Warner Music Group (WMG) Financials

$27.12 -0.08 (-0.28%)

As of 10:48 AM Eastern

Annual Income Statements for Warner Music Group

This table shows Warner Music Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	-	-	-	307	254	-475	301	547	430	435
Consolidated Net Income / (Loss)	-	-	-	307	256	-470	304	551	439	478
Net Income / (Loss) Continuing Operations	-	-	-	312	258	-470	307	555	439	478
Total Pre-Tax Income	-	-	-	442	267	-447	456	740	609	601
Total Operating Income	-	-	-	217	356	-229	609	714	790	823
Total Gross Profit	-	-	-	1,834	2,074	2,130	2,559	2,839	2,860	3,071
Total Revenue	-	-	-	4,005	4,475	4,463	5,301	5,919	6,037	6,426
Operating Revenue	-	-	-	4,005	4,475	4,463	5,301	5,919	6,037	6,426
Total Cost of Revenue	-	-	-	2,171	2,401	2,333	2,742	3,080	3,177	3,355
Operating Cost of Revenue	-	-	-	2,171	2,401	2,333	2,742	3,080	3,177	3,355
Total Operating Expenses	-	-	-	1,617	1,718	2,359	1,950	2,125	2,111	2,280
Selling, General & Admin Expense	-	-	-	1,411	1,510	2,169	1,721	1,862	1,826	1,879
Amortization Expense	-	-	-	206	208	190	229	263	245	224
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	40	177
Total Other Income / (Expense), net	-	-	-	225	-89	-218	-153	26	-140	-190
Interest Expense	-	-	-	31	7.00	34	22	0.00	4.00	0.00
Interest & Investment Income	-	-	-	-138	-142	-127	-122	-125	-141	-161
Other Income / (Expense), net	-	-	-	394	60	-57	-9.00	151	5.00	-29
Income Tax Expense	-	-	-	130	9.00	23	149	185	170	123
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	2.00	5.00	3.00	4.00	9.00	43
Basic Earnings per Share	-	-	-	-	-	-	-	$2.12	$1.64	$1.66
Weighted Average Basic Shares Outstanding	1.06K	1.06K	1.06K	1.05K	501.99M	504.52M	513.47M	514.71M	515.72M	517.52M
Diluted Earnings per Share	-	-	-	-	-	-	-	$2.12	$1.64	$1.66
Weighted Average Diluted Shares Outstanding	1.06K	1.06K	1.06K	1.05K	501.99M	504.52M	513.47M	514.71M	515.72M	517.52M
Weighted Average Basic & Diluted Shares Outstanding	1.06K	1.06K	1.06K	1.05K	1.06K	510.03M	514.54M	514.85M	516.00M	517.99M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.51	$0.61	$0.65	$0.69

This table shows Warner Music Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	145	122	34	122	152	159	96	139	41	236	36
Consolidated Net Income / (Loss)	147	124	37	124	154	193	96	141	48	241	36
Net Income / (Loss) Continuing Operations	150	124	37	124	154	193	96	141	48	241	36
Total Pre-Tax Income	187	172	58	167	212	265	114	171	51	330	65
Total Operating Income	163	265	124	189	212	354	119	207	143	214	168
Total Gross Profit	698	727	678	714	741	868	703	724	776	772	693
Total Revenue	1,497	1,488	1,399	1,564	1,586	1,748	1,494	1,554	1,630	1,666	1,484
Operating Revenue	1,497	1,488	1,399	1,564	1,586	1,748	1,494	1,554	1,630	1,666	1,484
Total Cost of Revenue	799	761	721	850	845	880	791	830	854	894	791
Operating Cost of Revenue	799	761	721	850	845	880	791	830	854	894	791
Total Operating Expenses	535	503	554	525	529	531	598	518	633	558	525
Selling, General & Admin Expense	470	440	452	461	473	476	446	462	495	474	450
Amortization Expense	65	63	61	64	57	55	57	55	57	57	62
Restructuring Charge	-	-	41	0.00	-	0.00	95	1.00	-	27	13
Total Other Income / (Expense), net	24	-52	-66	-22	-	-72	9.00	-35	-92	116	-103
Interest & Investment Income	-31	-32	-35	-38	-36	-39	-42	-40	-40	-37	-39
Other Income / (Expense), net	55	-20	-31	20	36	-33	51	5.00	-52	153	-64
Income Tax Expense	37	48	21	43	58	72	18	30	3.00	89	29
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	2.00	3.00	2.00	2.00	34	0.00	2.00	7.00	5.00	0.00
Basic Earnings per Share	$0.56	$0.46	$0.12	$0.46	$0.60	$0.60	$0.36	$0.54	$0.16	$0.90	$0.14
Weighted Average Basic Shares Outstanding	514.71M	515.07M	515.91M	515.94M	515.72M	516.46M	517.84M	517.88M	517.52M	518.43M	520.32M
Diluted Earnings per Share	$0.56	$0.46	$0.12	$0.46	$0.60	$0.60	$0.36	$0.54	$0.16	$0.90	$0.14
Weighted Average Diluted Shares Outstanding	514.71M	515.07M	515.91M	515.94M	515.72M	516.46M	517.84M	517.88M	517.52M	518.43M	520.32M
Weighted Average Basic & Diluted Shares Outstanding	514.85M	515.94M	515.97M	515.99M	516.00M	517.88M	517.91M	517.92M	517.99M	520.36M	521.27M
Cash Dividends to Common per Share	-	$0.16	$0.16	$0.16	-	$0.17	$0.17	$0.17	-	$0.18	$0.18

