Selected Financial Data
since 2008
Income Statement
Warner Bros. Discovery Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income | Net income (loss) available to Discovery, Inc. |
|---|---|---|---|
| Dec 31, 2021 | 12,191) | 2,012) | 1,006) |
| Dec 31, 2020 | 10,671) | 2,515) | 1,219) |
| Dec 31, 2019 | 11,144) | 3,009) | 2,069) |
| Dec 31, 2018 | 10,553) | 1,934) | 594) |
| Dec 31, 2017 | 6,873) | 713) | (337) |
| Dec 31, 2016 | 6,497) | 2,058) | 1,194) |
| Dec 31, 2015 | 6,394) | 1,985) | 1,034) |
| Dec 31, 2014 | 6,265) | 2,061) | 1,139) |
| Dec 31, 2013 | 5,535) | 1,998) | 1,075) |
| Dec 31, 2012 | 4,487) | 1,855) | 943) |
| Dec 31, 2011 | 4,235) | 1,799) | 1,132) |
| Dec 31, 2010 | 3,773) | 1,360) | 653) |
| Dec 31, 2009 | 3,516) | 1,235) | 560) |
| Dec 31, 2008 | 3,443) | 1,057) | 317) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The financial trajectory between 2008 and 2021 is characterized by significant revenue expansion coupled with volatile operating and net income patterns. While top-line growth remained consistent over the long term, profitability experienced periods of instability, most notably during 2017 and the period following 2019.
- Revenue Growth Trends
- A sustained upward trend in revenues is observed, increasing from 3,443 million US$ in 2008 to 12,191 million US$ by 2021. A period of accelerated growth occurred between 2017 and 2018, where revenues rose from 6,873 million US$ to 10,553 million US$, representing a substantial year-over-year increase. Despite a slight contraction in 2020, the overall growth trajectory remained positive.
- Operating Income Performance
- Operating income demonstrated a general increase from 2008 to 2016, peaking at 2,058 million US$. However, a sharp decline occurred in 2017, with income falling to 713 million US$. This was followed by a strong recovery, reaching a period high of 3,009 million US$ in 2019. Since that peak, operating income has trended downward, falling to 2,012 million US$ by 2021, suggesting a compression of operating margins despite higher revenues.
- Net Income and Profitability Volatility
- Net income available to the company exhibited the highest degree of volatility. After a period of steady growth, the company recorded a net loss of 337 million US$ in 2017, coinciding with the dip in operating income. Profitability recovered sharply to reach a peak of 2,069 million US$ in 2019. Subsequently, a downward trend is observed in the final two years of the period, with net income decreasing to 1,006 million US$ in 2021.
- Margin and Efficiency Analysis
- An analysis of the relationship between revenue and profit indicates a divergence in recent years. Between 2019 and 2021, while revenues increased from 11,144 million US$ to 12,191 million US$, net income decreased by more than 50%. This pattern suggests that growth in scale has not translated into proportional growth in bottom-line profitability during the latter part of the observed period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Assets
Warner Bros. Discovery Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 7,264) | 34,427) |
| Dec 31, 2020 | 6,130) | 34,087) |
| Dec 31, 2019 | 5,217) | 33,735) |
| Dec 31, 2018 | 4,231) | 32,550) |
| Dec 31, 2017 | 9,991) | 22,555) |
| Dec 31, 2016 | 2,599) | 15,758) |
| Dec 31, 2015 | 2,596) | 15,864) |
| Dec 31, 2014 | 2,491) | 16,014) |
| Dec 31, 2013 | 2,410) | 14,979) |
| Dec 31, 2012 | 2,730) | 12,930) |
| Dec 31, 2011 | 2,431) | 11,913) |
| Dec 31, 2010 | 1,735) | 11,019) |
| Dec 31, 2009 | 1,680) | 10,965) |
| Dec 31, 2008 | 1,109) | 10,484) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The balance sheet demonstrates a substantial expansion of the asset base between 2008 and 2021. Total assets grew from 10,484 million US$ to 34,427 million US$, representing a total increase of approximately 228% over the analyzed period. This growth was characterized by a steady upward trajectory until 2017, followed by a significant acceleration in asset accumulation between 2017 and 2018.
- Total Asset Expansion Trends
- A consistent growth pattern is observed from 2008 through 2017, where total assets rose from 10,484 million US$ to 22,555 million US$. A pivotal increase occurred between December 31, 2017, and December 31, 2018, with total assets surging by approximately 10 billion US$ in a single year to reach 32,550 million US$. From 2018 to 2021, the growth rate stabilized, ending the period at 34,427 million US$.
