Q4 Earnings Review: PSEG, Warner Bros. Discovery, and D-Wave Quantum

The latest earnings reports from Public Service Enterprise Group (PSEG), Warner Bros. Discovery (WBD), and D-Wave Quantum Inc. (QBTS) provide a snapshot of the financial health and strategic direction of these diverse companies.

PSEG’s performance was a mixed bag, as the company reported a slight miss on earnings per share expectations but exceeded revenue expectations. Warner Bros. Discovery, on the other hand, faced challenges with a significant earnings miss but managed to surpass revenue expectations. Meanwhile, D-Wave Quantum reported a quarter characterized by growth in revenue, yet it fell short of both earnings and revenue expectations.

PSEG’s earnings release highlighted their robust revenue performance, which was bolstered by strong operational execution despite adverse weather conditions. Warner Bros. Discovery’s financial results reflected the ongoing challenges in the media industry, with the company grappling with declining linear TV subscribers and the absence of NBA programming. D-Wave Quantum, a leader in quantum computing, showcased substantial growth in annual revenue, driven by strategic acquisitions and new customer engagements, but faced increased operating expenses that impacted their bottom line.

Breaking Down the Latest Earnings

Public Service Enterprise Group (PSEG) reported earnings per share of $0.72 for the fourth quarter of 2025, narrowly missing the expected $0.723. However, the company outperformed on revenue, bringing in $2.92 billion against an expectation of $2.87 billion.

The company’s solid revenue performance was attributed to strong operational execution, even as they faced severe weather challenges. PSEG’s Nuclear division posted a capacity factor of 91.2%, producing carbon-free baseload power crucial during peak demand periods.

Warner Bros. Discovery’s financial results for the fourth quarter of 2025 revealed a loss per share of $0.10, missing the expected loss of $0.04. Despite this, the company exceeded revenue expectations, reporting $9.46 billion compared to the anticipated $9.32 billion.

The revenue beat was driven by growth in streaming subscribers, although this was offset by declines in traditional TV advertising and distribution revenues. The absence of NBA content also weighed heavily on the company’s advertising revenue.

D-Wave Quantum’s fourth-quarter performance in 2025 saw revenue increase to $2.75 million, up from $2.3 million in the previous year. However, the company missed its revenue expectation of $3.72 million. The earnings per share came in at a loss of $0.09, falling short of the expected loss of $0.06.

The company’s revenue growth was supported by strategic acquisitions and new customer engagements, yet increased operating expenses and non-cash charges related to warrant liabilities impacted their overall financial performance.

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Outlook and 2026 Guidance

Looking ahead, PSEG has provided guidance for 2026, with non-GAAP operating earnings expected to range between $4.28 and $4.40 per share, representing a growth of over 7% at the midpoint compared to 2025. The company plans to invest approximately $4.2 billion in regulated infrastructure, a 13.5% increase from the previous year, signaling a strong commitment to enhancing energy infrastructure and reliability.

Warner Bros. Discovery did not provide specific earnings guidance for 2026 but discussed strategic initiatives aimed at addressing the challenges faced by the media industry. The company is focusing on expanding its streaming services and leveraging its content library to drive subscriber growth. Additionally, Warner Bros. Discovery is exploring a potential separation transaction with Netflix, which could unlock shareholder value and enhance strategic flexibility.

D-Wave Quantum is entering 2026 with significant momentum, having secured over $30 million in bookings in January alone. The company is focused on expanding its market leadership through strategic acquisitions, such as the recent purchase of Quantum Circuits, Inc. This acquisition is expected to enhance D-Wave’s capabilities in gate-model quantum computing.

The company is also targeting growth in its Quantum Computing as a Service (QCaaS) offerings, as evidenced by a new eight-figure enterprise agreement with a Fortune 100 company. D-Wave’s strategic initiatives and investments in product development position it well for continued growth in the burgeoning quantum computing industry.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.