Warner Bros. Discovery, Inc. (DISCA) Margin Analysis

Warner Bros. Discovery, Inc.

DISCA (NASDAQ)

(%)

Models
Warner Bros. Discovery, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	37,296	37,296	39,321	41,321	33,817
Revenue Growth Rate	0%	-5.15%	-4.84%	22.19%	177.4%
Cost of Revenue	22,264	26,785	22,970	24,526	20,442
Gross Profit	15,032	10,511	16,351	16,795	13,375
Gross Margin	40.3%	28.18%	41.58%	40.65%	39.55%
Operating Income	925	1,309	-10,032	-1,548	-7,370
Operating Margin	2.48%	3.51%	-25.51%	-3.75%	-21.79%
Net Income	727	727	-11,311	-3,126	-7,371
Net Margin	1.95%	1.95%	-28.77%	-7.56%	-21.8%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	37,296	37,296	39,321	41,321	33,817
Cash from Operating Activities	4,319	4,319	5,375	7,477	4,304
Cash from Operating Activities Margin	11.58%	11.58%	13.67%	18.09%	12.73%
Free Cash Flow	3,088	3,088	4,427	6,161	3,317
Free Cash Flow Margin	8.28%	8.28%	11.26%	14.91%	9.81%
Depreciation and Amortization	14,777	5,684	20,983	24,009	21,354
Depreciation and Amortization Margin	39.62%	15.24%	53.36%	58.1%	63.15%
Capital Expenditure	-1,231	-1,231	-948	-1,316	-987
Capital Expenditure Margin	-3.3%	-3.3%	-2.41%	-3.19%	-2.92%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 39.55}, {"l": "2023", "x": "2023-12-31", "y": 40.65}, {"l": "2024", "x": "2024-12-31", "y": 41.58}, {"l": "2025", "x": "2025-12-31", "y": 28.18}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -21.79}, {"l": "2023", "x": "2023-12-31", "y": -3.75}, {"l": "2024", "x": "2024-12-31", "y": -25.51}, {"l": "2025", "x": "2025-12-31", "y": 3.51}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -21.8}, {"l": "2023", "x": "2023-12-31", "y": -7.57}, {"l": "2024", "x": "2024-12-31", "y": -28.77}, {"l": "2025", "x": "2025-12-31", "y": 1.95}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 9.81}, {"l": "2023", "x": "2023-12-31", "y": 14.91}, {"l": "2024", "x": "2024-12-31", "y": 11.26}, {"l": "2025", "x": "2025-12-31", "y": 8.28}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	9,460	9,045	9,812	8,979	10,027	9,623
Revenue Growth Rate	4.59%	-7.82%	9.28%	-10.45%	4.2%
Cost of Revenue	6,602	4,564	5,967	5,131	5,527	5,181
Gross Profit	2,858	4,481	3,845	3,848	4,500	4,442
Gross Margin	30.21%	49.54%	39.19%	42.86%	44.88%	46.16%
Operating Income	536	611	-185	-37	162	281
Operating Margin	5.67%	6.75%	-1.88%	-0.412%	1.62%	2.92%
Net Income	-252	-148	1,580	-453	-494	135
Net Margin	-2.66%	-1.64%	16.1%	-5.04%	-4.93%	1.4%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	9,460	9,045	9,812	8,979	10,027	9,623
Cash from Operating Activities	1,804	979	983	553	2,715	847
Cash from Operating Activities Margin	19.07%	10.82%	10.02%	6.16%	27.08%	8.8%
Free Cash Flow	1,383	701	702	302	2,429	632
Free Cash Flow Margin	14.62%	7.75%	7.16%	3.36%	24.22%	6.57%
Depreciation and Amortization	1,315	3,680	5,090	4,692	4,710	4,894
Depreciation and Amortization Margin	13.9%	40.69%	51.88%	52.26%	46.97%	50.86%
Capital Expenditure	-421	-278	-281	-251	-286	-215
Capital Expenditure Margin	-4.45%	-3.07%	-2.86%	-2.79%	-2.85%	-2.23%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 46.16}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 44.88}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 42.86}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 39.19}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 49.54}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 30.21}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 2.92}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 1.62}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -0.412}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": -1.89}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 6.76}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 5.67}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 1.4}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -4.93}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -5.05}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 16.1}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": -1.64}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": -2.66}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 6.57}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 24.22}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 3.36}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 7.15}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 7.75}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 14.62}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}