Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.50B | $6.87B | $10.6B | $11.1B | $10.7B | $12.2B | $33.8B | $41.3B | $39.3B | $37.3B |
| Revenue growth | — | 5.8% | 53.5% | 5.6% | -4.2% | 14.2% | 177.4% | 22.2% | -4.8% | -5.1% |
| Operating income | $2.06B | $713M | $1.93B | $3.01B | $2.52B | $2.01B | -$7.37B | -$1.55B | -$10.0B | $738M |
| Operating margin | 31.7% | 10.4% | 18.3% | 27.0% | 23.6% | 16.5% | -21.8% | -3.7% | -25.5% | 2.0% |
| Net income | $1.19B | -$337M | $594M | $2.07B | $1.22B | $1.01B | -$7.37B | -$3.13B | -$11.3B | $727M |
| Net margin | 18.4% | -4.9% | 5.6% | 18.6% | 11.4% | 8.3% | -21.8% | -7.6% | -28.8% | 1.9% |
| EPS (diluted) | — | — | — | — | $1.81 | $1.54 | -$3.82 | -$1.28 | -$4.62 | $0.29 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.38B | $1.63B | $2.58B | $3.40B | $2.74B | $2.80B | $4.30B | $7.48B | $5.38B | $4.32B |
| Capital expenditures | $88.0M | $135M | $147M | $289M | $402M | $373M | $987M | $1.32B | $948M | $1.23B |
| Free cash flow | $1.29B | $1.49B | $2.43B | $3.11B | $2.34B | $2.42B | $3.32B | $6.16B | $4.43B | $3.09B |
| Share buybacks | $1.37B | $603M | $0.00 | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $300M | $7.31B | $986M | $1.55B | $2.09B | $3.90B | $3.73B | $3.78B | $5.31B | $4.57B |
| Total assets | $15.7B | $22.6B | $32.5B | $33.7B | $34.1B | $34.4B | $134B | $123B | $105B | $100B |
| Total liabilities | $10.3B | $17.5B | $22.0B | $21.8B | $21.7B | $21.0B | $85.3B | $76.3B | $69.6B | $62.9B |
| Long-term debt | $7.92B | $14.8B | $16.8B | $15.4B | $15.4B | $14.8B | $49.0B | $43.7B | $39.5B | $32.6B |
| Shareholders' equity | $5.17B | $4.61B | $8.39B | $9.89B | $10.5B | $11.6B | $47.1B | $45.2B | $34.0B | $35.9B |
| Retained earnings | $5.23B | $4.63B | $5.25B | $7.33B | $8.54B | $9.58B | $2.21B | -$928M | -$12.2B | -$11.5B |
| Shares (wtd avg diluted) | — | — | — | — | 672M | 664M | 1.94B | 2.44B | 2.45B | 2.53B |
Every figure is extracted from Warner Bros. Discovery, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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