| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -2,906 | -247 | -143 | 1,588 |
| Content rights amortization and impairment | 2,499 | 2,762 | 2,242 | 6,851 |
| Content restructuring impairments and write-offs | NaN | 0 | NaN | NaN |
| Depreciation and amortization | 1,226 | 1,315 | 1,375 | 1,447 |
| Deferred income taxes | -513 | -438 | 199 | -159 |
| Equity in losses of equity method investee companies and cash distributions | NaN | -49 | -8 | -18 |
| Gain from derivative instruments, net | NaN | 93 | NaN | NaN |
| Gain on sale of investments | NaN | 0 | -2 | 6 |
| Gain on extinguishment of debt | NaN | -8 | -1 | 2,954 |
| Share-based compensation expense | 152 | 229 | 242 | 175 |
| Impairments and loss on dispositions | -14 | -10 | -46 | -116 |
| Netflix termination fee accrual (see note1) | 2,800 | NaN | NaN | NaN |
| Other, net | -119 | -144 | -22 | 114 |
| Receivables, net | -246 | 136 | -260 | 748 |
| Film and television content rights, games, and production payables, net | -2,603 | -2,305 | -2,782 | -6,314 |
| Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | -1,033 | 510 | -261 | 885 |
| Foreign currency, prepaid expenses and other assets, net | 209 | 4 | 232 | -587 |
| Cash (used in) provided by operating activities | -208 | 1,804 | 979 | 983 |
| Purchases of property and equipment | 268 | 421 | 278 | 281 |
| Cash used for business acquisitions | NaN | 0 | NaN | NaN |
| Proceeds from sales of investments | 0 | 0 | 0 | 43 |
| Investments in and advances to equity investees | 25 | 3 | 71 | 12 |
| Proceeds from derivative instruments, net | NaN | -26 | NaN | NaN |
| Proceeds from asset dispositions | 0 | NaN | NaN | 0 |
| Other investing activities, net | -11 | 20 | -85 | -14 |
| Cash used in investing activities | -282 | -418 | -330 | -236 |
| Principal repayments of term loans | NaN | 0 | NaN | NaN |
| Principal repayments of debt, including premiums and discounts to par value | 123 | 1,001 | 1,260 | 16,738 |
| Borrowings from debt, net of discount and issuance costs | -16 | 0 | 3 | 18,303 |
| Distributions to noncontrolling interests and redeemable noncontrolling interests | 129 | 10 | 14 | 17 |
| Proceeds for noncontrolling interest in joint venture | NaN | NaN | 32 | 0 |
| Purchase of redeemable noncontrolling interest | NaN | 0 | NaN | NaN |
| Securitization receivables collected but not remitted | NaN | NaN | 51 | NaN |
| Proceeds for the formation of music catalog joint venture | 0 | 633 | NaN | NaN |
| Borrowings under commercial paper program and revolving credit facility | 261 | 677 | 0 | 2,856 |
| Repayments under commercial paper program and revolving credit facility | 261 | 677 | 0 | 2,856 |
| Principal repayments of finance and other lease obligations | NaN | 202 | NaN | NaN |
| Cash paid to settle share-based awards, net | 422 | NaN | NaN | NaN |
| Other financing activities, net | -66 | 147 | -49 | -39 |
| Cash used in financing activities | -756 | -1,117 | -1,237 | 9 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | -56 | 3 | -5 | 161 |
| Net change in cash, cash equivalents, and restricted cash | -1,302 | 272 | -593 | 917 |
| Cash, cash equivalents, and restricted cash, beginning of period | 4,570 | 4,298 | 4,891 | 3,974 |
| Cash, cash equivalents, and restricted cash, end of period | 3,268 | 4,570 | 4,298 | 4,891 |
Warner Bros. Discovery, Inc. (WBD)
Warner Bros. Discovery, Inc. (WBD)