Warner Music Group Corp. (WMG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.39	$0.51	+30.8%	—	$1.9B	—
Q2 26	$0.29	$0.43	+48.3%	—	$1.7B	—
Q1 26	$0.4	$0.43	+7.5%	—	$1.8B	—
Q4 25	$0.33	$0.51	+54.5%	—	$1.9B	—
Q3 25	$0.29	$0.25	-13.8%	—	$1.7B	—
Q2 25	$0.28	$0.12	-57.1%	—	$1.5B	—
Q1 25	$0.33	$0.54	+63.6%	—	$1.7B	—
Q4 24	$0.31	$0.31	0.0%	—	$1.6B	—
Q3 24	$0.28	$0.37	+32.1%	—	$1.6B	—
Q2 24	$0.24	$0.37	+54.2%	—	$1.5B	—
Q1 24	$0.43	$0.32	-25.6%	—	$1.7B	—
Q4 23	$0.27	$0.34	+25.9%	—	$1.6B	—
Q3 23	$0.22	$0.28	+27.3%	—	$1.6B	—
Q2 23	$0.21	$0.22	+4.8%	—	$1.4B	—
Q1 23	$0.28	$0.21	-25.0%	—	$1.5B	—
Q4 22	$0.12	$0.32	+166.7%	—	$1.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.69	—	—	$6.7B	—
FY24	—	$0.83	—	—	$6.4B	—
FY23	—	$0.82	—	—	$6B	—
FY22	—	$1.06	—	—	$5.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.2B	$3.6B	$4B	$4.5B	$4.5B	$5.3B	$5.9B	$6B	$6.4B	$6.7B
YoY change	+9.44%	+10.2%	+12%	+11.7%	-0.27%	+18.8%	+11.7%	+1.99%	+6.44%	+4.37%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.2B	3.6B	4B	4.5B	4.5B	5.3B	5.9B	6B	6.4B	6.7B
Cost of revenue	1.7B	1.9B	2.2B	2.4B	2.3B	2.7B	3.1B	3.2B	3.4B	3.6B
Gross profit	1.5B	1.6B	1.8B	2.1B	2.1B	2.6B	2.8B	2.9B	3.1B	3.1B
Gross margin	47.4%	46%	45.8%	46.3%	47.7%	48.3%	48%	47.4%	47.8%	45.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.2B	1.4B	1.5B	2.2B	1.7B	1.8B	1.7B	1.8B	1.8B
Operating expenses	1.1B	1.2B	1.4B	1.5B	2.2B	1.7B	1.8B	1.7B	1.8B	1.8B
Operating income	214M	222M	217M	356M	-229M	609M	714M	789M	968M	928M
Operating margin	6.59%	6.21%	5.42%	7.96%	-5.13%	11.5%	12.1%	13.1%	15.1%	13.8%
Non-operating income, net	—	-75M	363M	53M	-91M	-31M	151M	-39M	-206M	-276M
Pretax income	41M	-2M	442M	267M	-447M	456M	740M	609M	601M	490M
Income tax	11M	-151M	130M	9M	23M	149M	185M	170M	123M	120M
Net income	30M	149M	312M	258M	-470M	307M	555M	439M	478M	370M
Net margin	0.92%	4.17%	7.79%	5.77%	-10.5%	5.79%	9.38%	7.27%	7.44%	5.52%
EBITDA	525M	433M	872M	685M	-25M	906M	1.2B	1.1B	1.2B	1.3B
EPS	0.05	0.28	0.61	0.51	-0.95	0.58	1.06	0.82	0.83	0.69
Diluted EPS	0.05	0.28	0.61	0.51	-0.95	0.58	1.06	0.82	0.83	0.69