- Current Asset Volatility
- Current assets exhibited more volatility compared to total assets. Between 2008 and 2016, current assets grew modestly from 1,109 million US$ to 2,599 million US$. A sharp, anomalous spike occurred in 2017, where current assets reached a peak of 9,991 million US$. This was followed by a significant contraction in 2018, dropping to 4,231 million US$. Subsequent years showed a steady recovery, with current assets climbing to 7,264 million US$ by 2021.
- Liquidity and Asset Composition
- The relationship between current assets and total assets indicates shifting liquidity profiles. In 2008, current assets represented approximately 10.6% of total assets. During the 2017 peak, this proportion rose sharply to approximately 44.3%, suggesting a temporary surge in liquidity or short-term holdings. By 2021, the composition settled at approximately 21.1%, indicating a higher long-term baseline of liquidity than was present in the first decade of the analyzed period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Warner Bros. Discovery Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total Discovery, Inc. stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 3,459) | 21,031) | 14,759) | 11,599) |
| Dec 31, 2020 | 3,082) | 21,704) | 15,404) | 10,464) |
| Dec 31, 2019 | 3,239) | 21,769) | 15,419) | 9,891) |
| Dec 31, 2018 | 3,997) | 22,033) | 17,045) | 8,386) |
| Dec 31, 2017 | 1,871) | 17,532) | 14,785) | 4,610) |
| Dec 31, 2016 | 1,561) | 10,348) | 7,923) | 5,167) |
| Dec 31, 2015 | 1,579) | 10,172) | 7,735) | 5,451) |
| Dec 31, 2014 | 2,604) | 9,663) | 7,153) | 5,602) |
| Dec 31, 2013 | 1,294) | 8,746) | 6,499) | 6,196) |
| Dec 31, 2012 | 946) | 6,637) | 5,243) | 6,291) |
| Dec 31, 2011 | 746) | 5,394) | 4,245) | 6,517) |
| Dec 31, 2010 | 785) | 4,786) | 3,618) | 6,225) |
| Dec 31, 2009 | 790) | 4,697) | 3,495) | 6,208) |
| Dec 31, 2008 | 1,070) | 4,899) | 3,789) | 5,536) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The financial trajectory from 2008 to 2021 is characterized by a significant expansion of the balance sheet, specifically regarding total obligations and shareholder equity. A period of gradual growth in liabilities from 2008 to 2016 was followed by a sharp escalation in leverage beginning in 2017, coinciding with a subsequent recovery and growth in stockholders' equity toward the end of the period.
- Total Liabilities and Debt Trends
- Total liabilities increased steadily from 4,899 million USD in 2008 to 10,348 million USD by 2016. A significant acceleration occurred between 2016 and 2018, where total liabilities more than doubled to peak at 22,033 million USD. Total debt mirrored this pattern, rising from 3,789 million USD in 2008 to a peak of 17,045 million USD in 2018. Following 2018, both total liabilities and total debt entered a period of relative stabilization, with total debt declining slightly to 14,759 million USD by 2021.
- Current Liabilities Volatility
- Current liabilities remained under 1,000 million USD between 2008 and 2012. A notable increase occurred in 2014, reaching 2,604 million USD, before retreating. A second, more substantial spike was observed in 2018, where current liabilities reached their peak of 3,997 million USD. In the final three years of the analyzed period, these obligations stabilized between 3,082 million USD and 3,459 million USD.
- Stockholders' Equity Evolution
- Stockholders' equity remained relatively stable around 6,000 million USD between 2008 and 2013, followed by a gradual decline to a period low of 4,610 million USD in 2017. This decline occurred as total debt was rapidly increasing. However, a sharp reversal is noted starting in 2018, with equity rising to 8,386 million USD and continuing an upward trend to reach 11,599 million USD by 2021, indicating a strengthening of the net asset position.
- Leverage and Capital Structure Shifts
- The relationship between debt and equity shifted markedly over the period. In 2008, the company maintained a conservative profile with total debt lower than stockholders' equity. By 2017 and 2018, the capital structure shifted toward higher leverage, with total debt significantly exceeding equity. The trend from 2018 to 2021 indicates a strategic rebalancing, as total debt decreased while stockholders' equity more than doubled from its 2017 low.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Cash Flow Statement
Warner Bros. Discovery Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities | Cash (used in) provided by investing activities | Cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 2,798) | (56) | (853) |
| Dec 31, 2020 | 2,739) | (703) | (1,549) |
| Dec 31, 2019 | 3,399) | (438) | (2,357) |
| Dec 31, 2018 | 2,576) | (8,593) | (283) |
| Dec 31, 2017 | 1,629) | (633) | 5,951) |
| Dec 31, 2016 | 1,373) | (256) | (1,177) |
| Dec 31, 2015 | 1,277) | (301) | (902) |
| Dec 31, 2014 | 1,318) | (568) | (734) |
| Dec 31, 2013 | 1,285) | (1,987) | (85) |
| Dec 31, 2012 | 1,099) | (643) | (305) |
| Dec 31, 2011 | 1,100) | (214) | (297) |
| Dec 31, 2010 | 668) | (190) | (641) |
| Dec 31, 2009 | 608) | 266) | (356) |
| Dec 31, 2008 | 569) | 98) | (774) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
The cash flow profile from 2008 to 2021 reflects a period of substantial growth in operational efficiency coupled with strategic capital allocation and periodic large-scale financial restructuring.
