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REPORTABLE SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segments, Corporate, and Inter-Segment Eliminations

The tables below present summarized financial information for each of the Company’s reportable segments (in millions).

Revenues

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Streaming						$	2,793					$	2,568					$	5,449					$	5,028
Studios						3,801						2,449						6,115						5,270
Global Linear Networks						4,803						5,272						9,577						10,397
Corporate						1						1						1						2
Inter-segment eliminations						(1,586)						(577)						(2,351)						(1,026)
Total revenues						$	9,812					$	9,713					$	18,791					$	19,671

Reconciliation of Revenues to Segment Adjusted EBITDA

						Three months ended June 30, 2025
						Streaming						Studios						Global Linear Networks
Revenues						$	2,793					$	3,801					$	4,803
Less:
Content expense (a)						1,600						2,135						2,105
Personnel expense (b)						191						232						505
Marketing expense						294						363						115
Other segment expenses (c)						415						208						566
Segment Adjusted EBITDA						$	293					$	863					$	1,512

						Three months ended June 30, 2024
						Streaming						Studios						Global Linear Networks
Revenues						$	2,568					$	2,449					$	5,272
Less:
Content expense (a)						1,699						1,532						1,965
Personnel expense (b)						201						231						566
Marketing expense						353						268						115
Other segment expenses (c)						422						208						628
Segment Adjusted EBITDA						$	(107)					$	210					$	1,998

						Six months ended June 30, 2025
						Streaming						Studios						Global Linear Networks
Revenues						$	5,449					$	6,115					$	9,577
Less:
Content expense (a)						3,104						3,474						3,937
Personnel expense (b)						377						462						1,001
Marketing expense						514						615						219
Other segment expenses (c)						822						442						1,115
Segment Adjusted EBITDA						$	632					$	1,122					$	3,305

						Six months ended June 30, 2024
						Streaming						Studios						Global Linear Networks
Revenues						$	5,028					$	5,270					$	10,397
Less:
Content expense (a)						3,266						3,482						3,808
Personnel expense (b)						393						471						1,114
Marketing expense						642						557						203
Other segment expenses (c)						748						366						1,155
Segment Adjusted EBITDA						$	(21)					$	394					$	4,117

(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 Net Loss Available to Warner Bros. Discovery, Inc. to Adjusted EBITDA

Reconciliation of segment adjusted EBITDA to loss before income taxes

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Streaming						$	293					$	(107)					$	632					$	(21)
Studios						863						210						1,122						394
Global Linear Networks						1,512						1,998						3,305						4,117
Segment Adjusted EBITDA						2,668						2,101						5,059						4,490
Depreciation and amortization						1,447						1,744						2,994						3,632
Employee share-based compensation						173						156						293						255
Restructuring and other charges						80						117						134						152
Transaction and integration costs						17						51						97						132
Facility consolidation costs						4						5						9						7
Impairment and amortization of fair value step-up for content						388						522						628						757
Amortization of capitalized interest for content						3						13						9						30
Impairments and loss on dispositions						26						9,395						116						9,407
Corporate						316						285						549						631
Inter-segment eliminations						399						21						452						(38)
Other income, net						(139)						(172)						(221)						(158)
(Income) loss from equity investees, net						(5)						23						2						71
Gain on extinguishment of debt						(2,958)						(542)						(2,954)						(567)
Interest expense, net						463						518						931						1,033
Income (loss) before income taxes						$	2,454					$	(10,035)					$	2,020					$	(10,854)

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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