WBD
Warner Bros. Discovery, Inc.
NasdaqGSUSDEQUITY
Communication Services
DELAYED
Buy
+42/100
Last price
30.95
■ 0.00 (0.00%)
MARKET · —
Price
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Interval
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Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
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Range —
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Open
—
Prev close
30.95
Day high
30.99
Day low
30.94
Volume
40
Market cap
$77.60B
P/E (TTM)
—
52W range
17.08 – 30.99
Trailing performance
Returnvs SPY
1W
+0.32%
-1.6%
1M
+9.56%
+8.4%
3M
+18.36%
+13.8%
6M
+13.08%
-5.1%
YTD
+7.39%
-6.9%
1Y
+62.98%
+46.6%
3Y
+184.99%
+102.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
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.
Free account
5 more panels on WBD open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-1.49M
Net selling
Buy transactions
17
3.63M shares
Sell transactions
14
5.12M shares
Net transactions
+31
Buys less sells
Sell : buy shares
1.4 : 1
Mixed
Insider-held shares
103.97M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 30, 26 | NOTO ANTHONY J. Director |
— | 929 | — | Direct |
| Sep 14, 26 | LOCKE LORI C Officer |
SELL | 29.11K | $819.00K | Direct |
| Sep 11, 26 | FISHER RICHARD W. Director |
SELL | 6.70K | $188.00K | Direct |
| Sep 10, 26 | LOWE KENNETH W Director |
SELL | 200.00K | $5.65M | Direct |
| Sep 9, 26 | GIRDWOOD AMY Officer |
SELL | 262.29K | $7.34M | Direct |
| Sep 3, 26 | LEVY ANTON J Director |
SELL | 340.00K | $9.65M | Direct |
| Sep 3, 26 | LOWE KENNETH W Director |
SELL | 200.00K | $5.67M | Direct |
| Aug 27, 26 | PERRETTE JEAN-BRIAC Officer |
SELL | 126.71K | $3.67M | Direct |
| Aug 17, 26 | WIEDENFELS GUNNAR Chief Financial Officer |
— | 71.45K | — | Direct |
| Aug 14, 26 | ZASLAV DAVID M Chief Executive Officer |
SELL | 968.17K | $27.12M | Direct |
| Aug 14, 26 | ZASLAV DAVID M Chief Executive Officer |
CONVERSION | 873.27K | $8.87M | 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 |
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 | Sale |
CAMPBELL BRUCE L |
Officer | 604.67K | Sale |
GIRDWOOD AMY |
Officer | 539.37K | Sale |
LEVY ANTON J |
Director | 618.07K | Sale |
LOWE KENNETH W |
Director | 590.90K | Sale |
PERRETTE JEAN-BRIAC |
Officer | 1.05M | 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 | Sale |
ZEILER GERHARD |
Officer | 537.44K | Sale |
Fundamentals
Market cap$77.60B
Enterprise value$107.48B
Revenue (TTM)$36.12B
Gross profit$17.27B
EBITDA$7.79B
Net income$-3.17B
EPS (TTM)$-1.28
Free cash flow$16.17B
Total cash$3.41B
Total debt$32.02B
Book value / share$13.09
Shares outstanding2.51B
Float2.39B
Short % of float2.37%
Dividend yield0.00%
Beta (5Y)1.54
Valuation & profitability ratios
Trailing P/E—
Forward P/E497.43
PEG ratio55.18
Price / sales—
Price / book2.36
EV / revenue2.98
EV / EBITDA13.79
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 | YoY |
|---|---|---|---|---|---|
| Total revenue | $37.30B | $39.32B | $41.32B | $33.82B | -5.1% |
| Operating revenue | $36.22B | $38.09B | $40.14B | $33.03B | -4.9% |
| Cost of revenue | $20.89B | $22.97B | $24.53B | $20.44B | -9.1% |
| Gross profit | $16.41B | $16.35B | $16.80B | $13.38B | +0.4% |
| Selling, general & admin | $9.42B | $9.30B | $9.70B | $9.68B | +1.3% |
| Total operating expense | $15.10B | $16.33B | $17.68B | $16.87B | -7.5% |
| Operating income | $1.31B | $18.00M | -$886.00M | -$3.50B | +7,172.2% |
| Net interest income | -$1.88B | -$1.81B | -$2.04B | -$1.71B | -4.0% |
