WBD adds 3.5 million streaming customers in Q4
WBD adds 3.5 million streaming customers in Q4
The company saw more good results from its streaming arm in the quarter, which was dominated by M&A talk.
The end of 2025 was a happy one for Warner Bros. Discovery — at least for its streaming business. WBD has posted earnings results for its fourth quarter of 2025, showing that while overall results were mixed, HBO Max and its other streaming assets had a strong three months, adding subscribers and building revenue.
Key Details:
- More customers, please: WBD added 3.5 million streaming customers in the quarter.
- Up and down: Streaming revenues rose 4%, but linear revenue fell 12% during the quarter.
- M&A madness: Talk of a merger with either Netflix or Paramount dominated WBD’s quarter.
Total revenue at WBD fell by 6% during the fourth quarter, dropping to $9.46 billion. But net losses were narrowed from $494 million to $252 million, including $1.3 billion in restructuring costs, transaction-related fees, and other such deductions.
Turning to streaming results, WBD added 3.5 million new subscribers in Q4, ending the quarter with 131.6 million. Global expansion has helped WBD continue to add subscribers to HBO Max and its other streaming services; WBD has been launching HBO Max in markets around Europe over the past year.
Streaming revenue rose 4% to $2.8 billion, and advertising revenue from that arm of the company jumped 17% during the quarter. WBD revealed that “A Knight of the Seven Kingdoms” is averaging over 24 million viewers per episode, and that new seasons of “Industry” and “The Pitt” drove season-over-season viewership increases of 30% and 50%, respectively.
The company also announced in its Q4 earnings that the new TNT Sports streamer announced last year is well underway and should be ready to launch later this year. The service will offer everything in the TNT Sports portfolio on a direct-to-consumer basis.
The fourth quarter was the second in a row in which WBD added streaming customers, but the company was highly focused on other business for much of that time. In December, WBD officially selected a merger bid from Netflix after a weeks-long auction process. The other contestant in the bidding, Paramount Skydance, has since launched a hostile takeover bid of WBD.
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.