Warner Bros. Discovery (WBD) official guidance

The good news is that along with all the other components that go into engagement and retention, content, the product, our marketing, and so on, we are looking at a 2026 year where the trends give us sort of high confidence that we're going to have our best year ever in terms of retention and lower churn in 2026.

The good news is that along with all the other components that go into engagement and retention, content, the product, our marketing, and so on, we are looking at a 2026 year where the trends give us sort of high confidence that we're going to have our best year ever in terms of retention and lower churn in 2026.

we're making 14 films this year, ramping up to 19 next year, and we're very confident that we're going to be able to maintain that larger number.

we're making 14 films this year, ramping up to 19 next year, and we're very confident that we're going to be able to maintain that larger number.

We have strong and accelerating momentum and expect to finish the year with more than 150 million subscribers globally.

More importantly, we are seeing healthy acceleration in subscriber-related revenue growth, which we expect will pick up real pace in Q2 and through the rest of the year.

Importantly, EMEA, our largest region, continues to do very well. You know, as I mentioned earlier, I think, you know, we can see some real stability, potentially even a little bit of growth in ad sales going into 2026.

You know, for example, you know, we're expecting to be flat to slightly up in international ad sales this year.

Following the successful launches of HBO Max in Germany and Italy, and the upcoming launches in the U.K. and Ireland, we are on track to reach more than 140 million total streaming subscribers by the end of the first quarter, and we're well on our way to exceed 150 million subscribers by the end of the year.

We do see some pressure on ARPU in the U.S. for the next three quarters, but then have high confidence of returning back to ARPU growth starting in the back half of 2026 in the U.S.

We do see some pressure on ARPU in the U.S. for the next three quarters, but then have high confidence of returning back to ARPU growth starting in the back half of 2026 in the U.S.

Our streaming segment will contribute more than $1.3 billion in EBITDA to our bottom line this year, versus losing $2.5 billion three years ago.

Based on our results to date, we expect our studios to meaningfully exceed $2.4 billion in EBITDA this year, and we are making strong progress towards our $3 billion EBITDA goal.