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	1.6B	1.7B	1.5B	1.6B	1.6B	1.7B	1.5B	1.7B	1.9B	1.8B	1.7B	1.9B
Cost of revenue	845M	880M	791M	830M	854M	894M	791M	913M	1B	987M	930M	1B
Gross profit	741M	868M	703M	724M	776M	772M	693M	776M	834M	853M	802M	854M
Gross margin	46.7%	49.7%	47.1%	46.6%	47.6%	46.3%	46.7%	45.9%	44.6%	46.4%	46.3%	45.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	473M	476M	420M	437M	469M	445M	422M	471M	376M	427M	429M	431M
Operating expenses	473M	476M	420M	437M	469M	445M	422M	471M	376M	427M	429M	431M
Operating income	211M	337M	200M	207M	224M	241M	181M	238M	268M	327M	270M	312M
Operating margin	13.3%	19.3%	13.4%	13.3%	13.7%	14.5%	12.2%	14.1%	14.3%	17.8%	15.6%	16.7%
Non-operating income, net	37M	-33M	-44M	4M	-133M	126M	-77M	-206M	-119M	-36M	25M	4M
Pretax income	212M	265M	114M	171M	51M	330M	65M	-11M	106M	246M	254M	267M
Income tax	58M	72M	18M	30M	3M	89M	29M	5M	-3M	71M	73M	67M
Net income	154M	193M	96M	141M	48M	241M	36M	-16M	109M	175M	181M	200M
Net margin	9.71%	11%	6.43%	9.07%	2.94%	14.5%	2.43%	-0.95%	5.84%	9.51%	10.5%	10.7%
EBITDA	326M	368M	320M	291M	255M	480M	207M	197M	464M	429M	411M	434M
EPS	0.29	0.3	0.18	0.27	—	0.45	0.07	-0.03	0.21	0.33	0.35	0.39
Diluted EPS	0.29	0.3	0.18	0.27	—	0.45	0.07	-0.03	0.21	0.33	0.34	0.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	14.4B	22.4B	12.1B	16.5B	16.2B	18B	14.2B
Enterprise value	—	—	—	—	17.3B	25.6B	15.5B	20.1B	19.8B	22.1B	18.7B
Shares outstanding	502M	502M	502M	502M	500M	524.1M	519.8M	524.4M	517.5M	529M	529M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	73	21.7	37.5	33.9	48.7	22
P/S	—	—	—	—	3.22	4.23	2.04	2.73	2.52	2.69	1.97
P/B	—	—	—	—	-319.3	487	71.8	38.3	24	23.8	16.9
EV/EBITDA	—	—	—	—	-690.4	28.2	12.9	18.5	16	17.5	11.2
EV/Sales	—	—	—	—	3.87	4.83	2.62	3.33	3.08	3.29	2.56
Earnings yield	—	—	—	—	—	1.37%	4.6%	2.67%	2.95%	2.05%	4.54%
FCF yield	—	—	—	—	2.35%	0.29%	3.45%	2.71%	2.78%	1.91%	2.69%
PEG	—	—	—	—	—	—	—	—	—	—	-0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.4%	46%	45.8%	46.3%	47.7%	48.3%	48%	47.4%	47.8%	45.8%	45.8%
Operating margin	6.59%	6.21%	5.42%	7.96%	-5.13%	11.5%	12.1%	13.1%	15.1%	13.8%	16.7%
Net margin	0.92%	4.17%	7.79%	5.77%	-10.5%	5.79%	9.38%	7.27%	7.44%	5.52%	9.2%
ROE	14.3%	48.4%	-97.5%	-95.9%	1K%	667.4%	330.4%	102.1%	70.8%	48.9%	70.1%
ROA	0.56%	2.61%	5.84%	4.29%	-7.33%	4.26%	7.09%	5.14%	5.22%	3.76%	7.65%
ROIC	5.96%	8.98%	7.72%	16.5%	-8.05%	12.7%	14.9%	14%	18%	14.5%	16.6%
Return on tangible assets	-1.18%	-7.21%	-15.2%	-20.6%	54.3%	-38.8%	-71.2%	-98.7%	525.3%	-725.5%	-2.5K%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.49	0.61	0.5	0.6	0.62	0.6	0.64	0.68	0.68	0.66	0.73
Quick ratio	0.47	0.59	0.48	0.57	0.59	0.57	0.6	0.64	0.65	0.64	0.72
Debt / equity	13.2	9.13	-8.81	-11.1	-76.5	79.9	23.9	9.91	6.35	6.09	4.53
Debt / assets	0.52	0.49	0.53	0.49	0.54	0.51	0.51	0.5	0.47	0.47	0.46
Net debt / EBITDA	4.61	5	2.64	3.44	-115.6	3.51	2.85	3.34	2.91	3.23	2.47
Interest coverage	1.24	0.99	4.2	2.88	-2.52	4.74	6.92	5.32	4.73	4.02	5.9
Effective tax rate	26.8%	0%	29.4%	3.37%	0%	32.7%	25%	27.9%	20.5%	24.5%	23.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.47	7.12	7.98	8.91	8.93	10.1	11.4	11.5	12.4	12.7	14
EPS (basic)	0.05	0.28	0.61	0.51	-0.95	0.58	1.06	0.82	0.83	0.69	0.69
EPS (diluted)	0.05	0.28	0.61	0.51	-0.95	0.58	1.06	0.82	0.83	0.69	1.25
Book value per share	0.42	0.61	-0.64	-0.54	-0.09	0.09	0.32	0.82	1.3	1.43	1.63
FCF per share	0.55	0.95	0.67	0.51	0.68	0.12	0.8	0.85	0.87	0.65	0.54
Cash per share	0.72	1.29	1.02	1.23	1.11	0.95	1.12	1.22	1.34	1.01	1.18
Capex per share	—	0	—	—	—	—	—	—	—	0.26	0.19

