How Warner Bros. Discovery makes money

Period

FY2025

How does Warner Bros. Discovery make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Warner Bros. Discovery Inc. Series A Common Stock · FY2025 · year ended 2025-12-31

Revenue$38.4BGross profit$37.3B · 100%Cost of revenue$0 · 0%Operating income$738M · 2%Operating expenses$36.6B · 98%SG&A$9.4B · 25%Other opex$27.1B · 73%Pre-tax income$1.6B · 4%Other income$879M · 2%Net income$727M · 2%Income tax$890M · 2%Distribution Revenue$19.3B · 52%Product & Service Content$9.6B · 26%Advertising$7.3B · 20%Service Other$1.1B · 3%Product & Service Other$1.1B · 3%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.