Warner Music Group (WMG) Financials

$27.19 -0.22 (-0.80%)

As of 04:00 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Net Income / (Loss) Attributable to Common Shareholders	435	430	547	301	-475	254	307	-	-	-
Consolidated Net Income / (Loss)	478	439	551	304	-470	256	307	-	-	-
Net Income / (Loss) Continuing Operations	478	439	555	307	-470	258	312	-	-	-
Total Pre-Tax Income	601	609	740	456	-447	267	442	-	-	-
Total Operating Income	823	790	714	609	-229	356	217	-	-	-
Total Gross Profit	3,071	2,860	2,839	2,559	2,130	2,074	1,834	-	-	-
Total Revenue	6,426	6,037	5,919	5,301	4,463	4,475	4,005	-	-	-
Operating Revenue	6,426	6,037	5,919	5,301	4,463	4,475	4,005	-	-	-
Total Cost of Revenue	3,355	3,177	3,080	2,742	2,333	2,401	2,171	-	-	-
Operating Cost of Revenue	3,355	3,177	3,080	2,742	2,333	2,401	2,171	-	-	-
Total Operating Expenses	2,280	2,111	2,125	1,950	2,359	1,718	1,617	-	-	-
Selling, General & Admin Expense	1,879	1,826	1,862	1,721	2,169	1,510	1,411	-	-	-
Amortization Expense	224	245	263	229	190	208	206	-	-	-
Restructuring Charge	177	40	0.00	0.00	-	-	-	-	-	-
Total Other Income / (Expense), net	-190	-140	26	-153	-218	-89	225	-	-	-
Interest Expense	0.00	4.00	0.00	22	34	7.00	31	-	-	-
Interest & Investment Income	-161	-141	-125	-122	-127	-142	-138	-	-	-
Other Income / (Expense), net	-29	5.00	151	-9.00	-57	60	394	-	-	-
Income Tax Expense	123	170	185	149	23	9.00	130	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	43	9.00	4.00	3.00	5.00	2.00	-	-	-	-
Basic Earnings per Share	$1.66	$1.64	$2.12	-	-	-	-	-	-	-
Weighted Average Basic Shares Outstanding	517.52M	515.72M	514.71M	513.47M	504.52M	501.99M	1.05K	1.06K	1.06K	1.06K
Diluted Earnings per Share	$1.66	$1.64	$2.12	-	-	-	-	-	-	-
Weighted Average Diluted Shares Outstanding	517.52M	515.72M	514.71M	513.47M	504.52M	501.99M	1.05K	1.06K	1.06K	1.06K
Weighted Average Basic & Diluted Shares Outstanding	517.99M	516.00M	514.85M	514.54M	510.03M	1.06K	1.05K	1.06K	1.06K	1.06K
Cash Dividends to Common per Share	$0.69	$0.65	$0.61	$0.51	-	-	-	-	-	-

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Warner Music Group's Financials

When does Warner Music Group's fiscal year end?

According to the most recent income statement we have on file, Warner Music Group's financial year ends in September. Their financial 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. See Warner Music Group's forecast for analyst expectations on what’s next for the company.

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 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%.

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This page (NASDAQ:WMG) was last updated on 5/20/2025 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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