Warner Bros Discovery Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Warner Bros Discovery Inc (WBD). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 |
|---|---|---|
| Networks | – | $11.31B 92.8% |
| DTC | – | $860.0M 7.1% |
| Studios | – | $20.0M 0.2% |
| Studios | $12.0M 0.1% | – |
| Networks | $10.44B 97.8% | – |
| DTC | $220.0M 2.1% | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| U.S. | $7.03B 65.8% | $7.73B 63.4% · +10.0% | $22.70B 67.1% · +193.7% | $28.00B 67.8% · +23.4% | $26.43B 67.2% · -5.6% | $24.95B 66.9% · -5.6% |
| Non-U.S. | $3.65B 34.2% | $4.46B 36.6% · +22.4% | $11.12B 32.9% · +149.2% | $13.32B 32.2% · +19.8% | $12.89B 32.8% · -3.2% | $12.35B 33.1% · -4.2% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 |
|---|---|---|
| Advertising | $5.57B 51.9% | $6.19B 50.6% · +11.2% |
| Distribution | – | $5.20B 42.5% |
| Content | – | $737.0M 6.0% |
| Other | $58.0M 0.5% | $58.0M 0.5% · +0.0% |
| Other | $58.0M 0.5% | $58.0M 0.5% · +0.0% |
| Distribution | $4.69B 43.7% | – |
| Content | $355.0M 3.3% | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.