
Warner Bros. Discovery Trims 2025 Fortunes With $252 Million Q4 Loss
Warner Bros. Discovery posted $9.46 billion in Q4 2025 revenue and a $252 million net loss, with streaming subs at about 131.6 million and adjusted EBITDA of $2.216 billion, but advertising revenue fell 9% and studio/linear revenues declined. The quarter unfolds amid ongoing merger chatter, with Netflix and Paramount Skydance circling a deal and potential spin‑off scenarios; the company also said it wouldn’t discuss the deal on the earnings call.












