By Dade Hayes
Dade Hayes
Business Editor
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August 6, 2026 4:10am
An aerial view of the Warner Bros. studio lot in Burbank, CAJustin Sullivan/Getty Images
Warner Bros. Discovery fell short of Wall Street expectations in the second quarter, as Supergirl and the lack of the NBA dragged total revenue down 11% to $8.7 billion.
Analysts had projected $9.2 billion in revenue. Diluted earnings per share of 6 cents topped estimates of a loss of 10 cents a share.
The company reported the quarterly financials with its $110 billion merger with Paramount in legal limbo. The attorneys general of 12 states, as well as the Writers Guild of America, have filed a lawsuit seeking to block the deal on antitrust grounds. A trial has been scheduled for March 2027.
Streaming proved a bright spot, with total revenue up 10% to $3.1B and EBITDA jumping 75% to $512 million. Flagship streamer HBO Max, which has recently expanded to key international territories, was paced by titles like Euphoria, House of the Dragon, Hacks and The Pitt.
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The studio division faced tough comparisons with the year-ago period, which featured hits like A Minecraft Movie, Sinners, and Final Destination Bloodlines. Revenue tumbled 39% to $2.3 billion and EBITDA plummeted 89% to $96 million. Supergirl grossed just $126 million worldwide, the lowest for any DC release since Catwoman in 2004.
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Total advertising revenue plunged 22% from the year-ago period to settle at $1.7 billion. The main culprit was the absence of the NBA. After nearly 40 years of broadcasting the league’s games, WBD did not reach a deal to extend its rights, with NBCUniversal taking its place as a primary partner.
The ad story marred the quarterly performance of the Global Linear Networks division, whose revenue slid 17% to $3.99 billion. Adjusted EBITDA was off 4% to $1.4 billion.
The quarterly numbers followed Tuesday’s earnings report from Paramount, which featured some updated comments about the WBD merger. Paramount CEO David Ellison said he is “absolutely open” to discussing a potential settlement of the antitrust suit, but he also said the company believes it “will win in court.”
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