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

Role: President, International
Signature: Tara L. Smith, by power of attorney
Issuer symbol: WBD
Transactions as of: 24 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 26 Feb 2026, 19:15:22 UTC
Previous filing: 07 Mar 2025
Next filing: 03 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Zeiler Gerhard	President, International	230 PARK AVENUE SOUTH, NEW YORK	Tara L. Smith, by power of attorney	26 Feb 2026	0001605503

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WBD	Series A Common Stock	Award	$0	+191,102	+19%	$0.000000	1,191,492	24 Feb 2026	Direct	F1
transaction	WBD	Series A Common Stock	Award	$0	+341,298	+29%	$0.000000	1,532,790	24 Feb 2026	Direct	F2

* 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 192,062 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 383,164 shares). This Form 4 is reporting the incremental 191,102 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 192,062 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 383,164 shares). This Form 4 is reporting the incremental 191,102 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.