← Warner Bros. Discovery, Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $1.2b ($337.0m) $594.0m $2.1b $1.2b $1.0b ($7.4b) ($3.1b) ($11.3b) $727.0m
Net Income (Loss) Available to Common Stockholders, Basic $916.0m ($296.0m) $529.0m $1.8b $1.1b $912.0m ($7.4b) ($3.1b) ($11.3b) $728.0m
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $1.2b ($313.0m) — — — — — — — —
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $1.2b ($313.0m) $681.0m $2.2b $1.4b $1.2b ($7.3b) ($3.1b) ($11.5b) $749.0m
Amortization of Intangible Assets $183.0m $180.0m $1.2b $1.1b $1.1b $1.3b $6.2b $6.9b $5.9b $4.6b
Content rights amortization and impairment $1.8b $1.9b $3.3b $2.9b $3.0b $3.5b $14.2b $16.0b $13.9b $11.9b
Depreciation $322.0m $330.0m $1.4b $207.0m $267.0m $311.0m $957.0m $1.1b $1.1b $1.1b
Depreciation, Depletion and Amortization $322.0m $330.0m $1.4b $1.3b $1.4b $1.6b $7.2b $8.0b $7.0b $5.7b
Deferred Income Tax Expense (Benefit) ($27.0m) ($199.0m) ($131.0m) ($504.0m) ($186.0m) ($511.0m) ($2.8b) ($2.3b) ($1.7b) ($710.0m)
Deferred income taxes ($27.0m) ($199.0m) ($131.0m) ($504.0m) ($186.0m) ($511.0m) ($2.8b) ($2.3b) ($1.7b) ($710.0m)
Content restructuring impairments and write-offs — — — — $0 $0 $2.8b $115.0m $165.0m $0
Equity Method Investment, Other than Temporary Impairment — — $29.0m $4.0m $8.0m — — — — —
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount — — — — — — — — $27.0m $17.0m
Goodwill and Intangible Asset Impairment — — — — $124.0m $0 — — — —
Goodwill, Impairment Loss $0 $1.3b $0 $155.0m $121.0m — $0 — $9.1b —
Impairments and loss on dispositions — — — — — ($71.0m) $116.0m $0 $9.6b $172.0m
Payment, Tax Withholding, Share-based Payment Arrangement $11.0m $30.0m $18.0m — — — — — — —
Restructuring Costs and Asset Impairment Charges $58.0m $75.0m $750.0m $26.0m $91.0m $32.0m $2.8b $115.0m $165.0m $0
Share-based Payment Arrangement, Expense $69.0m $39.0m $80.0m $142.0m $110.0m $178.0m $412.0m $500.0m $557.0m $769.0m
Share-based Payment Arrangement, Noncash Expense $69.0m $39.0m $80.0m $142.0m $110.0m $178.0m $412.0m $500.0m $557.0m $769.0m
Share-based compensation expense $69.0m $39.0m $80.0m $142.0m $110.0m $178.0m $412.0m $500.0m $557.0m $769.0m
Equity Method Investment, Realized Gain (Loss) on Disposal — — — $13.0m $2.0m — $195.0m $0 $194.0m $0
Equity in losses of equity method investee companies and cash distributions $44.0m $223.0m $138.0m $62.0m $167.0m $63.0m $211.0m $157.0m $167.0m $75.0m
Gain (Loss) on Disposition of Property Plant Equipment — — — — ($2.0m) — — — — —
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property $63.0m ($4.0m) $84.0m $0 ($2.0m) $71.0m — — — —
Gain (Loss) on Extinguishment of Debt $0 ($54.0m) $0 ($28.0m) ($76.0m) ($10.0m) $0 $17.0m $632.0m $2.9b
Gain on extinguishment of debt $0 $54.0m $0 $28.0m $76.0m $10.0m $0 ($17.0m) ($632.0m) ($2.9b)
Income (Loss) from Equity Method Investments ($38.0m) ($211.0m) ($63.0m) ($2.0m) ($105.0m) ($18.0m) ($160.0m) ($82.0m) ($121.0m) ($24.0m)
Income Tax Expense (Benefit) $453.0m $176.0m $341.0m $81.0m $373.0m $236.0m ($1.7b) ($784.0m) $94.0m $890.0m
Interest Expense Nonoperating — — — — — — — — $2.0b $2.1b
