic and diluted2,492 2,462 

Basic net loss per share allocated to common stockholders$(1.17)$(0.18)
Diluted net loss per share allocated to common stockholders$(1.17)$(0.18)
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Three Months Ended March 31,
20262025
Anti-dilutive share-based awards111 92 
Supplier Finance Programs
As of March 31, 2026 and December 31, 2025, the Company has confirmed $266 million and $260 million, respectively, of accrued content producer liabilities. These amounts were outstanding and unpaid by the Company and were recorded in accrued liabilities on the consolidated balance sheets.
Leases
During the three months ended March 31, 2025, the Company subleased a portion of its Hudson Yards, New York office. As a result of executing the sublease, the Company recorded a right-of-use (“ROU”) asset impairment charge of $87 million. The ROU asset impairment charge was recorded in impairment and loss on dispositions in the consolidated statements of operations.
Collaborative Arrangements
The arrangement among TNT Sports, CBS Broadcasting, Inc. (“CBS”), and the National Collegiate Athletic Association (the “NCAA”) provides TNT Sports and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the U.S. and its territories and possessions through 2032. The aggregate programming rights fee, production costs, certain advertising revenues and sponsorship revenues related to the NCAA Tournament, and related programming are shared equally by the Company and CBS. However, if the amount paid for the programming rights fee and production costs in any given year exceeds the shared advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to a specified annual cap. The amount recorded pursuant to the loss cap was $66 million and $59 million during the three months ended March 31, 2026 and 2025, respectively. In accounting for this arrangement, the Company records advertising revenue for the advertisements aired on its networks and amortizes its share of the programming rights fee based on the estimated relative value of each season over the term of the arrangement.
Venu Sports
On February 6, 2024, the Company announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Fox Corporation (“Fox”) to form Venu Sports, a sports-centric streaming service in the United States. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc. (collectively, “Fubo”) filed a lawsuit against Disney, including certain affiliates, Fox, and WBD (collectively, the “Defendants”) in the U.S. District Court for the Southern District of New York alleging claims under federal and New York antitrust laws. The Defendants reached a settlement with Fubo related to Fubo’s antitrust claims and collectively paid $220 million to Fubo in January 2025, of which the Company’s share was $55 million.
On January 10, 2025, the Defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately.
Discovery Family
Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40% interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets.
Accumulated Other Comprehensive Loss
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
Three Months Ended March 31, 2026
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(342)$39 $(104)$(407)
Other comprehensive income (loss) before reclassifications(218)(26)2 (242)
Reclassifications from accumulated other comprehensive loss to net income— 7 — 7 
Other comprehensive income (loss)(218)(19)2 (235)
Ending balance$(560)$20 $(102)$(642)
Three Months Ended March 31, 2025
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(1,008)$15 $(74)$(1,067)
Other comprehensive income (loss) before reclassifications231 9 — 240 
Reclassifications from accumulated other comprehensive loss to net income
— (13)— (13)
Other comprehensive income (loss)231 (4)— 227 
Ending balance
$(777)$11 $(74)$(840)
v3.26.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In the normal course of business, the Company enters into transactions with related parties. Related party transactions include revenues and expenses for content and services provided to or acquired from equity method investees, entities that share common directorship, or minority partners of consolidated subsidiaries.
The table below presents a summary of the transactions with related parties (in millions).
Three Months Ended March 31,
20262025
Revenues and service charges$205 $214 
Expenses$55 $68 
Distributions to noncontrolling interests and redeemable noncontrolling interests$129 $157 
The table below presents receivables due from and payables due to related parties (in millions).
March 31, 2026December 31, 2025
Receivables$111 $116 
Payables$36 $17 
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Other Contingent Commitments
During the three months ended March 31, 2026, the Company entered into a tax reimbursement agreement with the Chief Executive Officer (“CEO”). In the event that the CEO incurs an excise tax in respect of any payment or benefit made or provided to him in connection with a change in control, he would be entitled to a tax reimbursement payment.
Legal Matters
From time to time, in the normal course of its operations, the Company is subject to various litigation matters and claims, including claims related to employees, stockholders, vendors, other business partners, government regulations, or intellectual property, as well as disputes and matters involving counterparties to contractual agreements. A determination as to the amount of the accrual required for such contingencies is highly subjective and requires judgment about future events.
The Company may not currently be able to estimate the reasonably possible loss or range of loss for certain matters until developments in such matters have provided sufficient information to support an assessment of such loss. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual for such contingencies is made and no loss or range of loss is disclosed. Although the outcome of these matters cannot be predicted with certainty and the impact of the final resolution of these matters on the Company’s results of operations in a particular subsequent reporting period is not known, management does not currently believe that the resolution of these matters will have a material adverse effect on the Company’s future consolidated financial position, future results of operations, or cash flows.
PSKY Complaint. On January 12, 2026, PSKY filed a complaint in the Delaware Court of Chancery against our board of directors (and our Chair Emeritus, Dr. Malone) and the Company. The suit asserted a claim for breach of fiduciary duty against the directors, alleging that our board of directors failed to disclose material information in both the Solicitation/Recommendation Statement on Schedule 14D-9, filed on December 17, 2025, and the amendment to that Schedule 14D-9, filed on January 7, 2026. PSKY also requested that the court expedite the case in light of the then-current expiration date of PSKY’s tender offer on January 21, 2026. On January 15, 2026, the Delaware Court of Chancery denied PSKY’s request for expedition, stating that PSKY failed to demonstrate that it would suffer any irreparable harm in its capacity as a stockholder of the Company if the litigation was not expedited, among other reasons. On February 2, 2026, the Company moved to dismiss the complaint. Pursuant to the PSKY Merger Agreement, PSKY filed a voluntary notice of dismissal with prejudice with respect to the complaint, and the court dismissed the case on March 2, 2026.
Securities Class Action. On November 25, 2024, a securities class action complaint was filed in the United States District Court for the Southern District of New York (Collura v. Warner Bros. Discovery, Inc., No. 1:24-cv-09027-KPF). The complaint named WBD, Gunnar Wiedenfels, and David M. Zaslav as defendants and asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder. On February 21, 2025, the court appointed co-lead plaintiffs (Anthony Yuson and Michael Steinberg) and co-lead counsel (Pomerantz LLP and The Rosen Law Firm, P.A.) to represent the putative class. On May 7, 2025, the lead plaintiffs filed a First Amended Complaint against WBD, Gunnar Wiedenfels, and David M. Zaslav. The First Amended Complaint generally alleges that, between February 23, 2024 and August 7, 2024, defendants made false and misleading statements in SEC filings and other public disclosures relating to WBD’s negotiations with the National Basketball Association (“NBA”) concerning its contractual rights to broadcast the NBA’s content and the potential impact of a failure to renew the contract on its business, in violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, and seeks damages and other relief. The defendants moved to dismiss on July 11, 2025, which the court granted without leave to amend on March 30, 2026.
Consolidated Derivative Action. Between December 20, 2024 and January 14, 2025, four stockholder derivative complaints were filed in the United States District Court for the Southern District of New York (Roy v. Zaslav et al., No. 1:24-cv-09856-AT, Hollin v. Zaslav et al., No. 1:24-cv-09885-AT, KO v. Zaslav et al., No. 1:25-cv-00114-AT, and Herman, III v. Chen et al., No. 1:25-cv-00352-AT). Each complaint names certain current and former directors and officers of WBD as defendants and WBD as nominal defendant, and each complaint seeks damages and other relief. The complaints generally assert claims against the defendants, derivatively on behalf of WBD, for alleged breaches of fiduciary duty based on the same facts alleged in the Collura securities case described above. The complaints assert various common law causes of action, including breach of fiduciary duties, aiding and abetting breach of fiduciary duties, abuse of control, unjust enrichment, gross mismanagement, and waste of corporate assets, as well claims for violations of Sections 14(a), 10(b), and 21D of the Exchange Act. On January 21, 2025, the court consolidated the four actions for all purposes under Case No. 1:24-cv-09856-AT, captioned as In re Warner Bros. Discovery, Inc. Derivative Litigation (the “Consolidated Derivative Action”). On February 19, 2025, the Court stayed the Consolidated Derivative Action pending resolution of a final decision on all motions to dismiss the operative complaint in the Collura securities action.
Individual Stockholder Action. On April 2, 2026, an individual action was filed in the Supreme Court of the State of New York, County of Richmond (Nicosia v. Di Piazza, Jr., et al., Index No. 150851/2026). The complaint was brought by a purported stockholder of WBD and it named as defendants WBD, members of the WBD board of directors, and PSKY. The complaint alleged that the proxy statement disseminated to WBD stockholders in connection with the proposed transaction with PSKY contains materially false and misleading statements and omissions concerning, among other things, the alleged personal financial benefits of WBD’s directors and officers, the alleged conflicts of WBD’s financial advisors, and the process underlying and valuation of the proposed transaction. Following the issuance of certain supplemental disclosures via Form DEFA14A on April 16, 2026, the plaintiff voluntarily dismissed the litigation with prejudice on April 20, 2026.
