Other (expense) income, net, consisted of the following (in millions).


	Three Months Ended March 31,
	2026		2025
Foreign currency (losses) gains, net	$	(52)	$	30
(Losses) gains on derivative instruments, net	(2)		22

Change in the value of investments with readily determinable fair value	—		4


Change in fair value of equity investments without readily determinable fair value	—		(4)

Interest income	22		64
Indemnification receivable accrual	(3)		(38)
Other (expense) income, net	(3)		4
Total other (expense) income, net	$	(38)	$	82

Cash, Cash Equivalents, and Restricted Cash


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	3,264	$	4,566
Restricted cash - recorded in prepaid expenses and other current assets	4		4
Total cash, cash equivalents, and restricted cash	$	3,268	$	4,570


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(2,906)	$	(449)
Less:
Net income attributable to noncontrolling interests	(10)		(8)
Net loss attributable to redeemable noncontrolling interests	—		4

Net loss available to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted earnings per share	$	(2,916)	$	(453)

Denominator — weighted average:
Common shares outstanding — basic and diluted	2,492		2,462




Basic net loss per share allocated to common stockholders	$	(1.17)	$	(0.18)
Diluted net loss per share allocated to common stockholders	$	(1.17)	$	(0.18)

As of March 31, 2026 and December 31, 2025, the Company has confirmed $266 million and $260 million, respectively, of accrued content producer liabilities. These amounts were outstanding and unpaid by the Company and were recorded in accrued liabilities on the consolidated balance sheets.

During the three months ended March 31, 2025, the Company subleased a portion of its Hudson Yards, New York office. As a result of executing the sublease, the Company recorded a right-of-use (“ROU”) asset impairment charge of $87 million. The ROU asset impairment charge was recorded in impairment and loss on dispositions in the consolidated statements of operations.

The arrangement among TNT Sports, CBS Broadcasting, Inc. (“CBS”), and the National Collegiate Athletic Association (the “NCAA”) provides TNT Sports and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the U.S. and its territories and possessions through 2032. The aggregate programming rights fee, production costs, certain advertising revenues and sponsorship revenues related to the NCAA Tournament, and related programming are shared equally by the Company and CBS. However, if the amount paid for the programming rights fee and production costs in any given year exceeds the shared advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to a specified annual cap. The amount recorded pursuant to the loss cap was $66 million and $59 million during the three months ended March 31, 2026 and 2025, respectively. In accounting for this arrangement, the Company records advertising revenue for the advertisements aired on its networks and amortizes its share of the programming rights fee based on the estimated relative value of each season over the term of the arrangement.

On February 6, 2024, the Company announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Fox Corporation (“Fox”) to form Venu Sports, a sports-centric streaming service in the United States. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc. (collectively, “Fubo”) filed a lawsuit against Disney, including certain affiliates, Fox, and WBD (collectively, the “Defendants”) in the U.S. District Court for the Southern District of New York alleging claims under federal and New York antitrust laws. The Defendants reached a settlement with Fubo related to Fubo’s antitrust claims and collectively paid $220 million to Fubo in January 2025, of which the Company’s share was $55 million.

Hasbro Inc. (“Hasbro”) had the right to put the entirety of its remaining 40% interest in Discovery Family to the Company. Hasbro did not exercise the right by the election period expiration date of March 31, 2025. As of March 31, 2025, Hasbro’s noncontrolling interest was reclassified from redeemable noncontrolling interest to noncontrolling interest outside of stockholders’ equity on the Company’s consolidated balance sheets.


	Three Months Ended March 31, 2026
	Currency Translation		Derivatives		Pension Plan and SERP Liability		Accumulated Other Comprehensive Loss
Beginning balance	$	(342)	$	39	$	(104)	$	(407)
Other comprehensive income (loss) before reclassifications	(218)		(26)		2		(242)
Reclassifications from accumulated other comprehensive loss to net income	—		7		—		7
Other comprehensive income (loss)	(218)		(19)		2		(235)
Ending balance	$	(560)	$	20	$	(102)	$	(642)


	Three Months Ended March 31, 2025
	Currency Translation		Derivatives		Pension Plan and SERP Liability		Accumulated Other Comprehensive Loss
Beginning balance	$	(1,008)	$	15	$	(74)	$	(1,067)
Other comprehensive income (loss) before reclassifications	231		9		—		240
Reclassifications from accumulated other comprehensive loss to net income	—		(13)		—		(13)
Other comprehensive income (loss)	231		(4)		—		227
Ending balance	$	(777)	$	11	$	(74)	$	(840)