- Operating Cash Flow Trends
- A consistent and strong upward trajectory is observed in cash provided by operating activities. Starting at 569 million US dollars in 2008, the figure grew steadily, surpassing the 1 billion dollar mark by 2011. This growth peaked in 2019 at 3,399 million US dollars. Although there was a slight moderation in 2020 and 2021, the operational cash generation remained significantly higher than the levels seen in the first decade of the analysis, indicating a strengthened ability to generate liquidity from core business operations.
- Investing Activity Patterns
- Cash flows from investing activities shifted from positive values in 2008 and 2009 to a predominantly negative trend, signifying a move toward increased capital expenditure and strategic investments. A significant increase in cash outflows occurred in 2013 (-1,987 million US dollars) and reached a peak in 2018 with an outflow of 8,593 million US dollars. This outlier suggests a major acquisition or a large-scale strategic investment during that period. Following 2018, investing outflows decreased substantially, reaching -56 million US dollars by 2021.
- Financing Activity Dynamics
- Financing activities were characterized by consistent net outflows for the majority of the period, typically indicating debt repayment, dividend distributions, or share repurchases. However, a notable reversal occurred in 2017, where cash provided by financing activities surged to 5,951 million US dollars, suggesting a significant capital raise or debt issuance. This was followed by a return to net outflows, particularly in 2019 (-2,357 million US dollars), as the company managed its capital structure.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a strategic cycle: strong operational cash growth provided the foundation for increasing investments. The massive investing outflow in 2018 was preceded by a large financing inflow in 2017, suggesting that the company leveraged external funding to finance strategic growth. By 2021, the company maintained robust operational cash flows while minimizing both investing and financing outflows, pointing toward a period of relative stabilization.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Per Share Data
Warner Bros. Discovery Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 1.55 | 1.54 | 0.00 |
| Dec 31, 2020 | 1.82 | 1.81 | 0.00 |
| Dec 31, 2019 | 2.90 | 2.88 | 0.00 |
| Dec 31, 2018 | 0.86 | 0.86 | 0.00 |
| Dec 31, 2017 | -0.59 | -0.59 | 0.00 |
| Dec 31, 2016 | 1.97 | 1.96 | 0.00 |
| Dec 31, 2015 | 1.59 | 1.58 | 0.00 |
| Dec 31, 2014 | 1.67 | 1.66 | 0.00 |
| Dec 31, 2013 | 1.50 | 1.49 | 0.00 |
| Dec 31, 2012 | 1.25 | 1.24 | 0.00 |
| Dec 31, 2011 | 1.41 | 1.40 | 0.00 |
| Dec 31, 2010 | 0.77 | 0.76 | 0.00 |
| Dec 31, 2009 | 0.65 | 0.65 | 0.00 |
| Dec 31, 2008 | 0.50 | 0.49 | 0.00 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of per share earnings from 2008 to 2021 reveals a general trajectory of growth characterized by a period of significant volatility and a subsequent moderate decline in the final years of the observation period.
- Earnings Growth and Volatility
- From 2008 through 2016, basic earnings per share demonstrated a consistent upward trend, rising from $0.50 to $1.97. This growth phase was abruptly interrupted in 2017, when earnings shifted to a negative value of -$0.59 per share. A strong recovery followed in 2018, culminating in a period peak of $2.90 per share in 2019.
- Recent Profitability Trends
- Following the 2019 peak, a downward trend is observed. Basic earnings per share declined to $1.82 in 2020 and further to $1.55 in 2021. While these figures remain significantly higher than the levels seen prior to 2011, they indicate a contraction in earnings capacity over the most recent two-year window.
- Dilution and Distribution Analysis
- The variance between basic and diluted earnings per share is minimal throughout the entire period, suggesting that the impact of convertible securities or stock options on share dilution has been negligible. Furthermore, there is a complete absence of dividend payments per share from 2008 to 2021, indicating a consistent corporate strategy of earnings retention over shareholder distributions.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?