This table details how cash moves in and out of Warner Music Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	89	118	281	-125	105	-66	-54	85	57	53
Net Cash From Operating Activities	222	342	535	425	400	463	638	742	687	754
Net Cash From Continuing Operating Activities	222	342	535	425	400	463	638	742	687	754
Net Income / (Loss) Continuing Operations	-88	30	149	312	258	-470	307	555	439	478
Consolidated Net Income / (Loss)	-	30	-	312	258	-470	307	-	439	478
Depreciation Expense	309	293	251	261	269	261	306	339	332	327
Amortization Expense	11	11	8.00	6.00	6.00	5.00	5.00	6.00	2.00	6.00
Non-Cash Adjustments To Reconcile Net Income	-15	8.00	163	-299	9.00	691	74	-84	46	139
Changes in Operating Assets and Liabilities, net	5.00	0.00	-36	145	-142	-24	-54	-74	-132	-196
Net Cash From Investing Activities	-95	-8.00	-126	405	-376	-219	-638	-824	-300	-311
Net Cash From Continuing Investing Activities	-95	-8.00	-126	405	-376	-219	-638	-824	-300	-311
Purchase of Property, Plant & Equipment	-63	-42	-44	-74	-104	-85	-93	-135	-127	-116
Acquisitions	-32	-53	-155	-37	-272	-134	-545	-700	-240	-227
Divestitures	0.00	45	73	516	-	0.00	0.00	11	67	32
Net Cash From Financing Activities	-19	-216	-128	-955	88	-316	-61	188	-325	-396
Net Cash From Continuing Financing Activities	-19	-216	-128	-955	88	-316	-61	188	-325	-396
Repayment of Debt	-274	-511	-664	-647	-329	-1,415	-882	-10	-5.00	-106
Payment of Dividends	-3.00	-5.00	-89	-930	-97	-351	-272	-324	-352	-369
Issuance of Debt	258	300	652	645	514	1,450	1,093	535	165	104
Other Financing Activities, net	-	-	-27	-23	-	0.00	0.00	-13	-133	-25
Effect of Exchange Rate Changes	-19	-	-	-	-	-	7.00	-21	-5.00	6.00

This table details how cash moves in and out of Warner Music Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	239	136	-119	-1.00	41	113	-167	20	87	108	-165
Net Cash From Operating Activities	406	209	-6.00	146	338	293	-31	188	304	332	69
Net Cash From Continuing Operating Activities	406	209	-6.00	146	338	293	-31	188	304	332	69
Net Income / (Loss) Continuing Operations	150	124	37	124	154	193	96	141	48	241	36
Consolidated Net Income / (Loss)	-	124	-	-	-	193	-	-	-	241	36
Depreciation Expense	82	84	83	86	79	81	83	80	83	86	90
Amortization Expense	2.00	2.00	1.00	-1.00	-	0.00	2.00	3.00	1.00	2.00	1.00
Non-Cash Adjustments To Reconcile Net Income	-45	52	37	-18	-25	50	-3.00	1.00	91	-109	101
Changes in Operating Assets and Liabilities, net	217	-53	-164	-45	130	-31	-209	-37	81	112	-159
Net Cash From Investing Activities	-61	-10	-41	-53	-196	-92	-33	-76	-110	-81	-121
Net Cash From Continuing Investing Activities	-61	-10	-41	-53	-196	-92	-33	-76	-110	-81	-121
Purchase of Property, Plant & Equipment	-38	-21	-35	-33	-38	-29	-26	-28	-33	-36	-36
Acquisitions	-23	-41	-18	-20	-161	-76	-23	-50	-78	-81	-85
Net Cash From Financing Activities	-92	-70	-73	-90	-92	-93	-97	-90	-116	-127	-121
Net Cash From Continuing Financing Activities	-92	-70	-73	-90	-92	-93	-97	-90	-116	-127	-121
Repayment of Debt	-5.00	-2.00	-	-1.00	-2.00	0.00	-44	-	-62	-5.00	-2.00
Payment of Dividends	-84	-90	-84	-88	-90	-93	-90	-90	-96	-101	-96
Other Financing Activities, net	-3.00	-125	-8.00	-	-	0.00	-5.00	-	-20	-19	-23
Effect of Exchange Rate Changes	-14	7.00	-	-	-	5.00	-	-	-	-16	8.00

This table presents Warner Music Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	5,621	5,335	5,718	5,344	6,017	6,410	7,211	7,828	8,545	9,155
Total Current Assets	827	908	1,275	1,176	1,691	1,678	1,896	2,139	2,402	2,643
Cash & Equivalents	246	359	647	514	619	553	499	584	641	694
Accounts Receivable	349	329	404	447	775	771	839	984	1,120	1,255
Inventories, net	42	41	39	42	74	79	99	108	126	99
Prepaid Expenses	60	51	44	50	53	55	86	91	102	125
Other Current Assets	130	128	141	123	170	220	373	372	413	470
Plant, Property, & Equipment, net	220	203	213	229	300	331	364	415	458	481
Total Noncurrent Assets	4,574	4,224	4,230	3,939	4,026	4,401	4,951	5,274	5,685	6,031
Goodwill	1,632	1,627	1,685	1,692	1,761	1,831	1,830	1,920	1,993	2,021
Intangible Assets	2,633	2,317	2,207	2,005	1,874	1,807	2,171	2,384	2,502	2,511
Noncurrent Deferred & Refundable Income Taxes	-	2.00	97	11	38	68	31	29	32	52
Other Noncurrent Operating Assets	309	278	241	231	353	695	919	941	1,158	1,447
Total Liabilities & Shareholders' Equity	5,621	5,335	5,718	5,344	6,017	6,410	7,211	7,828	8,545	9,155
Total Liabilities	5,382	5,125	5,410	5,664	6,286	6,455	7,165	7,660	8,115	8,480
Total Current Liabilities	1,857	1,842	2,100	2,373	2,819	2,720	3,150	3,368	3,539	3,897
Accounts Payable	173	204	208	281	260	264	302	268	300	289
Accrued Expenses	1,383	1,401	1,628	1,819	2,059	2,010	2,341	2,375	2,752	3,190
Current Deferred Revenue	206	178	197	208	180	297	348	423	371	246
Other Current Liabilities	24	21	26	34	286	119	145	285	98	155
Other Current Nonoperating Liabilities	58	38	41	31	34	30	14	17	18	17
Total Noncurrent Liabilities	3,525	3,283	3,310	3,291	3,467	3,735	4,015	4,292	4,576	4,583
Long-Term Debt	2,981	2,778	2,811	2,819	2,974	3,104	3,346	3,732	3,964	4,014
Noncurrent Deferred & Payable Income Tax Liabilities	302	269	190	165	172	163	207	220	216	195
Other Noncurrent Operating Liabilities	242	236	309	307	321	468	462	340	396	374
Total Equity & Noncontrolling Interests	239	210	308	-320	-269	-45	46	168	430	675
Total Preferred & Common Equity	221	195	293	-334	-289	-63	31	152	307	518
Total Common Equity	221	195	293	-334	-289	-63	31	152	307	518
Common Stock	1,128	1,128	1,128	1,128	1,128	1,908	1,943	1,976	2,016	2,078
Retained Earnings	-740	-715	-654	-1,272	-1,177	-1,749	-1,710	-1,477	-1,387	-1,313
Accumulated Other Comprehensive Income / (Loss)	-167	-218	-181	-190	-240	-222	-202	-347	-322	-247
Noncontrolling Interest	18	15	15	14	20	18	15	16	123	157

