Warner Bros. Discovery (WBD) Stock Up as Earnings Beat Offsets Revenue Miss
TLDR
- WBD reported Q2 revenue of $8.72 billion, missing estimates of $9.18-$9.29 billion, down 11.2% year on year
- EPS came in at $0.06, beating analyst estimates of a $0.10 loss
- Studio revenue dropped 39% as “Mortal Kombat II” and “Supergirl” underperformed
- Advertising revenue fell 22% due to the absence of NBA games
- Streaming remained a bright spot, with HBO Max revenue up 10%
Warner Bros. Discovery reported Q2 2026 revenue of $8.72 billion, missing Wall Street expectations of $9.18-$9.29 billion. Revenue fell 11.2% year on year.
WARNER BROS. DISCOVERY $WBD Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $8.7B (Est. $9.29B) 🔴; -11% YoY
🔹 Adj. EPS: $0.06 (Est. -$0.14) 🟢; -90% YoY
🔹 Adjusted EBITDA: $1.9B (Est. $1.88B) 🟡; -4% YoY
🔹 Net Income: $149M; -91% YoYSegment Net Revenue:
🔹 Streaming: $3.1B; +10%…- Wall St Engine (@wallstengine) August 6, 2026
WBD stock was up around 1.5-1.9% on the day, despite the top-line miss.
Warner Bros. Discovery, Inc., WBD
The earnings per share figure told a different story. WBD posted a GAAP profit of $0.06 per share, well ahead of analyst estimates of a $0.13 loss. That surprise profit was driven largely by a 23% drop in operating expenses, tied to the absence of NBA rights costs and lower content spending.
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