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Warner Bros. Discovery Reports Third-Quarter 2023 Results


Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended September 30, 2023.  
The Company will conduct a conference call today at 8:00 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at
A telephone replay of the call will be available approximately two hours after the completion of the call until November 16, 2023. The replay can be accessed by phone by dialing +1 800-770-2030 or +1 647-362-9199 using playback passcode 1493434. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months. 
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “I am very pleased with the strong financial results that our company delivered in Q3, underscored by 22% growth in Adjusted EBITDA and over $2 billion in free cash flow, putting us on track to meaningfully exceed $5 billion for the year and contributing to our nearly $12 billion in debt paydown to date. Among the highlights, our Direct-to-Consumer business had another profitable quarter with $111 million of Adjusted EBITDA and launched its new live-programming offerings with CNN Max and the Bleacher Report Add-On, which are showing early signs of contributing to increased engagement and lower churn on Max. We’ve made great strides in just 19 months and are excited to continue building on this strong momentum, as we focus on driving future growth and creating long-term value for our shareholders.” 

Q3 Financial Summary & Operational Highlights: 

  • Q3 total revenues were $9,979 million. Revenues increased 1% ex-FX compared to the prior year quarter. 
  • Net loss available to Warner Bros. Discovery, Inc. was $(417) million, and included $1,758 million of pre-tax amortization driven by acquisition-related intangibles and $269 million of pre-tax restructuring expenses. 
  • Q3 total Adjusted EBITDA was $2,969 million. Adjusted EBITDA increased 22% ex-FX compared to the prior year quarter. 
  • Cash provided by operating activities increased to $2,516 million. Reported free cash flow increased to $2,059 million. 
  • Repaid $2.4 billion of debt during Q3. Ended the quarter with $2.4 billion of cash on hand, $45.3 billion of gross debt, and 4.2x net leverage. 
  • Global DTC subscribers decreased 0.7 million to 95.1 million at the end of Q3 vs. 95.8 million subscribers at the end of Q2. Global DTC ARPU was $7.82, a 6% ex-FX increase vs. the prior year quarter. 
  • Barbie was the highest grossing film in Warner Bros. history, generating nearly $1.5 billion in global box office. 
  • The Nun II was the 6th film in The Conjuring Universe to cross $250 million in global box office. As a franchise, The Conjuring Universe has grossed nearly $2.3 billion globally, the most of any horror franchise. 
  • Successfully launched news streaming service, CNN Max, in the U.S., on September 27th, ahead of the October 5th launch of the Bleacher Report Sports Add-On tier. 


About Warner Bros. Discovery: 
Warner Bros. Discovery (NASDAQ: WBD) is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit

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