Nokia Litigation. Over the past several years, Nokia Corporation and Nokia Technologies Oy (collectively, “Nokia”) have alleged that WBD is infringing on their portfolio of patents related to the delivery of streaming video. On November 1, 2025, Nokia brought suit against WBD in certain jurisdictions, and WBD and Dplay Entertainment Limited brought suit in other jurisdictions, and filed a rate-setting proceeding in the High Court of Justice of England and Wales (the “Court”) against Nokia seeking a determination of a reasonable and non-discriminatory (“RAND”) royalty rate for a global license to certain Nokia patents, including standard-essential patents related to the H.264/AVC and H.265/HEVC standards and other non-essential multimedia patents. The Court is scheduled to hold a hearing in May 2026 to determine the amount of an interim payment that WBD will be required to make to Nokia during the pendency of the litigation, which may include refundable and non-refundable components, and trial is currently scheduled for late 2026. As of March 31, 2026, the Company recorded an immaterial liability related to this matter. The amount of any adjustment to this liability as an outcome from the rate-setting process cannot be reasonably estimated.
v3.26.1
REPORTABLE SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company’s operating segments are determined based on: (i) financial information reviewed by its chief operating decision maker (“CODM”), the CEO, (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions.
The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content licenses. The Company generally records inter-segment transactions of content licenses at market value. The Company does not report assets by segment because it is not used by the CODM to allocate resources or evaluate segment performance.
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
•employee share-based compensation;
•depreciation and amortization;
•restructuring and facility consolidation;
•certain impairment charges;
•gains and losses on business and asset dispositions;
•third-party transaction and integration costs;
•amortization of purchase accounting fair value step-up for content;
•amortization of capitalized interest for content; and
•other items impacting comparability.
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period.
The tables below present summarized financial information for each of the Company’s reportable segments (in millions).
Revenues
 Three Months Ended March 31,
20262025
Streaming$2,887 $2,656 
Studios3,125 2,314 
Global Linear Networks4,377 4,774 
Corporate1 — 
Inter-segment eliminations (1,497)(765)
Total revenues$8,893 $8,979 
Reconciliation of Revenues to Segment Adjusted EBITDA
Three months ended March 31, 2026
StreamingStudiosGlobal Linear Networks
Revenues$2,887 $3,125 $4,377 
Less:
Content expense (a)
1,531 1,603 1,592 
Personnel expense (b)
186 251 529 
Marketing expense285 275 129 
Other segment expenses (c)
447 221 493 
Segment Adjusted EBITDA$438 $775 $1,634 

Three months ended March 31, 2025
StreamingStudiosGlobal Linear Networks
Revenues$2,656 $2,314 $4,774 
Less:
Content expense (a)
1,504 1,339 1,832 
Personnel expense (b)
186 230 496 
Marketing expense220 252 104 
Other segment expenses (c)
407 234 549 
Segment Adjusted EBITDA$339 $259 $1,793 
(a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA.
(b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).
(c) Other segment expenses include distribution costs, other direct costs, software and hardware costs, IT services, professional and consulting fees, commissions, and certain other overhead costs. Other segment expenses exclude depreciation and amortization, amortization of purchase accounting fair value step-up for content, amortization of capitalized interest for content, employee share-based compensation, third-party transaction and integration costs, and other items impacting comparability as these items are excluded from the calculation of Adjusted EBITDA.
Reconciliation of segment adjusted EBITDA to loss before income taxes
 Three Months Ended March 31,
20262025
Streaming$438 $339 
Studios775 259 
Global Linear Networks1,634 1,793 
Segment Adjusted EBITDA2,847 2,391 
Depreciation and amortization1,226 1,547 
Employee share-based compensation150 120 
Restructuring and other charges204 54 
Netflix Termination Fee (See Note 1)
2,800 — 
Transaction and integration costs173 80 
Facility consolidation costs— 5 
Impairment and amortization of fair value step-up for content102 240 
Amortization of capitalized interest for content3 6 
Impairments and loss on dispositions14 90 
Corporate269 233 
Inter-segment eliminations 375 53 
Other expense (income), net38 (82)
Loss from equity investees, net5 7 
Loss on extinguishment of debt, net27 4 
Interest expense, net581 468 
Loss before income taxes$(3,120)$(434)
v3.26.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
In April 2026, the Company borrowed $1,000 million under its Credit Facility, which is expected to be repaid within the current quarter.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Priya Aiyar [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Priya Aiyar, Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement on March 13, 2026. This trading arrangement has a termination date of June 30, 2027. Under the trading arrangement, up to (i) 465,338 shares of common stock issuable upon vesting of restricted stock units granted on March 3, 2025 and March 17, 2025, (ii) 43,630 shares of common stock issuable upon vesting of performance restricted stock units granted on March 3, 2025 and (iii) 77,243 shares of common stock issuable upon the exercise of options expiring on March 3, 2032, for an aggregate of 586,211 shares of common stock, are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name Priya Aiyar
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2026
Expiration Date June 30, 2027
Arrangement Duration 474 days
Aggregate Available 586,211
Bruce Campbell [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Bruce Campbell, Chief Revenue and Strategy Officer, adopted a Rule 10b5-1 trading arrangement on March 10, 2026. This trading arrangement has a termination date of August 31, 2027. Under the trading arrangement, up to (i) 143,730 shares of common stock issuable upon vesting of restricted stock units granted on various dates between March 1, 2024 and August 15, 2025, (ii) 798,296 shares of common stock issuable upon vesting of performance restricted stock units granted on March 1, 2024 and March 3, 2025 and (iii) 290,307 shares of common stock issuable upon the exercise of options expiring on various dates between March 1, 2031 and August 15, 2032, for an aggregate of 1,232,333 shares of common stock, are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name Bruce Campbell
Title Chief Revenue and Strategy Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 10, 2026
Expiration Date August 31, 2027
Arrangement Duration 539 days
Aggregate Available 1,232,333
Gunnar Wiedenfels [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement Gunnar Wiedenfels, Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement on March 9, 2026. This trading arrangement has a termination date of April 30, 2027. Under the trading arrangement, up to (i) 134,953 shares of common stock issuable upon vesting of restricted stock units granted on March 1, 2024 and March 3, 2025, (ii) 769,855 shares of common stock issuable upon vesting of performance restricted stock units granted on March 1, 2024 and March 3, 2025 and (iii) 258,691 shares of common stock issuable upon the exercise of options expiring on March 1, 2031 and March 3, 2032, for an aggregate of 1,163,499 shares of common stock, are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name Gunnar Wiedenfels
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 9, 2026
Expiration Date April 30, 2027
Arrangement Duration 417 days
Aggregate Available 1,163,499
David Zaslav [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
David Zaslav, Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement on March 12, 2026. This trading arrangement has a termination date of August 14, 2026. Under the trading arrangement, up to (i) 392,693 shares of common stock issuable upon vesting of restricted stock units granted on January 5, 2026 and (ii) 4,179,755 shares of common stock issuable upon the exercise of options expiring on June 12, 2032, for an aggregate of 4,572,448 shares of common stock, are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name David Zaslav
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2026
Expiration Date August 14, 2026
Arrangement Duration 155 days
Aggregate Available 4,572,448
Priya Aiyar March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Restricted Stock Units Granted On March 3, 2025 And March 17, 2025 [Member] | Priya Aiyar [Member]  
Trading Arrangements, by Individual  
Aggregate Available 465,338
Priya Aiyar March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Performance Restricted Stock Units Granted On March 3, 2025 [Member] | Priya Aiyar [Member]  
Trading Arrangements, by Individual  
Aggregate Available 43,630
Priya Aiyar March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Exercise Of Options Expiring On March 3, 2032 [Member] | Priya Aiyar [Member]  
Trading Arrangements, by Individual  
Aggregate Available 77,243
Bruce Campbell March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Restricted Stock Units Granted On Various Dates Between March 1, 2024 And August 15, 2025 [Member] | Bruce Campbell [Member]  
Trading Arrangements, by Individual  
Aggregate Available 143,730
Bruce Campbell March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Performance Restricted Stock Units Granted On March 1, 2024 And March 3, 2025 [Member] | Bruce Campbell [Member]  
Trading Arrangements, by Individual  
Aggregate Available 798,296
Bruce Campbell March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Exercise Of Options Expiring On Various Dates Between March 1, 2031 And August 15, 2032 [Member] | Bruce Campbell [Member]  
Trading Arrangements, by Individual  
Aggregate Available 290,307
Gunnar Wiedenfels March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Restricted Stock Units Granted On March 1, 2024 And March 3, 2025 [Member] | Gunnar Wiedenfels [Member]  
Trading Arrangements, by Individual  
Aggregate Available 134,953
Gunnar Wiedenfels March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Performance Restricted Stock Units Granted On March 1, 2024 And March 3, 2025 [Member] | Gunnar Wiedenfels [Member]  
Trading Arrangements, by Individual  
Aggregate Available 769,855
Gunnar Wiedenfels March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Exercise Of Options Expiring On March 1, 2031 And March 3, 2032 [Member] | Gunnar Wiedenfels [Member]  
Trading Arrangements, by Individual  
Aggregate Available 258,691
David Zaslav March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Vesting Of Restricted Stock Units Granted On January 5, 2026 [Member] | David Zaslav [Member]  
Trading Arrangements, by Individual  
Aggregate Available 392,693
David Zaslav March 2026 Plan Trading Arrangement, Common Stock Issuable Upon Exercise Of Options Expiring On June 12, 2032 [Member] | David Zaslav [Member]  
Trading Arrangements, by Individual  
Aggregate Available 4,179,755
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
Unaudited Interim Financial Statements
Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Accounting and Reporting Pronouncements Adopted and Not Yet Adopted
Accounting and Reporting Pronouncements Adopted
Credit Losses
In July 2025, the Financial Accounting Standards Board (“FASB”) issued guidance which provides a practical expedient to simplify the estimation of expected credit losses by assuming that current conditions as of the balance sheet do not change for the remaining life of the asset. This guidance is effective for interim and annual periods beginning after December 15, 2025, and the standard is to be applied prospectively. The Company elected not to apply the practical expedient in its expected credit losses calculation therefore, there was no impact on its consolidated financial statements.
