| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 4/12 | No flags | 0 | 0 | Call sheet → |
| Q1'26 | May 6, 2026 | 8/12 | 2 medium, 3 low flags | 3 | 0 | Call sheet → |
| Q4'25 | February 26, 2026 | 5/12 | 1 high, 4 medium, 1 low flags | 4 | 2 | Call sheet → |
| Q3'25 | 2025-11-06 | 10/12 | 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Delivered | HBO Max global scaling as core priority Now in over 100 countries and territories, major European markets launched |
| Q1'26 | Pending | Studios business goal of at least $3 billion annual EBITDA Maintained target but 2026 guidance flat vs 2025 despite Oscar success |
| Q1'26 | Pending | Subscriber-related revenue growth acceleration in Q2 Reaffirmed expectation for Q2 acceleration and through rest of year |
| Q1'26 | Delivered | European launches in UK, Germany, Italy, Ireland in Q1 Successfully launched all markets as planned |
| Q1'26 | Exceeded | Over 140 million total subscribers by end of Q1 Meaningfully exceeded per David, now targeting 150M+ by year end |
| Q4'25 | Delivered | Sequential improvement in advertising trends Confirmed continued into Q1 2026 with content delivery success |
| Q4'25 | Pending | Strong progress towards $3B studio EBITDA goal Stopped providing bridge to $3B, now just talking about growth rate |
| Q4'25 | Missed | Gaming business reset complete Admitted no pipeline replenishment, 2026 will be similar to reset year 2025 |
| Q4'25 | Missed | Password sharing in second inning globally Admitted it hasn't started globally yet, major timeline regression |
| Q4'25 | Pending | Making progress on sports streaming app Identical language to last quarter, no measurable progress shown |
| Q4'25 | Delivered | Launches in Germany, Italy coming in 2026 Confirmed for Q1 2026, also added UK and Ireland |
| Q4'25 | Exceeded | 150M total streaming subscribers by end of next year Now promising 150M by end of 2026, ahead of schedule |
| Q4'25 | Delivered | Studios to meaningfully exceed $2.4B EBITDA in 2025 Confirmed they will exceed this target |
| Q3'25 | Exceeded | Harry Potter series development progress Now confirmed in production for full 10-year commitment |
| Q3'25 | Delivered | Password sharing enforcement moving to more aggressive phase Confirmed September start with Q4 benefits |
| Q3'25 | Pending | International market launches beginning Q1 2026 Reconfirmed timeline with specific country callouts |
| Q3'25 | Delivered | Net leverage target of maintaining around 3.3x Maintained 3.3x despite $1B debt paydown |
| Q3'25 | Delivered | Streaming business on track to exceed $1.3 billion EBITDA in 2025 Reconfirmed guidance, on track |
| Q3'25 | Exceeded | Studios business on track for at least $2.4 billion EBITDA in 2025 Now saying 'meaningfully exceed' $2.4B target - clear beat |
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