Warner Bros. Discovery (WBD) Gross Margin (2009 - 2026)
Warner Bros. Discovery (WBD) posted Gross Margin of 47.79% for Q1 2026, up 6.7% on a QoQ basis from 44.79% in Q4 2025, and up 493.0% year-over-year from 8.06% in Q1 2025.
Warner Bros. Discovery (WBD) Gross Margin (2009 - 2026) Analysis & Trends
Warner Bros. Discovery's Gross Margin history runs 18 years deep, the most recent figure standing at 47.79% for Q1 2026.
- Quarterly Gross Margin rose 493.0% year-over-year to 47.79% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 45.18% (up 267.0% YoY) and the FY2025 annual result came in at 44.0%, up 242.0% from the prior year.
- Gross Margin was 47.79% for Q1 2026 at Warner Bros. Discovery, up from 44.79% in the prior quarter.
- Across five years, Gross Margin topped out at 60.87% in Q1 2022 and bottomed at 32.58% in Q2 2022.
- A 5-year average of 42.73% and a median of 42.72% in 2022 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2022 — Gross Margin slumped 3296 bps — and 2023, when it soared 584 bps.
- Warner Bros. Discovery's Gross Margin stood at 36.83% in 2022, then climbed by 16 bps to 42.67% in 2023, then increased by 5 bps to 44.88% in 2024, then slipped by 0 bps to 44.79% in 2025, then gained by 7 bps to 47.79% in 2026.
- Business Quant data shows WBD's Gross Margin at 47.79% in Q1 2026, 44.79% in Q4 2025, and 49.54% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 286.85 Bn | 277.73 Bn | 6.52 Bn | 51.93% |
| 2 | Walt Disney | 176.45 Bn | 177.38 Bn | 10.75 Bn | 42.72% |
| 3 | Warner Bros. Discovery | 71.03 Bn | 68.89 Bn | 4.25 Bn | 47.79% |
| 4 | Live Nation Entertainment | 40.94 Bn | 32.48 Bn | 1.31 Bn | 34.66% |
| 5 | Liberty Media | 29.72 Bn | 29.06 Bn | 298.00 Mn | 41.91% |
| 6 | Roku | 20.90 Bn | 18.52 Bn | 564.94 Mn | 45.24% |
| 7 | TKO Group Holdings | 20.86 Bn | 19.17 Bn | 862.52 Mn | 54.01% |
| 8 | Fox | 20.85 Bn | 17.36 Bn | - | - |
| 9 | News | 16.48 Bn | 15.01 Bn | - | - |
| 10 | Sirius Xm Holdings | 10.04 Bn | 9.96 Bn | 2.09 Bn | 99.90% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 47.79% |
| Dec 31, 2025 | 44.79% |
| Sep 30, 2025 | 49.54% |
| Jun 30, 2025 | 39.19% |
| Mar 31, 2025 | 42.86% |
| Dec 31, 2024 | 44.88% |
| Sep 30, 2024 | 46.16% |
| Jun 30, 2024 | 36.13% |
| Mar 31, 2024 | 39.16% |
| Dec 31, 2023 | 42.67% |
| Sep 30, 2023 | 46.80% |
| Jun 30, 2023 | 35.93% |
| Mar 31, 2023 | 37.52% |
| Dec 31, 2022 | 36.83% |
| Sep 30, 2022 | 42.72% |
| Jun 30, 2022 | 32.58% |
| Mar 31, 2022 | 60.87% |
| Dec 31, 2021 | 66.52% |
| Sep 30, 2021 | 51.46% |
| Jun 30, 2021 | 65.55% |