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Warner Music Group (WMG) Financials

Warner Music Group logo
$34.23 -0.33 (-0.95%)
As of 11:18 AM Eastern
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Annual Income Statements for Warner Music Group

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 2025
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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 - - - 307 254 -475 301 547 430 435 365
Consolidated Net Income / (Loss)		 - - - 307 256 -470 304 551 439 478 370
Net Income / (Loss) Continuing Operations		 - - - 312 258 -470 307 555 439 478 370
Total Pre-Tax Income 		- - - 442 267 -447 456 740 609 601 490
Total Operating Income		 - - - 217 356 -229 609 714 790 823 694
Total Gross Profit		 - - - 1,834 2,074 2,130 2,559 2,839 2,860 3,071 3,075
Total Revenue		 - - - 4,005 4,475 4,463 5,301 5,919 6,037 6,426 6,707
Operating Revenue		 - - - 4,005 4,475 4,463 5,301 5,919 6,037 6,426 6,707
Total Cost of Revenue		 - - - 2,171 2,401 2,333 2,742 3,080 3,177 3,355 3,632
Operating Cost of Revenue		 - - - 2,171 2,401 2,333 2,742 3,080 3,177 3,355 3,632
Total Operating Expenses		 - - - 1,617 1,718 2,359 1,950 2,125 2,111 2,280 2,381
Selling, General & Admin Expense		 - - - 1,411 1,510 2,169 1,721 1,862 1,826 1,879 1,889
Amortization Expense		 - - - 206 208 190 229 263 245 224 258
Restructuring Charge		 - - - - - - 0.00 0.00 40 177 234
Total Other Income / (Expense), net		 - - - 225 -89 -218 -153 26 -140 -190 -204
Interest Expense		 - - - 31 7.00 34 22 0.00 4.00 0.00 0.00
Interest & Investment Income		 - - - -138 -142 -127 -122 -125 -141 -161 -162
Other Income / (Expense), net		 - - - 394 60 -57 -9.00 151 5.00 -29 -42
Income Tax Expense		 - - - 130 9.00 23 149 185 170 123 120
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - 2.00 5.00 3.00 4.00 9.00 43 5.00
Basic Earnings per Share		 - - - - - - - $2.12 $1.64 $1.66 $1.38
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 520.51M
Diluted Earnings per Share		 - - - - - - - $2.12 $1.64 $1.66 $1.38
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 520.51M
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 522.40M
Cash Dividends to Common per Share		 - - - - - - $0.51 $0.61 $0.65 $0.69 $0.73

Quarterly Income Statements for Warner Music Group

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 152 159 96 139 41 236 36 -16 109 177 183
Consolidated Net Income / (Loss)		 154 193 96 141 48 241 36 -16 109 176 181
Net Income / (Loss) Continuing Operations		 154 193 96 141 48 241 36 -16 109 175 181
Total Pre-Tax Income 		212 265 114 171 51 330 65 -11 106 246 254
Total Operating Income		 212 354 119 207 143 214 168 169 143 288 264
Total Gross Profit		 741 868 703 724 776 772 693 776 834 853 802
Total Revenue		 1,586 1,748 1,494 1,554 1,630 1,666 1,484 1,689 1,868 1,840 1,732
Operating Revenue		 1,586 1,748 1,494 1,554 1,630 1,666 1,484 1,689 1,868 1,840 1,732
Total Cost of Revenue		 845 880 791 830 854 894 791 913 1,034 987 930
Operating Cost of Revenue		 845 880 791 830 854 894 791 913 1,034 987 930
Total Operating Expenses		 529 531 598 518 633 558 525 607 691 560 538
Selling, General & Admin Expense		 473 476 446 462 495 474 450 471 494 458 460
Amortization Expense		 57 55 57 55 57 57 62 67 72 68 72
Restructuring Charge		 - 0.00 95 1.00 - 27 13 69 125 34 6.00
Total Other Income / (Expense), net		 - -72 9.00 -35 -92 116 -103 -180 -37 -47 -10
Interest Expense		 - - - - - - 0.00 - - - 7.00
Interest & Investment Income		 -36 -39 -42 -40 -40 -37 -39 -43 -43 -45 -41
Other Income / (Expense), net		 36 -33 51 5.00 -52 153 -64 -137 6.00 -2.00 38
Income Tax Expense		 58 72 18 30 3.00 89 29 5.00 -3.00 71 73
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.00 34 0.00 2.00 7.00 5.00 0.00 0.00 - -1.00 -2.00
Basic Earnings per Share		 $0.60 $0.60 $0.36 $0.54 $0.16 $0.90 $0.14 ($0.06) $0.40 $0.66 $0.70
Weighted Average Basic Shares Outstanding		 515.72M 516.46M 517.84M 517.88M 517.52M 518.43M 520.32M 521.26M 520.51M 522.14M 521.95M
Diluted Earnings per Share		 $0.60 $0.60 $0.36 $0.54 $0.16 $0.90 $0.14 ($0.06) $0.40 $0.66 $0.68
Weighted Average Diluted Shares Outstanding		 515.72M 516.46M 517.84M 517.88M 517.52M 518.43M 520.32M 521.26M 520.51M 522.14M 524.70M
Weighted Average Basic & Diluted Shares Outstanding		 516.00M 517.88M 517.91M 517.92M 517.99M 520.36M 521.27M 521.27M 522.40M 522.35M 521.62M

