Revenue Decline
Total revenue fell 1.0% YoY to $8.893B in Q1 FY2026 from $8.979B in Q1 FY2025, reflecting continued headwinds across WBD's media and entertainment segments.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
WBD reported a steep Q1 FY2026 loss with net income plunging to -$2.916B (vs. -$453M a year ago), driven by a massive operating loss of -$2.469B, negative operating cash flow, and a current ratio below 1, underscoring significant near-term financial pressure.
营收
88.93亿美元
同比 -0.96%
每股收益（稀释）
-1.17美元
同比 -550.00%
营业利润
-24.69亿美元
同比 -6572.97%
SEC XBRL 原值
Warner Bros. Discovery (WBD) Q1 FY2026 营收 88.93亿美元，同比下降 1.0%。 营业利润率 -27.8%，去年同期为 -0.4%。 经营活动现金流净流出 2.08亿美元。 WBD 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：2 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.06 | -0.14 | 超预期 +142.3% |
| 2026年3月本次财报 | -0.05 | -0.07 | 超预期 +30.0% |
| 2025年12月 | -0.10 | -0.03 | 不及预期 -222.6% |
| 2025年9月 | -0.06 | -0.04 | 不及预期 -43.9% |
2026年3月 调整后（非 GAAP） EPS -0.05美元，分析师一致预期 -0.07美元，超预期 +30.0%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 -1.17美元。
由 AI 基于本次 SEC 报告整理
Total revenue fell 1.0% YoY to $8.893B in Q1 FY2026 from $8.979B in Q1 FY2025, reflecting continued headwinds across WBD's media and entertainment segments.
来源: 10-Q Income Statement
Operating income collapsed to -$2.469B from -$37M a year ago, a deterioration of over 6,500%, suggesting significant impairment charges, restructuring costs, or elevated content write-downs embedded in the quarter.
来源: 10-Q Income Statement
SG&A expenses rose 12.8% YoY to $2.475B, indicating that overhead and administrative costs are growing faster than revenue, compressing margins further.
来源: 10-Q Income Statement
Long-term debt declined 13.3% YoY to $32.466B from $37.426B, showing WBD is making meaningful progress on its deleveraging strategy despite operating losses.
来源: 10-Q Balance Sheet
Operating cash flow turned negative at -$208M versus +$553M in Q1 FY2025, a YoY swing of -$761M, raising concerns about the company's near-term ability to fund operations and debt service from internal cash generation.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 3 中 2 低 0
WBD generated -$208M in operating cash flow in Q1 FY2026, a sharp reversal from +$553M a year ago. With a current ratio of only 0.73 (current assets of $11.741B vs. current liabilities of $16.115B), the company faces meaningful near-term liquidity risk if cash generation does not recover.
来源: 10-Q Cash Flow Statement & Balance Sheet
The operating margin collapsed to -27.8% from -0.4% a year ago, implying extraordinary charges or write-downs in Q1 FY2026. If these reflect recurring structural issues rather than one-time items, profitability recovery could be prolonged.
来源: 10-Q Income Statement
Despite reducing long-term debt by $4.96B YoY, WBD still carries $32.466B in long-term debt and a debt-to-equity ratio of 1.97. With negative operating cash flow, servicing this debt load remains a significant financial burden.
来源: 10-Q Balance Sheet
Total assets fell 3.8% YoY to $97.837B, and stockholders' equity declined 3.7% to $32.578B, suggesting ongoing asset impairments or depreciation that may continue to erode the company's book value.
来源: 10-Q Balance Sheet
SG&A grew 12.8% YoY to $2.475B while revenue declined 1.0%, creating an unfavorable operating leverage dynamic. If this trend persists, it will further widen operating losses and delay any path to profitability.
来源: 10-Q Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 88.93 亿美元 | 89.79 亿美元 | -0.96% |
营业利润 亿美元 | -24.69 亿美元 | -0.37 亿美元 | -6572.97% |
净利润 亿美元 | -29.16 亿美元 | -4.53 亿美元 | -543.71% |
每股收益（基本） 美元 | -1.17 美元 | -0.18 美元 | -550.00% |
每股收益（稀释） 美元 | -1.17 美元 | -0.18 美元 | -550.00% |
销售及管理费用 亿美元 | 24.75 亿美元 | 21.94 亿美元 | +12.81% |
答案基于本次 SEC 报告与本页数据