| Pre-tax income | $1.64B | -$11.39B | -$3.86B | -$8.96B | +114.4% |
| Tax provision | $890.00M | $94.00M | -$784.00M | -$1.66B | +846.8% |
| Net income | $727.00M | -$11.31B | -$3.13B | -$7.37B | +106.4% |
| Net income to common | $728.00M | -$11.31B | -$3.13B | -$7.42B | +106.4% |
| Basic EPS | 0.29 | -4.62 | -1.28 | -3.82 | +106.3% |
| Diluted EPS | 0.29 | -4.62 | -1.28 | -3.82 | +106.3% |
| EBIT | $3.72B | -$9.37B | -$1.64B | -$7.18B | +139.7% |
| EBITDA | $21.26B | $11.61B | $22.37B | $14.17B | +83.1% |
| Basic shares | 2.48B | 2.45B | 2.44B | 1.94B | +1.0% |
| Diluted shares | 2.53B | 2.45B | 2.44B | 1.94B | +3.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $4.57B | $5.31B | $3.78B | $3.73B | -14.0% |
| Cash & short-term investments | $4.57B | $5.31B | $3.78B | $3.73B | -14.0% |
| Accounts receivable | $5.29B | $4.95B | $6.05B | $6.38B | +7.0% |
| Total current assets | $13.21B | $14.08B | $14.22B | $14.00B | -6.2% |
| Property, plant & equipment | $6.68B | $6.09B | $5.96B | $5.30B | +9.8% |
| Goodwill & intangibles | $72.81B | $77.07B | $94.48B | $106.07B | -5.5% |
| Total assets | $100.08B | $104.56B | $122.76B | $134.00B | -4.3% |
| Total current liabilities | $12.50B | $15.81B | $15.33B | $15.02B | -20.9% |
| Current debt | $139.00M | $2.75B | $1.78B | $365.00M | -94.9% |
| Long-term debt | $32.43B | $36.76B | $41.89B | $48.63B | -11.8% |
| Total debt | $32.57B | $39.51B | $43.67B | $49.00B | -17.6% |
| Total liabilities | $62.92B | $69.62B | $76.28B | $85.33B | -9.6% |
| Retained earnings | -$11.51B | -$12.24B | -$928.00M | $2.21B | +5.9% |
| Shareholder equity | $35.92B | $34.04B | $45.23B | $47.09B | +5.5% |
| Working capital | $706.00M | -$1.73B | -$1.11B | -$1.02B | +140.8% |
| Net tangible assets | -$36.89B | -$43.03B | -$49.26B | -$58.98B | +14.3% |
| Shares issued | 2.71B | 2.68B | 2.67B | 2.66B | +1.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | $749.00M | -$11.48B | -$3.08B | -$7.30B | — | +106.5% |
| Depreciation & amortisation | $17.54B | $20.98B | $24.01B | $21.35B | — | -16.4% |
| Stock-based compensation | $769.00M | $557.00M | $500.00M | $412.00M | — | +38.1% |
| Change in working capital | -$11.30B | -$12.13B | -$11.99B | -$10.98B | — | +6.8% |
| Operating cash flow | $4.32B | $5.38B | $7.48B | $4.30B | — | -19.6% |
| Capital expenditure | -$1.23B | -$948.00M | -$1.32B | -$987.00M | — | -29.9% |
| Investing cash flow | -$1.18B | -$349.00M | -$1.26B | $3.52B | — | -237.8% |
| Share buybacks | — | — | — | $0 | $0 | — |
| Financing cash flow | -$4.24B | -$3.75B | -$5.84B | -$7.74B | — | -13.1% |
| Free cash flow | $3.09B | $4.43B | $6.16B | $3.32B | — | -30.2% |
| End cash position | $4.57B | $5.42B | $4.32B | $3.93B | — | -15.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $8.72B | $8.89B | $9.46B | $9.04B | $9.81B | — | -2.0% |
| Operating revenue | $8.50B | $8.64B | $9.15B | $8.76B | $9.57B | — | -1.6% |
| Cost of revenue | $4.62B | $4.64B | $5.22B | $4.56B | $5.97B | — | -0.5% |
| Gross profit | $4.10B | $4.25B | $4.24B | $4.48B | $3.85B | — | -3.6% |
| Selling, general & admin | $2.56B | $2.48B | $2.39B | $2.36B | $2.48B | — | +3.6% |
| Total operating expense | $3.72B | $3.70B | $3.70B | $3.74B | $3.92B | — | +0.6% |
| Operating income | $373.00M | $549.00M | $536.00M | $745.00M | -$79.00M | — | -32.1% |
| Net interest income | -$477.00M | -$559.00M | -$548.00M | -$523.00M | -$404.00M | — | +14.7% |
| Pre-tax income | -$271.00M | -$3.12B | -$408.00M | $27.00M | $2.45B | — | +91.3% |
