vs
Side-by-side financial comparison of UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH) and Warner Music Group Corp. (WMG), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Warner Music Group Corp. is the larger business by last-quarter revenue ($1.8B vs $385.4M, roughly 4.8× UNIVERSAL LOGISTICS HOLDINGS, INC.). Warner Music Group Corp. runs the higher net margin — 1.0% vs 9.6%, a 8.6% gap on every dollar of revenue. On growth, Warner Music Group Corp. posted the faster year-over-year revenue change (10.4% vs -17.1%). Warner Music Group Corp. produced more free cash flow last quarter ($420.0M vs $14.3M). Over the past eight quarters, Warner Music Group Corp.'s revenue compounded faster (11.0% CAGR vs -11.5%).
Universal Music Group N.V. is a multinational music corporation under Dutch law. UMG's corporate headquarters are located in Hilversum, Netherlands, and its operational headquarters are located in Santa Monica, California. As the biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake...
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.
ULH vs WMG — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $385.4M | $1.8B |
| Net Profit | $3.7M | $176.0M |
| Gross Margin | — | 46.4% |
| Operating Margin | 4.5% | 15.7% |
| Net Margin | 1.0% | 9.6% |
| Revenue YoY | -17.1% | 10.4% |
| Net Profit YoY | -81.5% | -25.4% |
| EPS (diluted) | $0.14 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $385.4M | $1.8B | ||
| Q3 25 | $396.8M | $1.9B | ||
| Q2 25 | $393.8M | $1.7B | ||
| Q1 25 | $382.4M | $1.5B | ||
| Q4 24 | $465.1M | $1.7B | ||
| Q3 24 | $426.8M | $1.6B | ||
| Q2 24 | $462.2M | $1.6B | ||
| Q1 24 | $491.9M | $1.5B |
| Q4 25 | $3.7M | $176.0M | ||
| Q3 25 | $-117.9M | $109.0M | ||
| Q2 25 | $8.3M | $-16.0M | ||
| Q1 25 | $6.0M | $36.0M | ||
| Q4 24 | $20.2M | $236.0M | ||
| Q3 24 | $26.5M | $41.0M | ||
| Q2 24 | $30.7M | $139.0M | ||
| Q1 24 | $52.5M | $96.0M |
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
| Q4 25 | 4.5% | 15.7% | ||
| Q3 25 | -29.6% | 7.7% | ||
| Q2 25 | 5.1% | 10.0% | ||
| Q1 25 | 4.1% | 11.3% | ||
| Q4 24 | 8.2% | 12.8% | ||
| Q3 24 | 10.0% | 8.8% | ||
| Q2 24 | 10.2% | 13.3% | ||
| Q1 24 | 15.3% | 8.0% |
| Q4 25 | 1.0% | 9.6% | ||
| Q3 25 | -29.7% | 5.8% | ||
| Q2 25 | 2.1% | -0.9% | ||
| Q1 25 | 1.6% | 2.4% | ||
| Q4 24 | 4.3% | 14.2% | ||
| Q3 24 | 6.2% | 2.5% | ||
| Q2 24 | 6.7% | 8.9% | ||
| Q1 24 | 10.7% | 6.4% |
| Q4 25 | $0.14 | — | ||
| Q3 25 | $-4.48 | — | ||
| Q2 25 | $0.32 | — | ||
| Q1 25 | $0.23 | — | ||
| Q4 24 | $0.76 | — | ||
| Q3 24 | $1.01 | — | ||
| Q2 24 | $1.17 | — | ||
| Q1 24 | $1.99 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.8M | $751.0M |
| Total DebtLower is stronger | $797.6M | $4.4B |
| Stockholders' EquityBook value | $540.4M | $720.0M |
| Total Assets | $1.8B | $10.0B |