Accounting and Reporting Pronouncements Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance updating the disclosure requirements for income statement expenses, primarily through disaggregation of certain types of expenses presented on the income statement. The amendments are effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Accounting for Internal-Use Software
In September 2025, the FASB issued guidance which amends the existing standard for internal-use software to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed, and the software will be used to perform the function intended. This guidance may be applied prospectively, retrospectively, or with a modified transition approach, and is effective for all annual periods beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Derivatives and Hedging and Revenue from Contracts with Customers
In September 2025, the FASB issued guidance that amends existing standards for derivatives and hedging (“Topic 815”) and revenue from contracts with customers (“Topic 606”). The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. This guidance may be applied prospectively or with a modified retrospective approach, and is effective for all annual periods beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Derivatives and Hedging: Hedge Accounting Improvements
In November 2025, the FASB issued guidance that improves hedge accounting guidance by clarifying certain aspects and aligning hedge accounting more closely with the economics of an entity’s risk management activities. The update is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within those annual reporting periods, with early adoption permitted. The updates should be applied prospectively for all hedging relationships as of the date of adoption. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company is exposed to foreign currency exchange rate market risk and interest rate fluctuations. As part of its risk management strategy, the Company uses derivative financial instruments, primarily foreign currency forward contracts, fixed-to-fixed currency swaps, total return swaps and interest rate swaps to hedge certain foreign currency, market value, and interest rate exposures. The Company’s objective is to reduce earnings volatility by offsetting gains and losses resulting from these exposures with losses and gains on the derivative contracts used to hedge them. The Company does not enter into or hold derivative financial instruments for speculative trading purposes.
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1–Quoted prices for identical instruments in active markets.
Level 2–Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3–Valuations derived from techniques in which one or more significant inputs are unobservable.
Reportable Segments REPORTABLE SEGMENTS
The Company’s operating segments are determined based on: (i) financial information reviewed by its chief operating decision maker (“CODM”), the CEO, (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions.
The accounting policies of the reportable segments are the same as the Company’s, except that certain inter-segment transactions that are eliminated for consolidation are not eliminated at the segment level. Inter-segment transactions primarily include advertising and content licenses. The Company generally records inter-segment transactions of content licenses at market value. The Company does not report assets by segment because it is not used by the CODM to allocate resources or evaluate segment performance.
The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding:
•employee share-based compensation;
•depreciation and amortization;
•restructuring and facility consolidation;
•certain impairment charges;
•gains and losses on business and asset dispositions;
•third-party transaction and integration costs;
•amortization of purchase accounting fair value step-up for content;
•amortization of capitalized interest for content; and
•other items impacting comparability.
The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period.
v3.26.1
RESTRUCTURING AND OTHER CHARGES (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Charges by Reportable Segment
Restructuring and other charges by reportable segments and corporate and inter-segment eliminations were as follows (in millions).
 Three Months Ended March 31,
 20262025
Streaming$26 $12 
Studios9 (5)
Global Linear Networks42 16 
Corporate and inter-segment eliminations127 31 
Total restructuring and other charges$204 $54 
Schedule of Changes in Restructuring Liabilities Recorded in Accrued Liabilities and Other Noncurrent Liabilities
Changes in restructuring liabilities recorded in accounts payable, accrued liabilities, and other noncurrent liabilities by major category and by reportable segment and corporate were as follows (in millions).
StreamingStudiosGlobal Linear NetworksCorporateTotal
December 31, 2025$23 $58 $69 $127 $277 
Contract termination accruals, net— — — 12 12 
Employee termination accruals, net— 9 6 (3)12 
Employee retention, net15 6 36 23 80 
Consulting fees and other accruals and adjustments
11 (6)— 95 100 
Cash paid(19)(4)(30)(111)(164)
March 31, 2026$30 $63 $81 $143 $317 
v3.26.1
REVENUES (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended March 31, 2026
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,533 $1 $2,373 $(1)$4,906 
Advertising284 — 1,570 (7)1,847 
Content68 2,934 346 (1,461)1,887 
Other2 190 88 (27)253 
Total$2,887 $3,125 $4,377 $(1,496)$8,893 
Three Months Ended March 31, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,329 $1 $2,558 $(2)$4,886 
Advertising237 1 1,758 (16)1,980 
Content88 2,139 380 (741)1,866 
Other2 173 78 (6)247 
Total$2,656 $2,314 $4,774 $(765)$8,979 
Schedule of Contract Liabilities
The following table presents contract liabilities on the consolidated balance sheets (in millions).
CategoryBalance Sheet LocationMarch 31, 2026December 31, 2025
Contract liabilitiesDeferred revenues$1,592 $1,642 
Contract liabilitiesOther noncurrent liabilities360 355 
Schedule of Remaining Performance Obligations by Contract Type
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
Contract TypeMarch 31, 2026Duration
Distribution - fixed price or minimum guarantee$2,848 
Through 2030
Content licensing and sports sublicensing4,528 
Through 2032
Brand licensing3,953 
Through 2062
Advertising1,006 
Through 2032
Other124 
Through 2029
Total$12,459 
v3.26.1
SALES OF RECEIVABLES (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Receivables Sold
The following table presents a summary of receivables sold (in millions).
Three Months Ended March 31,
20262025
Gross receivables sold/cash proceeds received$3,445 $4,231 
Collections reinvested under revolving receivables program(3,295)(4,120)
Net cash proceeds received$150 $111 
Net receivables sold$3,416 $4,205 
Obligations recorded (Level 3)$67 $103 
Schedule of Amounts Transferred or Pledged
The following table presents a summary of the amounts transferred or pledged, which were held at the Company’s bankruptcy-remote consolidated subsidiary (in millions).
March 31, 2026December 31, 2025
Gross receivables pledged as collateral$2,121 $2,632 
Balance sheet classification:
Receivables, net$1,652 $2,230 
Other noncurrent assets$469 $402 
v3.26.1
CONTENT RIGHTS (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Components of Content Rights The tables below present the components of content rights (in millions).
March 31, 2026
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,269 $5,930 $9,199 
Completed and not released1,186 587 1,773 
In production and other1,723 2,082 3,805 
Total production costs$6,178 $8,599 $14,777 
Licensed content, live programming, and advances, net4,544 
Game development costs, less amortization362 
Total film and television content rights and games19,683 
Less: Current content rights and prepaid license fees, net(371)
Total noncurrent film and television content rights and games$19,312 
December 31, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,006 $5,686 $8,692 
Completed and not released1,109 521 1,630 
In production and other1,782 2,544 4,326 
Total production costs$5,897 $8,751 $14,648 
Licensed content, live programming, and advances, net4,478 
Game development costs, less amortization310 
Total film and television content rights and games19,436 
Less: Current content rights and prepaid license fees, net(322)
Total noncurrent film and television content rights and games$19,114 
Schedule of Content Amortization
Content amortization consisted of the following (in millions).
Three Months Ended March 31,
20262025
Predominantly monetized individually$400 $580 
Predominantly monetized as a group2,057 2,530 
Total content amortization$2,457 $3,110 
v3.26.1
INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Investments Recorded in Other Noncurrent Liabilities
The Company’s equity investments consisted of the following (in millions).
