Warner Bros. Discovery annual operating margin
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2025
Warner Bros. Discovery Operating Margin Growth & History (WBD)
Warner Bros. Discovery's operating margin was 1.98% for fiscal 2025.
View full Warner Bros. Discovery company overviewWarner Bros. Discovery annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 1.98% | +27.49 pp |
| 2024 | 2024-12-31 | −25.51% | −21.77 pp |
| 2023 | 2023-12-31 | −3.75% | +18.05 pp |
| 2022 | 2022-12-31 | −21.79% | −38.30 pp |
| 2021 | 2021-12-31 | 16.50% | −7.06 pp |
| 2020 | 2020-12-31 | 23.57% | −3.43 pp |
| 2019 | 2019-12-31 | 27.00% | +8.67 pp |
| 2018 | 2018-12-31 | 18.33% | +7.95 pp |
| 2017 | 2017-12-31 | 10.37% | −21.30 pp |
| 2016 | 2016-12-31 | 31.68% | +0.63 pp |
| 2015 | 2015-12-31 | 31.04% | −1.85 pp |
| 2014 | 2014-12-31 | 32.90% | −2.78 pp |
| 2013 | 2013-12-31 | 35.68% | −5.75 pp |
| 2012 | 2012-12-31 | 41.43% | −1.83 pp |
| 2011 | 2011-12-31 | 43.26% | +6.10 pp |
| 2010 | 2010-12-31 | 37.16% | +0.31 pp |
| 2009 | 2009-12-31 | 36.84% | +5.38 pp |
| 2008 | 2008-12-31 | 31.46% | +41.99 pp |
| 2007 | 2007-12-31 | −10.53% | — |
Warner Bros. Discovery quarterly operating margin
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Q3.08
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Q3.09
Q4.09
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Q2.10
Q3.10
Q4.10
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Q2.21
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Q4.21
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Q2.22
Q3.22
Q4.22
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Q2.23
Q3.23
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Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 2.72% | +4.60 pp |
| Q1 2026 | 2026-03-31 | −27.76% | −27.35 pp |
| Q4 2025 | 2025-12-31 | 3.69% | +2.07 pp |
| Q3 2025 | 2025-09-30 | 6.76% | +3.84 pp |
| Q2 2025 | 2025-06-30 | −1.89% | +103.21 pp |
| Q1 2025 | 2025-03-31 | −0.41% | +2.27 pp |
| Q4 2024 | 2024-12-31 | 1.62% | +3.39 pp |
| Q3 2024 | 2024-09-30 | 2.92% | +1.95 pp |
| Q2 2024 | 2024-06-30 | −105.10% | −96.35 pp |
| Q1 2024 | 2024-03-31 | −2.68% | +2.52 pp |
| Q4 2023 | 2023-12-31 | −1.77% | +15.44 pp |
| Q3 2023 | 2023-09-30 | 0.97% | +23.27 pp |
| Q2 2023 | 2023-06-30 | −8.75% | +28.28 pp |
| Q1 2023 | 2023-03-31 | −5.21% | −16.38 pp |
| Q4 2022 | 2022-12-31 | −17.21% | −33.15 pp |
| Q3 2022 | 2022-09-30 | −22.29% | −32.74 pp |
| Q2 2022 | 2022-06-30 | −37.03% | −62.47 pp |
| Q1 2022 | 2022-03-31 | 11.17% | −3.01 pp |
| Q4 2021 | 2021-12-31 | 15.94% | −0.97 pp |
| Q3 2021 | 2021-09-30 | 10.44% | −10.29 pp |
| Q2 2021 | 2021-06-30 | 25.44% | −2.78 pp |
