Warner Bros. Discovery
Warner Bros. Discovery returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | -1.5% | — | -9.19% | -3.18% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | -2.02% | — | -5.22% | -1.74% | — |
| FY 2025 Q4 | Dec 31, 2025 | 0.5% | 0.84% | — | 2.08% | 0.71% | -7.2 pp |
| FY 2025 Q3 | Sep 30, 2025 | 0.17% | 0.62% | — | 1.37% | 0.47% | -7.5 pp |
| FY 2025 Q2 | Jun 30, 2025 | 0.14% | 0.25% | — | 2.18% | 0.73% | -7.6 pp |
| FY 2025 Q1 | Mar 31, 2025 | — | -10.36% | — | -27.69% | -9.75% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | -10.23% | — | -28.55% | -9.95% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | -10.39% | — | -28.1% | -9.75% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | -10.46% | — | -29.51% | -9.95% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | -1.16% | — | -6.68% | -2.41% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | -1.37% | — | -6.77% | -2.43% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | -2.83% | — | -10.35% | -3.72% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | -4.63% | — | -13.88% | -4.96% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | -11.46% | — | -30.43% | -10.82% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | -9.83% | — | -25.28% | -8.75% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | -6.52% | — | -17.53% | -6.14% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | -3.08% | — | -8.98% | -3.13% | — |
| FY 2022 Q1 | Mar 31, 2022 | 6.61% | 6.49% | — | 10.48% | 3.92% | -1.1 pp |
| FY 2021 Q4 | Dec 31, 2021 | 6.83% | 6.49% | — | 8.27% | 2.94% | -0.9 pp |
| FY 2021 Q3 | Sep 30, 2021 | 6.85% | 6.46% | — | 10.22% | 3.66% | -0.9 pp |
| FY 2021 Q2 | Jun 30, 2021 | 7.78% | 7.13% | -90.46% | 11.54% | 4.09% | 0.1 pp |
| FY 2021 Q1 | Mar 31, 2021 | 6.45% | 6.99% | — | 8.66% | 2.93% | -1.3 pp |
| FY 2020 Q4 | Dec 31, 2020 | 7.78% | 8.18% | — | 10.72% | 3.59% | 0.1 pp |
| FY 2020 Q3 | Sep 30, 2020 | 8.9% | 9.01% | — | 13.49% | 4.3% | 1.2 pp |
| FY 2020 Q2 | Jun 30, 2020 | 8.32% | 9.32% | — | 13.16% | 4.14% | 0.6 pp |
| FY 2020 Q1 | Mar 31, 2020 | 11.45% | 10.13% | — | 20.83% | 6.26% | 3.8 pp |
| FY 2019 Q4 | Dec 31, 2019 | 11.26% | 10.19% | — | 20.19% | 6.24% | 3.6 pp |
| FY 2019 Q3 | Sep 30, 2019 | 10.28% | 10.21% | — | 19.16% | 5.66% | 2.6 pp |
| FY 2019 Q2 | Jun 30, 2019 | 9.52% | 9.1% | — | 17.87% | 5.1% | 1.8 pp |
| FY 2019 Q1 | Mar 31, 2019 | 6.31% | 8.19% | — | 10.89% | 2.94% | -1.4 pp |
| FY 2018 Q4 | Dec 31, 2018 | 6.74% | 7.86% | — | 8.14% | 2.16% | -1 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 1.53% | — | — | -2.92% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 1.98% | — | — | -2.89% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 1.85% | — | — | -2.22% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 4.09% | — | — | -1.76% | — |
