Warner Music Group Corp.WMGEarnings & Financial Report
Warner Music Group Corp., commonly abbreviated as WMG, is an American multinational entertainment and record label conglomerate headquartered in New York City. It is one of the "Big Three" recording companies and the third-largest in the global music industry, after Universal Music Group and Sony Music Entertainment.
Revenue
$1.7B
Gross Profit
$776.0M
Operating Profit
$169.0M
Net Profit
$-16.0M
Gross Margin
45.9%
Operating Margin
10.0%
Net Margin
-0.9%
YoY Growth
8.7%
Warner Music Group Corp. Q3 FY2025 Financial Summary
Warner Music Group Corp. reported revenue of $1.7B (up 8.7% YoY) for Q3 FY2025, with a net profit of $-16.0M (down 111.5% YoY) (-0.9% margin). Cost of goods sold was $913.0M, operating expenses totaled $607.0M.
Key Financial Metrics
| Total Revenue | $1.7B |
|---|---|
| Net Profit | $-16.0M |
| Gross Margin | 45.9% |
| Operating Margin | 10.0% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
Warner Music Group Corp. Q3 FY2025 revenue of $1.7B breaks down across 8 segments, led by Digital at $929.0M (55.0% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Digital | $929.0M | 55.0% |
| Music Publishing | $336.0M | 19.9% |
| Artist Services And Expanded Rights | $195.0M | 11.5% |
| Physical | $119.0M | 7.0% |
| Licensing | $111.0M | 6.6% |
| Synchronization | $54.0M | 3.2% |
| Mechanical | $16.0M | 0.9% |
| Other | $4.0M | 0.2% |
Warner Music Group Corp. Revenue by Segment — Quarterly Trend
Warner Music Group Corp. revenue by segment across the last 4 reported quarters, showing how each business line (such as Digital and Music Publishing) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Digital | $976.0M | $951.0M | $929.0M | $841.0M |
| Music Publishing | $362.0M | — | $336.0M | $310.0M |
| Artist Services And Expanded Rights | $231.0M | $327.0M | $195.0M | $117.0M |
| Physical | — | $130.0M | $119.0M | $112.0M |
| Licensing | $121.0M | $126.0M | $111.0M | $105.0M |
Warner Music Group Corp. Annual Revenue by Year
Warner Music Group Corp. annual revenue history includes year-by-year totals (for example, 2025 revenue was $6.7B).
| Year | Annual Revenue |
|---|---|
| 2025 | $6.7B |
| 2024 | $6.4B |
| 2023 | $6.0B |
| 2022 | $5.9B |
Warner Music Group Corp. Quarterly Revenue & Net Profit History
Warner Music Group Corp. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $1.8B | +10.4% | $176.0M | 9.6% |
| Q4 FY2025 | $1.9B | +14.6% | $109.0M | 5.8% |
| Q3 FY2025 | $1.7B | +8.7% | $-16.0M | -0.9% |
| Q2 FY2025 | $1.5B | -0.7% | $36.0M | 2.4% |
| Q1 FY2025 | $1.7B | -4.7% | $236.0M | 14.2% |
| Q4 FY2024 | $1.6B | +2.8% | $41.0M | 2.5% |
| Q3 FY2024 | $1.6B | -0.6% | $139.0M | 8.9% |
| Q2 FY2024 | $1.5B | +6.8% | $96.0M | 6.4% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.49B | $1.55B | $1.63B | $1.67B | $1.48B | $1.69B | $1.87B | $1.84B |
| YoY Growth | 6.8% | -0.6% | 2.8% | -4.7% | -0.7% | 8.7% | 14.6% | 10.4% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $8.73B | $8.83B | $9.15B | $9.15B | $9.57B | $9.78B | $9.83B | $10.01B |
| Liabilities | $8.15B | $8.20B | $8.48B | $8.45B | $8.78B | $8.96B | $9.07B | $9.18B |
| Equity | $433.0M | $483.0M | $518.0M | $545.0M | $567.0M | $589.0M | $647.0M | $720.0M |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-31.0M | $188.0M | $304.0M | $332.0M | $69.0M | $46.0M | $231.0M | $440.0M |