| Debt / EquityLower = less leverage | 1.48× | 6.07× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $26.8M | $751.0M | ||
| Q3 25 | $27.4M | $532.0M | ||
| Q2 25 | $24.3M | $527.0M | ||
| Q1 25 | $20.6M | $637.0M | ||
| Q4 24 | $19.4M | $802.0M | ||
| Q3 24 | $11.8M | $694.0M | ||
| Q2 24 | $7.5M | $607.0M | ||
| Q1 24 | $11.1M | $587.0M |
| Q4 25 | $797.6M | $4.4B | ||
| Q3 25 | $824.2M | $4.4B | ||
| Q2 25 | $795.5M | $4.4B | ||
| Q1 25 | $736.7M | $4.3B | ||
| Q4 24 | $759.1M | $4.0B | ||
| Q3 24 | $557.4M | $4.0B | ||
| Q2 24 | $483.8M | $4.0B | ||
| Q1 24 | $414.1M | $4.0B |
| Q4 25 | $540.4M | $720.0M | ||
| Q3 25 | $534.9M | $647.0M | ||
| Q2 25 | $653.7M | $589.0M | ||
| Q1 25 | $646.4M | $567.0M | ||
| Q4 24 | $647.0M | $545.0M | ||
| Q3 24 | $631.0M | $518.0M | ||
| Q2 24 | $608.9M | $483.0M | ||
| Q1 24 | $583.9M | $433.0M |
| Q4 25 | $1.8B | $10.0B | ||
| Q3 25 | $1.8B | $9.8B | ||
| Q2 25 | $1.9B | $9.8B | ||
| Q1 25 | $1.8B | $9.6B | ||
| Q4 24 | $1.8B | $9.1B | ||
| Q3 24 | $1.6B | $9.2B | ||
| Q2 24 | $1.5B | $8.8B | ||
| Q1 24 | $1.4B | $8.7B |
| Q4 25 | 1.48× | 6.07× | ||
| Q3 25 | 1.54× | 6.75× | ||
| Q2 25 | 1.22× | 7.41× | ||
| Q1 25 | 1.14× | 7.57× | ||
| Q4 24 | 1.17× | 7.26× | ||
| Q3 24 | 0.88× | 7.75× | ||
| Q2 24 | 0.79× | 8.24× | ||
| Q1 24 | 0.71× | 9.20× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $47.1M | $440.0M |
| Free Cash FlowOCF − Capex | $14.3M | $420.0M |
| FCF MarginFCF / Revenue | 3.7% | 22.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 8.5% | 1.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 12.62× | 2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-41.1M | $663.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $47.1M | $440.0M | ||
| Q3 25 | $25.9M | $231.0M | ||
| Q2 25 | $25.7M | $46.0M | ||
| Q1 25 | $84.3M | $69.0M | ||
| Q4 24 | $59.7M | $332.0M | ||
| Q3 24 | $6.2M | $304.0M | ||
| Q2 24 | $9.6M | $188.0M | ||
| Q1 24 | $36.9M | $-31.0M |
| Q4 25 | $14.3M | $420.0M | ||
| Q3 25 | $-28.6M | $203.0M | ||
| Q2 25 | $-58.5M | $7.0M | ||
| Q1 25 | $31.7M | $33.0M | ||
| Q4 24 | $18.9M | $296.0M | ||
| Q3 24 | $-58.9M | $271.0M | ||
| Q2 24 | $-67.6M | $160.0M | ||
| Q1 24 | $-31.7M | $-57.0M |
| Q4 25 | 3.7% | 22.8% | ||
| Q3 25 | -7.2% | 10.9% | ||
| Q2 25 | -14.9% | 0.4% | ||
| Q1 25 | 8.3% | 2.2% | ||
| Q4 24 | 4.1% | 17.8% | ||
| Q3 24 | -13.8% | 16.6% | ||
| Q2 24 | -14.6% | 10.3% | ||
| Q1 24 | -6.4% | -3.8% |
| Q4 25 | 8.5% | 1.1% | ||
| Q3 25 | 13.7% | 1.5% | ||
| Q2 25 | 21.4% | 2.3% | ||
| Q1 25 | 13.7% | 2.4% | ||
| Q4 24 | 8.8% | 2.2% | ||
| Q3 24 | 15.3% | 2.0% | ||
| Q2 24 | 16.7% | 1.8% | ||
| Q1 24 | 13.9% | 1.7% |
| Q4 25 | 12.62× | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 14.02× | 1.92× | ||
| Q4 24 | 2.96× | 1.41× | ||
| Q3 24 | 0.23× | 7.41× | ||
| Q2 24 | 0.31× | 1.35× | ||
| Q1 24 | 0.70× | -0.32× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
