Warner Bros. Discovery revenue slides to $8.72 billion

• Warner Bros. Discovery reported Q2 2026 revenue of $8.72 billion, down 11%, while diluted EPS reached $0.06.
• Streaming revenue increased 10% to approximately $3.1 billion, but Studios revenue and advertising declined sharply.
• The pending Paramount acquisition faces a March 2, 2027 antitrust trial despite receiving clearance in the United Kingdom.

Warner Bros. Discovery (NASDAQ:WBD) reported Q2 2026 revenue of $8.72 billion, down 11%, while diluted earnings reached $0.06 per share.

Revenue declined from $9.81 billion and missed analyst expectations, while net income fell to $149 million from $1.58 billion.

Streaming revenue rose 10% to approximately $3.1 billion and segment EBITDA increased 75% to $512 million, partly offsetting weaker Studios and network results.

Following the announcement, Warner Bros. Discovery's share price was up 1.8% at $26.43 in morning trading.

Studios revenue fell 39%, while advertising revenue declined 22% as weaker theatrical releases and the absence of NBA games affected the quarter.

Meanwhile, Paramount’s pending acquisition has received UK clearance but faces challenges from 12 states, with a federal antitrust trial scheduled for March 2, 2027.