Q2 2025 Warner Bros Discovery Inc Earnings Call Transcript
Key Points
- Warner Bros. Discovery Inc (WBD) achieved a milestone by becoming the first studio to open five consecutive films with more than $45 million in domestic box office.
- HBO Max added more than 3.4 million subscribers in Q2, continuing its global expansion.
- The company has significantly reduced its net leverage from over 5 times to 3.3 times, the lowest since the merger.
- Warner Bros. TV led all studios in Emmy nominations, with HBO setting a new record of 142 nominations.
- The Studios business is on track to deliver at least $2.4 billion in adjusted EBITDA in 2025, aiming for a $3 billion goal.
- Warner Bros. Discovery Inc (WBD) has opted to sell significantly less content into the streaming market, impacting near-term financial results.
- The company is facing pressure on near-term financial results due to a shift in the mix between external and internal content sales.
- The restructuring of HBO Max US distribution deals is expected to dampen revenue growth for a 12-month period.
- The NBA deal's expiration will result in a net benefit, but there will be offsetting revenue losses from an EBITDA perspective.
- The company is still in the early stages of addressing unauthorized account sharing, with significant efforts needed to convert these into paying customers.
Ladies and gentlemen, welcome to the Warner Bros. Discovery second-quarter 2025 earnings conference call. (Operator Instructions) Additionally, please be advised that today's conference call is being recorded.
I would now like to hand the conference over to Mr. Andrew Slabin, Executive Vice President, Global Investor Strategy. You may now begin.
Good morning, and thank you for joining us for Warner Bros. Discovery's Q2 earnings call. Joining me today is David Zaslav, President and Chief Executive Officer; Gunnar Wiedenfels, Chief Financial Officer; and JB Perrette, CEO and President, Global Streaming and Games.
Today's presentation will include forward-looking statements that we made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements may include comments regarding the company's future business plans, prospects, and financial performance, and involve risks and uncertainties that could cause actual results to
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