This table presents Warner Music Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Total Assets	7,699	8,129	8,010	8,150	8,991	8,731	8,830	9,146	9,568
Total Current Assets	1,901	2,340	2,212	2,317	2,616	2,450	2,483	2,716	2,599
Cash & Equivalents	345	720	601	600	754	587	607	802	637
Accounts Receivable	970	1,004	1,017	1,113	1,195	1,197	1,222	1,201	1,218
Inventories, net	93	102	114	116	106	97	92	84	88
Prepaid Expenses	84	109	109	98	108	113	112	156	147
Other Current Assets	409	405	371	390	453	456	450	473	509
Plant, Property, & Equipment, net	403	430	440	454	466	462	464	491	503
Total Noncurrent Assets	5,395	5,359	5,358	5,379	5,909	5,819	5,883	5,939	6,466
Goodwill	1,932	1,951	1,960	1,962	2,015	2,007	2,003	2,013	2,031
Intangible Assets	2,494	2,415	2,382	2,345	2,541	2,468	2,459	2,478	2,915
Noncurrent Deferred & Refundable Income Taxes	22	29	28	27	31	30	29	40	41
Other Noncurrent Operating Assets	947	964	988	1,045	1,322	1,314	1,392	1,408	1,479
Total Liabilities & Shareholders' Equity	7,699	8,129	8,010	8,150	8,991	8,731	8,830	9,146	9,568
Total Liabilities	7,527	7,847	7,744	7,851	8,375	8,146	8,195	8,449	8,778
Total Current Liabilities	3,123	3,341	3,187	3,290	3,745	3,533	3,573	3,923	3,916
Accounts Payable	265	220	282	249	246	306	200	189	347
Accrued Expenses	2,366	2,568	2,468	2,661	2,998	2,874	3,081	3,192	3,075
Current Deferred Revenue	197	327	311	226	305	234	168	312	319
Other Current Liabilities	266	197	109	125	167	101	95	188	140
Other Current Nonoperating Liabilities	29	29	17	29	29	18	29	42	35
Total Noncurrent Liabilities	4,404	4,506	4,557	4,561	4,630	4,613	4,622	4,526	4,862
Long-Term Debt	3,785	3,946	3,986	3,988	4,004	3,984	3,978	3,955	4,292
Noncurrent Deferred & Payable Income Tax Liabilities	241	223	220	205	223	236	251	209	214
Other Noncurrent Operating Liabilities	378	337	351	368	403	393	393	362	356
Total Equity & Noncontrolling Interests	172	282	266	299	616	585	635	697	790
Total Preferred & Common Equity	156	270	252	281	463	433	483	545	567
Total Common Equity	156	270	252	281	463	433	483	545	567
Common Stock	1,976	1,985	2,001	2,008	2,040	2,044	2,054	2,092	2,089
Retained Earnings	-1,542	-1,439	-1,488	-1,450	-1,317	-1,310	-1,260	-1,171	-1,230
Accumulated Other Comprehensive Income / (Loss)	-278	-276	-261	-277	-260	-301	-311	-376	-292
Noncontrolling Interest	16	12	14	18	153	152	152	152	223

