HBO Max tops 140 million subscribers in first quarter
HBO Max tops 140 million subscribers in first quarter
It was an up-and-down quarter for Warner Bros. Discovery, which is preparing to come under the control of Paramount Skydance.
The days of Warner Bros. Discovery earnings reports appear to be limited, so analysts are paying especially close attention to the company’s disclosures as it moves toward its merger with Paramount Skydance. Perhaps unsurprisingly, WBD’s first quarter 2026 earnings report was a mixed bag, as HBO Max increased its global subscriber count in the quarter, but its financial results were a bit more mixed thanks to a very public breakup.
Key Details:
- Sub dub: HBO Max jumped to over 40 million subscribers in Q1.
- Big hit: WBD lost $2.9 billion in Q1, mostly due to the breakup fee it had to pay Netflix.
- Award-winners: WBD had an excellent year at the Oscars in 2026.
Streaming-wise, Warner Bros. Discovery had a good quarter. The company added almost 9 million new subscribers during the three-month period, jumping from 131.6 million in Q4 2025 to over 140 million. WBD says it expects to have 150 million streaming customers by year’s end.
Despite that streaming success, the company took a financial hit in the first quarter. Warner lost $2.9 billion, though almost all of that number is thanks to a $2.8 billion breakup fee owed to Netflix, and reimbursed by Paramount Skydance. The break-up fee was built into Netflix’s deal to purchase WBD, a deal that was eventually nullified in favor of a superior offer from Paramount.
Ad revenue for WBD fell to $1.85 billion, as the company continues to feel the absence of NBA games on its Turner Sports channels. Overall, linear television generated $4.4 billion in revenue. WBD’s studio segment had a strong first quarter, pulling in over $3 billion in revenue. The company had a Best Picture winner at the Oscars for the first time since 2012 in “One Battle After Another,” and both “Sinners” and “Weapons” took home awards as well.
The merger between WBD and Paramount is moving forward and is still expected to be complete by the third quarter of this year. Paramount posted its own earnings report this week as well, showing that it had gained nearly a million streaming subscribers in the first three months of the year.
HBO Max
HBO Max is a subscription video streaming service that gives access to the full HBO library and exclusive Max Originals. There are hubs for content from TLC, HGTV, Food Network, Discovery, TCM, Cartoon Network, Travel Channel, ID, and more. Watch hit series like “The Last of Us,” “House of the Dragon,” “Succession,” “Curb Your Enthusiasm,” and more. Within HBO Max, B/R Sports allows users to watch live NBA, MLB, NHL, March Madness, and NASCAR events.