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Stock research / United States / WMG · Services-Amusement & Recreation Services · Nasdaq

Warner Music Group Corp. (WMG)

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Warner Music Group Corp. (WMG) reported revenue of $1.9 billion for Q3 FY2026, the quarter ended 30 June 2026, up 10.4% on the same quarter a year earlier. Net income was $204 million, and diluted earnings per share $0.38. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$1.9 billionup 10.4%
Net income$204 million
Diluted EPS$0.38
QuarterQ3 FY2026ended 30 June 2026

Warner Music Group (WMG) in brief

Warner Music Group (WMG) reported revenue of $6.7 billion for fiscal 2025, the year ended 30 September 2025, up 4.4% on the year before.
Read moreNet income was $365 million and diluted earnings per share $0.69. Revenue was $6.4 billion in fiscal 2024, $6.0 billion in fiscal 2023, $5.9 billion in fiscal 2022 and $5.3 billion in fiscal 2021. Net income in the same years was $435 million, $430 million, $551 million and $304 million. Over the twelve months to 30 June 2026, Warner Music Group reported revenue of $7.3 billion and net income of $672 million. Revenue grew 8.5% a year, compounded, over the five years to fiscal 2025. Warner Music Group declared $0.73 a share in dividends over the last four quarters. At 30 June 2026 it carried $4.7 billion of debt and $618 million of cash.

Ratios

From the filings

ROE78.7%
ROCE18.0%
Operating margin13.7%
Net margin9.2%
FCF margin11.4%
Interest cover5.52
Debt to equity5.52
Cash conversion1.40
Share count, 1 yearn/a
Sales CAGR, 3 years4.3%
Profit CAGR, 3 years-12.8%
EPS, TTM$1.26

At the close of 8 October 2026

Price$28.91
Market capn/a
Stock P/En/a
Price to bookn/a
EV / EBITDAn/a
Dividend yield2.5%
Market cap / salesn/a
52-week high$34.72
52-week low$23.65
Price, 1 year-11.5%
Price CAGR, 3 years-4.1%
Price CAGR, 5 years-8.5%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Warner Music Group Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
WMGgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WMG