This table displays calculated financial ratios and metrics derived from Warner Music Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	11.74%	-0.27%	18.78%	11.66%	1.99%	6.44%
EBITDA Growth	-4.19%	-5.00%	-14.80%	239.00%	-21.30%	-102.89%	4,655.00%	32.82%	-6.69%	-0.18%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	-31.91%	-168.75%	309.79%	44.17%	-8.09%	-0.13%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	124.58%	-146.60%	355.77%	30.61%	6.34%	14.94%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	-16.61%	-283.59%	164.68%	81.25%	-20.33%	8.88%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-22.64%	1.22%
Operating Cash Flow Growth	70.77%	54.05%	56.43%	-20.56%	-5.88%	15.75%	37.80%	16.30%	-7.41%	9.75%
Free Cash Flow Firm Growth	34.30%	35.97%	-59.26%	322.19%	-63.09%	-340.13%	106.77%	180.72%	20.07%	214.56%
Invested Capital Growth	-8.37%	-12.41%	-5.77%	-19.78%	5.16%	19.62%	14.63%	14.65%	13.14%	6.39%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	4.95%	2.09%	1.50%	0.69%
EBITDA Q/Q Growth	-1.84%	-2.56%	-3.00%	221.61%	-54.21%	-25.00%	7.18%	12.04%	2.26%	-11.88%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-78.75%	-1.78%	8.70%	17.21%	3.92%	-16.51%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-8.25%	20.49%	-5.14%	14.40%	3.18%	-4.25%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-22.72%	8.96%	27.55%	1.62%	-18.15%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	7.25%	9.97%	20.50%	-13.44%	-2.20%	5.71%	8.87%	31.56%	-9.01%	-4.31%
Free Cash Flow Firm Q/Q Growth	4.91%	22.33%	-41.00%	41.34%	0.00%	-128.40%	126.04%	189.81%	-72.43%	13.42%
Invested Capital Q/Q Growth	-3.30%	-6.09%	-2.56%	-4.86%	-54.89%	2.71%	-4.72%	-8.46%	1.48%	-0.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	45.79%	46.35%	47.73%	48.27%	47.96%	47.37%	47.79%
EBITDA Margin	0.00%	0.00%	0.00%	21.92%	15.44%	-0.45%	17.19%	20.44%	18.70%	17.54%
Operating Margin	0.00%	0.00%	0.00%	5.42%	7.96%	-5.13%	11.49%	12.06%	13.09%	12.81%
EBIT Margin	0.00%	0.00%	0.00%	15.26%	9.30%	-6.41%	11.32%	14.61%	13.17%	12.36%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	7.67%	5.72%	-10.53%	5.73%	9.31%	7.27%	7.44%
Tax Burden Percent	0.00%	0.00%	0.00%	69.46%	95.88%	105.15%	66.67%	74.46%	72.09%	79.53%
Interest Burden Percent	0.00%	0.00%	0.00%	72.34%	64.18%	156.29%	76.00%	85.55%	76.60%	75.69%
Effective Tax Rate	0.00%	0.00%	0.00%	29.41%	3.37%	0.00%	32.68%	25.00%	27.91%	20.47%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	6.76%	16.63%	-6.89%	15.07%	17.16%	16.03%	16.82%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	13.54%	12.91%	-19.35%	11.17%	17.68%	12.02%	11.53%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	-5,123.43%	-103.56%	306.25%	60,784.93%	497.79%	130.79%	69.70%
Return on Equity (ROE)	0.00%	0.00%	0.00%	-5,116.67%	-86.93%	299.36%	60,800.00%	514.95%	146.82%	86.52%
Cash Return on Invested Capital (CROIC)	8.73%	13.24%	5.95%	28.71%	11.61%	-24.76%	1.43%	3.51%	3.70%	10.63%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	11.05%	7.32%	-4.60%	8.81%	11.50%	9.71%	8.97%
Return on Assets (ROA)	0.00%	0.00%	0.00%	5.55%	4.51%	-7.56%	4.46%	7.33%	5.36%	5.40%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	-17,481.94%	-91.94%	335.59%	-1,945,600.00%	440.36%	112.70%	64.59%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	-91.92%	-88.58%	746.03%	980.65%	362.50%	143.00%	92.28%
Net Operating Profit after Tax (NOPAT)	0.00	0.00	0.00	153	344	-160	410	536	569	655
NOPAT Margin	0.00%	0.00%	0.00%	3.82%	7.69%	-3.59%	7.73%	9.05%	9.43%	10.19%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	-6.77%	3.72%	12.46%	3.90%	-0.51%	4.01%	5.29%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	54.21%	53.65%	52.27%	51.73%	52.04%	52.63%	52.21%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	35.23%	33.74%	48.60%	32.47%	31.46%	30.25%	29.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	40.37%	38.39%	52.86%	36.79%	35.90%	34.97%	35.48%
Earnings before Interest and Taxes (EBIT)	0.00	0.00	0.00	611	416	-286	600	865	795	794
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	320	304	259	878	691	-20	911	1,210	1,129	1,127
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	670.62	74.84	51.36	31.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	3.06	3.92	1.92	2.61	2.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	69.07	20.80	36.67	37.07
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%	1.26%	2.76%	2.13%	2.22%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.45%	4.81%	2.73%	2.70%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	6.40	8.14	4.36	5.10	4.89
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	3.63	4.46	2.46	3.18	3.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	25.96	12.02	17.02	17.39
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	39.42	16.81	24.17	24.69
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	57.68	27.15	33.74	29.94
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	35.04	37.07	19.59	27.97	26.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	606.34	132.78	146.15	47.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	12.53	13.23	9.13	-8.81	-11.06	-68.98	72.74	22.21	9.22	5.95
Long-Term Debt to Equity	12.47	26.46	9.13	-8.81	-11.06	-68.98	72.74	22.21	9.22	5.95
Financial Leverage	9.12	11.72	9.00	-378.42	-8.02	-15.83	5,442.00	28.16	10.88	6.04
Leverage Ratio	18.40	48.80	21.34	-921.83	-19.29	-39.58	13,621.00	70.28	27.38	16.02
Compound Leverage Factor	0.00	0.00	0.00	-666.86	-12.38	-61.86	10,351.96	60.12	20.97	12.12
Debt to Total Capital	92.61%	185.94%	90.13%	112.81%	109.94%	101.47%	98.64%	95.69%	90.21%	85.60%
