Warner Music Group Corp.

Listed Company

WMGCIK 0001319161NasdaqLarge AcceleratedServices-Amusement & Recreation ServicesDelawareFY ends Sep 30

Period

FY 2025

Revenue

$6.71B

Net Income

$365.00M

Total Assets

$9.83B

Equity

$647.00M

Shares Out

1.1K

Op. Cash Flow

$678.00M

Business

Warner Music Group Corp. is a leading global music entertainment company that discovers, signs, develops and monetizes recording artists and songwriters. It offers recorded music, music publishing, artist services and catalog licensing, plus marketing, distribution, merchandising and rights administration. Its key business segments include Recorded Music (major labels such as Atlantic, Warner, Elektra, Parlophone, Rhino and artist services like WMX and ADA) and Warner Chappell Music for publishing. The company distributes music worldwide through subsidiaries, affiliates, licensees, streaming and download platforms, physical retail, e-commerce, touring and partnerships.

Summary from filing dated 2025-11-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenue	6,707	6,426	6,037	5,919	5,301
Cost of revenue	−3,632	−3,355	−3,177	−3,080	−2,742
Selling, general and administrative expenses	−1,889	−1,879	−1,826	−1,862	−1,721
Restructuring and impairments	−234	−177	−40	0	—
Amortization expense	−258	−224	−245	−263	−229
Total costs and expenses	−6,013	−5,635	−5,288	−5,205	−4,692
Net gain on divestitures	0	32	41	0	0
Operating income	694	823	790	714	609
Loss on extinguishment of debt	0	0	−4	0	−22
Interest expense, net	−162	−161	−141	−125	−122
Other expense, net	−42	−61	−36	151	−9
Income before income taxes	490	601	609	740	456
Income tax expense	−120	−123	−170	−185	−149
Net income	370	478	439	555	307
Less: Income attributable to noncontrolling interest	−5	−43	−9	−4	−3
Net income attributable to Warner Music Group Corp.	365	435	430	551	304

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and equivalents	532	694	641	584	499
Accounts receivable, net of allowances of $27 million and $26 million	1,340	1,255	1,120	984	839
Inventories	62	99	126	108	99
Royalty advances expected to be recouped within one year	581	470	413	372	373
Assets held for sale	89	0	—	—	—
Prepaid and other current assets	166	125	102	91	86
Total current assets	2,770	2,643	2,402	2,139	1,896
Royalty advances expected to be recouped after one year	1,079	874	688	503	457
Property, plant and equipment, net	441	481	458	415	364
Operating lease right-of-use assets, net	189	225	245	226	268
Goodwill	2,061	2,021	1,993	1,920	1,830
Intangible assets subject to amortization, net	2,725	2,359	2,353	2,239	2,017
Intangible assets not subject to amortization	154	152	149	145	154
Deferred tax assets, net	111	52	32	29	31
Other assets	299	348	225	212	194
Total assets	9,829	9,155	8,545	7,828	7,211
Accounts payable	257	289	300	268	302
Accrued royalties	2,740	2,549	2,219	1,918	1,880
Accrued liabilities	666	641	533	457	461
Accrued interest	31	17	18	17	14
Operating lease liabilities, current	43	45	41	40	43
Deferred revenue	286	246	371	423	348
Liabilities held for sale	49	0	—	—	—
Other current liabilities	129	110	57	245	102
Total current liabilities	4,201	3,897	3,539	3,368	3,150
Acquisition corp. long-term debt	4,063	4,014	3,964	3,732	3,346
Asset-based long-term debt	302	0	—	—	—
Operating lease liabilities, noncurrent	200	228	255	241	287
Deferred tax liabilities, net	164	195	216	220	207
Other noncurrent liabilities	142	146	141	99	175
Total liabilities	9,072	8,480	8,115	7,660	7,165
Additional paid-in capital	2,166	2,077	2,015	1,975	1,942
Accumulated deficit	−1,331	−1,313	−1,387	−1,477	−1,710
Accumulated other comprehensive loss, net	−189	−247	−322	−347	−202
Total Warner Music Group Corp. equity	647	518	307	152	31
Noncontrolling interest	110	157	123	16	15
Total equity	757	675	430	168	46
Total liabilities and equity	9,829	9,155	8,545	7,828	7,211

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	376	327	332	339	306
Unrealized losses (gains) and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	70	68	38	−169	3
Deferred income taxes	−90	−48	−13	13	27
Net loss (gain) on investments	−27	−6	−3	46	—
Net loss (gain) on divestitures	0	−32	−42	0	—
Non-cash interest expense	7	6	2	6	5
Non-cash stock-based compensation expense	54	52	49	39	—
Non-cash impairments and restructuring	139	57	0	0	—
Accounts receivable, net	−61	−110	−113	−195	−58
Inventories	−11	30	−12	−22	−19
Royalty advances	−312	−222	−191	−94	−332
Other noncurrent assets	4	−85	−10	−12	—
Accounts payable and accrued liabilities	−28	86	77	−21	91
Royalty payables	167	275	256	158	217
Accrued interest	7	−6	1	3	−16
Operating lease liabilities	−15	−5	−4	−6	−3
Deferred revenue	40	−133	−58	86	47
Other balance sheet changes	−12	22	−65	16	−8
Net cash provided by operating activities	678	754	687	742	638
Acquisition of music publishing rights and music catalogs	−195	−187	−114	−191	—
Capital expenditures	−139	−116	−127	−135	—
Investments and acquisitions of businesses, net of cash received	−46	−40	−126	−509	−64
Proceeds from the sale of investments	40	13	22	11	0
Proceeds from divestitures	0	19	45	0	0
Net cash used in investing activities	−340	−311	−300	−824	−638
Deferred financing costs paid	−2	−2	−3	−5	−12
Distribution to noncontrolling interest holders	−15	−8	−12	−6	−7
Dividends paid	−383	−361	−340	−318	−265
Payment of deferred and contingent consideration	−23	−20	−133	−7	0
Taxes paid related to net share settlement of restricted stock units and common stock	−20	−5	0	−6	0
Common stock repurchased and retired	−16	0	0	—	—
Redemption of noncontrolling interests	−37	0	−1	—	—
Net cash used in financing activities	−497	−396	−325	188	−61
Effect of exchange rate changes on cash and equivalents	0	6	−5	−21	7
Cash balances classified as assets held for sale	−3	0	0	—	—
Net (decrease) increase in cash and equivalents	−162	53	57	85	−54

Filings

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