HBO Max Streaming Revenue Tops $3 Billion for the First Time in Q2

Warner Bros. Discovery's streaming segment generated more than $3 billion in revenue for the first time in Q2 2026, with subscriber-related revenue growth accelerating to 10% ex-FX and streaming adjusted EBITDA topping $500 million. About 40% of global HBO Max subscribers are now on the ad-supported tier, up 11% year-over-year, as ad revenue grew 8% ex-FX to $306 million.