WBD
Warner Bros. Discovery, Inc.
NasdaqGSUSDEQUITY
Communication Services
DELAYED
Last price
28.66
▲ 0.43 (1.51%)
MARKET · —
Price
Open
28.20
Prev close
28.23
Day high
28.62
Day low
28.30
Volume
15.05M
Market cap
$71.58B
P/E (TTM)
—
52W range
11.25 – 30.00
Trailing performance
Returnvs SPY
1W
+2.00%
+3.4%
1M
+10.02%
+6.3%
3M
+5.35%
+2.3%
6M
-0.70%
-11.8%
YTD
-0.94%
-13.2%
1Y
+147.40%
+127.4%
3Y
+116.45%
+42.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$71.58B
Enterprise value$101.45B
Revenue (TTM)$36.12B
Gross profit$17.27B
EBITDA$7.79B
Net income$-3.17B
EPS (TTM)$-1.29
Free cash flow$16.17B
Total cash$3.41B
Total debt$32.02B
Book value / share$13.09
Shares outstanding2.51B
Float2.38B
Short % of float2.88%
Dividend yield—
Beta (5Y)1.57
Valuation & profitability ratios
Trailing P/E—
Forward P/E585.64
PEG ratio216.92
Price / sales—
Price / book2.18
EV / revenue2.81
EV / EBITDA13.02
Gross margin47.81%
Operating margin5.10%
Profit margin-8.77%
Return on equity-8.79%
Return on assets1.71%
Debt / equity94.20
Current ratio0.78
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Total revenue | $37.30B | $39.32B | $41.32B | $33.82B |
| Cost of revenue | $0 | $0 | $0 | $0 |
| Gross profit | $0 | $0 | $0 | $0 |
| R&D | — | — | — | — |
| SG&A | — | — | — | — |
| Operating income | — | — | — | — |
| Pre-tax income | — | — | — | — |
| Tax provision | $0 | $0 | $0 | $0 |
| Net income | $727.00M | -$11.31B | -$3.13B | -$7.37B |
| EBIT | $0 | $0 | $0 | $0 |
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Cash & equivalents | — | — | — | — |
| Short-term investments | — | — | — | — |
| Net receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Total current assets | — | — | — | — |
| Total assets | — | — | — | — |
| Total current liabilities | — | — | — | — |
| Long-term debt | — | — | — | — |
| Total liabilities | — | — | — | — |
| Retained earnings | — | — | — | — |
| Shareholder equity | — | — | — | — |
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Net income | $727.00M | -$11.31B | -$3.13B | -$7.37B |
| Depreciation | — | — | — | — |
| Change in working capital | — | — | — | — |
| Operating cash flow | — | — | — | — |
| Capital expenditure | — | — | — | — |
| Investing cash flow | — | — | — | — |
| Dividends paid | — | — | — | — |
| Buybacks | — | — | — | — |
| Financing cash flow | — | — | — | — |
| Net change in cash | — | — | — | — |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.11 | 0.06 | +153.9% |
| Mar 2026 | -0.10 | -1.17 | -1,104.4% |
| Dec 2025 | -0.00 | -0.10 | -2,790.2% |
| Sep 2025 | -0.08 | -0.06 | +28.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.00 | 14 | $8.80B | -2.7% |
| Next quarter | -0.04 | 14 | $9.84B | +4.0% |
| Current year | -1.12 | 15 | $36.22B | -2.9% |
| Next year | -0.03 | 13 | $37.41B | +3.3% |
Analyst targets & ownership
Mean target$29.70
High target$31.25
Low target$26.00
Implied upside3.64%
Analyst count10
ConsensusHOLD
Strong buy / Buy0 / 3
Hold14
Sell / Strong sell0 / 1
Held by insiders4.19%
Held by institutions79.18%
Institutions holding1.73K
Price targets, consensus spread, insider and institutional ownership.
