Warner Bros. Discovery, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$37.3B
Gross margin	— not reported
Operating income	$738.0M
Net income	$727.0M
Diluted EPS	$0.29
Cash & equivalents	$4.6B
Total assets	$100.1B
Long-term debt	$32.6B

Key takeaway

WBD reorganized into two distinct operating divisions during fiscal year 2025 as part of an evolving corporate structure.

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Beneath the surface

The effective tax rate of 54% versus the 21% statutory rate—driven by a 15-point valuation allowance charge and a 16-point foreign tax credit effect—materially depressed net income and EPS relative to underlying operating performance.

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