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Stock Analysis on Net

Warner Bros. Discovery Inc. (NASDAQ:WBD)

This company has been moved to the archive! The financial data has not been updated since November 4, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Warner Bros. Discovery Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Accounts payable 1.13 0.98 1.54 1.20 0.00 0.00 0.00 1.16 1.21 1.11 1.26 1.37 1.16 0.96 0.97 1.00 0.85 0.90 0.82 1.23 1.09 1.37 1.26
Accrued liabilities 7.50 7.23 5.82 6.48 6.88 6.29 6.33 5.26 4.73 4.86 4.41 4.97 4.45 4.64 4.74 4.80 4.93 4.40 4.99 5.80 4.72 5.86 6.35
Deferred revenues 1.24 1.17 0.83 1.39 1.82 2.33 1.97 1.63 1.30 0.79 1.13 1.45 1.17 0.87 0.73 0.76 0.92 0.83 0.86 1.13 1.03 1.20 1.22
Current portion of debt 0.92 0.77 2.35 0.98 1.02 1.69 1.04 0.98 1.00 1.02 1.82 1.81 1.86 4.98 4.28 5.71 5.02 1.93 0.44 0.13 0.14 0.65 0.83
Current liabilities 10.79% 10.15% 10.54% 10.05% 9.72% 10.31% 9.34% 9.04% 8.24% 7.79% 8.61% 9.60% 8.64% 11.45% 10.71% 12.28% 11.73% 8.05% 7.11% 8.30% 6.98% 9.08% 9.67%
Noncurrent portion of debt, net 35.73 36.13 40.25 41.89 42.07 41.83 43.64 44.21 44.80 45.16 45.72 43.90 44.96 43.80 46.10 46.65 48.09 52.80 55.44 65.42 63.41 50.52 50.25
Deferred income taxes 9.05 9.61 3.29 3.56 3.64 4.19 4.37 4.50 4.49 4.42 4.64 5.01 4.95 4.89 5.24 5.56 5.78 5.88 5.75 1.41 1.32 2.29 2.70
Other noncurrent liabilities 7.62 6.89 5.79 5.60 5.54 5.18 5.25 5.92 6.45 6.97 6.87 6.01 6.18 5.40 4.85 3.20 3.31 3.31 2.80 2.60 1.93 2.43 2.18
Noncurrent liabilities 52.40% 52.63% 49.34% 51.04% 51.24% 51.19% 53.26% 54.63% 55.75% 56.55% 57.24% 54.93% 56.08% 54.09% 56.19% 55.41% 57.18% 61.98% 64.00% 69.43% 66.66% 55.24% 55.13%
Total liabilities 63.19% 62.78% 59.87% 61.09% 60.96% 61.51% 62.60% 63.67% 63.99% 64.34% 65.85% 64.53% 64.73% 65.53% 66.90% 67.69% 68.91% 70.03% 71.11% 77.73% 73.64% 64.31% 64.80%
Redeemable noncontrolling interests 0.23 0.23 0.99 1.05 1.04 1.03 1.06 1.12 1.32 1.34 1.32 1.31 1.36 1.31 1.36 1.27 1.26 1.22 1.21 1.83 1.56 1.47 1.57
Series A common stock: $0.01 par value 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Preferred stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Discovery Series A-1 convertible preferred stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
Discovery Series C-1 convertible preferred stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
Discovery Series A common stock: $0.01 par value 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01
Discovery Series B convertible common stock: $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Discovery Series C common stock: $0.01 par value 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.02 0.02 0.02 0.01 0.01 0.02 0.02 0.02 0.03
Additional paid-in capital 40.09 38.27 32.90 32.20 32.18 31.82 32.57 31.71 32.37 32.63 32.26 31.86 32.65 31.46 32.89 32.71 32.29 31.62 30.52 32.34 31.43 44.44 45.05
Treasury stock, at cost -6.06 -5.80 -24.39 -23.95 -24.02 -23.85 -24.52 -24.19 -24.30 -23.87 -23.65 -21.86 -21.44 -19.91 -20.77 -20.70 -20.47 -20.12 -19.44 -29.87 -29.11 -41.72 -40.95
Retained earnings 3.17 4.65 29.68 27.83 27.75 27.07 25.82 25.06 24.76 24.12 23.10 21.74 20.90 19.55 17.45 16.14 15.14 14.53 13.44 20.54 25.00 35.27 33.93
Accumulated other comprehensive loss -1.56 -1.02 -2.80 -2.41 -2.09 -1.69 -1.73 -1.91 -2.69 -3.09 -3.36 -2.44 -3.13 -2.70 -2.76 -2.41 -2.32 -2.36 -1.77 -2.59 -2.53 -3.82 -4.44
Total Warner Bros. Discovery, Inc. stockholders’ equity 35.66% 36.12% 35.41% 33.69% 33.83% 33.37% 32.16% 30.70% 30.17% 29.82% 28.36% 29.32% 29.00% 28.43% 26.84% 25.76% 24.66% 23.70% 22.76% 20.44% 24.80% 34.22% 33.63%
Noncontrolling interests 0.92 0.87 3.72 4.17 4.16 4.09 4.18 4.51 4.52 4.51 4.47 4.84 4.92 4.73 4.91 5.27 5.17 5.05 4.92 0.00 0.00 0.00 0.00
Total equity 36.58% 36.99% 39.13% 37.86% 38.00% 37.46% 36.34% 35.20% 34.68% 34.33% 32.83% 34.16% 33.92% 33.15% 31.75% 31.04% 29.83% 28.74% 27.68% 20.44% 24.80% 34.22% 33.63%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The financial structure exhibits a significant transition in capital composition over the observed period, moving from a period of high leverage in late 2017 toward a more balanced distribution of equity and liabilities by late 2022. Total liabilities peaked at 77.73% of total liabilities and equity in December 2017 before trending generally downward to stabilize around 63% by September 2022.