Annual Cash Flow Statements for Warner Music Group

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 2025
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 9/30/2025
Net Change in Cash & Equivalents		 89 118 281 -125 105 -66 -54 85 57 53 -162
Net Cash From Operating Activities		 222 342 535 425 400 463 638 742 687 754 678
Net Cash From Continuing Operating Activities		 222 342 535 425 400 463 638 742 687 754 678
Net Income / (Loss) Continuing Operations		 -88 30 149 312 258 -470 307 555 439 478 370
Consolidated Net Income / (Loss)		 - 30 - 312 258 -470 307 - 439 478 370
Depreciation Expense		 309 293 251 261 269 261 306 339 332 327 376
Amortization Expense		 11 11 8.00 6.00 6.00 5.00 5.00 6.00 2.00 6.00 7.00
Non-Cash Adjustments To Reconcile Net Income		 -15 8.00 163 -299 9.00 691 74 -84 46 139 221
Changes in Operating Assets and Liabilities, net		 5.00 0.00 -36 145 -142 -24 -54 -74 -132 -196 -296
Net Cash From Investing Activities		 -95 -8.00 -126 405 -376 -219 -638 -824 -300 -311 -340
Net Cash From Continuing Investing Activities		 -95 -8.00 -126 405 -376 -219 -638 -824 -300 -311 -340
Purchase of Property, Plant & Equipment		 -63 -42 -44 -74 -104 -85 -93 -135 -127 -116 -139
Acquisitions		 -32 -53 -155 -37 -272 -134 -545 -700 -240 -227 -241
Divestitures		 0.00 45 73 516 - 0.00 0.00 11 67 32 40
Net Cash From Financing Activities		 -19 -216 -128 -955 88 -316 -61 188 -325 -396 -497
Net Cash From Continuing Financing Activities		 -19 -216 -128 -955 88 -316 -61 188 -325 -396 -497
Repayment of Debt		 -274 -511 -664 -647 -329 -1,415 -882 -10 -4.00 -106 -3.00
Repurchase of Common Equity		 - - - - - - - - -1.00 0.00 -53
Payment of Dividends		 -3.00 -5.00 -89 -930 -97 -351 -272 -324 -352 -369 -398
Issuance of Debt		 258 300 652 645 514 1,450 1,093 535 165 104 0.00
Other Financing Activities, net		 - - -27 -23 - 0.00 0.00 -13 -133 -25 -43
Other Net Changes in Cash		 - - - - -7.00 6.00 - - - - -3.00

Quarterly Cash Flow Statements for Warner Music Group

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 41 113 -167 20 87 108 -165 -110 5.00 216 -7.00
Net Cash From Operating Activities		 338 293 -31 188 304 332 69 46 231 440 126
Net Cash From Continuing Operating Activities		 338 293 -31 188 304 332 69 46 231 440 122
Net Income / (Loss) Continuing Operations		 154 193 96 141 48 241 36 -16 109 175 181
Consolidated Net Income / (Loss)		 - 193 - - - 241 36 -16 109 175 181
Depreciation Expense		 79 81 83 80 83 86 90 96 104 99 103
Amortization Expense		 - 0.00 2.00 3.00 1.00 2.00 1.00 1.00 3.00 1.00 3.00
Non-Cash Adjustments To Reconcile Net Income		 -25 50 -3.00 1.00 91 -109 101 210 19 37 -23
Changes in Operating Assets and Liabilities, net		 130 -31 -209 -37 81 112 -159 -245 -4.00 128 -142
Net Cash From Investing Activities		 -196 -92 -33 -76 -110 -81 -121 -71 -67 -52 -471
Net Cash From Continuing Investing Activities		 -196 -92 -33 -76 -110 -81 -121 -71 -67 -52 -471
Purchase of Property, Plant & Equipment		 -38 -29 -26 -28 -33 -36 -36 -39 -28 -20 -27
Acquisitions		 -161 -76 -23 -50 -78 -81 -85 -32 -43 -42 -444
Net Cash From Financing Activities		 -92 -93 -97 -90 -116 -127 -121 -96 -153 -159 328
Net Cash From Continuing Financing Activities		 -92 -93 -97 -90 -116 -127 -121 -96 -153 -159 328
Repayment of Debt		 -2.00 0.00 -44 - -62 -5.00 -2.00 -1.00 5.00 -8.00 -1,299
Repurchase of Common Equity		 - 0.00 - - - -2.00 - -1.00 -50 -26 -22
Payment of Dividends		 -90 -93 -90 -90 -96 -101 -96 -94 -107 -104 -103
Issuance of Debt		 - - 42 - 62 0.00 - - - 4.00 1,661
Issuance of Common Equity		 - - - - - 0.00 - - - 5.00 129
Other Financing Activities, net		 - 0.00 -5.00 - -20 -19 -23 - -1.00 -30 -38
Effect of Exchange Rate Changes		 - 5.00 - - - -16 8.00 11 - 3.00 -5.00
Other Net Changes in Cash		 - - - -2.00 - 0.00 - - - -16 15

