Warner Bros. Discovery reported fourth-quarter revenue in line with expectations, but posted a net loss per share of $0.10, missing analyst estimates. The company's core legacy television business continued to see sharp declines, which offset modest growth in its streaming segment.

Key Highlights

  • The key Global Linear Networks segment saw revenues fall 13% ex-FX to $4.2 billion, with Adjusted EBITDA plummeting 27% due to accelerating pay-TV subscriber declines and audience weakness.
  • The Streaming segment added 3.5 million subscribers sequentially to end the quarter with 131.6 million, missing expectations of 134.0 million. Segment revenue grew 4% ex-FX, but Adjusted EBITDA fell 7% ex-FX.
  • Free cash flow for the quarter was $1.38 billion, a 43% decrease from the prior year, impacted by lower profitability and approximately $600 million of separation & transaction-related costs.