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REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Streaming						$	2,633					$	2,634					$	8,082					$	7,662
Studios						3,321						2,680						9,436						7,950
Global Linear Networks						3,883						5,010						13,460						15,407
Corporate						1						4						2						6
Inter-segment eliminations						(793)						(705)						(3,144)						(1,731)
Total revenues						$	9,045					$	9,623					$	27,836					$	29,294

Reconciliation of Revenues to Segment Adjusted EBITDA

						Three months ended September 30, 2025
						Streaming						Studios						Global Linear Networks
Revenues						$	2,633					$	3,321					$	3,883
Less:
Content expense (a)						1,497						1,843						1,055
Personnel expense (b)						175						240						479
Marketing expense						210						331						128
Other segment expenses (c)						406						212						519
Segment Adjusted EBITDA						$	345					$	695					$	1,702

						Three months ended September 30, 2024
						Streaming						Studios						Global Linear Networks
Revenues						$	2,634					$	2,680					$	5,010
Less:
Content expense (a)						1,470						1,675						1,679
Personnel expense (b)						194						229						524
Marketing expense						263						309						125
Other segment expenses (c)						418						159						567
Segment Adjusted EBITDA						$	289					$	308					$	2,115

						Nine months ended September 30, 2025
						Streaming						Studios						Global Linear Networks
Revenues						$	8,082					$	9,436					$	13,460
Less:
Content expense (a)						4,601						5,317						4,992
Personnel expense (b)						552						702						1,480
Marketing expense						724						946						347
Other segment expenses (c)						1,228						654						1,634
Segment Adjusted EBITDA						$	977					$	1,817					$	5,007

						Nine months ended September 30, 2024
						Streaming						Studios						Global Linear Networks
Revenues						$	7,662					$	7,950					$	15,407
Less:
Content expense (a)						4,736						5,157						5,487
Personnel expense (b)						587						700						1,638
Marketing expense						905						866						328
Other segment expenses (c)						1,166						525						1,722
Segment Adjusted EBITDA						$	268					$	702					$	6,232

(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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Streaming						$	345					$	289					$	977					$	268
Studios						695						308						1,817						702
Global Linear Networks						1,702						2,115						5,007						6,232
Segment Adjusted EBITDA						2,742						2,712						7,801						7,202
Depreciation and amortization						1,375						1,762						4,369						5,394
Employee share-based compensation						240						157						533						412
Restructuring and other charges						88						9						222						161
Transaction and integration costs						11						33						108						165
Facility consolidation costs						1						2						10						9
Impairment and amortization of fair value step-up for content						79						156						707						913
Amortization of capitalized interest for content						19						8						28						38
Impairments and loss on dispositions						46						5						162						9,412
Corporate						258						296						807						927
Inter-segment eliminations						14						3						466						(35)
Other expense (income), net						30						(30)						(191)						(188)
(Income) loss from equity investees, net						(17)						18						(15)						89
Loss (gain) on extinguishment of debt						1						(23)						(2,953)						(590)
Interest expense, net						570						494						1,501						1,527
Income (loss) before income taxes						$	27					$	(178)					$	2,047					$	(11,032)

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

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-Name Accounting Standards Codification
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