| Tax provision | -$433.00M | -$214.00M | -$161.00M | $170.00M | $866.00M | — | -102.3% |
| Net income | $149.00M | -$2.92B | -$252.00M | -$148.00M | $1.58B | — | +105.1% |
| Net income to common | $149.00M | -$2.92B | -$251.00M | -$148.00M | $1.58B | — | +105.1% |
| Basic EPS | 0.06 | -1.17 | — | -0.06 | 0.64 | -0.18 | +105.1% |
| Diluted EPS | 0.06 | -1.17 | — | -0.06 | 0.63 | -0.18 | +105.1% |
| EBIT | $240.00M | -$2.54B | $176.00M | $597.00M | $2.92B | — | +109.5% |
| EBITDA | $3.87B | $1.19B | $4.25B | $4.28B | $8.01B | — | +226.5% |
| Basic shares | 2.51B | 2.49B | — | 2.48B | 2.48B | 2.46B | +0.8% |
| Diluted shares | 2.58B | 2.49B | — | 2.48B | 2.50B | 2.46B | +3.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $3.37B | $3.26B | $4.57B | $4.29B | $4.89B | +3.2% |
| Cash & short-term investments | $3.37B | $3.26B | $4.57B | $4.29B | $4.89B | +3.2% |
| Accounts receivable | $4.95B | $5.01B | $5.29B | $5.13B | $5.38B | -1.1% |
| Total current assets | $12.54B | $11.74B | $13.21B | $13.06B | $13.61B | +6.8% |
| Property, plant & equipment | $6.65B | $6.64B | $6.68B | $6.52B | $6.41B | +0.2% |
| Goodwill & intangibles | $71.03B | $71.99B | $72.81B | $73.81B | $74.66B | -1.3% |
| Total assets | $97.25B | $97.84B | $100.08B | $100.52B | $101.73B | -0.6% |
| Total current liabilities | $16.14B | $16.11B | $12.50B | $12.16B | $13.04B | +0.2% |
| Current debt | $1.49B | $1.49B | $139.00M | $139.00M | $221.00M | 0.0% |
| Long-term debt | $30.53B | $30.97B | $32.43B | $33.38B | $34.41B | -1.4% |
| Total debt | $32.02B | $32.47B | $32.57B | $33.52B | $34.63B | -1.4% |
| Total liabilities | $63.25B | $64.13B | $62.92B | $63.21B | $64.38B | -1.4% |
| Retained earnings | -$14.28B | -$14.43B | -$11.51B | -$11.26B | -$11.11B | +1.0% |
| Shareholder equity | $32.84B | $32.58B | $35.92B | $36.02B | $36.05B | +0.8% |
| Working capital | -$3.60B | -$4.37B | $706.00M | $899.00M | $571.00M | +17.6% |
| Net tangible assets | -$38.19B | -$39.41B | -$36.89B | -$37.80B | -$38.61B | +3.1% |
| Shares issued | 2.51B | 2.74B | 2.71B | 2.71B | 2.71B | -8.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $162.00M | -$2.91B | -$247.00M | -$143.00M | $1.59B | +105.6% |
| Depreciation & amortisation | $3.63B | $3.73B | $4.08B | $3.68B | $5.09B | -2.5% |
| Stock-based compensation | $190.00M | $152.00M | $229.00M | $242.00M | $175.00M | +25.0% |
| Change in working capital | -$3.00B | — | — | — | — | — |
| Operating cash flow | $848.00M | -$208.00M | $1.80B | $979.00M | $983.00M | +507.7% |
| Capital expenditure | -$276.00M | -$268.00M | -$421.00M | -$278.00M | -$281.00M | -3.0% |
| Investing cash flow | -$217.00M | -$282.00M | -$418.00M | -$330.00M | -$236.00M | +23.0% |
| Financing cash flow | -$517.00M | -$756.00M | -$1.12B | -$1.24B | $9.00M | +31.6% |
| Free cash flow | $572.00M | -$476.00M | $1.38B | $701.00M | $702.00M | +220.2% |
| End cash position | $3.37B | $3.27B | $4.57B | $4.30B | $4.89B | +3.2% |
Options analytics
Put / call volume
0.51
Call-heavy session
Put / call open interest
0.52
Positioning, not flow
Max pain
29.50
-4.7% from spot
ATM implied vol
0.8%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
11.61K
Contracts, this expiry
Put volume
5.94K
Contracts, this expiry
Heaviest call OI
30.50
4.49K contracts
Heaviest put OI
30.00
6.03K 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.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.11 | 0.06 | +153.9% |
| Mar 2026 | -0.09 | -1.17 | -1,161.6% |
| 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 | -0.01 | 13 | $8.78B | -2.9% |
| Next quarter | -0.05 | 13 | $9.82B | +3.8% |
