Warner Bros. Discovery shared its fourth quarter 2025 financial results Thursday, reporting $9.5 billion in revenue, a 7% decrease year over year. The company saw a net loss of $252 million.
The company finished the year with 132 million streaming subscribers, exceeding its goal of 130 million. HBO Max has expanded its international reach with launches in Germany and Italy and will be launching in the UK and Ireland next month, which has led to a new expectation of hitting 140 subscribers by the end of Q1 2026, and 150 million by the end of this year.
The company expects streaming revenue to increase this year due to subscriber growth, recent price hikes, a strong slate of new content, improved streaming features, and stronger advertising revenue.
WBD’s Q4 report did touch on the pending deal with Netflix for the company’s studio and streaming assets and the most recent offer from Paramount for the entire company. Here’s what the report says about the ongoing deal conversations.
“While the Netflix Merger Agreement remains in effect and the Board continues to recommend the Netflix transaction and has not withdrawn or modified its recommendation, the Board recently determined that the latest proposal from Paramount Skydance (“PSKY”) could reasonably be expected to lead to a “Company Superior Proposal” as defined in the Netflix Merger Agreement.
WBD continues to engage with PSKY to determine if a proposal that constitutes such a “Company Superior Proposal” can be reached. There can be no assurance that the Board will conclude that the transaction proposed by PSKY is superior to the merger with Netflix or that any definitive agreement or transaction will result from Warner Bros. Discovery’s discussions with PSKY. The Board remains committed to maximizing shareholder value and certainty while mitigating downside risks, and the Board will evaluate any proposal against that standard with the objective of delivering the best deal for our shareholders.”
The report notes that the company would be answering additional questions about the acquisition during its earnings call, following the release of the report.