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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.72B | $8.89B | $9.46B | $9.05B | $9.81B | $8.98B | $10.03B | $9.62B |
| Cost of revenue | $4.62B | $4.64B | $5.22B | $4.56B | $5.97B | $5.13B | $5.53B | $5.18B |
| Gross profit | $4.10B | $4.25B | $4.24B | $4.48B | $3.85B | $3.85B | $4.50B | $4.44B |
| Gross margin | 47.0% | 47.8% | 44.8% | 49.5% | 39.2% | 42.9% | 44.9% | 46.2% |
| Selling, general and administrative | $2.56B | $2.48B | $2.39B | $2.36B | $2.48B | $2.19B | $2.22B | $2.39B |
| Operating expenses | $3.86B | $6.72B | $3.89B | $3.87B | $4.03B | $3.89B | $4.34B | $4.16B |
| Operating income | $237.00M | −$2.47B | $349.00M | $611.00M | −$185.00M | −$37.00M | $162.00M | $281.00M |
| Operating margin | 2.7% | -27.8% | 3.7% | 6.8% | -1.9% | -0.4% | 1.6% | 2.9% |
| EBITDA | $1.53B | −$1.03B | $1.85B | $2.12B | $1.37B | $1.65B | $2.28B | $2.06B |
| Interest expense | −$511.00M | −$581.00M | −$584.00M | −$570.00M | −$463.00M | −$468.00M | −$490.00M | −$494.00M |
| Income before taxes | −$271.00M | −$3.12B | −$408.00M | $27.00M | $2.45B | −$434.00M | −$356.00M | −$178.00M |
| Income taxes | −$433.00M | −$214.00M | −$161.00M | $170.00M | $866.00M | $15.00M | $284.00M | −$319.00M |
| Net income | $162.00M | −$2.91B | −$247.00M | −$143.00M | $1.59B | −$449.00M | −$640.00M | $141.00M |
| Net margin | 1.9% | -32.7% | -2.6% | -1.6% | 16.2% | -5.0% | -6.4% | 1.5% |
| EPS, basic | $0.06 | −$1.17 | −$0.10 | −$0.06 | $0.64 | −$0.18 | −$0.20 | $0.06 |
| EPS, diluted | $0.06 | −$1.17 | −$0.09 | −$0.06 | $0.63 | −$0.18 | −$0.20 | $0.05 |
| Diluted shares | 2.58B | 2.49B | 2.68B | 2.48B | 2.50B | 2.46B | 2.44B | 2.47B |
Figures describe Warner Bros. Discovery shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.