Aug 6, 2026 earnings call — HBO Max turnaround and studio outlook
Streaming segment delivered more than $3 billion in revenues for the first time ever, with $512 million adjusted EBITDA.
Revenue $8.7B (est $9.3B) · EPS $0.06 (est $-0.14)
Key quotes
"In Q2, our Streaming segment delivered more than $3 billion in revenues for the first time ever as subscriber-related revenue growth accelerated 200 basis points sequentially to 10% ex FX with positive engagement and subscriber trends."
"Great. And look, the -- Rich, to your question on the studios, we're making 14 films this year, ramping up to 19 next year, and we're very confident that we're going to be able to maintain that larger number."
"And we continue to see both benefits on subscriber acquisition as well as obviously retention and meaningful improvements in churn with those bundles."
Analyst Q&A 4
HBO shows and studio profit plan
Q (Steven Cahall · Wells Fargo): He asked about the upcoming scripted HBO pipeline, whether there will be fewer returning shows in 2027, and whether big global IP will drive growth. He also asked how the studio will get back to a $3 billion EBITDA level long term.
A: Management said HBO is very strong with big tentpoles, local international shows, and a deep content lineup including Harry Potter. They said 2027 may be their best year yet with returning series and more local content traction. For the studio, they have a detailed 3–5 year plan, expect 2027 to be stronger, and remain committed to the $3 billion EBITDA target while investing in consumer products, tours, and games.
"For the studio, look, I have 0 doubts about our long-term $3 billion EBITDA target for the studio." — Gunnar Wiedenfels (CFO)
Film count this year and next
Q (Richard Greenfield · LightShed Partners): He asked how many films they are making this year and next, and how confident they are in maintaining that theatrical output from 2027 onward. He also asked how long it would take to split the company if the Paramount deal did not close.
A: They said they are confident the transaction will close. They said the studio is making 14 films this year and ramping to 19 next year, and they are very confident they can maintain that larger number. Management explained they will balance originals, IP-driven tentpoles, ramp animation, and use labels like New Line to manage risk and slate mix.
"And look, the -- Rich, to your question on the studios, we're making 14 films this year, ramping up to 19 next year, and we're very confident that we're going to be able to maintain that larger number." — Gunnar Wiedenfels (CFO)
Advertising trends and licensing demand
Q (Sean Diffley · Morgan Stanley): He asked about the underlying linear ad market, weak categories, and any World Cup crowding-out effect. He also asked about demand from other streamers for licensing and the margins on the library revenue.
A: They said licensing demand is very healthy, even for shows a decade old, and the studios business is library-driven with great margins. They noted some content is being used internally, which changes near-term external profit but benefits consolidated results. On advertising, the NBA had a big negative effect on ad revenues; U.S. trends are steady, international ad markets were weaker in Q2, and the World Cup affected ad markets globally, reducing visibility for the rest of the year.
"I mean we're getting healthy demand even for shows that are a decade old, and it's a healthy marketplace right now." — Gunnar Wiedenfels (CFO)
Keeping focus, DC plans, bundle effects
Q (Jessica Reif Cohen · BofA): She asked how management keeps the company focused while the deal is delayed. She also asked about any change in DC strategy and the cadence of DC releases. Finally, she asked how bundles, including the Disney bundle, have affected churn and retention.
A: They said company culture and employee focus remain strong and people are working hard worldwide. On DC, they described an active pipeline with Man of Tomorrow, Batman, Clayface, and Lanterns coming soon and said the DC group is hard at work. They said they are big believers in bundles; bundles help acquisition and retention and have produced meaningful improvements in churn, and they expect retention trends to be strong into 2026 and 2027.
"And we continue to see both benefits on subscriber acquisition as well as obviously retention and meaningful improvements in churn with those bundles." — Jean-Briac Perrette (CEO)