华纳兄弟探索 2026年季度报告

FORM 10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number: 001-34177 Warner Bros. Discovery, Inc.(Exact name of registrant as specified in its charter) 35-2333914(I.R.S. EmployerIdentification No.) 10003(Zip Code) (212)548-5555(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Securities Registered Pursuant to Section 12(b) of the Act:Title of Each ClassTrading Symbols The Nasdaq Global Select MarketThe Nasdaq Global MarketThe Nasdaq Global Market Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90days.YesNo Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theRegistrant was required to submit such files).YesNo Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one): AcceleratedfilerSmallerreportingcompanyEmerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying Large accelerated filerNon-accelerated filer with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No Total number of shares outstanding of each class of the Registrant’s common stock as of April23, 2026: SeriesA Common Stock, par value $0.01 per share PART I. FINANCIAL INFORMATION.ITEM1. Unaudited Financial Statements.Consolidated Statements of Operations.4Consolidated Statements of Comprehensive (Loss) Income.5Consolidated Balance Sheets.6Consolidated Statements of Cash Flows.7Consolidated Statements of Equity.8Notes to Consolidated Financial Statements.10ITEM2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.30ITEM3. Quantitative and Qualitative Disclosures About Market Risk.44ITEM4. Controls and Procedures.44PART II. OTHER INFORMATION.ITEM1. Legal Proceedings.45ITEM1A. Risk Factors.46ITEM5. Other Information46ITEM6. Exhibits.48SIGNATURES.50 WARNER BROS. DISCOVERY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited; in millions, except per share amounts) WARNER BROS. DISCOVERY, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(unaudited; in millions) Three Months Ended March 31,20262025Net loss$(2,906)$(449)Other comprehensive loss:Currency translation, net of income tax expense of $(14) and $(90)(218)231Pension plan and SERP liability, net of income tax benefit of $2 and $—2—DerivativesChange in net unrealized (losses) gains(26)9Less: Reclassification adjustment for net losses (gains) included in net income7(13)Net change, net of income tax benefit (expense) of $5 and $(1)(19)(4)Comprehensive loss(3,141)(222)Comprehensive income attributable to noncontrolling interests(9)(11)Comprehensive loss attributable to redeemable noncontrolling interests—4Comprehensive loss attributable to Warner Bros. Discovery, Inc.$(3,150)$(229) WARNER BROS. DISCOVERY, INC.CONSOLIDATED BALANCE SHEETS(unaudited; in millions, except par value) WARNER BROS. DISCOVERY, INC.CONSOLIDATED STATEMENTS OF EQUITY(unaudited; in millions) WARNER BROS. DISCOVERY, INC.CONSOLIDATED STATEMENTS OF EQUITY(unaudited; in millions) WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited) NOTE1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) is a leading global media andentertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television,film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel,HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. TelevisionGroup, Warner Bros. Games, Adult Swim, Tu