Warner Bros. Discovery, Inc. (WBD) FY2025 Q3 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-07-01 to 2025-09-30

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Warner Bros. Discovery, Inc. cash flow reconciliation, Jul 1, 2025 through Sep 30, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Calculated remaining financing cash flows are purple; remaining operating and investing bundles are gray. Their underlying inflows and outflows are not separately identified. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Content rights amortization and impairment → operating reconciliation: $2,242,000,000.00Depreciation and amortization → operating reconciliation: $1,375,000,000.00Receivables, net → operating reconciliation: $260,000,000.00Share-based compensation expense → operating reconciliation: $242,000,000.00Deferred income taxes → operating reconciliation: $199,000,000.00Impairments and loss on dispositions → operating reconciliation: $46,000,000.00Other, net → operating reconciliation: $22,000,000.00Equity in losses of equity method investee companies and cash distributions → operating reconciliation: $8,000,000.00Gain on sale of investments → operating reconciliation: $2,000,000.00Gain on extinguishment of debt → operating reconciliation: $1,000,000.00operating reconciliation → Net cash from operating activities: $979,000,000.00operating reconciliation → Net income (loss): $143,000,000.00operating reconciliation → Film and television content rights, games, and production payables, net: $2,782,000,000.00operating reconciliation → Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities: $261,000,000.00operating reconciliation → Foreign currency, prepaid expenses and other assets, net: $232,000,000.00Other investing activities, net → investing reconciliation: $85,000,000.00investing reconciliation → Purchases of property and equipment: $278,000,000.00investing reconciliation → Investments in and advances to equity investments: $71,000,000.00investing reconciliation → Remaining investing cash flows, net (calculated): $66,000,000.00Net cash used in financing activities → financing reconciliation: $1,237,000,000.00Securitization receivables collected but not remitted → financing reconciliation: $51,000,000.00Proceeds for noncontrolling interest in joint venture → financing reconciliation: $32,000,000.00Borrowings from debt, net of discount and issuance costs → financing reconciliation: $3,000,000.00financing reconciliation → Principal repayments of debt, including premiums and discounts to par value: $1,260,000,000.00financing reconciliation → Other financing activities, net: $49,000,000.00financing reconciliation → Distributions to noncontrolling interests and redeemable noncontrolling interests: $14,000,000.00Net cash used in investing activities → investing reconciliation: $330,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $4,891,000,000.00Net cash from operating activities → Cash sources and uses: $979,000,000.00Cash sources and uses → Exchange-rate effect: $5,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $4,298,000,000.00Cash sources and uses → Net cash used in investing activities: $330,000,000.00Cash sources and uses → Net cash used in financing activities: $1,237,000,000.00Net income (loss): -$143,000,000.00Net income (loss)−$143.00 MContent rights amortization and impairment: $2,242,000,000.00Content rights amortization and impairment+$2.24 BDepreciation and amortization: $1,375,000,000.00Depreciation & amortization+$1.38 BDeferred income taxes: $199,000,000.00Deferred taxes & credits+$199.00 MShare-based compensation expense: $242,000,000.00Stock-based compensation+$242.00 MEquity in losses of equity method investee companies and cash distributions: $8,000,000.00Equity-method income, net+$8.00 MGain on sale of investments: $2,000,000.00Investment sale gain & loss+$2.00 MGain on extinguishment of debt: $1,000,000.00Debt extinguishment gain & loss+$1.00 MImpairments and loss on dispositions: $46,000,000.00Impairments and loss on dispositions+$46.00 MOther, net: $22,000,000.00Other non-cash items+$22.00 MReceivables, net: $260,000,000.00Accounts & notes receivable+$260.00 MFilm and television content rights, games, and production payables, net: -$2,782,000,000.00Film and television content rights, games, andproduction payables, net−$2.78 BAccounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities: -$261,000,000.00Payables & accrued liabilities−$261.00 MForeign currency, prepaid expenses and other assets, net: -$232,000,000.00Other working capital, net−$232.00 MNet cash from operating activities: $979,000,000.00Operating cash+$979.00 Moperating reconciliation: $4,397,000,000.00Principal repayments of debt, including premiums and discounts to par value: -$1,260,000,000.00Senior debt repaid−$1.26 BBorrowings from debt, net of discount and issuance costs: $3,000,000.00Long-term debt issued+$3.00 MDistributions to noncontrolling interests and redeemable noncontrolling interests: -$14,000,000.00Noncontrolling dividends−$14.00 MProceeds for noncontrolling interest in joint venture: $32,000,000.00Preferred stock issued+$32.00 MSecuritization receivables collected but not remitted: $51,000,000.00Securitization proceeds+$51.00 MBorrowings under commercial paper program and revolving credit facility: $0.00Repayments under commercial paper program and revolving credit facility: $0.00Other financing activities, net: -$49,000,000.00Other financing, net−$49.00 MNet cash used in financing activities: -$1,237,000,000.00. Cash required to fund net payments.Financing cash−$1.24 Bfinancing reconciliation: $1,323,000,000.00Purchases of property and equipment: -$278,000,000.00PP&E purchases−$278.00 MProceeds from sales of investments: $0.00Investments in and advances to equity investments: -$71,000,000.00Investments, net−$71.00 MOther investing activities, net: $85,000,000.00Other investing, net+$85.00 MRemaining investing cash flows, net (calculated): -$66,000,000.00Remaining investing (calculated)−$66.00 MNet cash used in investing activities: -$330,000,000.00. Cash required to fund net payments.Investing cash−$330.00 Minvesting reconciliation: $415,000,000.00Cash sources and uses: $5,870,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $4,891,000,000.00Beginning cash$4.89 BEnding cash: Cash, cash equivalents, and restricted cash: $4,298,000,000.00Ending cash$4.30 BExchange-rate effect: -$5,000,000.00FX effect−$5.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsNet loss −$143.00M + net operating adjustments $1.12B = operating cash +$979.00MFree cash flow$701.00 MOperating cash − cash spent on PP&ECash flow / Net incomeNot meaningfulOperating cash flow ÷ net incomeNet cash change−$593.00 MEnding cash − beginning cash
Chart details