CategoryBalance Sheet LocationOwnershipMarch 31, 2026December 31, 2025
Equity method investments:
The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$276 $276 
nC+Other noncurrent assets32%153 153 
OtherOther noncurrent assets270 268 
Total equity method investments699 697 
Investments without readily determinable fair values
Other noncurrent assets(a)
349 348 
Total investments$1,048 $1,045 
(a) Investments without readily determinable fair values included $17 million as of March 31, 2026 and December 31, 2025 that was recorded in prepaid expenses and other current assets.
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Components of Outstanding Debt
The table below presents the components of outstanding debt (in millions).
Weighted-Average
Interest Rate as of
March 31, 2026
March 31, 2026December 31, 2025
Bridge loan with maturity of 15 months
7.67 %$15,000 $15,000 
Senior notes with maturities of 5 years or less
3.91 %6,525 6,659 
Senior notes with maturities between 5 and 10 years
4.37 %3,505 3,509 
Senior notes with maturities greater than 10 years
5.17 %7,671 7,677 
Total debt32,701 32,845 
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net(235)(278)
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting32,466 32,567 
Current portion of debt(1,493)(139)
Noncurrent portion of debt$30,973 $32,428 
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Financial Instruments The following table summarizes the Company’s derivative financial instruments recorded on its consolidated balance sheets (in millions).
March 31, 2026December 31, 2025
Fair ValueFair Value
NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities		NotionalPrepaid expenses and other current assetsOther non-
current assets		Accounts payable and accrued liabilitiesOther non-
current liabilities
Cash flow hedges:
Foreign exchange$3,084 $49 $36 $32 $51 $2,235 $53 $60 $35 $38 
Net investment hedges: (a)
Cross-currency swaps444 7 — — 21 452 7 — — 21 
No hedging designation:
Foreign exchange145 10 1 91 1 126 9 — 15 79 
Cross-currency swaps221 4 — — 10 225 4 — — 11 
Total return swaps486 — — 27 — 501 — — — — 
Credit contracts— — — — — 2,000 8 — — — 
Total$70 $37 $150 $83 $81 $60 $50 $149 
(a) Excludes €781 million and €781 million of euro-denominated notes ($897 million and $919 million equivalent) at March 31, 2026 and December 31, 2025, respectively, designated as a net investment hedge.
Schedule of Pre-Tax Impact of Derivatives Designated as Cash Flow Hedges
The following table presents the pre-tax impact of derivatives designated as cash flow hedges on income and other comprehensive income (loss) (in millions).
 Three Months Ended March 31,
 20262025
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign exchange - derivative adjustments
$(32)$14 
Gains (losses) reclassified into income from accumulated other comprehensive loss:
Foreign exchange - distribution revenue
(10)4 
Foreign exchange - costs of revenues
3 — 
Interest rate - interest expense, net(1)(1)
Interest rate - other (expense) income, net
— 14 
Schedule of Pre-Tax Impact of Derivatives Designated as Net Investment Hedges on Other Comprehensive Loss
The following table presents the pre-tax impact of derivatives and other instruments designated as net investment hedges on other comprehensive income (loss) (in millions). Other than amounts excluded from effectiveness testing, there were no other material gains (losses) reclassified from accumulated other comprehensive loss to income during the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
Amount of gain (loss) recognized in AOCILocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
2026202520262025
Cross currency swaps$(3)$(4)Interest expense, net$3 $3 
Euro-denominated notes (foreign denominated debt)22 (60)N/A— — 
Total$19 $(64)$3 $3 
Schedule of Pre-Tax Impact of Derivatives Not Designated as Hedges on Statements of Operations
The following table presents the pretax gains (losses) on derivatives not designated as hedges and recognized in selling, general and administrative expense and other (expense) income, net in the consolidated statements of operations (in millions).
Three Months Ended March 31,
20262025
Interest rate swaps$— $1 
Total return swaps(12)(11)
Total in selling, general and administrative expense(12)(10)
Cross-currency swaps1 (1)
Credit contracts(5)— 
Foreign exchange derivatives 2 9 
Total in other (expense) income, net
(2)8 
Total$(14)$(2)
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
  March 31, 2026
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $134 $— $134 
Equity securities:
Money market fundCash and cash equivalents58 — — 58 
Mutual fundsPrepaid expenses and other current assets15 — — 15 
Company-owned life insurance contractsPrepaid expenses and other current assets— 2 — 2 
Mutual fundsOther noncurrent assets201 — — 201 
Company-owned life insurance contractsOther noncurrent assets— 102 — 102 
Total$274 $238 $— $512 
Liabilities
Deferred compensation planAccrued liabilities$61 $— $— $61 
Deferred compensation planOther noncurrent liabilities674 — — 674 
Total$735 $— $— $735 
December 31, 2025
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $107 $— $107 
Equity securities:
Money market fundsCash and cash equivalents61 — — 61 
Mutual fundsPrepaid expenses and other current assets14 — — 14 
Company-owned life insurance contractsPrepaid expenses and other current assets— 2 — 2 
Mutual fundsOther noncurrent assets205 — — 205 
Company-owned life insurance contractsOther noncurrent assets— 105 — 105 
Total$280 $214 $— $494 
Liabilities
Deferred compensation planAccrued liabilities$66 $— $— $66 
Deferred compensation planOther noncurrent liabilities682 — — 682 
Total$748 $— $— $748 
v3.26.1
SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Awards Granted The table below presents awards granted (in millions, except weighted-average grant price).
Three Months Ended March 31, 2026
AwardsWeighted-Average Grant Date Fair Value
Awards granted:
PRSUs1.2 $29.08 
RSUs19.1 $28.50 
Stock options3.1 $10.47 
Schedule of Unrecognized Compensation Cost Related to Non-Vested Share-Based Awards and Weighted-Average Amortization Period
The table below presents unrecognized compensation cost related to non-vested share-based awards and the weighted-average amortization period over which these expenses will be recognized as of March 31, 2026 (in millions, except years).
Unrecognized Compensation CostWeighted-Average Amortization Period
(years)
PRSUs$92 1.4
RSUs877 1.5
Stock options147 2.5
Total unrecognized compensation cost$1,116 
v3.26.1
SUPPLEMENTAL DISCLOSURES (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other (Expense) Income, Net
Other (expense) income, net, consisted of the following (in millions).
Three Months Ended March 31,
20262025
Foreign currency (losses) gains, net$(52)$30 
(Losses) gains on derivative instruments, net(2)22 
Change in the value of investments with readily determinable fair value— 4 
Change in fair value of equity investments without readily determinable fair value— (4)
Interest income22 64 
Indemnification receivable accrual(3)(38)
Other (expense) income, net(3)4 
Total other (expense) income, net
$(38)$82 
Schedule of Supplemental Cash Flow Information
Supplemental Cash Flow Information
Three Months Ended March 31,
20262025
Non-cash investing and financing activities:
Assets acquired under finance lease and other arrangements$17 $144 
Settlement of PRSU awards$97 $51 
Schedule of Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
 March 31, 2026December 31, 2025
Cash and cash equivalents$3,264 $4,566 
Restricted cash - recorded in prepaid expenses and other current assets4 4 
Total cash, cash equivalents, and restricted cash $3,268 $4,570 
Schedule of Restrictions Cash
Cash, Cash Equivalents, and Restricted Cash
 March 31, 2026December 31, 2025
Cash and cash equivalents$3,264 $4,566 
Restricted cash - recorded in prepaid expenses and other current assets4 4 
Total cash, cash equivalents, and restricted cash $3,268 $4,570 
Schedule of Net Income (Loss) Available to Warner Bros. Discovery, Inc. Series A Common Stockholders for Basic and Diluted Earnings Per Share
The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
Three Months Ended March 31,
20262025
Numerator:
Net loss$(2,906)$(449)
Less:
Net income attributable to noncontrolling interests(10)(8)
Net loss attributable to redeemable noncontrolling interests— 4 
Net loss available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share$(2,916)$(453)
Denominator — weighted average:
Common shares outstanding — basic and diluted2,492 2,462 

Basic net loss per share allocated to common stockholders$(1.17)$(0.18)
Diluted net loss per share allocated to common stockholders$(1.17)$(0.18)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The table below presents the details of share-based awards that were excluded from the calculation of diluted earnings per share (in millions).
