Q2 streaming revenue hit $3.08 billion even as total company revenue fell 12% and missed Wall Street estimates, with executives crediting the Disney+ bundle for lower churn.
Warner Bros. Discovery said its streaming revenue rose 10% year-over-year to $3.08 billion in the second quarter of 2026, even as the company's total revenue fell 12% to $8.72 billion — below the $9.29 billion Wall Street had expected, according to the company's August 6 earnings report.
Streaming is the bright spot in a weaker quarter
The streaming growth was driven by HBO Max subscriber gains, international expansion, and new distribution deals, the company said. Total revenue fell short of expectations largely because of declines elsewhere in the business, including its traditional TV networks.
The bundle effect
WBD has been bundling Max with Disney+ and Hulu, and in follow-up comments on August 7, Global Streaming & Games CEO Jean-Briac Perrette said the bundle has helped lower churn and improve subscriber additions compared with standalone subscriptions. The proof is in the data, Perrette said, though the company did not release specific churn or subscriber figures alongside that comment.
Paramount deal still tied up in court
WBD's proposed combination with Paramount and Skydance remains unresolved and is headed toward a legal trial, according to the company's earnings disclosures — meaning the deal is not final and its outcome remains uncertain.
What it means for subscribers
Nothing changes immediately for current subscribers. But a completed Paramount tie-up would combine two of the largest US media libraries under one company, which could eventually reshape bundle pricing and content availability across Max, Paramount+, and their traditional TV networks.
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