Management remarks
Call period: 2026 Q2 · 2026-08-06
Guidance: David Zaslav: Just talk about what we're seeing with Max because it's -- not only is it a terrific turnaround, it's a high-growth business now and next quarter will even be stronger.Analyst Q&A
Analyst Steven Cahall asked: You talked about how it's a lumpy business, understandably a little lighter this year. As we just think about a path to getting back to $3 billion in EBITDA, I'm struggling a little bit to get there. You weren't quite there in 2025 when kind of everything went well. So help us understand how you can get back to that $3 billion in EBITDA level with the studio longer term? Management David Zaslav answered: We have Lanterns coming up, White Lotus is coming back, Gilded Age is coming soon, and we greenlit Harry Potter for the next 10 consecutive years. I've already seen the first 3 episodes. It's very strong. We'll be debuting that on Christmas Day. We have a very strong HBO, and we're seeing it in the engagement. We're seeing it in the overall growth, and we're seeing it in how people see HBO as a quality service that they can rely on with their family. Before we get to the free cash flow, JB, we've seen a lot of real growth across Europe.管理层陈述
电话会期间：2026 Q2 · 2026-08-06
指引：大卫·扎斯拉夫：“我们来谈谈我们在Max上观察到的情况，因为该业务不仅实现了出色的扭亏为盈，如今已是一项高增长业务，且下一季度的表现甚至会更为强劲。”分析师问答
分析师史蒂文·卡霍尔提问：你方称业务不稳定，今年业绩略逊，我们正思考重回30亿美元EBITDA的路径，但有些困惑——即便2025年一切顺利，你方也未达该水平，能否说明影视部门长期如何重回30亿美元EBITDA？管理层戴维·扎斯拉夫回应：《灯笼》将上线、《白莲花度假村》复播、《镀金时代》将推出，我们获批未来10年连续制作《哈利·波特》，已看前3集质量极佳，将于圣诞当日首播。HBO表现强劲，从用户参与度、整体增长及家庭信赖度可见，且我们在欧洲实现了可观增长。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
