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Jun 30, 2023
Warner Bros Discovery Q2 2023 Earnings Report
Warner Bros. Discovery's Q2 2023 results reflected a decrease in revenue but an increase in adjusted EBITDA and free cash flow.
Key Takeaways
Warner Bros. Discovery reported Q2 revenues of $10.358 billion, a decrease of 4% ex-FX. Net loss was $(1,240) million, while adjusted EBITDA increased by 23% ex-FX to $2,149 million. The company generated $1.722 billion in free cash flow and reduced its global DTC subscribers by 1.8 million to 95.8 million.
Total revenues reached $10,358 million, but decreased 4% ex-FX compared to the prior year quarter.
Net loss was $(1,240) million, including significant pre-tax amortization and restructuring expenses.
Adjusted EBITDA increased 23% ex-FX to $2,149 million compared to the prior year quarter.
Free cash flow increased to $1,722 million, and $1.6 billion of debt was repaid during the quarter.
Revenue by Segment
Forward Guidance
Warner Bros. Discovery is bullish with respect to our delevering story and expect to be comfortably below 4.0x levered by the end of the year and at our target of 2.5-3.0x gross leverage by the close of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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