Warner Bros. Discovery, Inc（WBD）の決算・業績分析
Warner Bros. Discovery, Incの2025年有価証券報告書をAI分析。売上高$37.3B(-5.1%)。営業利益$738M。Communication Services。
目次
Warner Bros. Discovery, Incの2025年度 業績サマリー
Warner Bros. Discovery, Inc（証券コード: WBD）の2025年度決算・業績分析。売上高は$37.3B（前年比-5.1%）。営業利益は$738M（前年比+107.4%）。純利益は$727M（前年比+106.4%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Warner Bros. Discovery, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 177.4% YoY to $33.8B (XBRL), but operating income and net income collapsed to -$7.4B (XBRL), reflecting a -466.3% and -832.7% YoY decline, respectively.
- Despite strong revenue growth, operating margin and net margin both fell to -21.8% (XBRL), indicating significant cost pressures.
- Free cash flow (FCF) reached $3.3B (XBRL), driven by $4.3B operating cash flow (XBRL) and $987M CapEx (XBRL), but net debt remains high at $39.9B (XBRL).
Warner Bros. Discovery, Incの売上高変化の要因
- •Revenue grew 177.4% YoY to $33.8B (XBRL), driven by a 5-year CAGR of 31.4% (XBRL). However, operating income plummeted to -$7.4B (XBRL) (-466.3% YoY), reflecting a sharp decline in profitability. The company's revenue model relies on content licensing and advertising, but rising costs and competitive pressures may have eroded margins. Historical data shows revenue increased from $12.2B in FY2023 to $33.8B in FY2024, with projections of $41.3B in FY2025 (XBRL).
Warner Bros. Discovery, Incの営業利益変化の要因
- •Operating margin and net margin both fell to -21.8% (XBRL), down from positive figures in prior years. Operating income declined -466.3% YoY to -$7.4B (XBRL), while EBITDA dropped slightly to -$177M (XBRL) (-0.5% YoY). Gross profit is not disclosed (N/A). The company's cost structure appears unsustainable, with significant losses despite revenue growth, likely due to high content production costs, debt servicing expenses, and declining advertising revenue (10-K).
Warner Bros. Discovery, Incの事業リスクと対応
Intense competition in media/entertainment could harm business (10-K).
Advertising revenue decline due to shifting consumer preferences and market conditions (10-K).
Economic downturns reducing advertiser spending (10-K).
Inability to measure viewership accurately across platforms (10-K).
Rapid technological changes (e.g., AI) threatening competitive position (10-K).
Geopolitical risks (e.g., pandemics, terrorism) could reduce advertising spending (10-K).
Local laws and regulations limit viewership measurement in certain regions (10-K).
Warner Bros. Discovery, Incの事業内容
Warner Bros. Discovery generates revenue through distribution fees, advertising, content sales, and other services like studio tours (10-K). Key segments include Studios (film/TV production), Global Linear Networks (linear TV), and Streaming & Studios (post-reorganization). The company leverages a vast content library, strategic flexibility, and iconic brands like HBO, Max, and Discovery Channel (10-K). Competitive pressures include shifting advertising preferences, technological disruption, and intense competition in media/entertainment (10-K).
Warner Bros. Discovery, IncのAI業績分析レポート（2024年度）
Warner Bros. Discovery, Inc. (WBD) FY2024 Annual Report Analysis
Highlights
Business Overview
Warner Bros. Discovery generates revenue through distribution fees, advertising, content sales, and other services like studio tours (10-K). Key segments include Studios (film/TV production), Global Linear Networks (linear TV), and Streaming & Studios (post-reorganization). The company leverages a vast content library, strategic flexibility, and iconic brands like HBO, Max, and Discovery Channel (10-K). Competitive pressures include shifting advertising preferences, technological disruption, and intense competition in media/entertainment (10-K).
Revenue Analysis
Revenue grew 177.4% YoY to $33.8B (XBRL), driven by a 5-year CAGR of 31.4% (XBRL). However, operating income plummeted to -$7.4B (XBRL) (-466.3% YoY), reflecting a sharp decline in profitability. The company's revenue model relies on content licensing and advertising, but rising costs and competitive pressures may have eroded margins. Historical data shows revenue increased from $12.2B in FY2023 to $33.8B in FY2024, with projections of $41.3B in FY2025 (XBRL).
Profitability Analysis
Operating margin and net margin both fell to -21.8% (XBRL), down from positive figures in prior years. Operating income declined -466.3% YoY to -$7.4B (XBRL), while EBITDA dropped slightly to -$177M (XBRL) (-0.5% YoY). Gross profit is not disclosed (N/A). The company's cost structure appears unsustainable, with significant losses despite revenue growth, likely due to high content production costs, debt servicing expenses, and declining advertising revenue (10-K).
Balance Sheet Analysis
Total assets rose to $122.8B (XBRL) in FY2024, but equity fell to $45.2B (XBRL) from $47.1B in FY2023. Long-term debt remains elevated at $43.7B (XBRL), resulting in a debt-to-equity ratio of 1.69x (XBRL). Current ratio is 0.93x (XBRL), indicating potential liquidity challenges. Cash reserves stand at $3.8B (XBRL), but net debt of $39.9B (XBRL) highlights significant leverage.
Cash Flow Analysis
Operating cash flow improved to $4.3B (XBRL), up from $2.8B in FY2023. Free cash flow (FCF) was $3.3B (XBRL), calculated as $4.3B operating cash flow minus $987M CapEx (XBRL). Investing cash flow was $3.5B (XBRL), likely reflecting capital investments. Financing cash flow was -$7.7B (XBRL), driven by debt repayments or other financing activities. No dividends or buybacks are mentioned (N/A).
Working Capital Analysis
N/A
Risks
Outlook
N/A
Communication Servicesの企業一覧
Warner Bros. Discovery, Incと同じ「Communication Services」セクターの企業