WBD
Warner Bros. Discovery, Inc.Evidence as of 2026-09-03Overview · Warner Bros. Discovery, Inc.
Warner Bros. Discovery, Inc., operates a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and lienses television programs to third parties and networks and direct-to-consumer services; distributes films and television programs to various third parties and intern…
Management team
- Ms. Priya R. Aiyar J.D. · Chief Legal OfficerFind on LinkedIn
- Mr. Robert Lane Gibbs · Chief Communications & Public Affairs OfficerFind on LinkedIn
- Mr. Gerhard Zeiler · President of InternationalFind on LinkedIn
- Mr. Jean-Briac Perrette · President and CEO of Global Streaming & GamesFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
−0.1 on a −2 to +2 scale — was −0.0 before the debate changed the read.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
The evidence balance is Mixed. Revenue fell from $ 9,812,000,000 in fiscal Q2 2025 (fiscal quarter ended 2025-07-25) to $ 8,717,000,000 in fiscal Q2 2026 (fiscal quarter ended 2026-07-23). Operating performance swung from an operating loss of $ 2,469,000,000 in fiscal Q1 2026 (fiscal quarter ended 2026-04-23) to operating income of $ 237,000,000 in fiscal Q2 2026, and net income moved from a loss of $ 2,916,000,000 in fiscal Q1 2026 to a positive $ 149,000,000 in fiscal Q2 2026; diluted EPS likewise went from negative $ 1.17 to $ 0.06 over the same pair of quarters.
Capital structure and market metrics show material offsets: shares outstanding rose from 2,479,929,515 as of 12 February 2026 to 2,510,703,314 as of 23 July 2026, cash fell from $ 4,566,000,000 as of 31 December 2025 to $ 3,369,000,000 as of 30 June 2026, and long‑term debt declined to $ 32,023,000,000 as of 30 June 2026. Valuation and market context are recorded: market cap $ 71,278,867,084 at a price of $ 28.39, enterprise value $ 99,932,867,084, trailing EV/EBITDA 20.34 on TTM EBITDA $ 4,913,000,000, trailing EPS negative $ 0.54 with $ 6,719,000,000 of DDA on the TTM, and trailing FCF negative $ 714,000,000 despite positive operating cash flow of $ 299,000,000. Market signals are mixed too: 12‑month minus 1‑month momentum is +100.4% (92nd percentile), three‑year max drawdown is -48.9% (75th percentile), and 90‑day volatility is 17.8% (12th percentile); beta versus SPY is 0.57 with correlation 0.17.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenue was $9,812,000,000 in fiscal Q2 2025 (2025-04-01 to 2025-06-30) and fell to $8,717,000,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001437107-25-000192Operating income was a loss of $2,469,000,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31) and improved to positive $237,000,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001437107-26-000057Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
A Form 4 for Warner Bros. Discovery, Inc. was filed on 31 August 2026 (the 4 filed 31 August 2026).
4 filed 2026-08-31A Form 4 for Warner Bros. Discovery, Inc. was filed on 18 August 2026 (the 4 filed 18 August 2026).
4 filed 2026-08-18Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
Momentum measured as 12-month minus 1-month (momentum_12_1) is +100.4% as of 2026-09-02.
Moneyta signal set · 2026-09-02weakened in debateThe cross-sectional rank of the 12_1 momentum is in the 92th percentile of the 547-stock research universe on 2026-09-02.
Moneyta signal set · 2026-09-02weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
As of 2026-09-02T13:45:47.228469+00:00, the security has a 0.1% weight in the iShares Core S&P 500 ETF (IVV).
ETF constituents · market dataThere are five Form 4 filings listed with filed dates 2026-08-14 (three entries), 2026-08-18, and 2026-08-31.
Form 4 × 5 (90d window not enforced here)Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Multiple outlets reported that Warner Bros. Discovery global streaming chief Jean‑Briac Perrette sold 126,707 shares (reported as a $3.7 million disposal) and still holds a position of over 1 million shares valued at about $30 million.
News · finance.yahoo.com · 2026-09-01The same insider‑sale story appeared in at least two distinct outlets carrying the same facts (finance.yahoo.com and fool.com).
News · fool.com · 2026-09-01Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
David Zaslav (Chief Executive Officer & President) reported sales totaling $29.2M across filings that together show 1,163,171 shares transacted on filings dated 13–14 August 2026, and the filing(s) state a 10b5-1 trading plan.
Form 4 · Zaslav David (Chief Executive Officer & Pres) · $2.0M code M · 2026-08-14Perrette Jean-Briac (President & CEO, Global Streaming) sold $3.7M for 126,707 shares on 27 August 2026.
Form 4 · Perrette Jean-Briac (Pres.&CEO, Global Streaming) · $3.7M sold · 2026-08-27Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The share price used is $28.39 with a market capitalization of $71,278,867,084 as of the price date 2026-09-02.
Valuation inputs · SEC XBRL + stored EOD closeEnterprise value is $99,932,867,084 and the trailing EV/EBITDA multiple is 20.34 based on TTM EBITDA of $4,913,000,000.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several contemporaneous items in the record jointly support a constructive read: sequential operating and net income swings from large Q1 losses to positive operating income and net income in Q2 (fundamentals-1, fundamentals-2, fundamentals-3) indicate recent profitability normalization on a quarterly basis, and long-term debt has meaningfully declined over the period cited (fundamentals-5), which reduces leverage headwinds embedded in enterprise value metrics. Market signals show strong 12‑month momentum and high cross-sectional momentum rank alongside low recent volatility (market-0, market-1, market-3), while documented institutional purchases and ETF inclusion (news-3, ownership-0) provide demand-side context. These elements together form a coherent set of company-specific operational improvement, balance-sheet de‑risking, and favorable market positioning that support a favorable informational read. The bear case points — revenue year-over-year decline, insider sales, falling cash, negative trailing FCF and operating income, and large net debt — rest on slices of data that are either one-period comparisons, aggregate accounting effects, or circumstantial (insider filings include a disclosed 10b5‑1 plan and some Form 4 parses are non‑final), lowering their standalone evidentiary weight versus the contemporaneous profitability and debt-reduction items.
Chair's verdict, claim by claim
Fragility · computed, not argued
diversified0.24
38 surviving claims rest on 24 distinct sources; the heaviest analyst carries 18% of them, and 97% of what the desk raised survived the debate.
The surviving set draws on a moderate breadth of sources, which supports credibility, but one analyst carries a meaningful share of the interpretation and the debate retained almost all proposed claims — a pattern that can indicate strong corroboration or potential confirmation bias. Overall, the read is usable for educational analysis but should be down-weighted slightly for decisions because analyst dependence and high survivorship reduce the independence of the evidence.
Peer context · computed, not argued
12-1 momentum ranks 1st of 10 in Entertainment (as of 2026-09-02).
6-month relative strength ranks 8th of 10 in Entertainment (as of 2026-09-02).
90-day volatility ranks 10th of 10 in Entertainment (as of 2026-09-02).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
12 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+0.1 to the score
5 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.2 to the score
2 holdings records
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.3 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
5 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot−1.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on WBD Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.