Warner Bros. Discovery (WBD) reported second-quarter 2026 total revenue of $8.717 billion, down 11% from $9.812 billion a year earlier. Net income available to Warner Bros. Discovery was $149 million, compared with $1.58 billion in the prior-year quarter.
The company reported basic and diluted earnings per share of $0.06. Streaming revenue rose 10% ex-FX to $3.079 billion, while Studios revenue fell 39% ex-FX and Global Linear Networks revenue fell 17% ex-FX.
- Total revenues were $8.717 billion for the three months ended June 30, 2026.
- Net income available to Warner Bros. Discovery was $149 million.
- Basic EPS and diluted EPS were both $0.06.
- Cash provided by operating activities was $848 million, and free cash flow was $572 million.
- The company ended Q2 with $3.4 billion of cash on hand, $33.1 billion of gross debt and 3.4x net leverage.
- Warner Bros. Discovery repaid a $15 billion bridge loan facility with a $13 billion Term Loan B and a €1.7 billion Term Loan B during the quarter.
$WBD Insider Trading Activity
$WBD insiders have traded $WBD stock on the open market 25 times in the past 6 months. Of those trades, 0 have been purchases and 25 have been sales.
Here’s a breakdown of recent trading of $WBD stock by insiders over the last 6 months:
- DAVID ZASLAV (Chief Executive Officer & Pres) has made 0 purchases and 3 sales selling 6,188,931 shares for an estimated $172,627,016.
- BRUCE CAMPBELL (Chief Rev & Strategy Officer) has made 0 purchases and 8 sales selling 1,635,449 shares for an estimated $45,792,572.
- GUNNAR WIEDENFELS (Chief Financial Officer) has made 0 purchases and 5 sales selling 991,903 shares for an estimated $27,946,395.
- JEAN-BRIAC PERRETTE (Pres.&CEO, Global Streaming) sold 659,120 shares for an estimated $18,073,070
- GERHARD ZEILER (President, International) sold 600,000 shares for an estimated $16,812,000
- PAUL A GOULD sold 600,000 shares for an estimated $16,410,000
- PRIYA AIYAR (Chief Legal Officer) has made 0 purchases and 3 sales selling 322,163 shares for an estimated $9,059,409.
- AMY GIRDWOOD (Chief People & Culture Officer) sold 75,030 shares for an estimated $2,119,597
- FAZAL F MERCHANT sold 35,000 shares for an estimated $961,800
- RICHARD W FISHER sold 16,345 shares for an estimated $462,726
To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.
$WBD Hedge Fund Activity
We have seen 541 institutional investors add shares of $WBD stock to their portfolio, and 600 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HARRIS ASSOCIATES L P removed 45,980,770 shares (-58.3%) from their portfolio in Q1 2026, for an estimated $1,262,631,944
- GOLDMAN SACHS GROUP INC removed 27,523,692 shares (-53.6%) from their portfolio in Q1 2026, for an estimated $755,800,582
- MILLENNIUM MANAGEMENT LLC added 18,328,393 shares (+71.6%) to their portfolio in Q1 2026, for an estimated $503,297,671
- CITADEL ADVISORS LLC added 17,601,711 shares (+149.4%) to their portfolio in Q1 2026, for an estimated $483,342,984
- BALYASNY ASSET MANAGEMENT L.P. added 15,964,440 shares (+174.5%) to their portfolio in Q1 2026, for an estimated $438,383,522
- CAXTON ASSOCIATES LLP added 15,767,455 shares (+2529.6%) to their portfolio in Q1 2026, for an estimated $432,974,314
- UBS GROUP AG removed 13,767,413 shares (-41.3%) from their portfolio in Q1 2026, for an estimated $378,053,160
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
$WBD Congressional Stock Trading
Members of Congress have traded $WBD stock 3 times in the past 6 months. Of those trades, 1 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $WBD stock by members of Congress over the last 6 months:
- SENATOR ALAN ARMSTRONG purchased up to $15,000 on 03/27.
- REPRESENTATIVE GILBERT RAY CISNEROS, JR. sold up to $15,000 on 02/10.
- REPRESENTATIVE AUGUST PFLUGER sold up to $15,000 on 02/10.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.