Annual Balance Sheets for Warner Music Group

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 2025
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 9/30/2025
Total Assets		 5,621 5,335 5,718 5,344 6,017 6,410 7,211 7,828 8,545 9,155 9,829
Total Current Assets		 827 908 1,275 1,176 1,691 1,678 1,896 2,139 2,402 2,643 2,770
Cash & Equivalents		 246 359 647 514 619 553 499 584 641 694 532
Accounts Receivable		 349 329 404 447 775 771 839 984 1,120 1,255 1,340
Inventories, net		 42 41 39 42 74 79 99 108 126 99 62
Prepaid Expenses		 60 51 44 50 53 55 86 91 102 125 166
Other Current Assets		 130 128 141 123 170 220 373 372 413 470 581
Other Current Nonoperating Assets		 - - - - - - - - - 0.00 89
Plant, Property, & Equipment, net		 220 203 213 229 300 331 364 415 458 481 441
Total Noncurrent Assets		 4,574 4,224 4,230 3,939 4,026 4,401 4,951 5,274 5,685 6,031 6,618
Goodwill		 1,632 1,627 1,685 1,692 1,761 1,831 1,830 1,920 1,993 2,021 2,061
Intangible Assets		 2,633 2,317 2,207 2,005 1,874 1,807 2,171 2,384 2,502 2,511 2,879
Noncurrent Deferred & Refundable Income Taxes		 - 2.00 97 11 38 68 31 29 32 52 111
Other Noncurrent Operating Assets		 309 278 241 231 353 695 919 941 1,158 1,447 1,567
Total Liabilities & Shareholders' Equity		 5,621 5,335 5,718 5,344 6,017 6,410 7,211 7,828 8,545 9,155 9,829
Total Liabilities		 5,382 5,125 5,410 5,664 6,286 6,455 7,165 7,660 8,115 8,480 9,072
Total Current Liabilities		 1,857 1,842 2,100 2,373 2,819 2,720 3,150 3,368 3,539 3,897 4,201
Accounts Payable		 173 204 208 281 260 264 302 268 300 289 257
Accrued Expenses		 1,383 1,401 1,628 1,819 2,059 2,010 2,341 2,375 2,752 3,190 3,406
Current Deferred Revenue		 206 178 197 208 180 297 348 423 371 246 286
Other Current Liabilities		 24 21 26 34 286 119 145 285 98 155 172
Other Current Nonoperating Liabilities		 58 38 41 31 34 30 14 17 18 17 80
Total Noncurrent Liabilities		 3,525 3,283 3,310 3,291 3,467 3,735 4,015 4,292 4,576 4,583 4,871
Long-Term Debt		 2,981 2,778 2,811 2,819 2,974 3,104 3,346 3,732 3,964 4,014 4,365
Noncurrent Deferred & Payable Income Tax Liabilities		 302 269 190 165 172 163 207 220 216 195 164
Other Noncurrent Operating Liabilities		 242 236 309 307 321 468 462 340 396 374 342
Redeemable Noncontrolling Interest		 - - - - - - - - - - 0.00
Total Equity & Noncontrolling Interests		 239 210 308 -320 -269 -45 46 168 430 675 757
Total Preferred & Common Equity		 221 195 293 -334 -289 -63 31 152 307 518 647
Total Common Equity		 221 195 293 -334 -289 -63 31 152 307 518 647
Common Stock		 1,128 1,128 1,128 1,128 1,128 1,908 1,943 1,976 2,016 2,078 2,167
Retained Earnings		 -740 -715 -654 -1,272 -1,177 -1,749 -1,710 -1,477 -1,387 -1,313 -1,331
Accumulated Other Comprehensive Income / (Loss)		 -167 -218 -181 -190 -240 -222 -202 -347 -322 -247 -189
Noncontrolling Interest		 18 15 15 14 20 18 15 16 123 157 110

Quarterly Balance Sheets for Warner Music Group

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026
Total Assets		 8,129 8,010 8,150 8,991 8,731 8,830 9,146 9,568 9,777 10,011 10,612
Total Current Assets		 2,340 2,212 2,317 2,616 2,450 2,483 2,716 2,599 2,678 3,018 3,220
Cash & Equivalents		 720 601 600 754 587 607 802 637 527 751 741
Accounts Receivable		 1,004 1,017 1,113 1,195 1,197 1,222 1,201 1,218 1,305 1,374 1,505
Inventories, net		 102 114 116 106 97 92 84 88 101 60 65
Prepaid Expenses		 109 109 98 108 113 112 156 147 166 169 192
Other Current Assets		 405 371 390 453 456 450 473 509 579 584 649
Other Current Nonoperating Assets		 - - - - - - - - - 80 68
Plant, Property, & Equipment, net		 430 440 454 466 462 464 491 503 472 418 414
Total Noncurrent Assets		 5,359 5,358 5,379 5,909 5,819 5,883 5,939 6,466 6,627 6,575 6,978
Goodwill		 1,951 1,960 1,962 2,015 2,007 2,003 2,013 2,031 2,064 2,063 2,054
Intangible Assets		 2,415 2,382 2,345 2,541 2,468 2,459 2,478 2,915 2,918 2,844 3,254
Noncurrent Deferred & Refundable Income Taxes		 29 28 27 31 30 29 40 41 46 90 90
Other Noncurrent Operating Assets		 964 988 1,045 1,322 1,314 1,392 1,408 1,479 1,599 1,578 1,580
Total Liabilities & Shareholders' Equity		 8,129 8,010 8,150 8,991 8,731 8,830 9,146 9,568 9,777 10,011 10,612
Total Liabilities		 7,847 7,744 7,851 8,375 8,146 8,195 8,449 8,778 8,965 9,182 9,640
Total Current Liabilities		 3,341 3,187 3,290 3,745 3,533 3,573 3,923 3,916 4,050 4,310 4,421
Accounts Payable		 220 282 249 246 306 200 189 347 241 201 452
Accrued Expenses		 2,568 2,468 2,661 2,998 2,874 3,081 3,192 3,075 3,361 3,605 3,302
Current Deferred Revenue		 327 311 226 305 234 168 312 319 278 246 451
Other Current Liabilities		 197 109 125 167 101 95 188 140 131 171 151
Other Current Nonoperating Liabilities		 29 17 29 29 18 29 42 35 39 87 65
Total Noncurrent Liabilities		 4,506 4,557 4,561 4,630 4,613 4,622 4,526 4,862 4,915 4,872 5,219
Long-Term Debt		 3,946 3,986 3,988 4,004 3,984 3,978 3,955 4,292 4,363 4,371 4,719
Noncurrent Deferred & Payable Income Tax Liabilities		 223 220 205 223 236 251 209 214 204 169 180
Other Noncurrent Operating Liabilities		 337 351 368 403 393 393 362 356 348 332 320
Redeemable Noncontrolling Interest		 - - - - - - - - - 5.00 133
Total Equity & Noncontrolling Interests		 282 266 299 616 585 635 697 790 812 824 839
Total Preferred & Common Equity		 270 252 281 463 433 483 545 567 589 720 738
Total Common Equity		 270 252 281 463 433 483 545 567 589 720 738
Common Stock		 1,985 2,001 2,008 2,040 2,044 2,054 2,092 2,089 2,103 2,155 2,135
Retained Earnings		 -1,439 -1,488 -1,450 -1,317 -1,310 -1,260 -1,171 -1,230 -1,340 -1,255 -1,172
Accumulated Other Comprehensive Income / (Loss)		 -276 -261 -277 -260 -301 -311 -376 -292 -174 -180 -225
Noncontrolling Interest		 12 14 18 153 152 152 152 223 223 104 101