Short-Term Debt to Total Capital	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	92.21%	185.94%	90.13%	112.81%	109.94%	101.47%	98.64%	95.69%	90.21%	85.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.56%	1.00%	0.48%	0.56%	0.74%	0.59%	0.44%	0.41%	2.80%	3.35%
Common Equity to Total Capital	6.84%	6.53%	9.39%	-13.37%	-10.68%	-2.06%	0.91%	3.90%	6.99%	11.05%
Debt to EBITDA	9.36	18.28	10.85	3.21	4.30	-155.20	3.67	3.08	3.51	3.56
Net Debt to EBITDA	8.59	15.91	8.36	2.63	3.41	-127.55	3.13	2.60	2.94	2.95
Long-Term Debt to EBITDA	9.32	18.28	10.85	3.21	4.30	-155.20	3.67	3.08	3.51	3.56
Debt to NOPAT	0.00	0.00	0.00	18.40	8.65	-19.36	8.16	6.97	6.96	6.13
Net Debt to NOPAT	0.00	0.00	0.00	15.05	6.85	-15.91	6.94	5.88	5.84	5.07
Long-Term Debt to NOPAT	0.00	0.00	0.00	18.40	8.65	-19.36	8.16	6.97	6.96	6.13
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	1.24	2.21	1.56	1.79	1.76
Noncontrolling Interest Sharing Ratio	5.88%	14.70%	5.79%	-241.67%	-5.77%	-12.10%	3,300.00%	14.49%	23.24%	25.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.45	0.99	0.61	0.50	0.60	0.62	0.60	0.64	0.68	0.68
Quick Ratio	0.32	0.37	0.50	0.41	0.49	0.49	0.42	0.47	0.50	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	278	378	154	650	240	-576	39	110	131	414
Operating Cash Flow to CapEx	352.38%	0.00%	1,215.91%	574.32%	384.62%	544.71%	686.02%	549.63%	540.94%	650.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	20.97	34.29	-16.95	1.77	0.00	32.87	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	13.71	57.14	13.62	29.00	0.00	171.75	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	11.32	42.29	11.12	24.77	0.00	140.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.72	0.79	0.72	0.78	0.79	0.74	0.73
Accounts Receivable Turnover	0.00	0.00	0.00	9.41	7.32	5.77	6.59	6.49	5.74	5.41
Inventory Turnover	0.00	0.00	0.00	53.60	41.40	30.50	30.81	29.76	27.15	29.82
Fixed Asset Turnover	0.00	0.00	0.00	18.12	16.92	14.15	15.25	15.20	13.83	13.69
Accounts Payable Turnover	0.00	0.00	0.00	8.88	8.88	8.90	9.69	10.81	11.19	11.39
Days Sales Outstanding (DSO)	0.00	0.00	0.00	38.78	49.84	63.22	55.43	56.21	63.60	67.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	6.81	8.82	11.97	11.85	12.27	13.44	12.24
Days Payable Outstanding (DPO)	0.00	0.00	0.00	41.11	41.12	40.99	37.67	33.77	32.63	32.04
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	4.48	17.53	34.20	29.60	34.70	44.42	47.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,045	2,667	2,513	2,016	2,120	2,536	2,907	3,333	3,771	4,012
Invested Capital Turnover	0.00	0.00	0.00	1.77	2.16	1.92	1.95	1.90	1.70	1.65
Increase / (Decrease) in Invested Capital	-278	-378	-154	-497	104	416	371	426	438	241
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	16,222	23,651	14,539	19,215	19,600
Market Capitalization	0.00	0.00	0.00	0.00	0.00	13,653	20,789	11,375	15,769	16,123
Book Value per Share	$209,478.67	$184,834.12	$277,725.12	($317,490.49)	($272,641.51)	($0.12)	$0.06	$0.30	$0.60	$1.00
Tangible Book Value per Share	($3,833,175.36)	($3,553,554.50)	($3,411,374.41)	($3,831,749.05)	($3,701,886.79)	($7.26)	($7.72)	($8.06)	($8.12)	($7.75)
Total Capital	3,233	2,988	3,119	2,499	2,705	3,059	3,392	3,900	4,394	4,689
Total Debt	2,994	2,778	2,811	2,819	2,974	3,104	3,346	3,732	3,964	4,014
Total Long-Term Debt	2,981	2,778	2,811	2,819	2,974	3,104	3,346	3,732	3,964	4,014
Net Debt	2,748	2,419	2,164	2,305	2,355	2,551	2,847	3,148	3,323	3,320
Capital Expenditures (CapEx)	63	0.00	44	74	104	85	93	135	127	116
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,263	-1,293	-1,472	-1,711	-1,747	-1,595	-1,753	-1,813	-1,778	-1,948
Debt-free Net Working Capital (DFNWC)	-1,017	-934	-825	-1,197	-1,128	-1,042	-1,254	-1,229	-1,137	-1,254
Net Working Capital (NWC)	-1,030	-934	-825	-1,197	-1,128	-1,042	-1,254	-1,229	-1,137	-1,254
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	-154	88	310	106	-16	130	177
Net Nonoperating Obligations (NNO)	2,806	2,457	2,205	2,336	2,389	2,581	2,861	3,165	3,341	3,337
Total Depreciation and Amortization (D&A)	320	304	259	267	275	266	311	345	334	333
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-42.72%	-39.04%	-35.74%	-33.07%	-30.63%	-29.45%	-30.31%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-29.89%	-25.21%	-23.35%	-23.66%	-20.76%	-18.83%	-19.51%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	-29.89%	-25.21%	-23.35%	-23.66%	-20.76%	-18.83%	-19.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.66
Adjusted Weighted Average Basic Shares Outstanding	1.06K	1.06K	1.06K	1.05K	1.06K	510.03M	513.47M	514.71M	515.72M	517.52M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.66
Adjusted Weighted Average Diluted Shares Outstanding	1.06K	1.06K	1.06K	1.05K	1.06K	510.03M	513.47M	514.71M	515.72M	517.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.06K	1.06K	1.06K	1.05K	1.06K	510.03M	514.54M	514.85M	516.00M	517.99M
Normalized Net Operating Profit after Tax (NOPAT)	0.00	0.00	0.00	153	344	-160	410	536	598	795
Normalized NOPAT Margin	0.00%	0.00%	0.00%	3.82%	7.69%	-3.59%	7.73%	9.05%	9.91%	12.38%
Pre Tax Income Margin	0.00%	0.00%	0.00%	11.04%	5.97%	-10.02%	8.60%	12.50%	10.09%	9.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	19.71	59.43	-8.41	27.27	0.00	198.75	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	4.94	49.14	-4.71	18.64	0.00	142.37	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	17.32	44.57	-10.91	23.05	0.00	167.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	2.55	34.29	-7.21	14.41	0.00	110.62	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	302.93%	37.89%	-74.68%	89.47%	58.80%	80.18%	77.20%
Augmented Payout Ratio	0.00%	0.00%	0.00%	302.93%	37.89%	-74.68%	89.47%	58.80%	80.18%	77.20%

