Revision History

Warner Bros. Discovery reported that HBO Max surpassed 140 million global subscribers in Q1 2026, beating internal forecasts and prompting the company to raise its year-end target to 150 million. But declining ARPU, a $33 billion debt load, a $2.9 billion quarterly net loss, and an impending corporate breakup raise serious questions about whether headline subscriber growth is masking deeper structural challenges in WBD's streaming business.