Warner Bros. Discovery (WBD) delivered mixed results in Q2 FY2026 on revenue of $8.7B versus the $9.3B estimate (-11.2% YoY) and EPS of $0.06. The next Warner Bros. Discovery (WBD) earnings date is Nov 5, 2026. Below is the full Warner Bros. Discovery earnings breakdown — the risk-adjusted verdict, price forecast, technicals, options and hedge-fund 13F holdings, decoded in plain English.
Warner Bros. Discovery (WBD) Earnings Analysis — key stats
Next earnings date
Nov 5, 2026
Latest reported quarter
Q2 FY2026
Earnings verdict
Mixed
EPS beat rate
4 of last 8 (quarters above estimate)
Avg next-day move
±5.7% (over the last 8 reports)
Post-earnings direction
Up 4 / Down 4 (of the last 8 reports)
Implied move (next report)
±12.0% (options-derived · into Nov 5, 2026)
Institutional ownership
78.5% (13F as of 2026-06-30)
Top 10 holders
37.5% (of shares outstanding)
Insider activity
3 buys / 9 sells (recent Form 4 filings)
Revenue
$8.7B (vs $9.3B est · -5.8% surprise · -11.2% YoY)
EPS
$0.06 (vs $-0.14 est · +142.7% surprise · -90.6% YoY)
Share price
$27.99 (+0.9%)
Market cap
$70.2B
Warner Bros. Discovery (WBD) Earnings Analysis — beat / miss history
Quarter
Revenue
EPS
EPS surprise
Next-day move
Verdict
Q3 FY2026
$8.7B vs $9.3B est
$0.06 vs $-0.14 est
+142.7%
+3.1%
Mixed
Q2 FY2026
$8.9B vs $8.9B est
$-1.17 vs $-0.11 est
-975.4%
-0.4%
Mixed
Q1 FY2026
$9.5B vs $9.4B est
$-0.10 vs $-0.03 est
-209.8%
-2.5%
Mixed
Q4 FY2025
$9.0B vs $9.2B est
$-0.06 vs $-0.07 est
+11.6%
-0.4%
Mixed
Q3 FY2025
$9.8B vs $9.8B est
$0.63 vs $-0.24 est
+362.8%
-14.7%
Mixed
Q2 FY2025
$9.0B vs $9.6B est
$-0.18 vs $-0.17 est
-3.8%
+6.0%
Miss
Q1 FY2025
$10.0B vs $10.2B est
$-0.20 vs $-0.03 est
-658.4%
+9.1%
Mixed
Q4 FY2024
$9.6B vs $9.8B est
$0.05 vs $-0.09 est
+155.6%
+9.5%
Mixed
Top institutional holders
Holder
% outstanding
Shares
Value
QoQ change
Blackrock, INC.
7.9%
198.1M
$5.3B
+1.7%
Vanguard Capital Management LLC
6.4%
158.6M
$4.2B
+1.1%
State Street Corp
5.2%
128.4M
$3.4B
+0.7%
Undisclosed filer
4.2%
105.1M
$2.8B
+1.6%
Invesco Ltd.
3.2%
80.1M
$2.1B
+53.9%
Geode Capital Management, LLC
2.8%
69.9M
$1.9B
-0.1%
Millennium Management LLC
2.3%
57.7M
$1.5B
+31.2%
Pentwater Capital Management LP
1.9%
47.6M
$1.3B
-5.3%
Fmr LLC
1.8%
45.3M
$1.2B
+39.4%
Citadel Advisors LLC
1.8%
44.6M
$1.2B
+51.8%
Recent insider transactions
Insider
Role
Date
Type
Shares
Value
Merchant Fazal F
director
2026-08-13
Sell
72K
$2.0M
FISHER RICHARD W
director
2026-08-12
Sell
20K
$549200
Zaslav David
director, officer: Chief Executive Officer & Pres
2024-08-22
Sell
153
$1155
Zeiler Gerhard
officer: President, International
2026-08-10
Buy
202K
$3.0M
Zeiler Gerhard
officer: President, International
2026-08-10
Buy
197K
$1.7M
Zeiler Gerhard
officer: President, International
2026-08-10
Buy
93K
$1.0M
Zeiler Gerhard
officer: President, International
2026-08-10
Sell
202K
$5.5M
Zeiler Gerhard
officer: President, International
2026-08-10
Sell
197K
$5.3M
What you'll find
Next Warner Bros. Discovery (WBD) earnings date, the expected move and the estimates priced in
A clear Beat / Miss / In-line / Mixed verdict the moment Warner Bros. Discovery reports
Revenue & EPS versus estimates, guidance and segment trends
Multi-lens price forecast — analyst, quant, technical and options views
Deep research: red flags, risk decoder and earnings-call sentiment
Technicals, options / implied volatility and unusual-activity signals
Hedge-fund and legendary-investor 13F holdings in Warner Bros. Discovery (WBD)
Side-by-side peer and historical earnings comparison
Frequently asked questions
When is Warner Bros. Discovery's next earnings date?
