Bruce Campbell - 24 Feb 2026 Form 4 Insider Report for Warner Bros. Discovery, Inc. (WBD)

Role: Chief Rev & Strategy Officer
Signature: Tara L. Smith, Attorney-in-Fact
Issuer symbol: WBD
Transactions as of: 24 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 26 Feb 2026, 19:18:46 UTC
Previous filing: 17 Dec 2025
Next filing: 03 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Campbell Bruce	Chief Rev & Strategy Officer	230 PARK AVENUE SOUTH, NEW YORK	Tara L. Smith, Attorney-in-Fact	26 Feb 2026	0001421985

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WBD	Series A Common Stock	Award	$0	+270,728	+33%	$0.000000	1,091,140	24 Feb 2026	Direct	F1
transaction	WBD	Series A Common Stock	Award	$0	+455,064	+42%	$0.000000	1,546,204	24 Feb 2026	Direct	F2
holding	WBD	Series A Common Stock						145,418	24 Feb 2026	By LLC through grantor retained annuity trust
holding	WBD	Series A Common Stock						209,700	24 Feb 2026	By spouse as trustee for children

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares represent PRSUs originally granted to the reporting person ("RP") on 3/1/2023. On 2/26/2024, based on WBD's 2023 free cash flow performance, the WBD Compensation Committee ("CC") determined that target performance had been achieved and the RP filed a Form 4 reporting 272,088 shares (100% of target) as earned. This 3/1/2023 grant was also subject to a 3-year TSR modifier. On 2/24/2026, based on WBD's TSR performance relative to the S&P 500 M&E Index over the 2023-2025 period, the CC certified that the 3/1/2023 grant should vest at 199.5% of target (for an aggregate of 542,816 shares). This Form 4 is reporting the incremental 270,728 shares as earned.
F2	These shares represent PRSUs granted to the RP on 3/1/2024 and were earned based solely on WBD's 2024 and 2025 free cash flow ("FCF") performance in relation to a pre-established target. On 2/24/2026, the CC certified that WBD's 2025 FCF performance was significantly above the established target, resulting in these PRSUs being earned at 200% of target.

Content

These shares represent PRSUs originally granted to the reporting person ("RP") on 3/1/2023. On 2/26/2024, based on WBD's 2023 free cash flow performance, the WBD Compensation Committee ("CC") determined that target performance had been achieved and the RP filed a Form 4 reporting 272,088 shares (100% of target) as earned. This 3/1/2023 grant was also subject to a 3-year TSR modifier. On 2/24/2026, based on WBD's TSR performance relative to the S&P 500 M&E Index over the 2023-2025 period, the CC certified that the 3/1/2023 grant should vest at 199.5% of target (for an aggregate of 542,816 shares). This Form 4 is reporting the incremental 270,728 shares as earned.

These shares represent PRSUs granted to the RP on 3/1/2024 and were earned based solely on WBD's 2024 and 2025 free cash flow ("FCF") performance in relation to a pre-established target. On 2/24/2026, the CC certified that WBD's 2025 FCF performance was significantly above the established target, resulting in these PRSUs being earned at 200% of target.