This table displays calculated financial ratios and metrics derived from Warner Music Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.79%	-7.81%	1.67%	9.22%	5.95%	17.47%	6.79%	-0.64%	2.77%	-4.69%	-0.67%
EBITDA Growth	75.58%	-11.73%	-28.92%	3.52%	8.28%	21.45%	44.07%	0.34%	-46.48%	13.18%	-23.53%
EBIT Growth	139.56%	-16.38%	-41.14%	6.63%	13.76%	31.02%	82.80%	1.44%	-63.31%	14.33%	-38.82%
NOPAT Growth	126.63%	11.83%	-34.74%	26.11%	17.78%	34.95%	26.68%	21.63%	-12.61%	-39.38%	-7.15%
Net Income Growth	425.00%	-34.04%	-59.78%	0.00%	4.76%	55.65%	159.46%	13.71%	-68.83%	24.87%	-62.50%
EPS Growth	0.00%	-36.11%	-66.67%	-4.17%	7.14%	30.43%	200.00%	17.39%	-73.33%	50.00%	-61.11%
Operating Cash Flow Growth	78.07%	62.02%	-113.64%	-10.43%	-16.75%	40.19%	-416.67%	28.77%	-10.06%	13.31%	322.58%
Free Cash Flow Firm Growth	5.76%	146.92%	107.15%	113.65%	3.81%	-139.75%	-602.76%	-327.01%	62.53%	259.00%	-66.94%
Invested Capital Growth	14.65%	-1.70%	0.91%	2.06%	13.14%	10.12%	9.05%	8.58%	6.39%	-0.08%	12.00%
Revenue Q/Q Growth	4.54%	-0.60%	-5.98%	11.79%	1.41%	10.21%	-14.53%	4.02%	4.89%	2.21%	-10.92%
EBITDA Q/Q Growth	6.34%	9.60%	-46.53%	66.10%	11.22%	22.94%	-36.57%	15.69%	-40.68%	160.00%	-57.14%
EBIT Q/Q Growth	11.22%	12.39%	-62.04%	124.73%	18.66%	29.44%	-47.04%	24.71%	-57.08%	303.30%	-71.66%
NOPAT Q/Q Growth	17.49%	46.12%	-58.59%	77.41%	9.74%	67.41%	-61.13%	70.33%	-21.15%	16.12%	-40.46%
Net Income Q/Q Growth	18.55%	-15.65%	-70.16%	235.14%	24.19%	25.32%	-50.26%	46.88%	-65.96%	402.08%	-85.06%
EPS Q/Q Growth	16.67%	0.00%	-73.91%	283.33%	30.43%	0.00%	-40.00%	50.00%	-70.37%	462.50%	-84.44%
Operating Cash Flow Q/Q Growth	149.08%	-48.52%	-102.87%	2,533.33%	131.51%	-13.31%	-110.58%	706.45%	61.70%	9.21%	-79.22%
Free Cash Flow Firm Q/Q Growth	38.32%	185.37%	-81.71%	41.71%	-534.68%	64.73%	-131.37%	36.01%	28.25%	249.69%	-342.93%
Invested Capital Q/Q Growth	-8.46%	6.12%	3.70%	1.31%	1.48%	3.29%	2.70%	0.88%	-0.57%	-2.99%	15.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.63%	48.86%	48.46%	45.65%	46.72%	49.66%	47.05%	46.59%	47.61%	46.34%	46.70%
EBITDA Margin	20.17%	22.24%	12.65%	18.80%	20.62%	23.00%	17.07%	18.98%	10.74%	27.31%	13.14%
Operating Margin	10.89%	17.81%	8.86%	12.08%	13.37%	20.25%	7.97%	13.32%	8.77%	12.85%	11.32%
EBIT Margin	14.56%	16.47%	6.65%	13.36%	15.64%	18.36%	11.38%	13.64%	5.58%	22.03%	7.01%
Profit (Net Income) Margin	9.82%	8.33%	2.64%	7.93%	9.71%	11.04%	6.43%	9.07%	2.94%	14.47%	2.43%
Tax Burden Percent	78.61%	72.09%	63.79%	74.25%	72.64%	72.83%	84.21%	82.46%	94.12%	73.03%	55.38%
Interest Burden Percent	85.78%	70.20%	62.37%	79.90%	85.48%	82.55%	67.06%	80.66%	56.04%	89.92%	62.50%
Effective Tax Rate	19.79%	27.91%	36.21%	25.75%	27.36%	27.17%	15.79%	17.54%	5.88%	26.97%	44.62%
Return on Invested Capital (ROIC)	16.57%	20.85%	9.01%	14.51%	16.50%	24.99%	11.18%	18.09%	13.63%	15.29%	9.37%
ROIC Less NNEP Spread (ROIC-NNEP)	17.11%	18.84%	7.78%	14.03%	16.50%	23.01%	11.06%	17.22%	11.04%	17.90%	7.76%
Return on Net Nonoperating Assets (RNNOA)	481.77%	277.27%	121.63%	205.18%	179.55%	167.42%	88.59%	125.66%	66.73%	88.27%	40.10%
Return on Equity (ROE)	498.34%	298.12%	130.64%	219.69%	196.05%	192.42%	99.77%	143.74%	80.36%	103.55%	49.47%
Cash Return on Invested Capital (CROIC)	3.51%	17.40%	13.44%	12.97%	3.70%	7.48%	8.39%	9.41%	10.63%	13.93%	1.72%
Operating Return on Assets (OROA)	11.46%	11.82%	4.90%	10.03%	11.53%	13.51%	8.69%	10.26%	4.05%	15.41%	4.85%
Return on Assets (ROA)	7.73%	5.98%	1.95%	5.95%	7.16%	8.12%	4.91%	6.82%	2.14%	10.12%	1.68%
Return on Common Equity (ROCE)	426.15%	277.76%	120.82%	203.83%	150.48%	157.06%	80.31%	117.58%	60.00%	79.50%	35.98%
Return on Equity Simple (ROE_SIMPLE)	0.00%	180.37%	171.43%	153.74%	0.00%	109.72%	130.95%	120.91%	0.00%	96.51%	82.19%
Net Operating Profit after Tax (NOPAT)	131	191	79	140	154	258	100	171	135	156	93
NOPAT Margin	8.73%	12.84%	5.65%	8.97%	9.71%	14.75%	6.71%	10.98%	8.26%	9.38%	6.27%
Net Nonoperating Expense Percent (NNEP)	-0.54%	2.01%	1.23%	0.47%	0.00%	1.98%	0.12%	0.87%	2.59%	-2.62%	1.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	5.58%	-	-	-	3.36%	1.83%
Cost of Revenue to Revenue	53.37%	51.14%	51.54%	54.35%	53.28%	50.34%	52.95%	53.41%	52.39%	53.66%	53.30%
SG&A Expenses to Revenue	31.40%	29.57%	32.31%	29.48%	29.82%	27.23%	29.85%	29.73%	30.37%	28.45%	30.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.74%	33.80%	39.60%	33.57%	33.35%	30.38%	40.03%	33.33%	38.83%	33.49%	35.38%
Earnings before Interest and Taxes (EBIT)	218	245	93	209	248	321	170	212	91	367	104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	302	331	177	294	327	402	255	295	175	455	195
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	74.84	64.69	66.50	46.92	51.36	39.03	39.28	32.87	31.13	29.46	28.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.92	3.02	2.88	2.22	2.61	2.87	2.66	2.49	2.51	2.53	2.58
Price to Earnings (P/E)	20.80	36.24	39.52	31.17	36.67	38.69	32.15	29.07	37.07	31.36	36.09
Dividend Yield	2.76%	1.83%	1.94%	2.50%	2.13%	1.88%	2.04%	2.22%	2.22%	2.26%	2.26%
Earnings Yield	4.81%	2.76%	2.53%	3.21%	2.73%	2.58%	3.11%	3.44%	2.70%	3.19%	2.77%
Enterprise Value to Invested Capital (EV/IC)	4.36	5.85	5.50	4.46	5.10	5.51	5.14	4.81	4.89	4.98	4.51
Enterprise Value to Revenue (EV/Rev)	2.46	3.57	3.47	2.79	3.18	3.41	3.22	3.04	3.05	3.05	3.19
Enterprise Value to EBITDA (EV/EBITDA)	12.02	17.76	18.42	15.03	17.02	17.89	16.09	15.17	17.39	16.41	18.03
Enterprise Value to EBIT (EV/EBIT)	16.81	25.34	26.80	21.69	24.17	24.65	21.69	20.40	24.69	23.05	26.09
Enterprise Value to NOPAT (EV/NOPAT)	27.15	36.98	38.48	30.06	33.74	33.76	31.44	28.37	29.94	35.90	36.52
Enterprise Value to Operating Cash Flow (EV/OCF)	19.59	25.19	26.11	21.97	27.97	27.85	27.56	24.62	26.00	24.42	22.61
Enterprise Value to Free Cash Flow (EV/FCFF)	132.78	33.35	41.07	34.79	146.15	77.22	63.89	53.20	47.39	35.70	277.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	22.21	13.99	14.99	13.34	9.22	6.50	6.81	6.26	5.95	5.67	5.43
Long-Term Debt to Equity	22.21	13.99	14.99	13.34	9.22	6.50	6.81	6.26	5.95	5.67	5.43
Financial Leverage	28.16	14.72	15.64	14.62	10.88	7.28	8.01	7.30	6.04	4.93	5.17