Investments in and advances to equity investments $272.0m $444.0m ($61.0m) ($254.0m) ($181.0m) ($184.0m) ($168.0m) ($112.0m) ($109.0m) ($100.0m)
Other Nonoperating Income (Expense) $4.0m ($110.0m) ($120.0m) ($8.0m) $42.0m $82.0m $347.0m ($12.0m) $150.0m $65.0m
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions ($44.0m) ($223.0m) ($138.0m) ($62.0m) ($167.0m) ($63.0m) ($211.0m) ($157.0m) ($167.0m) ($75.0m)
Additional Financial Items
Accounts Receivable, Credit Loss Expense (Reversal) — — — — $30.0m — — — — —
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities ($12.0m) $265.0m ($74.0m) $122.0m ($131.0m) $185.0m $1.5b ($820.0m) ($529.0m) $108.0m
Borrowings under commercial paper program and revolving credit facility — — — — $0 $0 $2.3b $3.9b $14.2b $4.2b
Cash used for business acquisitions $0 ($60.0m) ($8.6b) ($73.0m) ($39.0m) ($2.0m) $3.6b ($50.0m) $0 $0
Cash used in financing activities ($1.2b) $6.0b ($283.0m) ($2.4b) ($1.5b) ($853.0m) ($7.7b) ($5.8b) ($3.7b) ($4.2b)
Cash used in investing activities ($256.0m) ($633.0m) ($8.6b) ($438.0m) ($703.0m) ($56.0m) $3.5b ($1.3b) ($349.0m) ($1.2b)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal $63.0m ($4.0m) $84.0m $0 $0 $71.0m — — — —
Equity Securities, FV-NI, Gain (Loss) — — — — $129.0m $9.0m ($78.0m) — — —
Equity Securities, FV-NI, Realized Gain (Loss) — — — — $101.0m $15.0m $0 $0 — —
Equity Securities, FV-NI, Unrealized Gain (Loss) — — — — $28.0m ($6.0m) ($78.0m) — — —
Film and television content rights, games and production payables, net — — — — — ($3.4b) ($12.6b) ($12.3b) ($12.3b) ($11.4b)
Foreign Currency Transaction Gain (Loss), before Tax $75.0m ($83.0m) ($93.0m) $17.0m ($115.0m) $93.0m ($150.0m) ($173.0m) ($323.0m) $8.0m
Foreign currency, prepaid expenses and other assets, net ($101.0m) $25.0m $49.0m ($32.0m) ($20.0m) ($88.0m) ($130.0m) $824.0m ($260.0m) $327.0m
Gain (Loss) on Investments — — ($88.0m) ($26.0m) $28.0m ($6.0m) ($105.0m) $37.0m ($1.0m) $10.0m
Gain (Loss) on Sale of Derivatives — — $0 $14.0m — — — — — —
Gain from derivative instruments, net $3.0m $98.0m ($15.0m) $48.0m ($36.0m) $49.0m ($501.0m) ($151.0m) ($16.0m) ($93.0m)
Goodwill $8.0b $7.1b $13.0b $13.1b $13.1b $12.9b $34.4b $35.0b $25.7b $25.9b
Other, net $50.0m $85.0m $141.0m $42.0m $14.0m $105.0m $435.0m $259.0m $115.0m $69.0m
Payments of Financing Costs — $40.0m $0 — — — — — — —
Principal repayments of debt, including premiums and discounts to par value $0 ($650.0m) ($16.0m) ($2.7b) ($2.2b) ($574.0m) ($1.3b) ($2.9b) ($5.0b) ($22.7b)
Principal repayments of finance and other lease obligations — — — — — — — $132.0m $142.0m $202.0m
Principal repayments of term loans $0 $0 ($2.0b) $0 $0 $0 ($6.0b) ($4.0b) $0 $0
Proceeds from Stock Options Exercised $46.0m $42.0m $68.0m $17.0m $8.0m $159.0m $1.0m $0 $0 $30.0m
Proceeds from derivative instruments, net $0 ($101.0m) ($2.0m) $54.0m $85.0m ($86.0m) $752.0m $121.0m $136.0m $26.0m
Receivables, net ($25.0m) ($258.0m) ($84.0m) ($7.0m) $105.0m $47.0m $181.0m $312.0m $1.0b ($336.0m)
Repayments under commercial paper program and revolving credit facility — — — — $0 $0 ($2.3b) ($3.9b) ($14.2b) ($4.2b)
Unrealized Gain (Loss) on Derivatives — — — ($62.0m) — — — — — —
