Warner Bros Discovery’s (WBD) global streaming service HBO Max added 3.5 million new subscribers in the fourth quarter of 2025, bringing its total subscriber base to 131.6 million.
Of these additions, 1.2 million were in the US, while 2.4 million came from international markets.
Looking ahead, WBD expects HBO Max to surpass 140 million subscribers by the end of Q1 2026 following launches in Italy, Germany, the UK, and Ireland, and to reach 150 million by the end of the fiscal year. Key titles driving HBO Max’s growth include The Pitt, A Knight of the Seven Kingdoms, The White Lotus, House of the Dragon, Industry, and The Gilded Age.
Financially, WBD reported Q4 revenue of $9.46 billion, down 6% year-on-year. Streaming revenue grew 5% to $2.79 billion, while linear TV revenue fell 13% to $4.2 billion, with adjusted EBITDA down 27%. Studio revenue declined 14% to $3.12 billion, with adjusted EBITDA falling 23%. The company posted a total net loss of $252 million, which included $1.3 billion in pre-tax acquisition-related amortisation, content fair value adjustments, and restructuring costs.
Netflix has officially withdrawn from its Warner Bros. Discovery deal, ending the $82.7 billion acquisition after Paramount’s $31-per-share offer was deemed superior. The decision marks a surprising twist in a months-long bidding battle, leaving Paramount positioned to acquire WBD pending regulatory approval, while Netflix refocuses on organic growth and $20 billion content investment in 2026.
On the international content strategy, WBD said that while US-based films and series perform strongly overseas, it will continue investing in local content in markets where needed, such as Türkiye, where it acquired BluTV, and South Korea, through a partnership with CJ ENM.
