Warner Bros. Discovery's second-quarter 2026 results were dragged down by a sharp fall in theatrical revenue, which dropped 46% year-on-year after flops Supergirl and The Bride underperformed against strong comparisons with 2025 hits A Minecraft Movie and Sinners. The company pointed to streaming as a bright spot, with revenue up 9% to $3.1 billion, but overall results fell well short of Wall Street's expectations, underlining the pressure on WBD's traditional film and advertising businesses even as its TV and streaming output remains strong.

Total revenue came in at $8.717 billion against a forecast of $9.21 billion, with net income of just $100 million, while advertising revenue slumped 22% partly due to Turner's Turner Sports no longer carrying NBA coverage. Streaming and TV highlights for the quarter included Euphoria, House of the Dragon, The Pitt and the final season of Hacks. The earnings report gave no update on Paramount Skydance's proposed $111 billion (£87bn) takeover of WBD, a deal facing opposition from a coalition of US states heading to trial in March 2027, with Paramount Skydance due to start paying WBD shareholders a $7 million daily "ticking fee" from 1 October 2026 if the deal remains unclosed.