Warner Bros. Discovery stock holds near key levels as revenue improves

Warner Bros. Discovery (US9344231041) stock combines a dated market close with the companys latest full-year metrics, including $39.3 billion in 2025 revenue and $3.5 billion in adjusted EBITDA. The latest report also showed 116.9 million direct-to-consumer subscribers at year-end 2025, giving investors a current snapshot of scale and profitability.

Revenue and EBITDA in 2025

For 2025, Warner Bros. Discovery reported $39.3 billion in revenue and $3.5 billion in adjusted EBITDA, according to its annual reporting package. That implies a margin of about 8.9% for the year, a simple but useful way to read how much operating cash generation remained after the companys cost base.

The subscriber line was larger still: direct-to-consumer ended 2025 at 116.9 million, a figure that helps explain why streaming remains central to the investment case. For a media group still balancing film, TV, and streaming economics, the mix of revenue and subscribers matters more than a single quarter headline.

116.9 million subscribers

The 116.9 million direct-to-consumer subscribers at 31 December 2025 sit alongside the $39.3 billion revenue base and $3.5 billion adjusted EBITDA figure. Taken together, those numbers show a business that is still large enough to matter across multiple content and distribution markets.

A useful comparison is the margin itself: $3.5 billion divided by $39.3 billion equals roughly 8.9%, which is a concrete reference point for how much earnings power the group extracted from its 2025 scale. That comparison is more informative than a broad description of strength or weakness because it quantifies the relationship between sales and operating profit.

Media assets and streaming

The product layer remains broad: Warner Bros. Discovery still spans studios, TV networks, and streaming services, with direct-to-consumer carrying the clearest growth logic. In 2025, the 116.9 million subscriber base suggests that scale is no longer a niche experiment but a core operating metric.

That matters because the companys $39.3 billion revenue base is still large enough to absorb content costs, rights spending, and restructuring work without reducing the business to a single platform story. The figures point to a multi-engine media model rather than a pure streaming play.

Market close and valuation

Warner Bros. Discovery stock closed at $11.71 as of 27 July 2026, giving the latest market reference point for the name. That price sits against a 2025 revenue base of $39.3 billion and adjusted EBITDA of $3.5 billion, which is why the stock still trades as a function of both operating scale and margin repair.

The 27 July 2026 close gives the market context, while the 2025 report supplies the operating context. Investors reading the name against those figures are tracking whether scale in streaming and media can continue to translate into better earnings quality.