Annual Metrics And Ratios for Warner Music Group

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 2025
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 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 11.74% -0.27% 18.78% 11.66% 1.99% 6.44% 4.37%
EBITDA Growth		 -4.19% -5.00% -14.80% 239.00% -21.30% -102.89% 4,655.00% 32.82% -6.69% -0.18% -8.16%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% -31.91% -168.75% 309.79% 44.17% -8.09% -0.13% -17.88%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% 124.58% -146.60% 355.77% 30.61% 6.34% 14.94% -19.94%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% -16.61% -283.59% 164.68% 81.25% -20.33% 8.88% -22.59%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -22.64% 1.22% -16.87%
Operating Cash Flow Growth		 70.77% 54.05% 56.43% -20.56% -5.88% 15.75% 37.80% 16.30% -7.41% 9.75% -10.08%
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% -110.87%
Invested Capital Growth		 -8.37% -12.41% -5.77% -19.78% 5.16% 19.62% 14.63% 14.65% 13.14% 6.39% 14.18%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 4.95% 2.09% 1.50% 0.69% 3.68%
EBITDA Q/Q Growth		 -1.84% -2.56% -3.00% 221.61% -54.21% -25.00% 7.18% 12.04% 2.26% -11.88% 8.49%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -78.75% -1.78% 8.70% 17.21% 3.92% -16.51% 9.76%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -8.25% 20.49% -5.14% 14.40% 3.18% -4.25% 6.30%
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% 19.74%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 21.05%
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% -9.72%
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% 71.73%
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% -2.26%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 45.79% 46.35% 47.73% 48.27% 47.96% 47.37% 47.79% 45.85%
EBITDA Margin		 0.00% 0.00% 0.00% 21.92% 15.44% -0.45% 17.19% 20.44% 18.70% 17.54% 15.43%
Operating Margin		 0.00% 0.00% 0.00% 5.42% 7.96% -5.13% 11.49% 12.06% 13.09% 12.81% 10.35%
EBIT Margin		 0.00% 0.00% 0.00% 15.26% 9.30% -6.41% 11.32% 14.61% 13.17% 12.36% 9.72%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 7.67% 5.72% -10.53% 5.73% 9.31% 7.27% 7.44% 5.52%
Tax Burden Percent		 0.00% 0.00% 0.00% 69.46% 95.88% 105.15% 66.67% 74.46% 72.09% 79.53% 75.51%
Interest Burden Percent		 0.00% 0.00% 0.00% 72.34% 64.18% 156.29% 76.00% 85.55% 76.60% 75.69% 75.15%
Effective Tax Rate		 0.00% 0.00% 0.00% 29.41% 3.37% 0.00% 32.68% 25.00% 27.91% 20.47% 24.49%
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% 12.20%
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% 7.89%
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% 39.48%
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% 51.68%
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% -1.05%
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% 6.87%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 5.55% 4.51% -7.56% 4.46% 7.33% 5.36% 5.40% 3.90%
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% 42.04%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.00 0.00 0.00 153 344 -160 410 536 569 655 524
NOPAT Margin		 0.00% 0.00% 0.00% 3.82% 7.69% -3.59% 7.73% 9.05% 9.43% 10.19% 7.81%
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% 4.30%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 10.23%
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% 54.15%
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% 28.16%
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		 0.00% 0.00% 0.00% 40.37% 38.39% 52.86% 36.79% 35.90% 34.97% 35.48% 35.50%
Earnings before Interest and Taxes (EBIT)		 0.00 0.00 0.00 611 416 -286 600 865 795 794 652
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 320 304 259 878 691 -20 911 1,210 1,129 1,127 1,035
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 27.27
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)		 0.00 0.00 0.00 0.00 0.00 3.06 3.92 1.92 2.61 2.51 2.63
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 48.33
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.45% 1.26% 2.76% 2.13% 2.22% 2.16%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.45% 4.81% 2.73% 2.70% 2.07%
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 4.71
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 3.22
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 20.86
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 33.11
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 41.19
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 31.84
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 0.00
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 5.77
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 5.77
Financial Leverage		 9.12 11.72 9.00 -378.42 -8.02 -15.83 5,442.00 28.16 10.88 6.04 5.00
Leverage Ratio		 18.40 48.80 21.34 -921.83 -19.29 -39.58 13,621.00 70.28 27.38 16.02 13.26
Compound Leverage Factor		 0.00 0.00 0.00 -666.86 -12.38 -61.86 10,351.96 60.12 20.97 12.12 9.96
Debt to Total Capital		 92.61% 185.94% 90.13% 112.81% 109.94% 101.47% 98.64% 95.69% 90.21% 85.60% 85.22%
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% 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% 85.22%
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		 0.56% 1.00% 0.48% 0.56% 0.74% 0.59% 0.44% 0.41% 2.80% 3.35% 2.15%
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% 12.63%
Debt to EBITDA		 9.36 18.28 10.85 3.21 4.30 -155.20 3.67 3.08 3.51 3.56 4.22
Net Debt to EBITDA		 8.59 15.91 8.36 2.63 3.41 -127.55 3.13 2.60 2.94 2.95 3.70
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 4.22
Debt to NOPAT		 0.00 0.00 0.00 18.40 8.65 -19.36 8.16 6.97 6.96 6.13 8.33
Net Debt to NOPAT		 0.00 0.00 0.00 15.05 6.85 -15.91 6.94 5.88 5.84 5.07 7.31
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 8.33
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 1.24 2.21 1.56 1.79 1.76 1.70
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% 18.65%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.45 0.99 0.61 0.50 0.60 0.62 0.60 0.64 0.68 0.68 0.66
Quick Ratio		 0.32 0.37 0.50 0.41 0.49 0.49 0.42 0.47 0.50 0.50 0.45
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 278 378 154 650 240 -576 39 110 131 414 -45
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% 487.77%
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 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 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 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 0.71
Accounts Receivable Turnover		 0.00 0.00 0.00 9.41 7.32 5.77 6.59 6.49 5.74 5.41 5.17
Inventory Turnover		 0.00 0.00 0.00 53.60 41.40 30.50 30.81 29.76 27.15 29.82 45.12
Fixed Asset Turnover		 0.00 0.00 0.00 18.12 16.92 14.15 15.25 15.20 13.83 13.69 14.55
Accounts Payable Turnover		 0.00 0.00 0.00 8.88 8.88 8.90 9.69 10.81 11.19 11.39 13.30
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 38.78 49.84 63.22 55.43 56.21 63.60 67.45 70.61
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 6.81 8.82 11.97 11.85 12.27 13.44 12.24 8.09
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 41.11 41.12 40.99 37.67 33.77 32.63 32.04 27.44
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 4.48 17.53 34.20 29.60 34.70 44.42 47.65 51.27
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 4,581
Invested Capital Turnover		 0.00 0.00 0.00 1.77 2.16 1.92 1.95 1.90 1.70 1.65 1.56
Increase / (Decrease) in Invested Capital		 -278 -378 -154 -497 104 416 371 426 438 241 569
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 0.00 16,222 23,651 14,539 19,215 19,600 21,585
Market Capitalization		 0.00 0.00 0.00 0.00 0.00 13,653 20,789 11,375 15,769 16,123 17,642
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 $1.24
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) ($8.24)
Total Capital		 3,233 2,988 3,119 2,499 2,705 3,059 3,392 3,900 4,394 4,689 5,122
Total Debt		 2,994 2,778 2,811 2,819 2,974 3,104 3,346 3,732 3,964 4,014 4,365
Total Long-Term Debt		 2,981 2,778 2,811 2,819 2,974 3,104 3,346 3,732 3,964 4,014 4,365
Net Debt		 2,748 2,419 2,164 2,305 2,355 2,551 2,847 3,148 3,323 3,320 3,833
Capital Expenditures (CapEx)		 63 0.00 44 74 104 85 93 135 127 116 139
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 -1,963
Debt-free Net Working Capital (DFNWC)		 -1,017 -934 -825 -1,197 -1,128 -1,042 -1,254 -1,229 -1,137 -1,254 -1,431
Net Working Capital (NWC)		 -1,030 -934 -825 -1,197 -1,128 -1,042 -1,254 -1,229 -1,137 -1,254 -1,431
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 -154 88 310 106 -16 130 177 154
Net Nonoperating Obligations (NNO)		 2,806 2,457 2,205 2,336 2,389 2,581 2,861 3,165 3,341 3,337 3,824
Total Depreciation and Amortization (D&A)		 320 304 259 267 275 266 311 345 334 333 383
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% -29.27%
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% -21.34%
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% -21.34%
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 $1.38
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 520.51M
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 $1.38
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 520.51M
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		 1.06K 1.06K 1.06K 1.05K 1.06K 510.03M 514.54M 514.85M 516.00M 517.99M 522.40M
Normalized Net Operating Profit after Tax (NOPAT)		 0.00 0.00 0.00 153 344 -160 410 536 598 795 701
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 3.82% 7.69% -3.59% 7.73% 9.05% 9.91% 12.38% 10.45%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 11.04% 5.97% -10.02% 8.60% 12.50% 10.09% 9.35% 7.31%
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 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 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 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 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% 107.57%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 302.93% 37.89% -74.68% 89.47% 58.80% 80.18% 77.20% 121.89%