Insider net activity
Net shares
-500.86K
Net selling
Buy transactions
34
12.44M shares
Sell transactions
19
12.94M shares
Net transactions
+53
Buys less sells
Sell : buy shares
1.0 : 1
Mixed
Insider-held shares
105.10M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 17, 26 | WIEDENFELS GUNNAR Chief Financial Officer |
— | 71.45K | — | Direct |
| Aug 14, 26 | ZASLAV DAVID M Chief Executive Officer |
CONVERSION | 873.27K | $8.87M | Direct |
| Aug 14, 26 | ZASLAV DAVID M Chief Executive Officer |
SELL | 968.17K | $27.12M | Direct |
| Aug 13, 26 | MERCHANT FAZAL F Director |
SELL | 71.54K | $1.99M | Direct |
| Aug 12, 26 | FISHER RICHARD W. Director |
SELL | 20.00K | $549.20K | Direct |
| Aug 11, 26 | LOWE KENNETH W Director |
SELL | 120.00K | $3.24M | Direct |
| Aug 10, 26 | ZEILER GERHARD Officer |
CONVERSION | 491.04K | $5.76M | Direct |
| Aug 10, 26 | ZEILER GERHARD Officer |
SELL | 591.04K | $15.99M | Direct |
| Jul 13, 26 | ZASLAV DAVID M Chief Executive Officer |
CONVERSION | 2.09M | $21.23M | Direct |
| Jul 13, 26 | ZASLAV DAVID M Chief Executive Officer |
SELL | 2.18M | $59.47M | Direct |
| Jun 30, 26 | NOTO ANTHONY J. Director |
— | 1.08K | — | Direct |
| Jun 9, 26 | LEVIN JOSEPH M Director |
— | 9.07K | — | Direct |
| Jun 9, 26 | SANCHEZ DANIEL E Director |
— | 9.07K | — | Direct |
| Jun 9, 26 | FISHER RICHARD W. Director |
— | 9.07K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
AIYAR PRIYA |
Officer | 897.84K | Conversion of Exercise of derivative security |
CAMPBELL BRUCE L |
Officer | 604.67K | Sale |
GIRDWOOD AMY |
Officer | 1.03M | Sale |
LEVY ANTON J |
Director | 958.07K | Stock Award(Grant) |
LOWE KENNETH W |
Director | 990.90K | Sale |
PERRETTE JEAN-BRIAC |
Officer | 1.17M | Sale |
SIMS SAVALLE C |
Officer | 599.32K | Sale |
WIEDENFELS GUNNAR |
Chief Financial Officer | 705.40K | Stock Award(Grant) |
ZASLAV DAVID M |
Chief Executive Officer | 6.81M | Conversion of Exercise of derivative security |
ZEILER GERHARD |
Officer | 537.44K | Conversion of Exercise of derivative security |
Moving averages & technicals
SMA 10
27.90
+2.69% from price
SMA 20
26.92
+6.06% from price
SMA 50
26.74
+6.79% from price
SMA 100
26.93
+6.40% from price
SMA 200
27.00
+5.75% from price
EMA 12
27.76
+3.25% from price
EMA 26
27.20
+5.36% from price
EMA 50
26.96
+6.29% from price
RSI (14)
69.3
Neutral
MACD (12,26,9)
0.56
Hist 0.21
ATR (14)
0.50
1.73% of price
Realised vol 30D
22.0%
Annualised
Bollinger upper
29.13
20, 2σ
Bollinger lower
24.71
20, 2σ
50 / 200 cross
Death
26.74 vs 27.00
Trend bias
Above 200
+5.75%
Risk profile
Beta vs SPY
0.60
Less volatile than market
Correlation to SPY
0.18
Largely independent
Realised vol 30D
22.0%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-15.7%
Peak to trough
Max drawdown 5Y
-78.5%
Peak to trough
ATR 14
0.50
1.73% of price
Beta (reported)
1.57
5Y monthly, from filing
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
1.25
Put-heavy session
Put / call open interest
0.71
Positioning, not flow
Max pain
27.50
-3.7% from spot
ATM implied vol
24.1%
Nearest strike to spot
Skew (10% OTM)
+109.9%
Puts bid over calls
Call volume
1.03K
Contracts, this expiry
Put volume
1.29K
Contracts, this expiry
Heaviest call OI
29.00
2.54K contracts
Heaviest put OI
27.00
1.18K contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
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PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.