HBO Max Eyes 150 Million Subscribers by 2026

Warner Bros. Discovery Reports Strong HBO Max Growth Amid Financial Turbulence

Warner Bros. Discovery has delivered a significant milestone for its flagship streaming service. HBO Max surpassed 140 million subscribers in the first quarter of 2026. The company now projects the streamer will reach 150 million subscribers by year-end. Executives shared this outlook while announcing first-quarter earnings results.

The streamer’s growth came partly from major international expansion. HBO Max launched in key markets including the UK, Germany, Italy, and Ireland. These territories had long been inaccessible due to legacy distribution deals with Sky. The global push allowed HBO Max to “meaningfully exceed” its own internal guidance, according to CEO David Zaslav.

Zaslav described the streamer’s current trajectory in confident terms. “We are seeing healthy acceleration and subscriber-related revenue growth,” he told Wall Street analysts. He added that momentum would “pick up real pace in Q2 and through the rest of the year.” The service has shown what Zaslav called “strong and accelerating momentum.”

A Rocky Road to 140 Million

HBO Max’s journey to this point has been anything but smooth. The service launched later than its rivals and entered the market during the height of Covid. The company faced corporate ownership changes, rebranding efforts, and strategic overhauls, which affected the service. These challenges meant the platform spent years playing catch-up with more established competitors.

Netflix remains far ahead in the global race. The streaming giant ended 2025 with more than 325 million subscribers. Disney has stopped reporting quarterly subscriber figures but sits in a comparable range to WBD. Amazon Prime Video, WBD, and Disney now form streaming’s top tier. Services like NBCUniversal’s Peacock and Paramount+ trail behind this leading group.

Despite the gap with Netflix, WBD chose to highlight its subscriber numbers publicly. Over the past year or two, most media companies have pulled back from reporting such figures. Profitability and other financial metrics have taken centre stage across the industry. WBD’s decision to share targets signals its desire to demonstrate forward progress.

The Paramount Merger Factor

A major development looms over HBO Max’s future. Warner Bros. Discovery and Paramount have announced a merger. Paramount paid WBD a $2.8 billion termination fee as part of the deal structure. This fee covered WBD’s exit from a prior agreement with Netflix.

Paramount CEO David Ellison confirmed the deal remains on track. He expects the transaction to close in the third quarter of 2026. Ellison’s company offered $31 per share in cash to acquire WBD. After a period of competing bids and negotiations, Netflix stepped aside and the Paramount-WBD merger moved forward.

Zaslav told analysts that HBO Max would benefit from “even more strength from Paramount.” Paramount+ and HBO Max will combine in some form following the deal’s close. However, Ellison’s team has not yet detailed pricing structures or integration plans. The combined entity could significantly reshape the competitive streaming landscape.

A Costly Quarter Behind the Headlines

Despite the streaming success, WBD posted a steep quarterly loss. The company recorded a $2.9 billion net loss in the first quarter. That figure largely reflects the $2.8 billion termination fee paid to exit the Netflix agreement. WBD described this as a likely one-time accounting event.

Streaming revenue itself told a more positive story. HBO Max revenue rose 7% to approximately $2.9 billion. Direct-to-consumer advertising revenue climbed 19% during the same period. Streaming profit jumped 17% to reach $433 million. These figures point to genuine underlying health in the streaming business.

The company’s studios division also posted strong results. Theatrical releases and content licensing both drove growth at WBD Studios. The studio segment benefited directly from HBO Max’s international expansion. Demand for licensed content rose as the streamer entered new markets globally.

Linear Networks Continue to Struggle

Traditional television networks remain a significant drag on WBD’s overall performance. Global linear network revenue fell 9% to $4.4 billion during the quarter. Linear network profit then dipped 10% to $1.6 billion. The absence of NBA programming drove a 12% drop in linear advertising revenue.

WBD’s adjusted EBITDA came in flat at $2.2 billion for the quarter. Streaming and studio growth offset the ongoing linear decline. The company still carries a substantial $33.4 billion in gross debt. Free cash flow turned negative, falling to minus $208 million from a positive $553 million the prior year. Separation and transaction-related cash costs of $100 million contributed to that swing.

Total revenue for WBD eased 3% to $8.9 billion in the quarter. The overall picture reflects a business in transition. Streaming growth is real but has not yet fully replaced linear revenue losses. The Paramount deal may accelerate that transformation considerably.

New Content Developments Signal Ambition

Beyond financial results, HBO Max is also building out its content slate. The network has a new drama series in development centred on an IVF mixup. Actress and producer Mandy Moore serves as executive producer on the untitled project. She is also expected to star if the series receives a formal greenlight.

Writer Julia Brownell developed the project and will serve as showrunner. Both Moore and Brownell previously worked together on the acclaimed NBC drama This Is Us. Producer Averie Huffine executive produces the project through her company Humble Sandwich Productions. Huffine developed the project after previously running Moore’s Roll with the Punches production company.

The series centres on two separate families brought together by an extraordinary set of circumstances. An IVF error forces them to confront an unexpected connection. The story explores the emotional and personal implications of that discovery. One of the central parental roles is intended for Moore.

What Comes Next for HBO Max

The next several quarters will test whether HBO Max can sustain its current momentum. The platform needs to convert subscriber growth into consistent profit. Expanding into new international markets will require continued investment. Competition from Netflix, Disney, and Amazon remains fierce.

The pending Paramount merger adds both opportunity and complexity. Combining two major streaming platforms takes time and careful planning. Pricing decisions and content integration will shape how subscribers respond. Ellison’s team must move carefully to avoid disrupting either service’s audience.

WBD enters this critical period with genuine optimism. The first quarter showed that its streaming strategy is producing results. International expansion delivered better-than-expected subscriber numbers. If the Paramount deal closes on schedule, HBO Max could emerge as a far more formidable competitor in the global streaming race.