Filings22 in twelve months: 15 current reports (8-K), about 5 results of operations; 4 officer or director change; 3 material agreement; 2 other events; 2 regulation fd disclosure
Planned insider sales2 Form 144 notices in twelve months, $2.4 million; latest 7 October 2026
Options tapeput/call 0.06 by open interest at the 8 October 2026 close; the straddle prices a 10.9% move to 16 October 2026
13F holders8 of the followed funds hold it; largest FMR LLC; 16 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 2 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest9.6 million shares short, 5.36 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue1,5861,7481,4941,5541,6301,6661,4841,6891,8681,8401,7321,864
Cost of revenue8458807918308548947919131,0349879301,010
Gross profit741868703724776772693776834853802854
Gross margin47%50%47%47%48%46%47%46%45%46%46%46%
SG&A473476446462495474450471494458460464
Operating income212354119207143214168169143288264305
Operating margin13%20%8%13%9%13%11%10%8%16%15%16%
Interest expense42.045.046.046.045.043.044.045.045.046.044.046.0
Pre-tax income21226511417151.033065.0-11.0106246254267
Tax rate27%27%16%18%6%27%45%n/a-3%29%29%25%
Net income15215996.013941.023636.0-16.0109176183204
Net margin10%9%6%9%3%14%2%-1%6%10%11%11%
Diluted EPS$0.29$0.30$0.18$0.27$0.08$0.45$0.07-$0.03$0.21$0.33$0.34$0.38
Operating cash flow338293-31.018830433269.046.0231440126142
Capital expenditure38.029.026.028.033.036.036.039.028.020.027.028.0
Free cash flow300264-57.016027129633.07.020342099.0114
Buybacksn/a0.00.00.00.02.00.01.013.026.022.00.0
Dividends paid89.089.089.089.094.094.095.094.0100100100100
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue3,0272,9663,2463,5764,0054,4754,4635,3015,9196,0376,4266,7077,304
Cost of revenue1,5701,5111,7071,9312,1712,4012,3332,7423,0803,1773,3553,6323,961
Gross profit1,4571,4551,5391,6451,8342,0742,1302,5592,8392,8603,0713,0753,343
Gross margin48.1%49.1%47.4%46.0%45.8%46.3%47.7%48.3%48.0%47.4%47.8%45.8%45.8%
Selling, general and administrative1,1721,0731,0821,2221,4111,5102,1691,7211,8621,8261,8791,8891,876
Operating income19.0127214222217356-2296097147908236941,000
Operating margin0.6%4.3%6.6%6.2%5.4%8.0%-5.1%11.5%12.1%13.1%12.8%10.3%13.7%
Interest expensen/an/an/an/an/an/an/a119125157182177181
Pre-tax income-329-75.041.0-2.0442267-447456740609601490873
Income tax-26.013.011.0-1511309.023.0149185170123120208
Effective tax raten/an/a26.8%n/a29.4%3.4%n/a32.7%25.0%27.9%20.5%24.5%23.8%
Net income-308-91.025.0143307256-475304551430435365672
Net margin-10.2%-3.1%0.8%4.0%7.7%5.7%-10.6%5.7%9.3%7.1%6.8%5.4%9.2%
Diluted EPSn/an/an/an/an/a$0.00-$0.82$0.58$1.06$0.82$0.83$0.69$1.26
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Recorded Music4,9555,2235,40880.5%
Music Publishing1,0881,2101,30619.5%
Recorded MusicMusic Publishing
6,043FY20236,433FY20246,714FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States2,7662,8702,87442.9%
All other territories2,0102,2692,46136.7%
United Kingdom72677485712.8%
Germany5355135157.7%
United StatesAll other territoriesUnited KingdomGermany
6,037FY20236,426FY20246,707FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow130222342535425400463638742687754678939
Capital expenditure76.063.042.044.074.010485.093.0135127116139103
Free cash flow54.0159300491351296378545607560638539836
Free cash flow margin1.8%5.4%9.2%13.7%8.8%6.6%8.5%10.3%10.3%9.3%9.9%8.0%11.4%
Cash from investingn/an/a-8.0-126405-376-219-638-824-300-311-340-741
Cash from financingn/an/a-216-128-95588.0-316-61.0188-325-396-497-94.0
Depreciation and amortisation321309293251261269261306339332327376417
Share-based compensation8.03.023.070.062.050.060845.039.049.052.054.0n/a
Buybacksn/an/an/an/an/an/an/an/an/a0.00.016.061.0
Dividends paidn/an/an/a84.092594.0344265318340361383400
Dividend per sharen/an/an/an/an/an/an/a$0.51$0.61$0.65$0.69$0.73n/a
Shares outstanding at period end1,0551,0551,0551,0551,0521,060n/an/an/an/an/an/an/a
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 †FY2016 †FY2017FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity371221195293-334-289-63.031.0152307518647854
Non-controlling interest19.018.015.015.014.020.018.015.016.012315711099.0
Redeemable equityn/an/an/an/an/an/an/an/an/an/a0.00.0133
Debt3,0302,9942,7782,8112,8192,9743,1043,3463,7323,9644,0144,3654,710
Operating lease liabilitiesn/an/an/an/an/a0.0299287241255228200165
Other liabilities2,5342,3882,3472,5992,8453,3123,0523,5323,6873,8964,2384,5074,766
Total liabilities and equity5,9545,6215,3355,7185,3446,0176,4107,2117,8288,5459,1559,82910,727
Owned
Fixed assets227220203213229300331364415458481441416
Goodwill1,6611,6321,6271,6851,6921,7611,8311,8301,9201,9932,0212,0612,126
Intangible assets3,0042,6332,3172,2072,0051,8741,8072,1712,3842,5022,5112,8793,251
Cash and equivalents157246359647514619553499584641694532618
Receivables3833493294044477757718399841,1201,2551,3401,607
Inventory39.042.041.039.042.074.079.099.010812699.062.069.0
Other assets4834994595234156141,0381,4091,4331,7052,0942,5142,640
Total assets5,9545,6215,3355,7185,3446,0176,4107,2117,8288,5459,1559,82910,727
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded8.5%8.5%4.3%12.9%
Profit growth, compoundedn/an/a-12.8%126.3%
Return on equity, averagen/a324.7%93.5%56.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Entertainment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Netflix Inc. NFLX$298.0 billion22.5345.3%29.7%16.0%0.39n/a
Walt Disney Co. DIS$184.8 billion22.077.8%18.4%4.6%0.341.6%
Live Nation Entertainment, Inc. LYV$40.4 billionn/a163.6%3.0%10.8%111.76n/a
TKO Group Holdings, Inc. TKO$13.6 billion62.686.8%18.8%5.1%1.362.2%
Churchill Downs Inc. CHDN$5.3 billion12.9430.8%24.1%5.7%3.060.6%
Vail Resorts Inc. MTN$5.2 billion35.2961.3%14.8%-4.3%13.246.1%
Planet Fitness, Inc. PLNT$3.4 billion14.93n/a30.9%12.7%n/an/a
Warner Music Group Corp. WMGn/an/a78.7%13.7%12.9%5.522.5%
2 companies share its SEC industry code (Services-Amusement & Recreation Services); the rest are the names nearest in size in its wider industry, Entertainment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-Q31 December 20259 February 2026EDGAR
10-K30 September 202520 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-Q31 December 20246 February 2025EDGAR
10-K30 September 202421 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR
10-Q31 March 20249 May 2024EDGAR

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