Warner Bros. Discovery, Inc. cash flow reconciliation, Jul 1, 2025 through Sep 30, 2025

Cash flows for Jul 1, 2025 through Sep 30, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Jun 30, 2025. Ending cash: Sep 30, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Jun 30, 2025
4,891,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
979,000,000 US dollars. Net cash provided.
Net income (loss)
negative 143,000,000 US dollars
Content rights amortization and impairment
2,242,000,000 US dollars
Depreciation and amortization
1,375,000,000 US dollars
Deferred income taxes
199,000,000 US dollars
Share-based compensation expense
242,000,000 US dollars
Equity in losses of equity method investee companies and cash distributions
8,000,000 US dollars
Gain on sale of investments
2,000,000 US dollars
Gain on extinguishment of debt
1,000,000 US dollars
Impairments and loss on dispositions
46,000,000 US dollars
Other, net
22,000,000 US dollars
Receivables, net
260,000,000 US dollars
Film and television content rights, games, and production payables, net
negative 2,782,000,000 US dollars
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities
negative 261,000,000 US dollars
Foreign currency, prepaid expenses and other assets, net
negative 232,000,000 US dollars
Investing activities
negative 330,000,000 US dollars. Net cash used. The remaining amount is calculated by subtracting the other displayed items from the investing total. This quarter is the year to date less the prior quarter's year to date. The prior quarter reported part of this section under different lines (Proceeds from asset dispositions), so those amounts cannot be separated for this quarter. It may combine inflows and outflows.
Purchases of property and equipment
negative 278,000,000 US dollars
Proceeds from sales of investments
0 US dollars
Investments in and advances to equity investments
negative 71,000,000 US dollars
Other investing activities, net
85,000,000 US dollars
Remaining investing cash flows, net (calculated)
negative 66,000,000 US dollars
Financing activities
negative 1,237,000,000 US dollars. Net cash used.
Principal repayments of debt, including premiums and discounts to par value
negative 1,260,000,000 US dollars
Borrowings from debt, net of discount and issuance costs
3,000,000 US dollars
Distributions to noncontrolling interests and redeemable noncontrolling interests
negative 14,000,000 US dollars
Proceeds for noncontrolling interest in joint venture
32,000,000 US dollars
Securitization receivables collected but not remitted
51,000,000 US dollars
Borrowings under commercial paper program and revolving credit facility
0 US dollars
Repayments under commercial paper program and revolving credit facility
0 US dollars
Other financing activities, net
negative 49,000,000 US dollars
Operating adjustment reconciliation
4,397,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
1,323,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing displayed reconciliation
415,000,000 US dollars. Intermediate calculation joining the displayed items and the calculated net remainder. It does not establish gross cash receipts or payments and is not an additional cash flow.
Exchange-rate effect
negative 5,000,000 US dollars
Ending cash on Sep 30, 2025
4,298,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
5,870,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 593,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
Not meaningful. Operating cash flow divided by reconciliation net income for the same period. The ratio is not meaningful when net income is zero or negative.
Operating cash flow
979,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
278,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
701,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net loss −$143.00M + net operating adjustments $1.12B = operating cash +$979.00M. The loss reduces the earnings basis of the reconciliation; it is not a cash payment. The signed loss remains a deduction at the operating reconciliation junction.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 979,000,000 US dollars minus 278,000,000 US dollars equals 701,000,000 US dollars.
Warner Bros. Discovery, Inc. (WBD) FY2025 Q3 Statement of Cash Flows Sankey chart
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