Income Statement
Quarterly Data

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.

Warner Bros. Discovery Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Advertising	2,042)	2,721)	1,476)	1,705)	1,458)	1,637)	1,415)	1,602)	1,306)	1,273)	1,402)	1,597)	1,413)	1,619)	1,415)	1,574)	1,365)	1,563)	1,012)	876)	705)	805)	687)
Distribution	4,990)	4,838)	1,352)	1,352)	1,379)	1,368)	1,310)	1,219)	1,199)	1,225)	1,223)	1,204)	1,201)	1,206)	1,224)	1,149)	1,152)	1,186)	1,051)	881)	881)	857)	855)
Content	2,531)	2,064)	323)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	260)	204)	8)	130)	313)	57)	67)	65)	56)	43)	58)	73)	64)	60)	68)	86)	75)	96)	244)	107)	65)	83)	71)
Revenues	9,823)	9,827)	3,159)	3,187)	3,150)	3,062)	2,792)	2,886)	2,561)	2,541)	2,683)	2,874)	2,678)	2,885)	2,707)	2,809)	2,592)	2,845)	2,307)	1,864)	1,651)	1,745)	1,613)
Costs of revenues, excluding depreciation and amortization	(5,627)	(6,625)	(1,236)	(1,067)	(1,529)	(1,055)	(969)	(1,129)	(1,003)	(810)	(918)	(1,037)	(914)	(938)	(930)	(946)	(934)	(995)	(1,060)	(745)	(670)	(634)	(607)
Gross profit	4,196)	3,202)	1,923)	2,120)	1,621)	2,007)	1,823)	1,757)	1,558)	1,731)	1,765)	1,837)	1,764)	1,947)	1,777)	1,863)	1,658)	1,850)	1,247)	1,119)	981)	1,111)	1,006)
Selling, general and administrative	(2,589)	(3,538)	(1,040)	(1,069)	(944)	(952)	(1,051)	(809)	(633)	(635)	(645)	(793)	(660)	(709)	(626)	(657)	(667)	(687)	(609)	(507)	(457)	(389)	(415)
Depreciation and amortization	(2,233)	(2,266)	(525)	(539)	(341)	(341)	(361)	(358)	(341)	(334)	(326)	(333)	(322)	(320)	(372)	(397)	(398)	(410)	(193)	(90)	(80)	(80)	(80)
Impairment of goodwill and other intangible assets	—)	—)	—)	—)	—)	—)	—)	(86)	—)	(38)	—)	—)	(155)	—)	—)	—)	—)	—)	—)	(1,327)	—)	—)	—)
Restructuring and other charges	(1,521)	(1,033)	(5)	(3)	(7)	(7)	(15)	(16)	(53)	(7)	(15)	(6)	(8)	(7)	(5)	(98)	(224)	(187)	(241)	(32)	(11)	(8)	(24)
Asset impairment and gain (loss) on disposition and disposal groups	(43)	(4)	—)	(1)	—)	72)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	84)	—)	—)	—)	(4)	—)
Operating income (loss)	(2,190)	(3,639)	353)	508)	329)	779)	396)	488)	531)	717)	779)	705)	619)	911)	774)	711)	369)	650)	204)	(837)	433)	630)	487)
Interest expense, net	(555)	(511)	(153)	(154)	(159)	(157)	(163)	(163)	(161)	(161)	(163)	(171)	(163)	(161)	(182)	(171)	(185)	(196)	(177)	(157)	(136)	(91)	(91)
Loss on extinguishment of debt	—)	—)	—)	(3)	(6)	(1)	—)	—)	(5)	(71)	—)	—)	—)	(23)	(5)	—)	—)	—)	—)	—)	—)	—)	(54)
Income (loss) from equity investees, net	(78)	(43)	(14)	2)	(9)	(7)	(4)	(43)	(18)	(23)	(21)	18)	(11)	(20)	11)	(10)	9)	(40)	(22)	(89)	(27)	(42)	(53)
Other income (expense), net	(28)	(51)	490)	(170)	78)	106)	68)	134)	(28)	(6)	(58)	11)	(1)	9)	(27)	(36)	(15)	(47)	(22)	33)	(106)	(24)	(13)
Income (loss) before income taxes	(2,851)	(4,244)	676)	183)	233)	720)	297)	416)	319)	456)	537)	563)	444)	716)	571)	494)	178)	367)	(17)	(1,050)	164)	473)	276)
Income tax (expense) benefit	566)	836)	(201)	(92)	(36)	(2)	(106)	(98)	11)	(156)	(130)	(52)	(147)	271)	(153)	(195)	(43)	(123)	20)	(87)	59)	(93)	(55)
Net income (loss)	(2,285)	(3,408)	475)	91)	197)	718)	191)	318)	330)	300)	407)	511)	297)	987)	418)	299)	135)	244)	3)	(1,137)	223)	380)	221)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	(23)	(10)	(19)	(53)	(41)	(46)	(51)	(47)	(30)	(29)	(30)	(35)	(35)	(40)	(34)	(30)	(18)	(28)	(11)	(7)	(5)	(6)	(6)
Net income (loss) available to Warner Bros. Discovery, Inc.	(2,308)	(3,418)	456)	38)	156)	672)	140)	271)	300)	271)	377)	476)	262)	947)	384)	269)	117)	216)	(8)	(1,144)	218)	374)	215)

