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Warner Music Group (WMG)

Nasdaq Communication Services Movies & Entertainment S&P MidCap 400
$31.30
-0.62 (-1.94%)
Close of Nov 06, 2026 · end-of-day data
Source: Warner Music Group's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 03, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue$3.25B$3.58B$4.00B$4.47B$4.46B$5.30B$5.92B$6.04B$6.43B$6.71B
Cost of revenue$1.71B$1.93B$2.17B$2.40B$2.33B$2.74B$3.08B$3.18B$3.35B$3.63B
Gross profit$1.54B$1.65B$1.83B$2.07B$2.13B$2.56B$2.84B$2.86B$3.07B$3.08B
Selling, general & admin$1.08B$1.22B$1.41B$1.51B$2.17B$1.72B$1.86B$1.83B$1.88B$1.89B
Operating income$214.00M$222.00M$217.00M$356.00M-$229.00M$609.00M$714.00M$790.00M$823.00M$694.00M
Interest expense—————$119.00M$125.00M$157.00M$182.00M$177.00M
Pre-tax income$41.00M-$2.00M$442.00M$267.00M-$447.00M$456.00M$740.00M$609.00M$601.00M$490.00M
Income tax$11.00M-$151.00M$130.00M$9.00M$23.00M$149.00M$185.00M$170.00M$123.00M$120.00M
Net income$25.00M$143.00M$307.00M$256.00M-$475.00M$304.00M$551.00M$430.00M$435.00M$365.00M
EBITDA$507.00M$473.00M$478.00M$625.00M$32.00M$915.00M$1.05B$1.12B$1.15B$1.07B
Gross margin47.4%46.0%45.8%46.3%47.7%48.3%48.0%47.4%47.8%45.8%
Operating margin6.6%6.2%5.4%8.0%-5.1%11.5%12.1%13.1%12.8%10.3%
Net margin0.8%4.0%7.7%5.7%-10.6%5.7%9.3%7.1%6.8%5.4%

Balance sheet

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash & equivalents$359.00M$647.00M$514.00M$619.00M$553.00M$499.00M$584.00M$641.00M$694.00M$532.00M
Receivables$329.00M$404.00M$447.00M$775.00M$771.00M$839.00M$984.00M$1.12B$1.25B$1.34B
Inventory$41.00M$39.00M$42.00M$74.00M$79.00M$99.00M$108.00M$126.00M$99.00M$62.00M
Total current assets$908.00M$1.27B$1.18B$1.69B$1.68B$1.90B$2.14B$2.40B$2.64B$2.77B
Goodwill$1.63B$1.69B$1.69B$1.76B$1.83B$1.83B$1.92B$1.99B$2.02B$2.06B
Total assets$5.33B$5.72B$5.34B$6.02B$6.41B$7.21B$7.83B$8.54B$9.15B$9.83B
Total current liabilities$1.84B$2.10B$2.37B$2.82B$2.72B$3.15B$3.37B$3.54B$3.90B$4.20B
Long-term debt$2.78B$2.81B$2.82B$2.97B$3.10B$3.35B$3.73B$3.96B$4.01B$4.06B
Total debt$2.78B$2.81B$2.82B$2.97B$3.10B$3.35B$3.73B$3.96B$4.01B$4.06B
Total liabilities$5.12B$5.41B$5.66B$6.29B$6.46B$7.17B$7.66B$8.12B$8.48B$9.07B
Shareholders' equity$195.00M$293.00M-$334.00M-$289.00M-$63.00M$31.00M$152.00M$307.00M$518.00M$647.00M

Cash flow

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow$342.00M$535.00M$425.00M$400.00M$463.00M$638.00M$742.00M$687.00M$754.00M$678.00M
Capital expenditures$42.00M$44.00M$74.00M$104.00M$85.00M$93.00M$135.00M$127.00M$116.00M$139.00M
Free cash flow$300.00M$491.00M$351.00M$296.00M$378.00M$545.00M$607.00M$560.00M$638.00M$539.00M
Investing cash flow-$8.00M-$126.00M$405.00M-$376.00M-$219.00M-$638.00M-$824.00M-$300.00M-$311.00M-$340.00M
Financing cash flow-$216.00M-$128.00M-$955.00M$88.00M-$316.00M-$61.00M$188.00M-$325.00M-$396.00M-$497.00M
Dividends paid—$84.00M$925.00M$94.00M$344.00M$265.00M$318.00M$340.00M$361.00M$383.00M
Share buybacks———————$0$0$16.00M
Stock-based compensation$23.00M$70.00M$62.00M$50.00M$608.00M$45.00M$39.00M$49.00M$52.00M$54.00M
Depreciation & amortization$293.00M$251.00M$261.00M$269.00M$261.00M$306.00M$339.00M$332.00M$327.00M$376.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.