Warner Bros. Discovery, Inc. (WBD) closed fiscal year 2025 with a gross margin of 44.0 % and a net margin of 1.9 %.
Warner Bros. Discovery, Inc. (WBD) closed fiscal year 2025 with a gross margin of 44.0 % and a net margin of 1.9 %. The same year shows an EBITDA margin of 17.2 % and an EBIT margin of 2.0 %. The free cash flow margin was 8.3 %. Against the previous year the gross margin moved +2.4 pp and the net margin +30.7 pp. Across the period the gross margin ranges between 39.6 % in 2022 and 72.9 % in 2012. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | 70.37 % | 69.81 % | 72.67 % | 71.79 % | 72.85 % | 69.49 % | 66.10 % | 63.36 % | 62.57 % | 61.36 % | 62.71 % | — | — | — | 39.55 % | 40.65 % | 41.58 % | 44.00 % |
| EBITDA margin (%) | 78.95 % | 38.32 % | 41.32 % | 40.72 % | 46.11 % | 44.04 % | 40.67 % | 38.15 % | 36.21 % | 36.63 % | 15.18 % | 31.57 % | 39.09 % | 36.30 % | 29.48 % | -0.52 % | 15.58 % | -7.62 % | 17.22 % |
| EBIT margin (%) | -10.53 % | 31.46 % | 36.84 % | 37.16 % | 43.26 % | 41.43 % | 35.68 % | 32.90 % | 31.04 % | 31.68 % | 10.37 % | 18.33 % | 27.00 % | 23.57 % | 16.50 % | -21.79 % | -3.75 % | -25.51 % | 1.98 % |
| Net margin (%) | -89.47 % | 9.37 % | 15.88 % | 17.62 % | 27.16 % | 21.02 % | 19.42 % | 18.18 % | 16.17 % | 18.38 % | -4.90 % | 5.63 % | 18.57 % | 11.42 % | 8.25 % | -21.80 % | -7.57 % | -28.77 % | 1.95 % |
| FCF margin (%) | 14.47 % | 13.93 % | 16.98 % | 16.70 % | 25.00 % | 22.78 % | 21.14 % | 19.12 % | 18.63 % | 19.89 % | 21.74 % | 23.02 % | 27.91 % | 21.90 % | 19.89 % | 9.81 % | 14.91 % | 11.26 % | 8.28 % |