Three Months Ended March 31,
20262025
Anti-dilutive share-based awards111 92 
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss, Net of Taxes
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
Three Months Ended March 31, 2026
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(342)$39 $(104)$(407)
Other comprehensive income (loss) before reclassifications(218)(26)2 (242)
Reclassifications from accumulated other comprehensive loss to net income— 7 — 7 
Other comprehensive income (loss)(218)(19)2 (235)
Ending balance$(560)$20 $(102)$(642)
Three Months Ended March 31, 2025
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(1,008)$15 $(74)$(1,067)
Other comprehensive income (loss) before reclassifications231 9 — 240 
Reclassifications from accumulated other comprehensive loss to net income
— (13)— (13)
Other comprehensive income (loss)231 (4)— 227 
Ending balance
$(777)$11 $(74)$(840)
v3.26.1
RELATED PARTY TRANSACTIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Transactions with Related Parties and Receivables and Payables The table below presents a summary of the transactions with related parties (in millions).
Three Months Ended March 31,
20262025
Revenues and service charges$205 $214 
Expenses$55 $68 
Distributions to noncontrolling interests and redeemable noncontrolling interests$129 $157 
The table below presents receivables due from and payables due to related parties (in millions).
March 31, 2026December 31, 2025
Receivables$111 $116 
Payables$36 $17 
v3.26.1
REPORTABLE SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Revenues by Segment
The tables below present summarized financial information for each of the Company’s reportable segments (in millions).
Revenues
 Three Months Ended March 31,
20262025
Streaming$2,887 $2,656 
Studios3,125 2,314 
Global Linear Networks4,377 4,774 
Corporate1 — 
Inter-segment eliminations (1,497)(765)
Total revenues$8,893 $8,979 
Reconciliation of Revenues to Segment Adjusted EBITDA
Three months ended March 31, 2026
StreamingStudiosGlobal Linear Networks
Revenues$2,887 $3,125 $4,377 
Less:
Content expense (a)
1,531 1,603 1,592 
Personnel expense (b)
186 251 529 
Marketing expense285 275 129 
Other segment expenses (c)
447 221 493 
Segment Adjusted EBITDA$438 $775 $1,634 

Three months ended March 31, 2025
StreamingStudiosGlobal Linear Networks
Revenues$2,656 $2,314 $4,774 
Less:
Content expense (a)
1,504 1,339 1,832 
Personnel expense (b)
186 230 496 
Marketing expense220 252 104 
Other segment expenses (c)
407 234 549 
Segment Adjusted EBITDA$339 $259 $1,793 
(a) Content expense includes amortization, impairments, participations, residuals, development expense, and production costs, including talent costs, and is a component of costs of revenues. Content expense excludes content impairments and other development costs recorded in restructuring and other charges, amortization of purchase accounting fair value step-up for content, and amortization of capitalized interest for content as these items are excluded from the calculation of Adjusted EBITDA.
(b) Personnel expense is a component of costs of revenues and selling, general and administrative expense. Personnel expense includes marketing personnel compensation and excludes commissions (included in other segment expenses) and talent costs (included in content expense).
(c) Other segment expenses include distribution costs, other direct costs, software and hardware costs, IT services, professional and consulting fees, commissions, and certain other overhead costs. Other segment expenses exclude depreciation and amortization, amortization of purchase accounting fair value step-up for content, amortization of capitalized interest for content, employee share-based compensation, third-party transaction and integration costs, and other items impacting comparability as these items are excluded from the calculation of Adjusted EBITDA.
Schedule of Reconciliation of Segment Adjusted EBITDA to Loss Before Income Taxes
Reconciliation of segment adjusted EBITDA to loss before income taxes
 Three Months Ended March 31,
20262025
Streaming$438 $339 
Studios775 259 
Global Linear Networks1,634 1,793 
Segment Adjusted EBITDA2,847 2,391 
Depreciation and amortization1,226 1,547 
Employee share-based compensation150 120 
Restructuring and other charges204 54 
Netflix Termination Fee (See Note 1)
2,800 — 
Transaction and integration costs173 80 
Facility consolidation costs— 5 
Impairment and amortization of fair value step-up for content102 240 
Amortization of capitalized interest for content3 6 
Impairments and loss on dispositions14 90 
Corporate269 233 
Inter-segment eliminations 375 53 
Other expense (income), net38 (82)
Loss from equity investees, net5 7 
Loss on extinguishment of debt, net27 4 
Interest expense, net581 468 
Loss before income taxes$(3,120)$(434)
v3.26.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)
 3 Months Ended
Feb. 27, 2026
USD ($)
$ / shares
$ / day
Mar. 31, 2026
segment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Number of reportable segments | segment   3
Netflix Merger Agreement | Paramount Skydance Corporation    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Cash payment for termination fee $ 2,800,000,000  
Termination fee reimbursement $ 7,000,000,000.0  
PSKY Merger Agreement    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Investment cash consideration per share (in dollars per share) | $ / shares $ 31.00  
Ticking consideration multiple | $ / day 0.00277778  
Maximum ticking consideration in 90 day period $ 0.25  
Expected merger consideration 45,720,000,000  
Termination fees 3,000,000,000.0  
Termination fee, reimbursement for obligation to complete exchange offer, maximum $ 1,528,000,000  
v3.26.1
RESTRUCTURING AND OTHER CHARGES - Schedule of Restructuring and Other Charges by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Total restructuring and other charges $ 204 $ 54
Operating Segments | Streaming    
Restructuring Cost and Reserve [Line Items]    
Total restructuring and other charges 26 12
Operating Segments | Studios    
Restructuring Cost and Reserve [Line Items]    
Total restructuring and other charges 9 (5)
Operating Segments | Global Linear Networks    
Restructuring Cost and Reserve [Line Items]    
Total restructuring and other charges 42 16
Corporate and inter-segment eliminations    
Restructuring Cost and Reserve [Line Items]    
Total restructuring and other charges $ 127 $ 31
v3.26.1
RESTRUCTURING AND OTHER CHARGES - Schedule of Changes in Restructuring Liabilities Recorded in Accrued Liabilities and Other Noncurrent Liabilities (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Reserve  
Beginning balance $ 277
Consulting fees and other accruals and adjustments 100
Cash paid (164)
Ending balance 317
Contract termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 12
Employee termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 12
Employee retention, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 80
Operating Segments | Streaming  
Restructuring Reserve  
Beginning balance 23
Consulting fees and other accruals and adjustments 11
Cash paid (19)
Ending balance 30
Operating Segments | Streaming | Contract termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 0
Operating Segments | Streaming | Employee termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 0
Operating Segments | Streaming | Employee retention, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 15
Operating Segments | Studios  
Restructuring Reserve  
Beginning balance 58
Consulting fees and other accruals and adjustments (6)
Cash paid (4)
Ending balance 63
Operating Segments | Studios | Contract termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 0
Operating Segments | Studios | Employee termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 9
Operating Segments | Studios | Employee retention, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 6
Operating Segments | Global Linear Networks  
Restructuring Reserve  
Beginning balance 69
Consulting fees and other accruals and adjustments 0
Cash paid (30)
Ending balance 81
Operating Segments | Global Linear Networks | Contract termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 0
Operating Segments | Global Linear Networks | Employee termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 6
Operating Segments | Global Linear Networks | Employee retention, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 36
Corporate  
Restructuring Reserve  
Beginning balance 127
Consulting fees and other accruals and adjustments 95
Cash paid (111)
Ending balance 143
Corporate | Contract termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net 12
Corporate | Employee termination accruals, net  
Restructuring Reserve  
Contract/Employee termination accruals, net (3)
Corporate | Employee retention, net  
Restructuring Reserve  
Contract/Employee termination accruals, net $ 23
v3.26.1
REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenues $ 8,893 $ 8,979
Distribution    
Disaggregation of Revenue [Line Items]    
Revenues 4,906 4,886
Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 1,847 1,980
Content    
Disaggregation of Revenue [Line Items]    
Revenues 1,887 1,866
Other    
Disaggregation of Revenue [Line Items]    
Revenues 253 247
Operating Segments | Streaming    
Disaggregation of Revenue [Line Items]    
Revenues 2,887 2,656
Operating Segments | Streaming | Distribution    
Disaggregation of Revenue [Line Items]    
Revenues 2,533 2,329
Operating Segments | Streaming | Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 284 237
Operating Segments | Streaming | Content    
Disaggregation of Revenue [Line Items]    
Revenues 68 88
Operating Segments | Streaming | Other    
Disaggregation of Revenue [Line Items]    
Revenues 2 2
Operating Segments | Studios    
Disaggregation of Revenue [Line Items]    
Revenues 3,125 2,314
Operating Segments | Studios | Distribution    
Disaggregation of Revenue [Line Items]    
Revenues 1 1
Operating Segments | Studios | Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 0 1
Operating Segments | Studios | Content    
Disaggregation of Revenue [Line Items]    
Revenues 2,934 2,139
Operating Segments | Studios | Other    
Disaggregation of Revenue [Line Items]    
Revenues 190 173
Operating Segments | Global Linear Networks    
Disaggregation of Revenue [Line Items]    
Revenues 4,377 4,774
Operating Segments | Global Linear Networks | Distribution    
Disaggregation of Revenue [Line Items]    
Revenues 2,373 2,558
