Warner Bros. Discovery stock reports Q2 streaming growth

Published on 10/06/2026 at 17:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Warner Bros. Discovery stock was last at USD 30.95 on October 5, near its 52-week high. Q2 streaming revenue topped USD 3 billion as the merger nears.

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Warner Bros. Discovery stock (ISIN US9344231041) was last at USD 30.95 on Nasdaq on October 5, 2026, just 0.13 percent below its 52-week high of USD 30.99. The sharper operating signal came from Q2 2026, when streaming revenue exceeded USD 3 billion for the first time, according to Benzinga.

Streaming reaches a new scale

Warner Bros. Discovery's streaming segment generated USD 512 million in adjusted EBITDA in Q2 2026, an increase of more than 60 percent from the same period in 2025. The segment's adjusted EBITDA margin was nearly 17 percent, while subscriber-related revenue growth accelerated to 10 percent excluding foreign exchange effects, the earnings-call transcript said.

The consolidated numbers were more mixed. Warner Bros. Discovery reported Q2 revenue of USD 8.72 billion and adjusted earnings per share of USD 0.06, compared with a consensus loss of USD 0.14, according to MarketBeat. Revenue was below the USD 9.25 billion estimate, leaving the streaming improvement to carry much of the operating narrative.

Merger terms set the ceiling

Paramount Skydance and Warner Bros. Discovery said in a September 30, 2026 release that the merger was expected to close on October 6, 2026. Each WBD share was to convert into USD 31.00 in cash plus a daily adjustment, with the stated amount reaching USD 31.01666668 if the transaction closed on the anticipated date, according to Paramount.

That structure helps explain why the stock traded close to the cash consideration while streaming metrics pointed to a longer-term operational story. The immediate investor question is therefore less about a conventional earnings multiple and more about how the combined company preserves streaming progress during integration.

Analysts stay below the market

MarketBeat reported a Hold consensus from 23 firms on September 28, 2026, with an average 12-month target of USD 28.34. Its analyst breakdown included two Strong Buy ratings, six Buy ratings, thirteen Hold ratings and two Sell ratings, a distribution that reflects the merger-driven share price and the uneven revenue picture.

Warner Bros. Discovery stock was last at USD 30.95 on Nasdaq on October 5, 2026, with a market capitalization of USD 77.6 billion and volume of 433,479,617 shares. Its 52-week range was USD 17.08 to USD 30.99, placing the latest quote at the upper end of the range.