Warner Bros. Discovery said it expects to continue growing its base of streaming subscribers this year, even if it will be a bit more cagier about the exact numbers going forward.
Alongside fourth-quarter earnings, the company said it expects its streaming business, primarily driven by HBO Max, to pass 140 million in the first quarter and 150 million by the end of the year. It ended 2025 with nearly 132 million subscribers.
“2025 was another exceptional year for HBO Max with growing global scale and a strong content slate,” the company said in its letter to shareholder on Thursday.
Warner Bros. Discovery, however, said this quarter marked the last in which it will provide subscriber and average revenue per user figures. Instead, the company said it would focus on subscriber-related revenue growth and adjusted earnings before interest, taxes, depreciation and amortization as its key metrics.
WBD joins Netflix and Disney in ceasing the practice of disclosing subscriber and ARPU figures, which had been considered key metrics for any streaming business. Gone are the days when companies would chase subscribers to build up their base of users, and instead are focusing more on profitability.
The company’s final guidance of 150 million customers by the end of the year suggests it will add at least 18 million subscribers in 2026, a slightly higher clip than the 15 million it added in 2025, suggesting modest growth.
Much of that growth continues to come from its expansion overseas, with the company expanding its original programming outside of the U.S., such as “Heaven” in Poland. On March 26, it plans to launch the service in the U.K. and Ireland both standalone and through partnerships like Sky.
Overall, the service also saw big hits like “Heated Rivalry,” “It: Welcome to Derry” and “I Love LA” during the fourth quarter.
