Warner Bros. Discovery, Inc. (WBD) FY2026 Q1 Statement of Cash Flows
2026-01-01 to 2026-03-31
Statement of Cash Flows
2026-01-01 to 2026-03-31
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Warner Bros. Discovery, Inc. cash flow reconciliation, Jan 1, 2026 through Mar 31, 2026
Cash flows for Jan 1, 2026 through Mar 31, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Mar 31, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.
- Beginning cash on Dec 31, 2025
- 4,570,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
- Operating activities
- negative 208,000,000 US dollars. Net cash used.
- Net loss
- negative 2,906,000,000 US dollars
- Content rights amortization and impairment
- 2,499,000,000 US dollars
- Depreciation and amortization
- 1,226,000,000 US dollars
- Deferred income taxes
- negative 513,000,000 US dollars
- Share-based compensation expense
- 152,000,000 US dollars
- Impairments and loss on dispositions
- 14,000,000 US dollars
- Other, net
- 119,000,000 US dollars
- Receivables, net
- 246,000,000 US dollars
- Film and television content rights, games, and production payables, net
- negative 2,603,000,000 US dollars
- Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities
- negative 1,033,000,000 US dollars
- Foreign currency, prepaid expenses and other assets, net
- negative 209,000,000 US dollars
- Netflix Termination Fee accrual (See Note 1)
- 2,800,000,000 US dollars
- Investing activities
- negative 282,000,000 US dollars. Net cash used.
- Purchases of property and equipment
- negative 268,000,000 US dollars
- Proceeds from sales of investments
- 0 US dollars
- Investments in and advances to equity investees
- negative 25,000,000 US dollars
- Other investing activities, net
- 11,000,000 US dollars
- Proceeds from asset dispositions
- 0 US dollars
- Financing activities
- negative 756,000,000 US dollars. Net cash used.
- Principal repayments of debt, including premiums and discounts to par value
- negative 123,000,000 US dollars
- Borrowings from debt, net of discount and issuance costs
- negative 16,000,000 US dollars
- Distributions to noncontrolling interests and redeemable noncontrolling interests
- negative 129,000,000 US dollars
- Borrowings under commercial paper program and revolving credit facility
- 261,000,000 US dollars
- Repayments under commercial paper program and revolving credit facility
- negative 261,000,000 US dollars
- Other financing activities, net
- negative 66,000,000 US dollars
- Proceeds for the formation of music catalog joint venture
- 0 US dollars
- Cash paid to settle share-based awards, net
- negative 422,000,000 US dollars
- Operating adjustment reconciliation
- 7,264,000,000 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
- 1,017,000,000 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 gross reconciliation
- 293,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- Exchange-rate effect
- negative 56,000,000 US dollars
- Ending cash on Mar 31, 2026
- 3,268,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
- Cash sources and uses
- 4,570,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
- Net cash change
- negative 1,302,000,000 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
- negative 208,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
- Cash purchases of property, plant and equipment
- 268,000,000 US dollars. These cash purchases are already included in investing activities above.
- Free cash flow
- negative 476,000,000 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 −$2.91B + net operating adjustments $2.70B = operating cash −$208.00M. 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: negative 208,000,000 US dollars minus 268,000,000 US dollars equals negative 476,000,000 US dollars.
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