Q4 2025 Warner Bros Discovery Inc Earnings Call Transcript
Key Points
- Warner Bros. Discovery Inc (WBD) achieved a historic run of success with nine films debuting number one at the box office in 2025.
- The company exceeded its 130 million subscriber target for HBO Max and is on track to reach over 140 million subscribers by the end of Q1 2026.
- WBD's film slate won nine Golden Globe Awards and is up for 30 Academy Awards, showcasing strong critical acclaim.
- The company saw more than 50% growth in linear hours viewed during the 2026 Milano Cortina Olympic Winter Games.
- WBD's Global Linear Networks attracted 30% of all primetime cable viewing in the US, indicating strong audience engagement.
- Secular headwinds persist in the media industry, impacting overall business dynamics.
- The company is facing significant risks and uncertainties that could affect future financial and operating results.
- WBD had to cancel a lot of movies and series that were not performing well, indicating challenges in content strategy.
- The video games segment experienced a reset year in 2025, with a need to refocus on proven studios and IPs.
- There is ongoing investor concern about the leverage and financial sustainability of Discovery Global post-spin-off.
Ladies and gentlemen, welcome to the Warner Bros. Discovery fourth-quarter and full-year 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. Peter Lee, Senior Vice President, Investor Relations. You may now begin.
Good morning and thank you for joining us for our Q4 and full-year 2025 earnings call. Joining me today from Warner Bros. Discovery's management is David Zaslav, President and Chief Executive Officer; Gunnar Wiedenfels, our Chief Financial Officer; And JB Perrette, CEO and President, Global Streaming and Games. This morning, we issued our earnings release, shareholder letter, and trending schedule, and these materials can be found on our website at ir.wbd.com.
Today's presentation will include forward-looking statements that we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
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