Gunnar Wiedenfels on free cash flow
From WBD Stock| Warner Bros Discovery Inc Q1 2026 Earnnings Call · · AlphaStreet
“The interesting point here, I think, is for free cash flow. You did see that we had pretty meaningful negative cash impacts last year. We may not get quite to that level, but pretty close in 2026 as well. We flowed 100 million roughly in negative cash impact through the first quarter. And again there will be more coming through a combination of advisory fees but also incremental interest from the bridge, tax leakage, etc. So that's going to continue to be a factor and we'll keep pointing it out over the course of the year.”
On , Gunnar Wiedenfels, Senior EVice President & Chief Financial Officer at Warner Bros Discovery Inc, spoke about free cash flow during WBD Stock| Warner Bros Discovery Inc Q1 2026 Earnnings Call on AlphaStreet.
About Gunnar Wiedenfels
Gunnar Wiedenfels, CFO of Warner Bros. Discovery, has discussed the company's financial performance and strategic direction on recent earnings calls. He noted that the company is working through separation-related expenses, restructuring costs, and fees associated with its sale process and the pending Paramount transaction, which he said will continue to have a "marginal impact" on EBITDA but a more meaningful negative effect on free cash flow in 2026. Wiedenfels stated that the company's net leverage ratio was 3.3 times EBITDA as of the third quarter of 2025, and he expressed an expectation that the standalone "Discovery Global" entity would receive a single-B or low double-B credit rating. Wiedenfels has also addressed the company's content and sports strategies. He said the company has shifted from external to internal monetization of its library, with profits sitting on the balance sheet awaiting reinvestment. Regarding sports rights, he stated that the company will continue to be disciplined but open for business, and he projected a "very significant improvement" in sports rights expenses beginning in the fourth quarter of 2025 and continuing into 2026 as the NBA rights come off the books. He also described the company's linear networks as being managed as content creators across platforms, with growing revenue contributions from streaming.