Warner Bros. Discovery Q4 Earnings Call Highlights

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Warner Bros. Discovery (NASDAQ:WBD) executives utilized the company’s fourth-quarter and full-year 2025 net telephone to item momentum successful the workplace and streaming businesses, sermon plans for the upcoming separation of Discovery Global, and outline what absorption sees arsenic improving trends successful advertizing and subscriber growth.

Chief Executive Officer David Zaslav said the Warner Bros. Motion Picture Group posted a “historic tally of success” successful 2025, citing 9 films that debuted astatine fig 1 astatine the container bureau and 7 consecutive films opening supra $40 million. He said Warner Bros. titles spent 16 full weeks atop the planetary container office.

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Zaslav pointed to a premix of archetypal films and franchise releases, including One Battle After Another, Sinners, Weapons, A Minecraft Movie, and Superman, on with revived intelligence spot specified arsenic The Conjuring: Last Rites and Final Destination: Bloodlines. He besides noted awards momentum, saying the movie slate won 9 Golden Globe Awards and that the workplace was up for 30 Academy Awards.

Looking ahead, Zaslav said the company’s momentum carried into aboriginal 2026, citing Wuthering Heights arsenic the “ninth consecutive theatrical merchandise to unfastened fig one,” generating much than $160 cardinal globally successful 2 weeks with an $83 cardinal opening weekend. He outlined a 2027 slate including large franchise entries specified arsenic Godzilla vs. Kong 3, Superman: Man of Tomorrow, Minecraft 2, Conjuring: First Communion, Batman Part 2, Gremlins, and Lord of the Rings: Hunt for Gollum.

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Zaslav said HBO and HBO Max delivered respective “breakout sensations” successful the 4th quarter. He highlighted It, Welcome to Derry, which helium said delivered the fourth-strongest debut play successful HBO history, averaging 27 cardinal viewers per episode, and Heated Rivalry, which helium said averaged 13 cardinal viewers per episode.

He besides cited first-quarter 2026 assemblage maturation for returning series, including The Pitt and Industry, which helium said saw 30% and 50% assemblage growth, respectively, versus anterior seasons. Zaslav said A Knight of the Seven Kingdoms debuted strongly, averaging much than 24 cardinal viewers per occurrence and growing. He listed further 2026 programming expected to instrumentality oregon debut, including House of the Dragon, Euphoria, The Gilded Age, Dune: Prophecy, Hacks, Lanterns, and Stuart Fails to Save the Universe.