Leverage Ratio	70.28	35.56	35.97	33.65	27.38	19.06	19.67	18.18	16.02	13.81	13.31
Compound Leverage Factor	60.28	24.96	22.43	26.89	23.41	15.74	13.19	14.66	8.98	12.42	8.32
Debt to Total Capital	95.69%	93.33%	93.74%	93.03%	90.21%	86.67%	87.20%	86.23%	85.60%	85.02%	84.45%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	95.69%	93.33%	93.74%	93.03%	90.21%	86.67%	87.20%	86.23%	85.60%	85.02%	84.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.41%	0.28%	0.33%	0.42%	2.80%	3.31%	3.33%	3.30%	3.35%	3.27%	4.39%
Common Equity to Total Capital	3.90%	6.39%	5.93%	6.55%	6.99%	10.02%	9.48%	10.47%	11.05%	11.72%	11.16%
Debt to EBITDA	3.08	3.38	3.64	3.61	3.51	3.34	3.12	3.11	3.56	3.35	3.83
Net Debt to EBITDA	2.60	2.77	3.09	3.07	2.94	2.71	2.66	2.64	2.95	2.67	3.26
Long-Term Debt to EBITDA	3.08	3.38	3.64	3.61	3.51	3.34	3.12	3.11	3.56	3.35	3.83
Debt to NOPAT	6.97	7.05	7.61	7.23	6.96	6.29	6.09	5.82	6.13	7.33	7.76
Net Debt to NOPAT	5.88	5.76	6.46	6.14	5.84	5.11	5.20	4.93	5.07	5.85	6.61
Long-Term Debt to NOPAT	6.97	7.05	7.61	7.23	6.96	6.29	6.09	5.82	6.13	7.33	7.76
Altman Z-Score	1.29	1.75	1.66	1.43	1.58	1.76	1.69	1.62	1.51	1.63	1.47
Noncontrolling Interest Sharing Ratio	14.49%	6.83%	7.52%	7.22%	23.24%	18.37%	19.51%	18.20%	25.34%	23.23%	27.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.70	0.69	0.70	0.68	0.70	0.69	0.69	0.68	0.69	0.66
Quick Ratio	0.47	0.52	0.51	0.52	0.50	0.52	0.51	0.51	0.50	0.51	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-295	252	46	65	-284	-100	-232	-148	-106	159	-387
Operating Cash Flow to CapEx	1,068.42%	995.24%	-17.14%	442.42%	889.47%	1,010.34%	-119.23%	671.43%	921.21%	922.22%	191.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	16.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	36.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	28.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.72	0.74	0.75	0.74	0.74	0.76	0.75	0.73	0.70	0.69
Accounts Receivable Turnover	6.49	5.96	6.02	5.71	5.74	5.73	5.77	5.47	5.41	5.30	5.25
Inventory Turnover	29.76	32.51	29.30	29.96	27.15	31.69	31.91	32.17	29.82	35.46	36.42
Fixed Asset Turnover	15.20	14.34	14.08	13.88	13.83	14.06	14.17	13.90	13.69	13.26	13.13
Accounts Payable Turnover	10.81	12.24	10.12	12.18	11.19	14.15	11.45	14.90	11.39	15.49	10.32
Days Sales Outstanding (DSO)	56.21	61.27	60.59	63.91	63.60	63.73	63.21	66.77	67.45	68.93	69.58
Days Inventory Outstanding (DIO)	12.27	11.23	12.46	12.18	13.44	11.52	11.44	11.34	12.24	10.29	10.02
Days Payable Outstanding (DPO)	33.77	29.82	36.06	29.96	32.63	25.80	31.88	24.49	32.04	23.56	35.37
Cash Conversion Cycle (CCC)	34.70	42.68	36.99	46.13	44.42	49.45	42.77	53.63	47.65	55.65	44.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,333	3,537	3,668	3,716	3,771	3,895	4,000	4,035	4,012	3,892	4,480
Invested Capital Turnover	1.90	1.62	1.59	1.62	1.70	1.69	1.67	1.65	1.65	1.63	1.49
Increase / (Decrease) in Invested Capital	426	-61	33	75	438	358	332	319	241	-3.00	480
Enterprise Value (EV)	14,539	20,704	20,156	16,591	19,215	21,473	20,558	19,397	19,600	19,363	20,191
Market Capitalization	11,375	17,466	16,757	13,185	15,769	18,070	17,009	15,874	16,123	16,058	16,313
Book Value per Share	$0.30	$0.52	$0.49	$0.54	$0.60	$0.90	$0.84	$0.93	$1.00	$1.05	$1.09
Tangible Book Value per Share	($8.06)	($7.96)	($7.93)	($7.80)	($8.12)	($7.93)	($7.80)	($7.68)	($7.75)	($7.62)	($8.42)
Total Capital	3,900	4,228	4,252	4,287	4,394	4,620	4,569	4,613	4,689	4,652	5,082
Total Debt	3,732	3,946	3,986	3,988	3,964	4,004	3,984	3,978	4,014	3,955	4,292
Total Long-Term Debt	3,732	3,946	3,986	3,988	3,964	4,004	3,984	3,978	4,014	3,955	4,292
Net Debt	3,148	3,226	3,385	3,388	3,323	3,250	3,397	3,371	3,320	3,153	3,655
Capital Expenditures (CapEx)	38	21	35	33	38	29	26	28	33	36	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,813	-1,721	-1,576	-1,573	-1,778	-1,883	-1,670	-1,697	-1,948	-2,009	-1,954
Debt-free Net Working Capital (DFNWC)	-1,229	-1,001	-975	-973	-1,137	-1,129	-1,083	-1,090	-1,254	-1,207	-1,317
Net Working Capital (NWC)	-1,229	-1,001	-975	-973	-1,137	-1,129	-1,083	-1,090	-1,254	-1,207	-1,317
Net Nonoperating Expense (NNE)	-16	67	42	16	0.00	65	4.21	30	87	-85	57
Net Nonoperating Obligations (NNO)	3,165	3,255	3,402	3,417	3,341	3,279	3,415	3,400	3,337	3,195	3,690
Total Depreciation and Amortization (D&A)	84	86	84	85	79	81	85	83	84	88	91
Debt-free, Cash-free Net Working Capital to Revenue	-30.63%	-29.71%	-27.10%	-26.45%	-29.45%	-29.90%	-26.13%	-26.59%	-30.31%	-31.67%	-30.85%
Debt-free Net Working Capital to Revenue	-20.76%	-17.28%	-16.76%	-16.36%	-18.83%	-17.93%	-16.94%	-17.08%	-19.51%	-19.03%	-20.79%
Net Working Capital to Revenue	-20.76%	-17.28%	-16.76%	-16.36%	-18.83%	-17.93%	-16.94%	-17.08%	-19.51%	-19.03%	-20.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.56	$0.46	$0.12	$0.46	$0.60	$0.60	$0.36	$0.54	$0.16	$0.90	$0.14
Adjusted Weighted Average Basic Shares Outstanding	514.71M	515.07M	515.91M	515.94M	515.72M	516.46M	517.84M	517.88M	517.52M	518.43M	520.32M
Adjusted Diluted Earnings per Share	$0.56	$0.46	$0.12	$0.46	$0.60	$0.60	$0.36	$0.54	$0.16	$0.90	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	514.71M	515.07M	515.91M	515.94M	515.72M	516.46M	517.84M	517.88M	517.52M	518.43M	520.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	514.85M	515.94M	515.97M	515.99M	516.00M	517.88M	517.91M	517.92M	517.99M	520.36M	521.27M
Normalized Net Operating Profit after Tax (NOPAT)	131	191	105	140	154	258	180	172	135	176	100
Normalized NOPAT Margin	8.73%	12.84%	7.52%	8.97%	9.71%	14.75%	12.06%	11.04%	8.26%	10.56%	6.76%
Pre Tax Income Margin	12.49%	11.56%	4.15%	10.68%	13.37%	15.16%	7.63%	11.00%	3.13%	19.81%	4.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	52.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	35.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	44.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	26.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.80%	68.79%	78.94%	80.09%	80.18%	69.88%	63.67%	62.16%	77.20%	71.67%	82.19%
Augmented Payout Ratio	58.80%	68.79%	78.94%	80.09%	80.18%	69.88%	63.67%	62.16%	77.20%	71.67%	82.19%