Quarterly Metrics And Ratios for Warner Music Group

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 522,346,168.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 522,346,168.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.95% 17.47% 6.79% -0.64% 2.77% -4.69% -0.67% 8.69% 14.60% 10.44% 16.71%
EBITDA Growth		 8.28% 21.45% 44.07% 0.34% -46.48% 13.18% -23.53% -56.27% 46.29% -15.16% 109.23%
EBIT Growth		 13.76% 31.02% 82.80% 1.44% -63.31% 14.33% -38.82% -84.91% 63.74% -22.07% 190.38%
NOPAT Growth		 17.78% 34.95% 26.68% 21.63% -12.61% -39.38% -7.15% -30.69% 9.26% 31.09% 102.19%
Net Income Growth		 4.76% 55.65% 159.46% 13.71% -68.83% 24.87% -62.50% -111.35% 127.08% -26.97% 402.78%
EPS Growth		 7.14% 30.43% 200.00% 17.39% -73.33% 50.00% -61.11% -111.11% 150.00% -26.67% 385.71%
Operating Cash Flow Growth		 -16.75% 40.19% -416.67% 28.77% -10.06% 13.31% 322.58% -75.53% -24.01% 32.53% 82.61%
Free Cash Flow Firm Growth		 3.81% -139.75% -602.76% -327.01% 62.53% 259.00% -66.94% -259.84% -296.53% -325.46% 27.93%
Invested Capital Growth		 13.14% 10.12% 9.05% 8.58% 6.39% -0.08% 12.00% 16.16% 14.18% 14.49% 10.42%
Revenue Q/Q Growth		 1.41% 10.21% -14.53% 4.02% 4.89% 2.21% -10.92% 13.81% 10.60% -1.50% -5.87%
EBITDA Q/Q Growth		 11.22% 22.94% -36.57% 15.69% -40.68% 160.00% -57.14% -33.85% 98.45% 50.78% 5.70%
EBIT Q/Q Growth		 18.66% 29.44% -47.04% 24.71% -57.08% 303.30% -71.66% -69.23% 365.63% 91.95% 5.59%
NOPAT Q/Q Growth		 9.74% 67.41% -61.13% 70.33% -21.15% 16.12% -40.46% 27.14% 24.30% 39.33% -8.18%
Net Income Q/Q Growth		 24.19% 25.32% -50.26% 46.88% -65.96% 402.08% -85.06% -144.44% 781.25% 61.47% 2.84%
EPS Q/Q Growth		 30.43% 0.00% -40.00% 50.00% -70.37% 462.50% -84.44% -142.86% 766.67% 65.00% 3.03%
Operating Cash Flow Q/Q Growth		 131.51% -13.31% -110.58% 706.45% 61.70% 9.21% -79.22% -33.33% 402.17% 90.48% -71.36%
Free Cash Flow Firm Q/Q Growth		 -534.68% 64.73% -131.37% 36.01% 28.25% 249.69% -342.93% -37.92% 20.94% 14.89% 22.35%
Invested Capital Q/Q Growth		 1.48% 3.29% 2.70% 0.88% -0.57% -2.99% 15.11% 4.62% -2.26% -2.73% 11.02%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 46.72% 49.66% 47.05% 46.59% 47.61% 46.34% 46.70% 45.94% 44.65% 46.36% 46.30%
EBITDA Margin		 20.62% 23.00% 17.07% 18.98% 10.74% 27.31% 13.14% 7.64% 13.70% 20.98% 23.56%
Operating Margin		 13.37% 20.25% 7.97% 13.32% 8.77% 12.85% 11.32% 10.01% 7.66% 15.65% 15.24%
EBIT Margin		 15.64% 18.36% 11.38% 13.64% 5.58% 22.03% 7.01% 1.89% 7.98% 15.54% 17.44%
Profit (Net Income) Margin		 9.71% 11.04% 6.43% 9.07% 2.94% 14.47% 2.43% -0.95% 5.84% 9.57% 10.45%
Tax Burden Percent		 72.64% 72.83% 84.21% 82.46% 94.12% 73.03% 55.38% 145.45% 102.83% 71.54% 71.26%
Interest Burden Percent		 85.48% 82.55% 67.06% 80.66% 56.04% 89.92% 62.50% -34.38% 71.14% 86.01% 84.11%
Effective Tax Rate		 27.36% 27.17% 15.79% 17.54% 5.88% 26.97% 44.62% 0.00% -2.83% 28.86% 28.74%
Return on Invested Capital (ROIC)		 16.50% 24.99% 11.18% 18.09% 13.63% 15.29% 9.37% 10.39% 12.29% 18.36% 16.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 16.50% 23.01% 11.06% 17.22% 11.04% 17.90% 7.76% 6.70% 11.23% 17.51% 16.24%
Return on Net Nonoperating Assets (RNNOA)		 179.55% 167.42% 88.59% 125.66% 66.73% 88.27% 40.10% 33.67% 56.14% 78.28% 70.66%
Return on Equity (ROE)		 196.05% 192.42% 99.77% 143.74% 80.36% 103.55% 49.47% 44.06% 68.42% 96.63% 87.08%
Cash Return on Invested Capital (CROIC)		 3.70% 7.48% 8.39% 9.41% 10.63% 13.93% 1.72% -3.65% -1.05% 0.26% 3.92%
Operating Return on Assets (OROA)		 11.53% 13.51% 8.69% 10.26% 4.05% 15.41% 4.85% 1.32% 5.64% 11.17% 12.32%
Return on Assets (ROA)		 7.16% 8.12% 4.91% 6.82% 2.14% 10.12% 1.68% -0.66% 4.12% 6.87% 7.38%
Return on Common Equity (ROCE)		 150.48% 157.06% 80.31% 117.58% 60.00% 79.50% 35.98% 32.64% 55.67% 80.10% 64.50%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 109.72% 130.95% 120.91% 0.00% 96.51% 82.19% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 154 258 100 171 135 156 93 118 147 205 188
NOPAT Margin		 9.71% 14.75% 6.71% 10.98% 8.26% 9.38% 6.27% 7.00% 7.87% 11.13% 10.86%
Net Nonoperating Expense Percent (NNEP)		 0.00% 1.98% 0.12% 0.87% 2.59% -2.62% 1.61% 3.69% 1.06% 0.85% 0.19%
