Warner Bros. Discovery streaming revenue tops $3 billion in second quarter
Warner Bros. Discovery’s streaming revenue rose 10% past $3 billion, while companywide sales fell as its Paramount deal awaits trial.
By Sofia Marchetti · World Affairs Correspondent
2 min read
Warner Bros. Discovery streaming revenue exceeded $3 billion in the second quarter of 2026, rising 10% from a year earlier, the company said. The result gives HBO Max momentum as Warner Bros. Discovery faces a pending proposed acquisition by Paramount Skydance and a legal challenge to that transaction.
Streaming adjusted EBITDA, a measure of operating profit that excludes interest, taxes, depreciation and amortization along with specified adjustments, was more than $500 million, according to Warner Bros. Discovery’s earnings report as cited by CNBC. Earnings-call summaries reported the figure as $512 million, up more than 60% from a year earlier.
How did Warner Bros. Discovery’s streaming business perform?
Warner Bros. Discovery attributed the revenue gain to HBO Max’s expansion into new international markets and programming that included Euphoria, House of the Dragon and The Pitt, CNBC reported. The company said upcoming programming, including Harry Potter and The Gilded Age, could support the second half of the year; that is management’s outlook rather than a reported result.
Streaming advertising revenue increased 9%, which the company said was driven mainly by an increase in global ad-lite subscribers. Warner Bros. Discovery also said the absence of NBA games reduced the year-over-year growth comparison for streaming advertising by 16 percentage points, excluding foreign-exchange effects, CNBC reported.
Companywide sales declined
The streaming milestone came in a weaker consolidated quarter. Warner Bros. Discovery reported total revenue of $8.72 billion, down 11% from the prior-year period and below the $9.29 billion expectation cited by CNBC from LSEG. Adjusted EBITDA fell to $1.88 billion from $1.95 billion a year earlier.
Net income attributable to the company was $149 million, or 6 cents a share, compared with $1.58 billion, or 63 cents a share, in the same quarter a year earlier. The company said pre-acquisition adjustments to the value of intangible assets and restructuring costs contributed to the decline, CNBC reported.
What does the Paramount transaction mean for HBO Max?
The proposed Paramount Skydance acquisition has not closed. Quartz reported that a group of 12 state attorneys general secured a March 2, 2027 trial date in their challenge to the transaction; Warner Bros. Discovery’s quarterly release did not provide an update on the deal.
If the transaction proceeds, Paramount CEO David Ellison has said he plans to combine HBO Max and Paramount+ into one streaming service, according to CNBC. Ellison has also said the HBO brand would remain intact. Paramount+ had roughly 81 million global subscribers at the end of its latest quarter, and Ellison previously said a combined service would have about 200 million subscribers, CNBC reported.
This story draws on original reporting from CNBC.