Derivative, Gain (Loss) on Derivative, Net ($3.0m) ($98.0m) $50.0m ($52.0m) $36.0m — $501.0m $151.0m $16.0m $93.0m
Net Cash Provided by (Used in) Operating Activities $1.4b $1.6b $2.6b $3.4b $2.7b $2.8b $4.3b $7.5b $5.4b $4.3b
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $88.0m $135.0m $147.0m $289.0m $402.0m $373.0m $987.0m $1.3b $948.0m $1.2b
Payments to Acquire Businesses, Net of Cash Acquired $0 $60.0m $8.6b $73.0m $39.0m $2.0m — $50.0m $0 $0
Payments to Acquire Investments $272.0m — $61.0m — — — — — — —
Gain (Loss) on Sale of Investments — — $0 ($10.0m) $103.0m $19.0m $199.0m $0 $227.0m $4.0m
Gain on sale of investments — — $0 ($10.0m) ($103.0m) ($19.0m) ($199.0m) $0 ($227.0m) ($4.0m)
Proceeds from sales and maturities of investments — $0 $0 $125.0m $69.0m $599.0m $306.0m $0 $541.0m $54.0m
Other investing activities, net ($2.0m) $1.0m $6.0m ($5.0m) $100.0m $93.0m $9.0m $98.0m $31.0m $72.0m
Payments for (Proceeds from) Other Investing Activities $2.0m ($1.0m) ($6.0m) $5.0m ($100.0m) ($93.0m) ($9.0m) ($98.0m) ($31.0m) ($72.0m)
Net Cash Provided by (Used in) Investing Activities ($256.0m) ($633.0m) ($8.6b) ($438.0m) ($703.0m) ($56.0m) $3.5b ($1.3b) ($349.0m) ($1.2b)
Cash flows from financing activities:
Borrowings from debt, net of discount and issuance costs $498.0m $7.5b $0 $1.5b $2.0b $0 $0 $1.5b $1.6b $18.3b
Proceeds from Issuance of Long-term Debt $498.0m $7.5b $0 $1.5b $2.0b $0 $0 $1.5b $1.6b $18.3b
Payments for Repurchase of Common Stock — — $0 — — — — — — —
Distributions to noncontrolling interests and redeemable noncontrolling interests ($22.0m) ($30.0m) ($76.0m) ($250.0m) ($254.0m) ($251.0m) ($300.0m) ($301.0m) ($193.0m) ($198.0m)
Proceeds for noncontrolling interest in joint venture — — — — — — — $0 $0 $633.0m
Purchase of redeemable noncontrolling interest $0 $0 — — — $0 $0 ($49.0m) $0 $0
Other financing activities, net ($13.0m) ($82.0m) ($12.0m) $6.0m ($112.0m) ($28.0m) ($125.0m) ($116.0m) ($130.0m) ($115.0m)
Proceeds from (Payments for) Other Financing Activities ($13.0m) ($82.0m) ($12.0m) $6.0m ($112.0m) ($28.0m) ($125.0m) ($116.0m) ($130.0m) ($115.0m)
Net Cash Provided by (Used in) Financing Activities ($1.2b) $6.0b ($283.0m) ($2.4b) ($1.5b) ($853.0m) ($7.7b) ($5.8b) ($3.7b) ($4.2b)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — $62.0m ($23.0m) ($38.0m) $83.0m ($106.0m) ($61.0m) $8.0m ($180.0m) $254.0m
Effect of exchange rate changes on cash, cash equivalents, and restricted cash — $62.0m ($23.0m) ($38.0m) $83.0m ($106.0m) ($61.0m) $8.0m ($180.0m) $254.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — $62.0m ($23.0m) $566.0m $570.0m $1.8b $25.0m $389.0m $1.1b ($846.0m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — $62.0m ($23.0m) $1.6b $2.1b $3.9b $3.9b $4.3b $5.4b $4.6b
Cash, cash equivalents, and restricted cash, beginning of period — $7.3b $986.0m $1.6b $2.1b $3.9b $3.9b $4.3b $5.4b $4.6b
Net change in cash, cash equivalents, and restricted cash — $7.0b ($6.3b) $566.0m $570.0m $1.8b $25.0m $389.0m $1.1b ($846.0m)
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities — — $740.0m — — — — — — —
Income Taxes Paid, Net $527.0m $274.0m $389.0m $562.0m $641.0m $643.0m $1.0b $1.4b $1.1b $1.9b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.