Warner Bros. Discovery's Q2 2026 Earnings: What to Expect

New York-based Warner Bros. Discovery, Inc. (WBD) operates as a media and entertainment company worldwide. With a market cap of $67.4 billion, the company offers a complete portfolio of content, brands, and franchises across television, film, streaming, and gaming. The leading global media and entertainment company is expected to announce its fiscal second-quarter earnings for 2026 in the near term. 

Ahead of the event, analysts expect WBD to report a loss of $0.12 per share on a diluted basis, down 119.1% from a profit of $0.63 per share in the year-ago quarter. The company missed the consensus estimates in three of the last four quarters while beating the forecast on another occasion. 

For the full year, analysts expect WBD to report loss of $1.07 per share, down 469% from a profit of $0.29 per share in fiscal 2025. However, its loss per share is expected to rise 97.2% year over year to $0.03 in fiscal 2027. 

WBD stock has notably outperformed the S&P 500 Index’s ($SPX) 18.2% gains over the past 52 weeks, with shares up 102.8% during this period. Similarly, it considerably outperformed the State Street Communication Services Select Sector SPDR ETF’s (XLC) 4.3% gains over the same time frame.

On May 6, WBD shares closed down marginally after reporting its Q1 results. Its loss of $1.17 per share fell short of Wall Street expectations of a loss of $0.10 per share. The company’s revenue was $8.89 billion, missing Wall Street forecasts of $8.93 billion.

Analysts’ consensus opinion on WBD stock is cautious, with a “Hold” rating overall. Out of 22 analysts covering the stock, four advise a “Strong Buy” rating, one suggests a “Moderate Buy,” 16 give a “Hold,” and one recommends a “Strong Sell.” WBD’s average analyst price target is $29.16, indicating a potential upside of 12.8% from the current levels.