Warner Bros. Discovery to Report Q3 Earnings Amid Streaming Gains

NEW YORK, NY — Warner Bros. Discovery (WBD) is set to release its third-quarter 2025 earnings on November 6. Analysts predict revenues to be around $9.18 billion, reflecting a 4.64% drop from the previous year. Additionally, a loss of 4 cents per share is expected, down from a profit of 5 cents during the same quarter last year.

Despite this forecast, WBD has seen a positive shift recently, improving its earnings estimate by 4 cents over the last month. In the prior earnings report, the company experienced a surprising 171.43% earnings surprise, beating expectations in two of the last four quarters.

The upcoming report comes after a strong second quarter for WBD, with its streaming segment achieving its first quarterly profit of $293 million. Studio revenues skyrocketed 54% year over year, thanks to successful film releases, including a $125 million opening for Superman on July 11.

WBD has grown its global streaming subscribers to 125.7 million, rising by 3.4 million. However, the company also grapples with challenges in its linear networks segment, experiencing a decline in domestic pay-TV subscribers and advertising revenue.

The Zacks Consensus Estimates for the upcoming quarter suggest that the Studio revenues could reach $3.18 billion, up by 18.8%, while Streaming revenues may rise to $2.74 billion, a growth of 4.1%. Conversely, Global Linear Networks revenues are expected to drop by 21.1% to $3.95 billion.

While the stock has appreciated by 110.9% year-to-date, significant transitions such as the rebranding of Max back to HBO Max may affect performance in the near term. WBD’s ability to maintain its momentum amid these challenges will be closely watched as it approaches its earnings report.