| Current year | -1.14 | 14 | $36.23B | -2.8% |
| Next year | -0.02 | 14 | $37.28B | +2.9% |
Analyst targets & ownership
Mean target$30.17
High target$31.25
Low target$26.00
Implied upside-2.53%
Analyst count12
ConsensusHOLD
Strong buy / Buy0 / 2
Hold15
Sell / Strong sell1 / 1
Held by insiders4.14%
Held by institutions79.24%
Institutions holding1.71K
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
30.90
+0.18% from price
SMA 20
29.75
+4.04% from price
SMA 50
28.44
+8.82% from price
SMA 100
27.58
+12.23% from price
SMA 200
27.70
+11.72% from price
EMA 12
30.53
+1.36% from price
EMA 26
29.74
+4.07% from price
EMA 50
28.89
+7.13% from price
RSI (14)
75.2
Overbought
MACD (12,26,9)
0.79
Hist 0.04
ATR (14)
0.35
1.12% of price
Realised vol 30D
30.6%
Annualised
Bollinger upper
32.53
20, 2σ
Bollinger lower
26.97
20, 2σ
50 / 200 cross
Golden
28.44 vs 27.70
Trend bias
Above 200
+11.72%
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.
Risk profile
Beta vs SPY
0.50
Less volatile than market
Correlation to SPY
0.24
Largely independent
Realised vol 30D
30.6%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-15.7%
Peak to trough
Max drawdown 5Y
-78.5%
Peak to trough
ATR 14
0.35
1.12% of price
Beta (reported)
1.54
5Y monthly, from filing
Short interest
Shares short
59.28M
Prior 56.31M
Change vs prior
+5.3%
Shorts adding
% of float
2.37%
Normal
% of shares out
2.36%
Against total outstanding
Days to cover
3.4
Liquid
Float
2.39B
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 29, 26 | Argus Research | DOWNGRADE | Hold | Sell |
| Sep 22, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Aug 18, 26 | Argus Research | MAINTAINED | Buy | Buy |
| Jul 27, 26 | Seaport Global | DOWNGRADE | Buy | Neutral |
| Jun 29, 26 | Seaport Global | UPGRADE | Neutral | Buy |
| May 7, 26 | UBS | MAINTAINED | Neutral | Neutral |
| May 7, 26 | Guggenheim | MAINTAINED | Neutral | Neutral |
| Mar 10, 26 | Freedom Broker | MAINTAINED | Hold | Hold |
| Feb 27, 26 | TD Cowen | MAINTAINED | Hold | Hold |
| Feb 27, 26 | Raymond James | DOWNGRADE | Outperform | Underperform |
| Feb 27, 26 | Benchmark | DOWNGRADE | Buy | Hold |
| Feb 25, 26 | Bernstein | MAINTAINED | Market Perform | Market Perform |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split1957:1000
Split dateAug 7, 2014
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-10-06
Periodic Financial Reports
10-Q · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-06-12
Corporate Changes & Voting Matters
8-K · 2026-06-04
Corporate Changes & Voting Matters
8-K · 2026-05-27
Corporate Changes & Voting Matters
8-K · 2026-05-19
Periodic Financial Reports
10-Q · 2026-05-06
Proxy Statements
DEF 14A · 2026-04-30
Headlines
Skydance Announces Board, Adding Ynon Kreiz, Laurene Powell Jobs and Bobby Kotick as Directors and Tony Blair as Advisor
PR Newswire · 5h ago
3 Things Investors Need to Know Before Buying Skydance
Barrons.com · 6h ago
Skydance Shares Slide After Merger With Warner Bros. Discovery
Investopedia · 9h ago
Walmart Connect Expands Audiences, CTV Measurement
MediaPost · 9h ago
‘A Massive Pile of Debt’ Threatens Ellison’s New Media Empire
24/7 Wall St. · 10h ago
Paramount Skydance seals $110B Warner Bros deal as combined company hits NYSE
Investing.com · 11h ago
Market Chatter: Paramount Skydance Gets $4 Billion From RedBird for Warner Bros. Discovery Purchase
MT Newswires · 11h ago
Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance
The Guardian · 12h ago
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