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华纳兄弟娱乐（AGAE）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是华纳兄弟娱乐的996.3倍（$1.8B vs $1.8M）。华纳音乐集团净利率更高（9.6% vs -290.3%，领先299.8%）。华纳音乐集团同比增速更快（10.4% vs -14.6%）。华纳音乐集团自由现金流更多（$420.0M vs $-669.5K）。过去两年华纳音乐集团的营收复合增速更高（11.0% vs -5.6%）
华纳兄弟娱乐是一家美国跨国影视娱乐企业，现隶属于华纳兄弟探索集团，总部位于加利福尼亚州伯班克的华纳兄弟制片厂园区，现行企业主体成立于2002年12月，成立之初属于美国在线时代华纳集团，在全球影视娱乐领域拥有极高影响力。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
AGAE vs WMG — 直观对比
营收规模更大
WMG
是对方的996.3倍
$1.8M
营收增速更快
WMG
高出25.1%
-14.6%
净利率更高
WMG
高出299.8%
-290.3%
自由现金流更多
WMG
多$420.7M
$-669.5K
两年增速更快
WMG
近两年复合增速
-5.6%
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8M | $1.8B |
| 净利润 | $-5.4M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | -397.1% | 15.7% |
| 净利率 | -290.3% | 9.6% |
| 营收同比 | -14.6% | 10.4% |
| 净利润同比 | -33.1% | -25.4% |
| 每股收益（稀释后） | $-0.14 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AGAEWMG
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.8M | $1.9B | ||
| Q2 25 | $1.9M | $1.7B | ||
| Q1 25 | $2.3M | $1.5B | ||
| Q4 24 | $1.9M | $1.7B | ||
| Q3 24 | $2.2M | $1.6B | ||
| Q2 24 | $2.6M | $1.6B | ||
| Q1 24 | $2.4M | $1.5B |
净利润AGAEWMG
| Q4 25 | — | $176.0M | ||
| Q3 25 | $-5.4M | $109.0M | ||
| Q2 25 | $-4.8M | $-16.0M | ||
| Q1 25 | $-4.8M | $36.0M | ||
| Q4 24 | $-7.2M | $236.0M | ||
| Q3 24 | $-4.0M | $41.0M | ||
| Q2 24 | $-3.8M | $139.0M | ||
| Q1 24 | $-1.7M | $96.0M |
毛利率AGAEWMG
| 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% |
营业利润率AGAEWMG
| Q4 25 | — | 15.7% | ||
| Q3 25 | -397.1% | 7.7% | ||
| Q2 25 | -317.4% | 10.0% | ||
| Q1 25 | -230.8% | 11.3% | ||
| Q4 24 | -746.5% | 12.8% | ||
| Q3 24 | -54.6% | 8.8% | ||
| Q2 24 | -200.4% | 13.3% | ||
| Q1 24 | -112.5% | 8.0% |
净利率AGAEWMG
| Q4 25 | — | 9.6% | ||
| Q3 25 | -290.3% | 5.8% | ||
| Q2 25 | -250.6% | -0.9% | ||
| Q1 25 | -212.6% | 2.4% | ||
| Q4 24 | -381.0% | 14.2% | ||
| Q3 24 | -186.2% | 2.5% | ||
| Q2 24 | -144.1% | 8.9% | ||
| Q1 24 | -71.4% | 6.4% |
每股收益（稀释后）AGAEWMG
| Q4 25 | — | — | ||
| Q3 25 | $-0.14 | — | ||
| Q2 25 | $-0.12 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.18 | — | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $-0.09 | — | ||
| Q1 24 | $-0.04 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $17.6M | $751.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $52.4M | $720.0M |
| 总资产 | $106.8M | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资AGAEWMG
| Q4 25 | — | $751.0M | ||
| Q3 25 | $17.6M | $532.0M | ||
| Q2 25 | $26.1M | $527.0M | ||
| Q1 25 | $68.7M | $637.0M | ||
| Q4 24 | $68.0M | $802.0M | ||
| Q3 24 | $77.7M | $694.0M | ||
| Q2 24 | $88.1M | $607.0M | ||
| Q1 24 | $76.9M | $587.0M |
总债务AGAEWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益AGAEWMG
| Q4 25 | — | $720.0M | ||
| Q3 25 | $52.4M | $647.0M | ||
| Q2 25 | $57.5M | $589.0M | ||
| Q1 25 | $68.4M | $567.0M | ||
| Q4 24 | $73.0M | $545.0M | ||
| Q3 24 | $74.0M | $518.0M | ||
| Q2 24 | $77.7M | $483.0M | ||
| Q1 24 | $83.3M | $433.0M |
总资产AGAEWMG
| Q4 25 | — | $10.0B | ||
| Q3 25 | $106.8M | $9.8B | ||
| Q2 25 | $108.6M | $9.8B | ||
| Q1 25 | $117.9M | $9.6B | ||
| Q4 24 | $112.7M | $9.1B | ||
| Q3 24 | $129.8M | $9.2B | ||
| Q2 24 | $126.7M | $8.8B | ||
| Q1 24 | $117.0M | $8.7B |
负债/权益比AGAEWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-616.2K | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $-669.5K | $420.0M |
| 自由现金流率自由现金流/营收 | -36.3% | 22.8% |
| 资本支出强度资本支出/营收 | 2.9% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $-353.8K | $663.0M |
8季度趋势，按日历期对齐
经营现金流AGAEWMG
| Q4 25 | — | $440.0M | ||
| Q3 25 | $-616.2K | $231.0M | ||
| Q2 25 | $-890.0K | $46.0M | ||
| Q1 25 | $-2.2M | $69.0M | ||
| Q4 24 | $3.5M | $332.0M | ||
| Q3 24 | $-8.7M | $304.0M | ||
| Q2 24 | $-2.4M | $188.0M | ||
| Q1 24 | $-2.1M | $-31.0M |
自由现金流AGAEWMG
| Q4 25 | — | $420.0M | ||
| Q3 25 | $-669.5K | $203.0M | ||
| Q2 25 | $-913.3K | $7.0M | ||
| Q1 25 | $-2.2M | $33.0M | ||
| Q4 24 | $3.4M | $296.0M | ||
| Q3 24 | $-8.7M | $271.0M | ||
| Q2 24 | $-2.4M | $160.0M | ||
| Q1 24 | $-2.2M | $-57.0M |
自由现金流率AGAEWMG
| Q4 25 | — | 22.8% | ||
| Q3 25 | -36.3% | 10.9% | ||
| Q2 25 | -47.6% | 0.4% | ||
| Q1 25 | -97.4% | 2.2% | ||
| Q4 24 | 181.7% | 17.8% | ||
| Q3 24 | -404.2% | 16.6% | ||
| Q2 24 | -90.8% | 10.3% | ||
| Q1 24 | -90.6% | -3.8% |
资本支出强度AGAEWMG
| Q4 25 | — | 1.1% | ||
| Q3 25 | 2.9% | 1.5% | ||
| Q2 25 | 1.2% | 2.3% | ||
| Q1 25 | 1.4% | 2.4% | ||
| Q4 24 | 1.8% | 2.2% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 0.1% | 1.8% | ||
| Q1 24 | 0.4% | 1.7% |
现金转化率AGAEWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 7.41× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | -0.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AGAE
暂无分部数据
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% |