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0%	—	—	—	—	—	—	—	2.07%	1.41%
Capex / operating cash flow	—	0%	—	—	—	—	—	—	—	20.5%	11%
Payout ratio	0%	56.4%	296.5%	36.4%	-73.2%	86.3%	57.3%	77.4%	75.5%	103.5%	60.8%
Dividend yield	—	—	—	—	2.39%	1.18%	2.64%	2.06%	2.23%	2.13%	2.95%

Yield

2.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Aug 20, 2026

Payout ratio

61%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 20, 2026	$0.20
May 26, 2026	$0.19
Feb 18, 2026	$0.19
Nov 19, 2025	$0.19
Aug 20, 2025	$0.19
May 27, 2025	$0.18
Feb 24, 2025	$0.18
Nov 19, 2024	$0.18

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$1.6B	$1.7B	$1.5B	$1.6B	$1.6B	$1.7B	$1.5B	$1.7B	$1.9B	$1.8B	$1.7B	$1.9B
YoY change	+5.95%	+17.5%	+6.79%	-0.64%	+2.77%	-4.69%	-0.67%	+8.69%	+14.6%	+10.4%	+16.7%	+10.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	359M	647M	514M	619M	553M	499M	584M	641M	694M	532M
Receivables	329M	404M	447M	775M	771M	839M	984M	1.1B	1.3B	1.3B
Inventory	41M	39M	42M	74M	79M	99M	108M	126M	99M	62M
Total current assets	908M	1.3B	1.2B	1.7B	1.7B	1.9B	2.1B	2.4B	2.6B	2.8B
Property, plant & equipment	113M	114M	120M	114M	425M	447M	453M	509M	490M	440M
Goodwill & intangibles	7.9B	7.8B	7.4B	7.3B	7.3B	8B	8.6B	9B	9.1B	9.9B
Total assets	5.3B	5.7B	5.3B	6B	6.4B	7.2B	7.8B	8.5B	9.2B	9.8B
Accounts payable	204M	208M	281M	260M	264M	302M	268M	300M	289M	257M
Short-term debt	—	—	—	—	39M	43M	40M	41M	45M	43M
Total current liabilities	1.8B	2.1B	2.4B	2.8B	2.7B	3.1B	3.4B	3.5B	3.9B	4.2B
Long-term debt	2.8B	2.8B	2.8B	3B	3.4B	3.6B	4B	4.2B	4.2B	4.6B
Total liabilities	5.1B	5.4B	5.7B	6.3B	6.5B	7.2B	7.7B	8.1B	8.5B	9.1B
Shareholders' equity	210M	308M	-320M	-269M	-45M	46M	168M	430M	675M	757M
Total debt	2.8B	2.8B	2.8B	3B	3.4B	3.7B	4B	4.3B	4.3B	4.6B
Net debt	2.4B	2.2B	2.3B	2.4B	2.9B	3.2B	3.4B	3.6B	3.6B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	641M	754M	587M	607M	694M	802M	637M	527M	532M	751M	741M	618M
Receivables	1.1B	1.2B	1.2B	1.2B	1.3B	1.2B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B
Inventory	126M	106M	97M	92M	99M	84M	88M	101M	62M	60M	65M	69M
Total current assets	2.4B	2.6B	2.5B	2.5B	2.6B	2.7B	2.6B	2.7B	2.8B	3B	3.2B	3.3B
Property, plant & equipment	509M	708M	695M	690M	490M	712M	720M	688M	440M	597M	582M	579M
Goodwill & intangibles	9B	9.1B	8.9B	8.9B	9.1B	9B	9.9B	10B	9.9B	9.8B	10.6B	10.8B
Total assets	8.5B	9B	8.7B	8.8B	9.2B	9.1B	9.6B	9.8B	9.8B	10B	10.6B	10.7B