| FY 2017 Q3 | Sep 30, 2017 | 12.92% | 11.57% | 66.31% | — | 5.7% | 5.2 pp |
| FY 2017 Q2 | Jun 30, 2017 | 11.6% | 14.52% | 20.63% | — | 6.99% | 3.9 pp |
| FY 2017 Q1 | Mar 31, 2017 | 11.68% | 14.26% | 70.73% | — | 7.22% | 4 pp |
| FY 2016 Q4 | Dec 31, 2016 | 11.66% | 14.45% | — | — | 7.55% | 4 pp |
| FY 2016 Q3 | Sep 30, 2016 | 11.27% | 14.03% | 17.52% | — | 6.98% | 3.6 pp |
| FY 2016 Q2 | Jun 30, 2016 | 11.27% | 14.3% | 30.45% | — | 7.44% | 3.6 pp |
| FY 2016 Q1 | Mar 31, 2016 | 10.49% | 13.97% | -11.82% | — | 6.61% | 2.8 pp |
| FY 2015 Q4 | Dec 31, 2015 | 10.46% | 14.33% | -2.59% | 14.66% | 6.49% | 2.8 pp |
| FY 2015 Q3 | Sep 30, 2015 | 10.68% | 14.62% | — | 15.42% | 6.6% | 3 pp |
| FY 2015 Q2 | Jun 30, 2015 | 10.4% | 14.6% | — | 15.51% | 6.7% | 2.7 pp |
| FY 2015 Q1 | Mar 31, 2015 | 10.9% | 15.02% | 18.83% | 18.22% | 7.46% | 3.2 pp |
| FY 2014 Q4 | Dec 31, 2014 | 10.77% | 15.21% | 30.76% | 19.31% | 7.35% | 3.1 pp |
| FY 2014 Q3 | Sep 30, 2014 | 10.87% | 15.28% | 38.03% | 18.46% | 7.55% | 3.2 pp |
| FY 2014 Q2 | Jun 30, 2014 | 10.58% | 15.27% | 37.36% | 18.7% | 7.5% | 2.9 pp |
| FY 2014 Q1 | Mar 31, 2014 | 11.23% | 14.74% | 7.01% | 17.25% | 7.23% | 3.5 pp |
| FY 2013 Q4 | Dec 31, 2013 | 10.96% | 15.57% | 3.65% | 17.19% | 7.7% | 3.3 pp |
| FY 2013 Q3 | Sep 30, 2013 | 10.58% | 15.3% | -0.39% | 16.13% | 7.33% | 2.9 pp |
| FY 2013 Q2 | Jun 30, 2013 | 10.2% | 14.74% | -2.17% | 15.02% | 6.98% | 2.5 pp |
| FY 2013 Q1 | Mar 31, 2013 | 11.26% | 14.85% | -1.07% | 14.88% | 7.23% | 3.6 pp |
| FY 2012 Q4 | Dec 31, 2012 | 11.65% | 16.03% | -22.67% | 14.73% | 7.59% | 4 pp |
| FY 2012 Q3 | Sep 30, 2012 | 12.12% | 15.61% | 7.79% | 16.66% | 8.62% | 4.4 pp |
| FY 2012 Q2 | Jun 30, 2012 | 12.13% | 15.3% | 31.77% | 16.74% | 8.83% | 4.4 pp |
| FY 2012 Q1 | Mar 31, 2012 | 11.75% | 16.06% | — | 16.16% | 9.1% | 4.1 pp |
| FY 2011 Q4 | Dec 31, 2011 | 13.7% | 16.81% | 108.76% | 17.77% | 9.87% | 6 pp |
| FY 2011 Q3 | Sep 30, 2011 | 12.28% | 16.33% | — | 15.09% | 8.51% | 4.6 pp |
| FY 2011 Q2 | Jun 30, 2011 | 11.42% | 15.29% | — | 14.4% | 8.17% | 3.7 pp |
| FY 2011 Q1 | Mar 31, 2011 | — | 15.48% | — | 12.34% | 7.15% | — |
| FY 2010 Q4 | Dec 31, 2010 | 10.27% | 13.33% | 93.41% | 10.49% | 5.94% | 2.6 pp |
| FY 2010 Q3 | Sep 30, 2010 | — | 12.36% | — | 9.63% | 5.54% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 11.79% | — | 8.41% | 4.85% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · WBD, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.