Warner Bros. Discovery's (WBD) next scheduled earnings date is Nov 5, 2026. Magnisto shows the confirmed date, the options-implied expected move and the revenue and EPS estimates Wall Street is modeling into the report.
Did Warner Bros. Discovery (WBD) beat or miss earnings?
In Q2 FY2026, Warner Bros. Discovery (WBD) posted mixed results — revenue of $8.7B versus the $9.3B estimate (-5.8% surprise) and EPS of $0.06 versus $-0.14 expected (+142.7% surprise). Magnisto decodes every Warner Bros. Discovery (WBD) report into a clear Beat, Miss, In-line or Mixed verdict and checks whether guidance was raised, held or cut.
How often does Warner Bros. Discovery beat earnings estimates?
Over its last 8 reported quarters, Warner Bros. Discovery (WBD) beat Wall Street EPS estimates 4 times, most recently a mixed result in Q3 FY2026. Magnisto tracks every Warner Bros. Discovery (WBD) quarter's revenue and EPS versus consensus and grades each one Beat, Miss, In-line or Mixed at a unified ±2% threshold.
How much does Warner Bros. Discovery stock move after earnings?
Over its last 8 quarterly reports, Warner Bros. Discovery (WBD) moved an average of ±5.7% the day after earnings — ranging from -14.7% (Q3 FY2025) to +9.5% (Q4 FY2024). The stock rose after 4 of those 8 reports and fell after 4. Heading into its next report on Nov 5, 2026, options-implied volatility is pricing in a move of roughly ±12.0% (derived). Magnisto tracks the realized post-earnings move for every Warner Bros. Discovery (WBD) quarter alongside the beat/miss verdict — past moves don't predict the next one.
Who are the largest shareholders of Warner Bros. Discovery?
Institutions hold about 78.5% of Warner Bros. Discovery's (WBD) shares outstanding as of the 2026-06-30 13F quarter. Its largest institutional holders include Blackrock, INC. (7.9%), Vanguard Capital Management LLC (6.4%), State Street Corp (5.2%). Magnisto lists Warner Bros. Discovery's (WBD) top 13F holders with each stake size and its quarter-over-quarter change.
Are insiders buying or selling Warner Bros. Discovery (WBD)?
In the most recent Form 4 filings Magnisto tracks, Warner Bros. Discovery (WBD) insiders recorded 3 purchases and 9 sales — net selling. Insider transactions are one signal among many and are often routine (option exercises or scheduled 10b5-1 sales), so Magnisto shows the raw feed for you to judge.
What is the forecast for Warner Bros. Discovery (WBD) stock?
Magnisto blends analyst price targets, quantitative research, technical trend and options-implied moves into a scenario range for Warner Bros. Discovery (WBD), anchored to the current $27.99 share price, so you can weigh the bull, base and bear cases for Warner Bros. Discovery side by side.
Is Warner Bros. Discovery (WBD) a buy right now?
Magnisto does not give buy or sell tips. It gives you the institutional-grade evidence — the verdict, valuation, risks, technicals and hedge-fund 13F flows — so you can decide whether Warner Bros. Discovery fits your own thesis and risk profile. This is research, not investment advice.