Return On Investment Capital (ROIC_SIMPLE)		 - 5.58% - - - 3.36% 1.83% 2.29% 2.87% 3.94% 3.38%
Cost of Revenue to Revenue		 53.28% 50.34% 52.95% 53.41% 52.39% 53.66% 53.30% 54.06% 55.35% 53.64% 53.70%
SG&A Expenses to Revenue		 29.82% 27.23% 29.85% 29.73% 30.37% 28.45% 30.32% 27.89% 26.45% 24.89% 26.56%
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		 33.35% 30.38% 40.03% 33.33% 38.83% 33.49% 35.38% 35.94% 36.99% 30.43% 31.06%
Earnings before Interest and Taxes (EBIT)		 248 321 170 212 91 367 104 32 149 286 302
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 327 402 255 295 175 455 195 129 256 386 408
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 51.36 39.03 39.28 32.87 31.13 29.46 28.77 24.11 27.27 22.25 18.08
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)		 2.61 2.87 2.66 2.49 2.51 2.53 2.58 2.20 2.63 2.33 1.87
Price to Earnings (P/E)		 36.67 38.69 32.15 29.07 37.07 31.36 36.09 47.81 48.33 52.36 29.45
Dividend Yield		 2.13% 1.88% 2.04% 2.22% 2.22% 2.26% 2.26% 2.64% 2.16% 2.41% 2.94%
Earnings Yield		 2.73% 2.58% 3.11% 3.44% 2.70% 3.19% 2.77% 2.09% 2.07% 1.91% 3.40%
Enterprise Value to Invested Capital (EV/IC)		 5.10 5.51 5.14 4.81 4.89 4.98 4.51 3.90 4.71 4.43 3.55
Enterprise Value to Revenue (EV/Rev)		 3.18 3.41 3.22 3.04 3.05 3.05 3.19 2.82 3.22 2.87 2.46
Enterprise Value to EBITDA (EV/EBITDA)		 17.02 17.89 16.09 15.17 17.39 16.41 18.03 19.14 20.86 20.45 14.89
Enterprise Value to EBIT (EV/EBIT)		 24.17 24.65 21.69 20.40 24.69 23.05 26.09 30.74 33.11 34.59 22.83
Enterprise Value to NOPAT (EV/NOPAT)		 33.74 33.76 31.44 28.37 29.94 35.90 36.52 37.04 41.19 34.35 26.92
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.97 27.85 27.56 24.62 26.00 24.42 22.61 24.31 31.84 25.13 20.82
Enterprise Value to Free Cash Flow (EV/FCFF)		 146.15 77.22 63.89 53.20 47.39 35.70 277.14 0.00 0.00 1,786.75 94.88
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 9.22 6.50 6.81 6.26 5.95 5.67 5.43 5.37 5.77 5.27 4.85
Long-Term Debt to Equity		 9.22 6.50 6.81 6.26 5.95 5.67 5.43 5.37 5.77 5.27 4.85
Financial Leverage		 10.88 7.28 8.01 7.30 6.04 4.93 5.17 5.03 5.00 4.47 4.35
Leverage Ratio		 27.38 19.06 19.67 18.18 16.02 13.81 13.31 12.86 13.26 12.55 11.45
Compound Leverage Factor		 23.41 15.74 13.19 14.66 8.98 12.42 8.32 -4.42 9.43 10.80 9.63
Debt to Total Capital		 90.21% 86.67% 87.20% 86.23% 85.60% 85.02% 84.45% 84.31% 85.22% 84.06% 82.92%
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		 90.21% 86.67% 87.20% 86.23% 85.60% 85.02% 84.45% 84.31% 85.22% 84.06% 82.92%
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		 2.80% 3.31% 3.33% 3.30% 3.35% 3.27% 4.39% 4.31% 2.15% 2.10% 4.11%
Common Equity to Total Capital		 6.99% 10.02% 9.48% 10.47% 11.05% 11.72% 11.16% 11.38% 12.63% 13.85% 12.97%
Debt to EBITDA		 3.51 3.34 3.12 3.11 3.56 3.35 3.83 4.57 4.22 4.52 4.00
Net Debt to EBITDA		 2.94 2.71 2.66 2.64 2.95 2.67 3.26 4.02 3.70 3.75 3.37
Long-Term Debt to EBITDA		 3.51 3.34 3.12 3.11 3.56 3.35 3.83 4.57 4.22 4.52 4.00
Debt to NOPAT		 6.96 6.29 6.09 5.82 6.13 7.33 7.76 8.85 8.33 7.60 7.24
Net Debt to NOPAT		 5.84 5.11 5.20 4.93 5.07 5.85 6.61 7.78 7.31 6.30 6.10
Long-Term Debt to NOPAT		 6.96 6.29 6.09 5.82 6.13 7.33 7.76 8.85 8.33 7.60 7.24
Altman Z-Score		 1.58 1.76 1.69 1.62 1.51 1.63 1.47 1.26 1.53 1.50 1.31
Noncontrolling Interest Sharing Ratio		 23.24% 18.37% 19.51% 18.20% 25.34% 23.23% 27.27% 25.92% 18.65% 17.10% 25.94%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.68 0.70 0.69 0.69 0.68 0.69 0.66 0.66 0.66 0.70 0.73
Quick Ratio		 0.50 0.52 0.51 0.51 0.50 0.51 0.47 0.45 0.45 0.49 0.51
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -284 -100 -232 -148 -106 159 -387 -534 -422 -359 -279
Operating Cash Flow to CapEx		 889.47% 1,010.34% -119.23% 671.43% 921.21% 922.22% 191.67% 117.95% 825.00% 2,200.00% 466.67%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -39.84
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.14
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.74 0.74 0.76 0.75 0.73 0.70 0.69 0.70 0.71 0.72 0.71
Accounts Receivable Turnover		 5.74 5.73 5.77 5.47 5.41 5.30 5.25 5.12 5.17 5.34 5.24