The quarterly financial data reveals several notable trends and patterns in key financial metrics over the observed periods.

Revenues and Segment Contributions: Overall revenues show a general upward trend from 2017 through 2022, with total revenues increasing from approximately $1.6 billion in early 2017 quarters to over $9.8 billion by mid-2022. The advertising segment demonstrates considerable growth, increasing substantially from about $687 million in Q1 2017 to a peak of $2.7 billion in Q2 2022, despite some fluctuations. The distribution segment remains relatively stable with moderate growth, showing a significant spike to nearly $5 billion in the last two reported quarters, likely indicating a change in business operations or revenue recognition.; The content segment only appears in the last three quarters with large values, signaling a possible new reporting line or acquisition impacting revenues notably, rising from $323 million to $2.5 billion. The 'Other' segment fluctuates without a clear trend, showing sporadic increases and decreases across the periods.
Cost of Revenues and Gross Profit: Costs of revenues excluding depreciation and amortization fluctuate but generally follow revenue trends, rising sharply with the increase in distribution and content revenues. Gross profit exhibits growth consistent with revenues, rising from around $1 billion in early 2017 to peak values surpassing $4 billion by 2022, despite some dips associated with increased costs and extraordinary charges. The gross profit margin shows periods of volatility, partly influenced by the sharp rise in content-associated costs in the later periods.
Operating Expenses and Special Charges: Selling, general and administrative expenses have increased overall but show a decline in the last few quarters, suggesting cost control efforts. Depreciation and amortization expenses increase significantly starting in 2018, reflecting possibly increased capital expenditures or acquired intangible assets.; Impairment charges are notable exclusively in late 2017, with a large goodwill and intangible asset impairment impacting operating results. Restructuring and other charges peak substantially in 2018 and again show a large cumulative charge in recent quarters, reflecting ongoing business realignments. Asset impairments and gains/losses on disposal groups appear sporadically with minor impacts.
Operating Income and Profitability: Operating income fluctuates widely, with a severe operating loss recorded in Q4 2017, coinciding with significant impairment charges. Subsequent quarters reflect recovery and positive operating income, although the figures remain volatile. The most recent quarters again show operating losses, possibly related to significant restructuring and impairment charges.
Interest and Other Income/Expenses: Interest expense remains fairly consistent without significant spikes, indicating stable financing costs. Losses on the extinguishment of debt are occasional but not recurring every quarter. Income from equity investees is irregular, with both positive and negative quarters influencing the overall financial result.; Other income (expense) items show volatility, including some large positive spikes and negative troughs, impacting pre-tax income variably.
Net Income and Taxation: Net income trends mirror operating income fluctuations, with a severe net loss in Q4 2017 aligned with impairment write-downs. Afterward, the company posts mostly positive net income with varying quarterly performance and peak net income in mid-2019. The net income available to the company’s shareholders follows the same pattern.; Income tax expense is inconsistent, including both benefits and charges, complicated by the periodic volatility in pretax income.
Summary: The data reflect a company undergoing significant operational changes including acquisitions or expanded content operations starting in 2022, as indicated by the new content revenue line and increased costs. The periods of impairment and restructuring charges have resulted in considerable earnings volatility. Despite this, the overall trajectory of revenues and gross profit is positive, supported by robust growth in advertising and distribution revenues. Cost management is evident in recent quarters with a reduction in administrative expenses. Profitability remains challenged due to impairments and restructuring but shows signs of stabilization in some periods.

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Warner Bros. Discovery Inc. (NASDAQ:WBD)

Income Statement Quarterly Data

Income Statement
Quarterly Data