Stock Analysis on Net
Stock Analysis on Net

Warner Bros. Discovery Inc. (NASDAQ:WBD)

$22.49

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

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Paying user area

Try for free

Warner Bros. Discovery Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Warner Bros. Discovery Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Advertising
Distribution
Other
Revenues
Costs of revenues, excluding depreciation and amortization
Gross profit
Selling, general and administrative
Depreciation and amortization
Impairment of goodwill and other intangible assets
Restructuring and other charges
Gain (loss) on disposition
Operating income
Interest expense, net
Loss on extinguishment of debt
Loss from equity investees, net
Foreign currency gains (losses), net
Gains (losses) on derivative instruments, net
Interest income
Gain on sale of investment with readily determinable fair value
Change in the value of equity investments without readily determinable fair value
Change in the value of investments with readily determinable fair value
Expenses from debt modification
Other income, net
Other income (expense), net
Income (loss) before income taxes
Income tax expense
Net income (loss)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests
Net income (loss) available to Discovery, Inc.

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The financial data indicates significant fluctuations and overall growth patterns across the analyzed periods.

Revenues and profitability
Revenues increased steadily from 6873 million USD in 2017 to 12191 million USD in 2021, showing robust top-line growth. Gross profit followed a similar upward trend, rising from 4217 million USD in 2017 to 7571 million USD in 2021, although gross profit experienced a dip in 2020 compared to 2019.
Cost structure
Costs of revenues, excluding depreciation and amortization, increased consistently from -2656 million USD in 2017 to -4620 million USD in 2021, reflecting higher expenses aligned with revenue growth. Advertising and distribution expenses also grew substantially, nearly doubling in advertising costs from 3073 million USD to 6215 million USD over the period, indicating increased investment in promotional activities and distribution channels.
Operating expenses
Selling, general and administrative expenses rose considerably, especially notable in 2021 when they surged to -4016 million USD from -2722 million USD in 2020. Depreciation and amortization remained fairly stable after a sharp increase in 2018, with a slight upward trend into 2021. Impairment charges showed irregular patterns, with a significant charge of -1327 million USD in 2017, a smaller charge in 2019, and no recorded impairments in other years.
Operating income
Operating income improved markedly from 713 million USD in 2017 to a peak of 3009 million USD in 2019, before declining to 2012 million USD in 2021. The decline post-2019 coincides with increased selling and administrative expenses as well as slight increases in depreciation and amortization.
Net interest and other financial items
Interest expense, net, remained relatively stable around the -600 to -700 million USD range, decreasing slightly to -633 million USD in 2021. Other financial components such as losses on extinguishment of debt, losses from equity investees, and gains/losses on derivative instruments exhibited volatility but often had modest impacts relative to operating income.
Income taxes and net income
Income tax expenses fluctuated, peaking at -373 million USD in 2020 but decreasing to -236 million USD in 2021. Net income showed a remarkable recovery from a loss of -313 million USD in 2017 to a peak of 2213 million USD in 2019, followed by declines in 2020 and 2021 with net income of 1355 million USD and 1197 million USD respectively. The trend reflects variability in operating income and tax expenses, with net income remaining positive from 2018 onward.
Noncontrolling interests
Net income attributable to noncontrolling interests became more negative over time, increasing in magnitude from -24 million USD in 2017 to -191 million USD in 2021, indicating a growing proportion of income attributable to minority interests adversely affecting earnings available to controlling shareholders.

Overall, the data reveals a period of revenue growth with expanded marketing and distribution efforts. While profitability improved significantly post-2017, there were pressures from increasing operating expenses, particularly administrative costs and depreciation. The operating income peak in 2019 was followed by declines, yet net income remained positive through 2021. The negatively increasing noncontrolling interests and volatile impairment and other non-operating items suggest some earnings quality considerations.