Inventory Turnover		 27.15 31.69 31.91 32.17 29.82 35.46 36.42 35.77 45.12 51.74 50.51
Fixed Asset Turnover		 13.83 14.06 14.17 13.90 13.69 13.26 13.13 13.82 14.55 15.14 15.55
Accounts Payable Turnover		 11.19 14.15 11.45 14.90 11.39 15.49 10.32 15.66 13.30 19.10 9.67
Days Sales Outstanding (DSO)		 63.60 63.73 63.21 66.77 67.45 68.93 69.58 71.29 70.61 68.29 69.71
Days Inventory Outstanding (DIO)		 13.44 11.52 11.44 11.34 12.24 10.29 10.02 10.20 8.09 7.06 7.23
Days Payable Outstanding (DPO)		 32.63 25.80 31.88 24.49 32.04 23.56 35.37 23.31 27.44 19.11 37.74
Cash Conversion Cycle (CCC)		 44.42 49.45 42.77 53.63 47.65 55.65 44.23 58.18 51.27 56.24 39.20
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,771 3,895 4,000 4,035 4,012 3,892 4,480 4,687 4,581 4,456 4,947
Invested Capital Turnover		 1.70 1.69 1.67 1.65 1.65 1.63 1.49 1.48 1.56 1.65 1.51
Increase / (Decrease) in Invested Capital		 438 358 332 319 241 -3.00 480 652 569 564 467
Enterprise Value (EV)		 19,215 21,473 20,558 19,397 19,600 19,363 20,191 18,258 21,585 19,751 17,553
Market Capitalization		 15,769 18,070 17,009 15,874 16,123 16,058 16,313 14,199 17,642 16,022 13,341
Book Value per Share		 $0.60 $0.90 $0.84 $0.93 $1.00 $1.05 $1.09 $1.13 $1.24 $1.38 $1.41
Tangible Book Value per Share		 ($8.12) ($7.93) ($7.80) ($7.68) ($7.75) ($7.62) ($8.42) ($8.43) ($8.24) ($8.01) ($8.75)
Total Capital		 4,394 4,620 4,569 4,613 4,689 4,652 5,082 5,175 5,122 5,200 5,691
Total Debt		 3,964 4,004 3,984 3,978 4,014 3,955 4,292 4,363 4,365 4,371 4,719
Total Long-Term Debt		 3,964 4,004 3,984 3,978 4,014 3,955 4,292 4,363 4,365 4,371 4,719
Net Debt		 3,323 3,250 3,397 3,371 3,320 3,153 3,655 3,836 3,833 3,620 3,978
Capital Expenditures (CapEx)		 38 29 26 28 33 36 36 39 28 20 27
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,778 -1,883 -1,670 -1,697 -1,948 -2,009 -1,954 -1,899 -1,963 -2,043 -1,942
Debt-free Net Working Capital (DFNWC)		 -1,137 -1,129 -1,083 -1,090 -1,254 -1,207 -1,317 -1,372 -1,431 -1,292 -1,201
Net Working Capital (NWC)		 -1,137 -1,129 -1,083 -1,090 -1,254 -1,207 -1,317 -1,372 -1,431 -1,292 -1,201
Net Nonoperating Expense (NNE)		 0.00 65 4.21 30 87 -85 57 134 38 29 7.13
Net Nonoperating Obligations (NNO)		 3,341 3,279 3,415 3,400 3,337 3,195 3,690 3,875 3,824 3,627 3,975
Total Depreciation and Amortization (D&A)		 79 81 85 83 84 88 91 97 107 100 106
Debt-free, Cash-free Net Working Capital to Revenue		 -29.45% -29.90% -26.13% -26.59% -30.31% -31.67% -30.85% -29.36% -29.27% -29.69% -27.24%
Debt-free Net Working Capital to Revenue		 -18.83% -17.93% -16.94% -17.08% -19.51% -19.03% -20.79% -21.21% -21.34% -18.78% -16.85%
Net Working Capital to Revenue		 -18.83% -17.93% -16.94% -17.08% -19.51% -19.03% -20.79% -21.21% -21.34% -18.78% -16.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.60 $0.60 $0.36 $0.54 $0.16 $0.90 $0.14 ($0.06) $0.40 $0.66 $0.70
Adjusted Weighted Average Basic Shares Outstanding		 515.72M 516.46M 517.84M 517.88M 517.52M 518.43M 520.32M 521.26M 520.51M 522.14M 521.95M
Adjusted Diluted Earnings per Share		 $0.60 $0.60 $0.36 $0.54 $0.16 $0.90 $0.14 ($0.06) $0.40 $0.66 $0.68
Adjusted Weighted Average Diluted Shares Outstanding		 515.72M 516.46M 517.84M 517.88M 517.52M 518.43M 520.32M 521.26M 520.51M 522.14M 524.70M
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		 516.00M 517.88M 517.91M 517.92M 517.99M 520.36M 521.27M 521.27M 522.40M 522.35M 521.62M
Normalized Net Operating Profit after Tax (NOPAT)		 154 258 180 172 135 176 100 167 188 229 192
Normalized NOPAT Margin		 9.71% 14.75% 12.06% 11.04% 8.26% 10.56% 6.76% 9.86% 10.04% 12.45% 11.11%
Pre Tax Income Margin		 13.37% 15.16% 7.63% 11.00% 3.13% 19.81% 4.38% -0.65% 5.67% 13.37% 14.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 43.14
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.88
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 39.29
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 80.18% 69.88% 63.67% 62.16% 77.20% 71.67% 82.19% 125.24% 107.57% 131.48% 90.67%
Augmented Payout Ratio		 80.18% 69.88% 63.67% 62.16% 77.20% 71.67% 82.19% 125.24% 121.89% 156.72% 112.67%

