Warner Bros. Leavesden Hits $390 Million as Potter Tour Prints Money

By Daniel Okafor

Warner Bros. Studios Leavesden posted revenues of £292 million ($390 million) for the year ending 2025, an 11% climb from £264 million, according to its latest financial accounts filed at U.K. business registrar Companies House this week.

The bigger surprise is where the money comes from. Not the sound stages. The gift shop, roughly speaking.

What drives the revenue?

The "Harry Potter" studio tour — where visitors walk through original sets, costumes and props from the films — accounted for 63% of company revenues, totalling £185 million, up from £177 million the previous year. The report credits higher visitor numbers and increased per-head spending across stores, cafes and add-on experiences such as photo packages.

Studio facilities, equipment and services grew from £87.0 million to £107 million, which the report attributed to higher occupancy as the site expands.

Gross profits rose 10%, from £182 million to £200 million. Post-tax profits fell 15%, however, partly because the tax on profit more than doubled — from £14 million in 2024 to £29 million last year. The Treasury, one might note, took a bigger cut than any goblin at Gringotts.

What is being built?

Warner Bros. Discovery spent £263 million last year developing the studios and "assets relating to the tour," per the report. The expansion adds 400,000 square feet of production space, including 10 new sound stages, lifting production capacity by more than 50%. Completion is on track for Q2 next year.

The timing suits the slate. HBO's upcoming "Harry Potter" series, due to launch this Christmas, is currently in production at Leavesden. So is Robert Pattinson-led "The Batman 2" — though production paused last week after director Matt Reeves stepped away for a "family matter."

Leavesden also hosts Warner Bros. productions ranging from "House of the Dragon" to "The Batman."

What about the Skydance takeover?

The accounts, dated Sept. 30, 2026, were prepared while parent company Warner Bros. Discovery was still being acquired by Skydance, and the uncertainty left its mark on the paperwork.

"Because the transaction has not yet completed, including any future refinancing, the company's directors are not able to fully assess the transaction's effect on the future financial and operational framework of the company," the independent auditors note.

The £111 billion deal eventually closed on Oct. 6.

As is customary in the U.K., the report covers the previous year's accounts, so the Skydance closing falls outside the reporting period it describes.

The so-what is straightforward: a studio that earns nearly two-thirds of its revenue from a theme-park-adjacent tour is pouring £263 million into bricks and soundproofing. Whether the new owners share that faith in physical production will be the first thing to watch when the next accounts land.