Warner Bros. Discovery says the international expansion of HBO Max is accelerating streaming growth, with the service now passing 140 million subscribers globally.
The company remains on track to exceed 150 million subscribers by the end of 2026.
In its Q1 2026 shareholder letter, WBD described the year as an “inflection point”, with streaming expected to take a greater share of first-run content premieres as the group continues its shift away from traditional linear distribution.
Recent launches in the UK, Germany, Italy and Ireland were highlighted as key milestones in building what CEO David Zaslav called a “truly global and scaled streaming service”. The UK and German launches were said to have gone “particularly well” with retail subscriber acquisitions trending ahead of internal expectations.
Streaming revenue increased 7% year-on-year excluding currency effects to $2.89 billion (€2.69 billion), while adjusted EBITDA rose 17% to $438 million (€407 million). Subscriber revenues increased 8%, supported by international launches and growth in ad-lite subscriptions.
Streaming advertising revenue rose 19%, largely driven by uptake of lower-priced ad-supported tiers, while distribution revenue increased 7%.
The results underline the growing importance of HBO Max to WBD as its linear networks business continues to decline. Global Linear Networks revenues fell 9% in Q1, while domestic pay-TV subscribers were down 10%.
Studios also benefited from the HBO Max expansion, with adjusted EBITDA rising to $775 million (€720 million), compared with $259 million a year earlier, helped by increased intercompany licensing.
Overall WBD revenues were broadly flat at $8.89 billion (€8.27 billion). The company posted a net loss of $2.9 billion, including a $2.8 billion termination fee linked to the Paramount Skydance transaction.