Operating Segments | Global Linear Networks | Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 1,570 1,758
Operating Segments | Global Linear Networks | Content    
Disaggregation of Revenue [Line Items]    
Revenues 346 380
Operating Segments | Global Linear Networks | Other    
Disaggregation of Revenue [Line Items]    
Revenues 88 78
Corporate and Inter-segment Eliminations    
Disaggregation of Revenue [Line Items]    
Revenues (1,496) (765)
Corporate and Inter-segment Eliminations | Distribution    
Disaggregation of Revenue [Line Items]    
Revenues (1) (2)
Corporate and Inter-segment Eliminations | Advertising    
Disaggregation of Revenue [Line Items]    
Revenues (7) (16)
Corporate and Inter-segment Eliminations | Content    
Disaggregation of Revenue [Line Items]    
Revenues (1,461) (741)
Corporate and Inter-segment Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Revenues $ (27) $ (6)
v3.26.1
REVENUES - Schedule of Contract Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract liabilities - deferred revenues $ 1,592 $ 1,642
Contract liabilities - other noncurrent liabilities $ 360 $ 355
v3.26.1
REVENUES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Revenue recognized related to the contract liability (deferred revenues) $ 774 $ 677
v3.26.1
REVENUES - Schedule of Remaining Performance Obligations by Contract Type (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 12,459
Distribution - fixed price or minimum guarantee  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 2,848
Remaining performance obligations, expected timing of satisfaction, period 4 years 9 months
Content licensing and sports sublicensing  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 4,528
Remaining performance obligations, expected timing of satisfaction, period 6 years 9 months 3 days
Brand licensing  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 3,953
Remaining performance obligations, expected timing of satisfaction, period 36 years 9 months 10 days
Advertising  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 1,006
Remaining performance obligations, expected timing of satisfaction, period 6 years 9 months 3 days
Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 124
Remaining performance obligations, expected timing of satisfaction, period 3 years 9 months
v3.26.1
SALES OF RECEIVABLES - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Receivables [Abstract]      
Face amount     $ 5,000,000,000
Outstanding receivables derecognized $ 3,850,000,000   $ 3,700,000,000
Loss on revolving receivables program 20,000,000 $ 36,000,000  
Accounts receivable sold under factoring arrangements $ 0 $ 102,000,000  
v3.26.1
SALES OF RECEIVABLES - Schedule of Receivables Sold (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Receivables [Abstract]    
Gross receivables sold/cash proceeds received $ 3,445 $ 4,231
Collections reinvested under revolving receivables program (3,295) (4,120)
Net cash proceeds received 150 111
Net receivables sold 3,416 4,205
Obligations recorded (Level 3) $ 67 $ 103
v3.26.1
SALES OF RECEIVABLES - Schedule of Amounts Transferred or Pledged (Details) - Asset Pledged as Collateral - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]    
Gross receivables pledged as collateral $ 2,121 $ 2,632
Receivables, net    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Receivables, net 1,652 2,230
Other noncurrent assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Other noncurrent assets $ 469 $ 402
v3.26.1
CONTENT RIGHTS - Schedule of Components of Content Rights (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Predominantly Monetized Individually    
Predominantly Monetized Individually, Released, less amortization $ 3,269 $ 3,006
Predominantly Monetized Individually, Completed and not released 1,186 1,109
Predominantly Monetized Individually, In production and other 1,723 1,782
Predominantly Monetized as a Group    
Predominantly Monetized as a Group, Released, less amortization 5,930 5,686
Predominantly Monetized as a Group, Completed and not released 587 521
Predominantly Monetized as a Group, In production and other 2,082 2,544
Total    
Released, less amortization 9,199 8,692
Completed and not released 1,773 1,630
In production and other 3,805 4,326
Predominantly Monetized Individually 6,178 5,897
Predominantly Monetized as a Group 8,599 8,751
Total 14,777 14,648
Licensed content, live programming, and advances, net 4,544 4,478
Game development costs, less amortization 362 310
Total film and television content rights and games 19,683 19,436
Less: Current content rights and prepaid license fees, net (371) (322)
Total noncurrent film and television content rights and games $ 19,312 $ 19,114
v3.26.1
CONTENT RIGHTS - Schedule of Content Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Predominantly monetized individually $ 400 $ 580
Predominantly monetized as a group 2,057 2,530
Total content amortization $ 2,457 $ 3,110
v3.26.1
CONTENT RIGHTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Content impairments $ 42 $ 35
v3.26.1
INVESTMENTS - Schedule of Investments Recorded in Other Noncurrent Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]    
Equity method investments: $ 699 $ 697
Investments without readily determinable fair values 349 348
Total investments 1,048 1,045
Prepaid expenses and other current assets    
Schedule of Equity Method Investments [Line Items]    
Investments without readily determinable fair values $ 17 17
The Chernin Group (TCG) 2.0-A, LP    
Schedule of Equity Method Investments [Line Items]    
Ownership 44.00%  
Equity method investments: $ 276 276
nC+    
Schedule of Equity Method Investments [Line Items]    
Ownership 32.00%  
Equity method investments: $ 153 153
Other    
Schedule of Equity Method Investments [Line Items]    
Equity method investments: $ 270 $ 268
v3.26.1
INVESTMENTS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]        
Equity method investments   $ 699   $ 697
Proceeds for the formation of music catalog joint venture   $ 0 $ 601  
Cutting Edge Group        
Schedule of Equity Method Investments [Line Items]        
Percentage of assets contributed (as a percent) 70.00%      
Proceeds for the formation of music catalog joint venture $ 601      
Economic interest in the venture (as a percent)   9.00%    
VIE investments        
Schedule of Equity Method Investments [Line Items]        
Variable interest, maximum exposure to loss   $ 477    
Equity method investments   $ 467   $ 481
v3.26.1
DEBT - Schedule of Components of Outstanding Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 32,701 $ 32,845
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net (235) (278)
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting 32,466 32,567
Current portion of debt (1,493) (139)
Noncurrent portion of debt $ 30,973 32,428
Bridge loan with maturity of 15 months | Term Loan    
Debt Instrument [Line Items]    
Debt instrument, maturity term 15 months  
Total debt $ 15,000 15,000
Bridge loan with maturity of 15 months | Weighted Average | Term Loan    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.67%  
Senior notes with maturities of 5 years or less | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, maturity term 5 years  
Total debt $ 6,525 6,659
Senior notes with maturities of 5 years or less | Weighted Average | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 3.91%  
Senior notes with maturities between 5 and 10 years | Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 3,505 3,509
Senior notes with maturities between 5 and 10 years | Minimum | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, maturity term 5 years  
Senior notes with maturities between 5 and 10 years | Maximum | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, maturity term 10 years  
Senior notes with maturities between 5 and 10 years | Weighted Average | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.37%  
Senior notes with maturities greater than 10 years | Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, maturity term 10 years  
Total debt $ 7,671 $ 7,677
Senior notes with maturities greater than 10 years | Weighted Average | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.17%  
v3.26.1
DEBT - Narrative (Details)
$ in Millions
 3 Months Ended
Feb. 27, 2026
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2027
Dec. 31, 2026
Dec. 30, 2026
USD ($)
Sep. 30, 2026
PSKY Merger Agreement              
Debt Instrument [Line Items]              
Possible payment, cash per principal amount 0.1            
Termination fee, reimbursement for obligation to complete exchange offer, maximum $ 1,528            
WarnerMedia              
Debt Instrument [Line Items]              
Debt assumed   $ 171          
Forecast              
Debt Instrument [Line Items]              
One time cash payment per principal amount           0.1  
Maximum aggregate one time cash payment if exchange offer is not complete           $ 1,500  
Bridge loan with maturity of 15 months | Term Loan              
Debt Instrument [Line Items]              
Debt instrument, maturity term   15 months          
Senior Notes Due March 2025              
Debt Instrument [Line Items]              
Aggregate principal amount     $ 1,500        
Senior Notes Due March 2025 | Senior Notes              
Debt Instrument [Line Items]              
Principal repayments of term loans     2,165        
Unsecured Senior Term Loan | Unsecured Debt              
Debt Instrument [Line Items]              
Proceeds from short-term debt     $ 1,500        
Debt instrument, maturity term     364 days        
Bridge Loan Facility | Bridge Loan | Forecast              
Debt Instrument [Line Items]              
Fee rate       1.00% 1.00%   0.75%
Senior Notes Due January 2026 and March 2026 | Senior Notes              
Debt Instrument [Line Items]              
Principal repayments of term loans   $ 123          
v3.26.1
DEBT - Revolving Credit Facility and Commercial Paper Programs Narrative (Details)
 1 Months Ended
Jun. 30, 2025
USD ($)
renewalPeriod
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
Line of Credit Facility [Line Items]          
Total debt   $ 32,701,000,000 $ 32,845,000,000    
Line of Credit          
Line of Credit Facility [Line Items]          
Total debt   0 0    
Commercial Paper          
Line of Credit Facility [Line Items]          
Revolving line of credit, maximum borrowing capacity $ 2,000,000,000     $ 2,000,000,000 $ 1,000,000,000
Total debt   $ 0 $ 0    
Revolving Credit Facility | Line of Credit          