Debt and Noncurrent Liability Trends
The most prominent component of the liability structure is the noncurrent portion of debt. This item reached a high of 65.42% in December 2017 but underwent a consistent long-term decline, falling to 35.73% by September 2022. This suggests a systematic reduction in long-term debt relative to the total balance sheet. Conversely, other noncurrent liabilities showed a gradual increase, rising from approximately 2% in 2017 to 7.62% by the end of the period. A notable spike in deferred income taxes is observed in mid-2022, where values jumped from approximately 3% to over 9%.
Current Liability Analysis
Current liabilities remained relatively stable, generally fluctuating between 7% and 12% of the total balance sheet. Accrued liabilities maintained a consistent presence, typically ranging between 4% and 7%, with a slight increase observed toward the end of the period, reaching 7.50% in September 2022. Accounts payable and deferred revenues remained minimal, rarely exceeding 2% of the total capital structure.
Equity Evolution and Capital Reorganization
Total equity demonstrated a general upward trajectory, rising from a low of 20.44% in December 2017 to a peak of 39.13% in March 2022. However, the composition of equity shifted dramatically in the second quarter of 2022. Retained earnings, which had grown steadily from 13.44% in early 2018 to 29.68% in March 2022, plummeted to 3.17% by September 2022. This decline was offset by a sharp increase in additional paid-in capital, which rose from 32.90% to 40.09% in the same timeframe. Additionally, treasury stock as a percentage of total liabilities and equity significantly decreased from approximately -24% to -6.06% during 2022, indicating a major reorganization of the equity base.
Overall Solvency and Leverage Position
The company's leverage profile improved as the total equity percentage increased and the reliance on long-term debt decreased. The transition in 2022 suggests a significant corporate event that redistributed equity from retained earnings and treasury stock into paid-in capital, while maintaining a total equity position in the mid-30% range.

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