Financials Breakdown Chart

Key Financial Trends

Warner Music Group (WMG) has shown a pattern of solid profitability and improving operating cash flow in the latest quarter, alongside stable revenue within a multi-year range. The data below highlights the most important near-term trends from the last four years, with a focus on Q1 2026 as the latest data point.

  • Profitability remains solid: Q1 2026 net income attributable to common shareholders was $177,000,000, indicating ongoing profitability across the latest quarter.
  • Robust cash flow from operations: Net cash from continuing operating activities in Q1 2026 was $440,000,000, showing strong cash generation from the core business.
  • Healthy gross margin: Total revenue of $1.84B and gross profit of $853M in Q1 2026 yield a gross margin of about 46%, consistent with a mid-40s% profitability level.
  • Regular dividend payments: Cash dividends per share were $0.19 in Q1 2026, reflecting ongoing shareholder returns.
  • Large footprint of intangibles and goodwill: Goodwill sits around $2.06B and intangible assets around $2.84B as of Q1 2026, common for a music rights catalog with prior acquisitions.
  • Leverage remains material: Long-term debt is in the neighborhood of $4.37B on the balance sheet, consistent with a leveraged capital structure for a large entertainment group.
  • Financing activity often outflows cash: Net cash from continuing financing activities was negative in Q1 2026, at about −$159M, reflecting debt service and shareholder returns.
  • Ongoing cash outflows for dividends and buybacks: In Q1 2026, dividends totaled about $104M and repurchases of common equity were roughly $26M, contributing to cash outflow.
  • Investing activity remains cash-consuming: Net cash from investing activities in Q1 2026 was about −$52M, driven by capital expenditures and acquisitions.
  • Profitability can be volatile: The company has shown quarterly swings, including a notable quarterly loss in Q3 2025 (net income to common shareholders was negative in that period), indicating some cyclicality in earnings.
05/19/26 10:50 AM ETAI Generated. May Contain Errors.

Warner Music Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Warner Music Group's financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Warner Music Group's net income appears to be on an upward trend, with a most recent value of $370 million in 2025, rising from $0.00 in 2015. The previous period was $478 million in 2024. See Warner Music Group's forecast for analyst expectations on what's next for the company.

Warner Music Group's total operating income in 2025 was $694 million, based on the following breakdown:
  • Total Gross Profit: $3.08 billion
  • Total Operating Expenses: $2.38 billion

Over the last 10 years, Warner Music Group's total revenue changed from $0.00 in 2015 to $6.71 billion in 2025, a change of 670,700,000,000.0%.

Warner Music Group's total liabilities were at $9.07 billion at the end of 2025, a 7.0% increase from 2024, and a 68.6% increase since 2015.

In the past 10 years, Warner Music Group's cash and equivalents has ranged from $246 million in 2015 to $694 million in 2024, and is currently $532 million as of their latest financial filing in 2025.

Over the last 10 years, Warner Music Group's book value per share changed from 209,478.67 in 2015 to 1.24 in 2025, a change of -100.0%.


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Financial statements for NASDAQ:WMG last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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