Accounts payable	300M	246M	306M	200M	289M	189M	347M	241M	257M	201M	452M	354M
Short-term debt	41M	43M	43M	43M	45M	47M	47M	43M	43M	47M	48M	44M
Total current liabilities	3.5B	3.7B	3.5B	3.6B	3.9B	3.9B	3.9B	4B	4.2B	4.3B	4.4B	4.4B
Long-term debt	4.2B	4.3B	4.2B	4.2B	4.2B	4.2B	4.5B	4.6B	4.6B	4.6B	4.9B	4.9B
Total liabilities	8.1B	8.4B	8.1B	8.2B	8.5B	8.4B	8.8B	9B	9.1B	9.2B	9.6B	9.6B
Shareholders' equity	430M	616M	585M	635M	675M	697M	790M	812M	757M	829M	972M	1.1B
Total debt	4.3B	4.3B	4.3B	4.3B	4.3B	4.2B	4.6B	4.6B	4.6B	4.6B	4.9B	4.9B
Net debt	3.6B	3.5B	3.7B	3.6B	3.6B	3.4B	3.9B	4.1B	4.1B	3.9B	4.2B	4.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	30M	149M	312M	258M	-470M	307M	555M	439M	478M	370M
Depreciation & amortization	293M	251M	261M	269M	261M	306M	339M	332M	327M	376M
Stock-based compensation	23M	70M	62M	50M	608M	45M	39M	49M	52M	54M
Change in working capital	10M	17M	36M	-97M	106M	50M	-154M	-185M	-195M	-83M
Operating cash flow	341M	303M	740M	390M	507M	743M	629M	662M	688M	678M
Capital expenditure	—	0	—	—	—	—	—	—	—	-139M
Investing cash flow	149M	7M	470M	-462M	-188M	-64M	-498M	-59M	-8M	-145M
Dividends paid	0	-84M	-925M	-94M	-344M	-265M	-318M	-340M	-361M	-383M
Share repurchases	—	—	—	—	—	—	—	—	—	-16M
Financing cash flow	-216M	-128M	-955M	88M	-316M	-61M	188M	-325M	-396M	-497M
Net change in cash	274M	182M	255M	16M	3M	618M	319M	278M	284M	36M
Free cash flow	275M	475M	337M	255M	338M	64M	416M	446M	451M	344M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	154M	193M	96M	141M	48M	241M	36M	-16M	109M	175M	181M	200M
Depreciation & amortization	79M	81M	83M	80M	83M	86M	90M	96M	104M	99M	103M	111M
Stock-based compensation	7M	9M	9M	10M	24M	13M	14M	16M	11M	19M	16M	3M
Change in working capital	256M	-160M	-165M	-162M	292M	-66M	26M	-232M	182M	-93M	27M	-320M
Operating cash flow	468M	189M	-7M	77M	429M	179M	248M	46M	231M	440M	126M	142M
Capital expenditure	—	—	—	—	—	—	—	-39M	-28M	-20M	-27M	-28M
Investing cash flow	29M	-4M	16M	-7M	27M	-4M	-6M	-39M	22M	-22M	-44M	-103M
Dividends paid	-89M	-89M	-89M	-89M	-94M	-94M	-95M	-94M	-100M	-100M	-100M	-100M
Share repurchases	—	—	—	—	—	-2M	0	-1M	-13M	-26M	-22M	0
Financing cash flow	-92M	-93M	-55M	-90M	-116M	-127M	-121M	-96M	-153M	-159M	1.6B	-110M
Net change in cash	405M	92M	-46M	-20M	340M	48M	121M	-89M	100M	259M	1.7B	-71M
Free cash flow	239M	205M	-80M	119M	207M	255M	-46M	-25M	160M	390M	-328M	66M

Warner Music Group Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement