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SUPPLEMENTAL DISCLOSURES
 9 Months Ended
Sep. 30, 2025
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 September 30,Nine Months Ended September 30,
2025202420252024
Foreign currency (losses) gains, net$(66)$(15)$22 $(206)
(Losses) gains on derivative instruments, net(3)(6)38 (29)
Change in the value of investments with readily determinable fair value4 (5)8 (7)
Gain on sale of equity method investments— — — 203 
Change in fair value of equity investments without readily determinable fair value— — (4)(27)
Interest income47 49 170 172 
Indemnification receivable accrual(2)4 (45)100 
Other (expense) income, net(10)3 2 (18)
Total other (expense) income, net
$(30)$30 $191 $188 
Supplemental Cash Flow Information
Nine Months Ended September 30,
20252024
Non-cash investing and financing activities:
Assets acquired under finance lease and other arrangements$445 $384 
Settlement of PRSU awards$91 $50 
Cash, Cash Equivalents, and Restricted Cash
 September 30, 2025December 31, 2024
Cash and cash equivalents$4,294 $5,312 
Restricted cash - recorded in prepaid expenses and other current assets (1)
4 104 
Total cash, cash equivalents, and restricted cash $4,298 $5,416 
(1) Restricted cash at December 31, 2024 primarily includes cash posted as collateral related to the Company’s revolving receivables program. (See Note 5.)
Earnings Per Share
The table below presents a reconciliation of net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share (in millions).
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator:
Net (loss) income$(143)$141 $996 $(10,842)
Less:
Net income attributable to noncontrolling interests(4)(3)(19)(20)
Net (income) loss attributable to redeemable noncontrolling interests(1)(3)2 45 
Redeemable noncontrolling interest adjustments of carrying value to redemption value (redemption value does not equal fair value)— — — (4)
Net income (loss) available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share$(148)$135 $979 $(10,821)
Denominator — weighted average:
Common shares outstanding — basic2,479 2,453 2,473 2,449 
Dilutive effect of share-based awards— 17 37 — 
Common shares outstanding — diluted2,479 2,470 2,510 2,449 

Basic net income (loss) per share allocated to common stockholders$(0.06)$0.06 $0.40 $(4.42)
Diluted net income (loss) per share allocated to common stockholders$(0.06)$0.05 $0.39 $(4.42)
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 September 30,Nine Months Ended September 30,
2025202420252024
Anti-dilutive share-based awards95 57 47 73 
Supplier Finance Programs
As of September 30, 2025 and December 31, 2024, the Company has confirmed $225 million and $307 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.
Other than the item disclosed above, no other material changes have occurred to the Company’s lease portfolio for the periods presented. Refer to the Company’s 2024 Form 10-K for more information on the Company’s leases.
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 $74 million during the nine months ended September 30, 2025 and was not material for the nine months ended September 30, 2024. 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 $55 million.
On January 10, 2025, the Defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately.
Discovery Family
Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40% interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets.
Accumulated Other Comprehensive Loss
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
Three Months Ended September 30, 2025
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(333)$36 $(74)$(371)
Other comprehensive loss before reclassifications(52)(18)— (70)
Reclassifications from accumulated other comprehensive loss to net income3 7 — 10 
Other comprehensive loss(49)(11)— (60)
Ending balance$(382)$25 $(74)$(431)
Three Months Ended September 30, 2024
Currency Translation DerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(866)$36 $(60)$(890)
Other comprehensive income before reclassifications482 15 — 497 
Reclassifications from accumulated other comprehensive loss to net income
— (8)— (8)
Other comprehensive income482 7 — 489 
Ending balance
$(384)$43 $(60)$(401)
Nine Months Ended September 30, 2025
Currency TranslationDerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(1,008)$15 $(74)$(1,067)
Other comprehensive income before reclassifications623 11 — 634 
Reclassifications from accumulated other comprehensive loss to net income3 (1)— 2 
Other comprehensive income626 10 — 636 
Ending balance$(382)$25 $(74)$(431)
Nine Months Ended September 30, 2024
Currency TranslationDerivativesPension Plan and SERP LiabilityAccumulated Other Comprehensive Loss
Beginning balance$(699)$18 $(60)$(741)
Other comprehensive income before reclassifications315 40 — 355 
Reclassifications from accumulated other comprehensive loss to net income— (15)— (15)
Other comprehensive income315 25 — 340 
Ending balance$(384)$43 $(60)$(401)