| Q1 2021 | 2021-03-31 | 14.18% | −14.85 pp |
| Q4 2020 | 2020-12-31 | 16.91% | −7.62 pp |
| Q3 2020 | 2020-09-30 | 20.73% | −2.38 pp |
| Q2 2020 | 2020-06-30 | 28.22% | −3.36 pp |
| Q1 2020 | 2020-03-31 | 29.03% | +0.44 pp |
| Q4 2019 | 2019-12-31 | 24.53% | −0.78 pp |
| Q3 2019 | 2019-09-30 | 23.11% | +8.88 pp |
| Q2 2019 | 2019-06-30 | 31.58% | +8.73 pp |
| Q1 2019 | 2019-03-31 | 28.59% | +19.75 pp |
| Q4 2018 | 2018-12-31 | 25.31% | +70.21 pp |
| Q3 2018 | 2018-09-30 | 14.24% | −11.99 pp |
| Q2 2018 | 2018-06-30 | 22.85% | −13.26 pp |
| Q1 2018 | 2018-03-31 | 8.84% | −21.35 pp |
| Q4 2017 | 2017-12-31 | −44.90% | −76.30 pp |
| Q3 2017 | 2017-09-30 | 26.23% | −3.21 pp |
| Q2 2017 | 2017-06-30 | 36.10% | +1.79 pp |
| Q1 2017 | 2017-03-31 | 30.19% | −1.13 pp |
| Q4 2016 | 2016-12-31 | 31.40% | +4.61 pp |
| Q3 2016 | 2016-09-30 | 29.43% | −3.00 pp |
| Q2 2016 | 2016-06-30 | 34.31% | +0.63 pp |
| Q1 2016 | 2016-03-31 | 31.33% | −0.03 pp |
| Q4 2015 | 2015-12-31 | 26.79% | −1.61 pp |
| Q3 2015 | 2015-09-30 | 32.43% | −0.16 pp |
| Q2 2015 | 2015-06-30 | 33.68% | −6.08 pp |
| Q1 2015 | 2015-03-31 | 31.36% | +0.60 pp |
| Q4 2014 | 2014-12-31 | 28.40% | −5.56 pp |
| Q3 2014 | 2014-09-30 | 32.59% | −2.90 pp |
| Q2 2014 | 2014-06-30 | 39.75% | +2.33 pp |
| Q1 2014 | 2014-03-31 | 30.76% | −5.23 pp |
| Q4 2013 | 2013-12-31 | 33.96% | −6.12 pp |
| Q3 2013 | 2013-09-30 | 35.49% | −5.22 pp |
| Q2 2013 | 2013-06-30 | 37.42% | −5.92 pp |
| Q1 2013 | 2013-03-31 | 35.99% | −5.30 pp |
| Q4 2012 | 2012-12-31 | 40.08% | +1.93 pp |
| Q3 2012 | 2012-09-30 | 40.71% | +1.08 pp |
| Q2 2012 | 2012-06-30 | 43.34% | +0.88 pp |
| Q1 2012 | 2012-03-31 | 41.29% | −13.10 pp |
| Q4 2011 | 2011-12-31 | 38.16% | −0.66 pp |
| Q3 2011 | 2011-09-30 | 39.63% | +5.94 pp |
| Q2 2011 | 2011-06-30 | 42.46% | +3.83 pp |
| Q1 2011 | 2011-03-31 | 54.39% | +21.94 pp |
| Q4 2010 | 2010-12-31 | 38.82% | +6.71 pp |
| Q3 2010 | 2010-09-30 | 33.69% | +7.29 pp |
| Q2 2010 | 2010-06-30 | 38.63% | −18.83 pp |
| Q1 2010 | 2010-03-31 | 32.45% | +1.31 pp |
| Q4 2009 | 2009-12-31 | 32.11% | — |
| Q3 2009 | 2009-09-30 | 26.40% | −8.63 pp |
| Q2 2009 | 2009-06-30 | 57.46% | +33.95 pp |
| Q1 2009 | 2009-03-31 | 31.14% | — |
| Q3 2008 | 2008-09-30 | 35.03% | — |
| Q2 2008 | 2008-06-30 | 23.50% | — |
Warner Bros. Discovery operating margin trends
Over the last five fiscal years, Warner Bros. Discovery's operating margin decreased from 23.57% to 1.98%, a change of −21.59 percentage points. The latest reported quarter, Q2 2026, shows 2.72%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Warner Bros. Discovery source filings ↗Community posts
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