Key Financial Trends

Warner Music Group’s Q2 2025 results showed mixed signals, with some operational improvements offset by soft top-line growth and cash flow pressures.

EBITDA margin expansion: EBITDA margin rose to 13.1% in Q2 2025 from 11.8% a year earlier, reflecting tighter cost controls and operating efficiency.
Improved operating cash flow: Net cash from operating activities turned positive at $69 million versus a $31 million outflow in Q2 2024, underscoring better cash generation.
Steady ROIC: Return on Invested Capital held around 9.4%, in line with recent quarters and demonstrating consistent returns on capital deployment.
Dividend continuity: The company maintained its $0.18 per share quarterly dividend, yielding roughly 2.26%, supporting shareholder income.
Stable gross margin: Gross margin at 46.7% was broadly unchanged, indicating consistent unit economics despite revenue headwinds.
Leverage in line: Debt-to-EBITDA stood at about 3.3×, within WMG’s historical range but warranting monitoring as leverage remains elevated.
Valuation multiples: P/E around 36× and EV/EBITDA near 18× remain roughly in line with industry comparables.
Revenue decline: Total revenue dipped 0.7% year-over-year and 10.9% quarter-over-quarter, indicating soft demand or seasonality pressures.
Net income drop: Net income fell to $36 million in Q2 2025 from $96 million a year ago and $241 million in Q1 2025, reflecting margin pressures and higher expenses.
Free cash flow burn: Free Cash Flow to Firm was negative $387 million, leading to an outsized EV/FCFF ratio of 277× and highlighting liquidity strain.

06/30/25 09:43 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Warner Music Group's Financials

When does Warner Music Group's financial year end?

According to the most recent income statement we have on file, Warner Music Group's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Warner Music Group's net income changed over the last 9 years?

Warner Music Group's net income appears to be on an upward trend, with a most recent value of $478 million in 2024, rising from $0.00 in 2015. The previous period was $439 million in 2023. Find out what analysts predict for Warner Music Group in the coming months.

What is Warner Music Group's operating income?

Warner Music Group's total operating income in 2024 was $823 million, based on the following breakdown:

Total Gross Profit: $3.07 billion
Total Operating Expenses: $2.28 billion

How has Warner Music Group's revenue changed over the last 9 years?

Over the last 9 years, Warner Music Group's total revenue changed from $0.00 in 2015 to $6.43 billion in 2024, a change of 642,600,000,000.0%.

How much debt does Warner Music Group have?

Warner Music Group's total liabilities were at $8.48 billion at the end of 2024, a 4.5% increase from 2023, and a 57.6% increase since 2015.

How much cash does Warner Music Group have?

In the past 9 years, Warner Music Group's cash and equivalents has ranged from $246 million in 2015 to $694 million in 2024, and is currently $694 million as of their latest financial filing in 2024.

How has Warner Music Group's book value per share changed over the last 9 years?

Over the last 9 years, Warner Music Group's book value per share changed from 209,478.67 in 2015 to 1.00 in 2024, a change of -100.0%.

Related Companies

This page (NASDAQ:WMG) was last updated on 6/30/2025 by MarketBeat.com Staff

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Warner Music Group (WMG) Financials

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Warner Music Group (WMG) Financials

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