Warner Bros. Discovery (WBD -0.49%) was created in 2022 when AT&T (T +0.34%) spun off WarnerMedia and merged it with Discovery, Inc., forming one of the world’s largest media companies. Today, the company owns a wide portfolio of film, television, and streaming assets, including Warner Bros. Studios, HBO, Max, CNN, Discovery, Food Network, and DC Comics.
In December 2025, Netflix (NFLX -0.67%) agreed to acquire Warner Bros. Discovery in a deal valued at roughly $82 billion, or $27.75 per share. The transaction is expected to close in the third quarter of 2026, though its full impact on shareholders remains uncertain.
Below, we walk through how to buy Warner Bros. Discovery stock and the key factors investors should consider before investing.
How to buy Warner Bros. Discovery stock:
Because Warner Bros. Discovery stock is publicly traded, buying shares is easy, provided you have a brokerage account. Just follow these easy steps, and you'll be a shareholder:
- Open your brokerage account: Log in to your brokerage account where you handle your investments. If you don't have one yet, take a look at our favorite brokers and trading platforms to find the right one for you.
- Search for Warner Bros. Discovery: Enter the ticker "WBD" into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Should you invest in Warner Bros. Discovery?
Warner Bros. Discovery stock may not be right for all investors, but for those with a healthy appetite for risk and the volatility of the streaming and media space, there may be opportunity in this stock. The stock has been beaten down heavily over the last few years since it made its public debut following the AT&T spinoff.
This is a function of multiple factors, including declining viewership of traditional cable TV networks, significant competition in the streaming space, slow growth across multiple core segments, and changes in spending by advertisers in the challenging macro environment.
Warner Bros. Discovery delivered Q2 total revenue of $9.8 billion in 2025, up 1% compared to the prior year at the same time. Boosted mainly by its direct-to-consumer segment, which includes assets like HBO and streaming services Max and Discovery+, saw revenues grow by 9%.
The company also generates considerable operating cash flow. In Q2 of 2025, cash provided by operating activities totaled $986 million. Warner Bros. Discovery also generated $702 million of free flow cash in a single 3-month period.
For investors who gravitate toward media and streaming services stocks, Warner Bros. Discovery presents an opportunity to become part-owner of a mainstay business with an impressive portfolio of brands. The footprint of this business does lend potential over the long run, but investors shouldn't overlook the debt and profitability challenges the company is facing in the near term when determining their long-term investment thesis for the stock.
NASDAQ: WBD
Key Data Points
Is Warner Bros. Discovery profitable?
Warner Bros. Discovery is not currently profitable under generally accepted accounting principles (GAAP). It generated a non-GAAP net loss of over $11 billion in the full year 2024. However, in that 12-month period, the company brought in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of roughly $9 billion.
Does Warner Bros. Discovery pay a dividend?
Warner Bros. Discovery stock does not pay a dividend. The company generates significant revenue that outpaces many of its media rivals, along with generous cash flow. However, it isn't profitable.
It's unlikely that investors will see a dividend payout from Warner Bros. Discovery in the near future.
Exchange-Traded Fund (ETF)
Will Warner Bros. Discovery stock split?
Warner Bros. Discovery has not entered into a stock split since it became its current entity following the merger and spinoff from AT&T in 2022.
The bottom line
Warner Bros. Discovery has work to do to clean up its debt load and maintain consistent profitability. However, it generates considerable revenue compared to its broader industry rivals, and its cash flow generation is impressive.
Its extensive media properties that span traditional cable television to streaming networks have enabled it to expand its portfolio of intellectual property, including some of the most popular films and TV shows of the last decade.
No stock should represent more than 10% of your portfolio, and it's important to hedge your exposure to any stock you buy. If you have a well-diversified portfolio, a healthy degree of resilience to volatility, and the patience to buy and hold this stock for many years, a position in Warner Bros. Discovery stock might present an undervalued opportunity.
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