Line of Credit Facility [Line Items]          
Revolving line of credit, maximum borrowing capacity $ 4,000,000,000        
Number of renewal periods | renewalPeriod 2        
Term of renewal period 364 days        
Minimum consolidated interest coverage ratio 3.00        
Maximum consolidated leverage ratio 4.50        
Revolver Sublimit For Standby Letters Of Credit | Line of Credit          
Line of Credit Facility [Line Items]          
Revolving line of credit, maximum borrowing capacity $ 150,000,000        
Additional Commitments Upon Satisfaction of Certain Conditions | Line of Credit          
Line of Credit Facility [Line Items]          
Revolving line of credit, maximum borrowing capacity $ 1,000,000,000        
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Derivative [Line Items]      
Amounts eligible to be offset under master netting agreements $ 0 $ 0  
Credit contracts      
Derivative [Line Items]      
Notional   2,000,000,000  
Not Designated as Hedging Instrument | Credit contracts      
Derivative [Line Items]      
Notional $ 0 $ 2,000,000,000  
Not Designated as Hedging Instrument | Interest rate swaps      
Derivative [Line Items]      
Notional     $ 1,500,000,000
Cash Flow Hedging | Designated as Hedging Instrument      
Derivative [Line Items]      
Maximum length of time hedged in cash flow hedge (in years) 29 years    
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Impact of Derivative Financial Instruments (Details)
€ in Millions, $ in Millions
Mar. 31, 2026
USD ($)
Mar. 31, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets $ 70   $ 81  
Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets 37   60  
Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability 150   50  
Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability 83   149  
Credit contracts        
Derivatives, Fair Value [Line Items]        
Notional     2,000  
Not Designated as Hedging Instrument | Total return swaps        
Derivatives, Fair Value [Line Items]        
Notional 486   501  
Not Designated as Hedging Instrument | Total return swaps | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Not Designated as Hedging Instrument | Total return swaps | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Not Designated as Hedging Instrument | Total return swaps | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 27   0  
Not Designated as Hedging Instrument | Total return swaps | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Not Designated as Hedging Instrument | Foreign exchange derivatives        
Derivatives, Fair Value [Line Items]        
Notional 145   126  
Not Designated as Hedging Instrument | Foreign exchange derivatives | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 10   9  
Not Designated as Hedging Instrument | Foreign exchange derivatives | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 1   0  
Not Designated as Hedging Instrument | Foreign exchange derivatives | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 91   15  
Not Designated as Hedging Instrument | Foreign exchange derivatives | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 1   79  
Not Designated as Hedging Instrument | Cross-currency swaps        
Derivatives, Fair Value [Line Items]        
Notional 221   225  
Not Designated as Hedging Instrument | Cross-currency swaps | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 4   4  
Not Designated as Hedging Instrument | Cross-currency swaps | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Not Designated as Hedging Instrument | Cross-currency swaps | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Not Designated as Hedging Instrument | Cross-currency swaps | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 10   11  
Not Designated as Hedging Instrument | Credit contracts        
Derivatives, Fair Value [Line Items]        
Notional 0   2,000  
Not Designated as Hedging Instrument | Credit contracts | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   8  
Not Designated as Hedging Instrument | Credit contracts | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Not Designated as Hedging Instrument | Credit contracts | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Not Designated as Hedging Instrument | Credit contracts | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives        
Derivatives, Fair Value [Line Items]        
Notional 3,084   2,235  
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 49   53  
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 36   60  
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 32   35  
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 51   38  
Net Investment Hedges | Designated as Hedging Instrument | Cross-currency swaps        
Derivatives, Fair Value [Line Items]        
Notional 444   452  
Net Investment Hedges | Designated as Hedging Instrument | Cross-currency swaps | Euro-Denominated Notes        
Derivatives, Fair Value [Line Items]        
Notional 897 € 781 919 € 781
Net Investment Hedges | Designated as Hedging Instrument | Cross-currency swaps | Prepaid expenses and other current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 7   7  
Net Investment Hedges | Designated as Hedging Instrument | Cross-currency swaps | Other non- current assets        
Derivatives, Fair Value [Line Items]        
Derivative assets, fair value 0   0  
Net Investment Hedges | Designated as Hedging Instrument | Cross-currency swaps | Accounts payable and accrued liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value 0   0  
Net Investment Hedges | Designated as Hedging Instrument | Cross-currency swaps | Other non- current liabilities        
Derivatives, Fair Value [Line Items]        
Derivative liability, fair value $ 21   $ 21  
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Pre-Tax Impact of Derivatives Designated as Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in accumulated other comprehensive loss $ (26) $ 9
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) recognized in accumulated other comprehensive loss (32) 14
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives | Distribution Revenue    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) reclassified into income from accumulated other comprehensive loss (10) 4
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange derivatives | Cost of Revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) reclassified into income from accumulated other comprehensive loss 3 0
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | Interest Expense, Net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) reclassified into income from accumulated other comprehensive loss (1) (1)
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps | Other Income (Expense), Net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) reclassified into income from accumulated other comprehensive loss $ 0 $ 14
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Pre-Tax Impact of Derivatives Designated as Net Investment Hedges on Other Comprehensive Loss (Details) - Designated as Hedging Instrument - Net Investment Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Amount of gain (loss) recognized in AOCI $ 19 $ (64)
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 3 3
Euro-Denominated Notes    
Derivative [Line Items]    
Amount of gain (loss) recognized in AOCI 22 (60)
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) 0 0
Cross-currency swaps    
Derivative [Line Items]    
Amount of gain (loss) recognized in AOCI (3) (4)
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) $ 3 $ 3
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Pre-Tax Impact of Derivatives Not Designated as Hedges on Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net $ (2) $ 22
Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net (14) (2)
Not Designated as Hedging Instrument | Selling, general and administrative expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net (12) (10)
Not Designated as Hedging Instrument | Other (expense) income, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net (2) 8
Not Designated as Hedging Instrument | Interest rate swaps | Selling, general and administrative expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net 0 1
Not Designated as Hedging Instrument | Total return swaps | Selling, general and administrative expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net (12) (11)
Not Designated as Hedging Instrument | Cross-currency swaps | Other (expense) income, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net 1 (1)
Not Designated as Hedging Instrument | Credit contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net (5) 0
Not Designated as Hedging Instrument | Foreign exchange derivatives | Other (expense) income, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Total in other (expense) income, net $ 2 $ 9
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 512 $ 494
Total 735 748
Cash and cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 134 107
Equity securities 58 61
Prepaid expenses and other current assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 15 14
Company-owned life insurance contracts 2 2
Other noncurrent assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 201 205
Company-owned life insurance contracts 102 105
Accrued liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 61 66
Other noncurrent liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 674 682
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 274 280
Total 735 748
Level 1 | Cash and cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 0 0
Equity securities 58 61
Level 1 | Prepaid expenses and other current assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 15 14
Company-owned life insurance contracts 0 0
Level 1 | Other noncurrent assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 201 205
Company-owned life insurance contracts 0 0
Level 1 | Accrued liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 61 66
Level 1 | Other noncurrent liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 674 682
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 238 214
Total 0 0
Level 2 | Cash and cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 134 107
Equity securities 0 0
Level 2 | Prepaid expenses and other current assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 2 2
Level 2 | Other noncurrent assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 102 105
Level 2 | Accrued liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 0 0
