Warner Bros Discovery (WBD) saw its overall revenue increase to nearly $10 billion during the second quarter (Q2) of the year, bolstered by gains in its streaming business, several hit theatrical release and ongoing discipline in the company’s spending, the company revealed on Thursday.

Overall revenue at WBD was $9.81 billion during Q2, up 1 percent compared to the same time period last year. Net income clocked in at $1.58 billion, a remarkable turnaround from the $9.99 billion loss WBD charged during Q2 2024. Adjusted income was $1.95 billion, up 9 percent.

The Studios division was the standout performer, generating $3.8 billion in revenue, a 54 percent year-over-year increase, and $863 million in adjusted EBITDA, up from $210 million last year.

WBD rode the wave of several hit movies released during Q2, including “Sinners,” “A Minecraft Movie,” “Superman,” “Final Destination: Bloodlines” and “F1,” the latter of which it partnered on with tech giant Apple. Collectively, the movies grossed more than $2 billion in box office receipts during Q2, and Warner Bros Studios earned the designation of having five films earn more than $45 million during their opening weekend at the box office in a single quarter.

That was more than reflected in WBD’s studio revenue, which was $3.8 billion during Q2, up 54 percent compared to last year.

On the streaming side, WBD grew its global subscriber base to 125.7 million customers, an increase of 3.4 million new streamers who pay for HBO Max, Discovery Plus or another service. Most of that growth was attributed to WBD’s overseas streaming business, which saw 3.2 million new paying customers during Q2, the company said.

HBO Max — which was known as “Max” until May — continued to benefit from its parent company, with “The White Lotus” and “The Last of Us” ranking among the most-watched shows across all streaming apps, according to third-party data. The White Lotus was a particular bright spot for WBD, averaging 26 million viewers per episode during its run. (The show debuted during Q1, but aired its final episode of the season during Q2.)

Revenue-wise, WBD’s streaming business earned $2.8 billion during Q2, up 8 percent. Streaming profit was $293 million, fully offsetting the unit’s $107 million loss from last year.

Streaming and studio gains more than offset declines in WBD’s traditional TV networks business, which earned $4.8 billion during Q2, down 9 percent on a year-over basis. Ongoing softness in the traditional TV ad market coupled with higher expenses attributed to sports aired on TNT and related networks were mostly to blame, as was ongoing churn in the cable and satellite TV business. Ad revenue dropped 13 percent during Q2, while distribution fee income was 7 percent lower.

WBD is in the process of spinning out its cable networks business into a separate company, mirroring moves by other companies that want to divorce themselves from their low-performing linear TV channels while retaining their more-profitable film studios and streaming apps.

“With greater focus and flexibility, both Warner Bros. and Discovery Global are well positioned to succeed in today’s and tomorrow’s ever-evolving entertainment environment,” WBD executives said in a shareholder letter on Thursday.

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