Level 2 | Other noncurrent liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 0 0
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 0 0
Total 0 0
Level 3 | Cash and cash equivalents    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Time deposits 0 0
Equity securities 0 0
Level 3 | Prepaid expenses and other current assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 0 0
Level 3 | Other noncurrent assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0 0
Company-owned life insurance contracts 0 0
Level 3 | Accrued liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan 0 0
Level 3 | Other noncurrent liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Deferred compensation plan $ 0 $ 0
v3.26.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Senior notes, fair value $ 14,609 $ 15,205
v3.26.1
SHARE-BASED COMPENSATION - Schedule of Awards Granted (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock options, granted (in shares) | shares 3.1
Stock options, weighted-average grant price (in dollars per share) | $ / shares $ 10.47
PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards granted, awards (in shares) | shares 1.2
Awards granted, weighted-average grant price (in dollars per share) | $ / shares $ 29.08
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards granted, awards (in shares) | shares 19.1
Awards granted, weighted-average grant price (in dollars per share) | $ / shares $ 28.50
v3.26.1
SHARE-BASED COMPENSATION - Schedule of Unrecognized Compensation Cost Related to Non-Vested Share-Based Awards and Weighted-Average Amortization Period (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 1,116
PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 92
Weighted-Average Amortization Period (years) 1 year 4 months 24 days
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 877
Weighted-Average Amortization Period (years) 1 year 6 months
Stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 147
Weighted-Average Amortization Period (years) 2 years 6 months
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
Income tax benefit (expense) $ 214 $ (15)  
Unrecognized tax benefits 2,368   $ 2,356
Unrecognized tax benefits, income tax penalties and interest accrued $ 896   $ 856
v3.26.1
SUPPLEMENTAL DISCLOSURES - Schedule of Other (Expense) Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Foreign currency (losses) gains, net $ (52) $ 30
(Losses) gains on derivative instruments, net (2) 22
Change in the value of investments with readily determinable fair value 0 4
Change in fair value of equity investments without readily determinable fair value 0 (4)
Interest income 22 64
Indemnification receivable accrual (3) (38)
Other (expense) income, net (3) 4
Total other (expense) income, net $ (38) $ 82
v3.26.1
SUPPLEMENTAL DISCLOSURES - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Non-cash investing and financing activities:    
Assets acquired under finance lease and other arrangements $ 17 $ 144
Settlement of PRSU awards $ 97 $ 51
v3.26.1
SUPPLEMENTAL DISCLOSURES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Cash, Cash Equivalents, and Restricted Cash        
Cash and cash equivalents $ 3,264 $ 4,566    
Restricted cash - recorded in prepaid expenses and other current assets 4 4    
Total cash, cash equivalents, and restricted cash $ 3,268 $ 4,570 $ 3,974 $ 5,416
v3.26.1
SUPPLEMENTAL DISCLOSURES - Schedule of Net Income (Loss) Available to Warner Bros. Discovery, Inc. Series A Common Stockholders for Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net loss $ (2,906) $ (449)
Less:    
Net income attributable to noncontrolling interests (10) (8)
Net loss attributable to redeemable noncontrolling interests 0 4
Net loss available to Warner Bros. Discovery, Inc. Series A common stockholders for basic earnings per share (2,916) (453)
Net loss available to Warner Bros. Discovery, Inc. Series A common stockholders for diluted earnings per share $ (2,916) $ (453)
Denominator — weighted average:    
Common shares outstanding — basic (in shares) 2,492 2,462
Common shares outstanding — diluted (in shares) 2,492 2,462
Basic net loss per share allocated to common stockholders (in dollars per share) $ (1.17) $ (0.18)
Diluted net loss per share allocated to common stockholders (in dollars per share) $ (1.17) $ (0.18)
v3.26.1
SUPPLEMENTAL DISCLOSURES - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive share-based awards (in shares) 111 92
v3.26.1
SUPPLEMENTAL DISCLOSURES - Supplier Finance Programs, Leases and Collaborative Arrangements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Supplier finance program, obligation, current   $ 266 $ 260
ROU asset impairment charges $ 87    
Loss on cap amount $ 59 $ 66  
v3.26.1
SUPPLEMENTAL DISCLOSURES - Venu Sports and Discovery Family (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Payments for legal settlements $ 55  
Hasbro Inc. | Discovery Family    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Ownership percentage by noncontrolling owners   40.00%
FuboTV Inc. And FuboTV Media Inc. | The Walt Disney Company, Fox Corporation, And Warner Brothers Discovery    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Payments for legal settlements $ 220  
v3.26.1
SUPPLEMENTAL DISCLOSURES - Schedule of Changes in the Components of Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance $ 37,147 $ 34,829
Other comprehensive income (loss) (236) 230
Ending balance 33,707 35,148
Accumulated Other Comprehensive Loss    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (407) (1,067)
Other comprehensive income (loss) before reclassifications (242) 240
Reclassifications from accumulated other comprehensive loss to net income 7 (13)
Other comprehensive income (loss) (235) 227
Ending balance (642) (840)
Currency Translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (342) (1,008)
Other comprehensive income (loss) before reclassifications (218) 231
Reclassifications from accumulated other comprehensive loss to net income 0 0
Other comprehensive income (loss) (218) 231
Ending balance (560) (777)
Derivatives    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance 39 15
Other comprehensive income (loss) before reclassifications (26) 9
Reclassifications from accumulated other comprehensive loss to net income 7 (13)
Other comprehensive income (loss) (19) (4)
Ending balance 20 11
Pension Plan and SERP Liability    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (104) (74)
Other comprehensive income (loss) before reclassifications 2 0
Reclassifications from accumulated other comprehensive loss to net income 0 0
Other comprehensive income (loss) 2 0
Ending balance $ (102) $ (74)
v3.26.1
RELATED PARTY TRANSACTIONS - Schedule of Transactions with Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Revenues and service charges $ 8,893 $ 8,979
Expenses 11,362 9,016
Distributions to noncontrolling interests and redeemable noncontrolling interests 129 157
Related Party    
Related Party Transaction [Line Items]    
Revenues and service charges 205 214
Expenses 55 68
Distributions to noncontrolling interests and redeemable noncontrolling interests $ 129 $ 157
v3.26.1
RELATED PARTY TRANSACTIONS - Schedule of Receivables and Payables (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Receivables $ 5,009 $ 5,294
Payables 1,110 1,093
Director    
Related Party Transaction [Line Items]    
Receivables 111 116
Payables $ 36 $ 17
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details) - In Re Warner Bros. Discovery, Inc. Derivative Litigation
 1 Months Ended
Jan. 14, 2025
complaint
Jan. 21, 2025
action
Other Commitments [Line Items]    
Number of complaints | complaint 4  
Number of consolidated actions | action   4
v3.26.1
REPORTABLE SEGMENTS - Schedule of Revenues by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenues $ 8,893 $ 8,979
Segment Adjusted EBITDA 2,847 2,391
Operating Segments | Streaming    
Segment Reporting Information [Line Items]    
Revenues 2,887 2,656
Content expense 1,531 1,504
Personnel expense 186 186
Marketing expense 285 220
Other segment expenses 447 407
Segment Adjusted EBITDA 438 339
Operating Segments | Studios    
Segment Reporting Information [Line Items]    
Revenues 3,125 2,314
Content expense 1,603 1,339
Personnel expense 251 230
Marketing expense 275 252
Other segment expenses 221 234
Segment Adjusted EBITDA 775 259
Operating Segments | Global Linear Networks    
Segment Reporting Information [Line Items]    
Revenues 4,377 4,774
Content expense 1,592 1,832
Personnel expense 529 496
Marketing expense 129 104
Other segment expenses 493 549
Segment Adjusted EBITDA 1,634 1,793
Corporate    
Segment Reporting Information [Line Items]    
Revenues 1 0
Segment Adjusted EBITDA 269 233
Inter-segment eliminations    
Segment Reporting Information [Line Items]    
Revenues (1,497) (765)
Segment Adjusted EBITDA $ 375 $ 53
v3.26.1
REPORTABLE SEGMENTS - Schedule of Reconciliation of Segment Adjusted EBITDA to Loss Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Segment Adjusted EBITDA $ 2,847 $ 2,391
Depreciation and amortization 1,226 1,547
Employee share-based compensation 150 120
Restructuring and other charges 204 54
Netflix Termination Fee (See Note 1) 2,800 0
Transaction and integration costs 173 80
Facility consolidation costs 0 5
Impairment and amortization of fair value step-up for content 102 240
Amortization of capitalized interest for content 3 6
Impairments and loss on dispositions 14 90
Other expense (income), net 38 (82)
Loss from equity investees, net 5 7
Loss on extinguishment of debt, net 27 4
Interest expense, net 581 468
Loss before income taxes (3,120) (434)
Operating Segments | Streaming    
Segment Reporting Information [Line Items]    
Segment Adjusted EBITDA 438 339
Restructuring and other charges 26 12
Operating Segments | Studios    
Segment Reporting Information [Line Items]    
Segment Adjusted EBITDA 775 259
Restructuring and other charges 9 (5)
Operating Segments | Global Linear Networks    
Segment Reporting Information [Line Items]    
Segment Adjusted EBITDA 1,634 1,793
Restructuring and other charges 42 16
Corporate    
Segment Reporting Information [Line Items]    
Segment Adjusted EBITDA 269 233
Inter-segment eliminations    
Segment Reporting Information [Line Items]    
Segment Adjusted EBITDA $ 375 $ 53
v3.26.1
SUBSEQUENT EVENTS (Details)
$ in Millions
 1 Months Ended
Apr. 30, 2026
USD ($)
Subsequent Event | Revolving Credit Facility | Line of Credit  
Subsequent Event [Line Items]  
Borrowings from debt, net of discount and issuance costs $ 1,000