WMG

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Warner Music Group Corp.

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Key Metrics

Previous Close: $27.01
52-Week Range: $23.34 – $35.42
Market Cap: $14.18B
P/E (TTM): 21.68
EPS (TTM): 1.25
Dividend Yield: 2.94%

Advanced Metrics

Price/Book: 21.87
PEG Ratio: 0.49
Return on Equity: 70.07%
Return on Assets: 7.65%
Gross Margin: 45.77%
Operating Margin: 16.74%
Profit Margin: 9.20%
Current Ratio: 0.73
Debt/Equity: 4.53
Total Debt: $4.92B
Free Cash Flow: $382.25M
Revenue Growth: 10.40%
Earnings Growth: —
Enterprise Value: $18.77B

WMG Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$5.92B	$6.04B	$6.43B	$6.71B
Cost of Revenue	$3.08B	$3.18B	$3.35B	$3.63B
Gross Profit	$2.84B	$2.86B	$3.07B	$3.08B
Selling, General & Admin	$1.79B	$1.74B	$1.78B	$1.77B
Operating Expenses	$2.13B	$2.07B	$2.10B	$2.15B
Operating Income	$714.00M	$789.00M	$968.00M	$928.00M
EBITDA	$1.20B	$1.08B	$1.09B	$1.03B
Pretax Income	$740.00M	$609.00M	$601.00M	$490.00M
Income Tax	$185.00M	$170.00M	$123.00M	$120.00M
Net Income	$551.00M	$430.00M	$435.00M	$365.00M
Diluted EPS	1.06	0.82	0.83	0.69
Diluted Shares	519.81M	524.39M	517.52M	528.99M

WMG Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$584.00M	$641.00M	$694.00M	$532.00M
Receivables	$984.00M	$1.12B	$1.25B	$1.34B
Inventory	$108.00M	$126.00M	$99.00M	$62.00M
Current Assets	$2.14B	$2.40B	$2.64B	$2.77B
Total Assets	$7.83B	$8.54B	$9.15B	$9.83B
Current Liabilities	$3.37B	$3.54B	$3.90B	$4.20B
Long-Term Debt	$3.73B	$3.96B	$4.01B	$4.37B
Total Debt	$4.01B	$4.26B	$4.29B	$4.61B
Total Liabilities	$7.66B	$8.12B	$8.48B	$9.07B
Retained Earnings	-$1.48B	-$1.39B	-$1.31B	-$1.33B
Shareholders' Equity	$152.00M	$307.00M	$518.00M	$647.00M
Working Capital	-$1.23B	-$1.14B	-$1.25B	-$1.43B
Net Debt	$3.15B	$3.32B	$3.32B	$3.83B

WMG Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$742.00M	$687.00M	$754.00M	$678.00M
Capital Expenditure	-$326.00M	-$241.00M	-$303.00M	-$334.00M
Free Cash Flow	$416.00M	$446.00M	$451.00M	$344.00M
Depreciation & Amortisation	$339.00M	$332.00M	$327.00M	$376.00M
Stock-Based Compensation	$39.00M	$49.00M	$52.00M	$54.00M
Investing Cash Flow	-$824.00M	-$300.00M	-$311.00M	-$340.00M
Financing Cash Flow	$188.00M	-$325.00M	-$396.00M	-$497.00M
Dividends Paid	-$318.00M	-$340.00M	-$361.00M	-$383.00M
Share Repurchases	—	$0.00	$0.00	-$16.00M
Net Change in Cash	$106.00M	$62.00M	$47.00M	-$159.00M

WMG Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$1.48B	$1.69B	$1.87B	$1.84B	$1.73B
Cost of Revenue	$791.00M	$913.00M	$1.03B	$987.00M	$930.00M
Gross Profit	$693.00M	$776.00M	$834.00M	$853.00M	$802.00M
Selling, General & Admin	$422.00M	$471.00M	$376.00M	$427.00M	$429.00M
Operating Expenses	$512.00M	$538.00M	$566.00M	$526.00M	$532.00M
Operating Income	$181.00M	$238.00M	$268.00M	$327.00M	$270.00M
EBITDA	$194.00M	$128.00M	$339.00M	$390.00M	$398.00M
Pretax Income	$65.00M	-$11.00M	$106.00M	$246.00M	$254.00M
Income Tax	$29.00M	$5.00M	-$3.00M	$71.00M	$73.00M
Net Income	$36.00M	-$16.00M	$109.00M	$176.00M	$183.00M
Diluted EPS	0.07	-0.03	0.21	0.33	0.34
Diluted Shares	520.32M	521.26M	519.05M	533.33M	538.24M

WMG Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$637.00M	$527.00M	$532.00M	$751.00M	$741.00M
Receivables	$1.22B	$1.30B	$1.34B	$1.37B	$1.50B
Inventory	$88.00M	$101.00M	$62.00M	$60.00M	$65.00M
Current Assets	$2.60B	$2.68B	$2.77B	$3.02B	$3.22B
Total Assets	$9.57B	$9.78B	$9.83B	$10.01B	$10.61B
Current Liabilities	$3.92B	$4.05B	$4.20B	$4.31B	$4.42B
Long-Term Debt	$4.29B	$4.36B	$4.37B	$4.37B	$4.72B
Total Debt	$4.55B	$4.62B	$4.61B	$4.61B	$4.94B
Total Liabilities	$8.78B	$8.96B	$9.07B	$9.18B	$9.64B
Retained Earnings	-$1.23B	-$1.34B	-$1.33B	-$1.25B	-$1.17B
Shareholders' Equity	$567.00M	$589.00M	$647.00M	$720.00M	$738.00M
Working Capital	-$1.32B	-$1.37B	-$1.43B	-$1.29B	-$1.20B
Net Debt	$3.65B	$3.84B	$3.83B	$3.62B	$3.98B

WMG Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$69.00M	$46.00M	$231.00M	$440.00M	$126.00M
Capital Expenditure	-$115.00M	-$71.00M	-$71.00M	-$50.00M	-$454.00M
Free Cash Flow	-$46.00M	-$25.00M	$160.00M	$390.00M	-$328.00M
Depreciation & Amortisation	$90.00M	$96.00M	$104.00M	$99.00M	$103.00M
Stock-Based Compensation	$14.00M	$16.00M	$11.00M	$19.00M	$16.00M
Investing Cash Flow	-$121.00M	-$71.00M	-$67.00M	-$52.00M	-$471.00M
Financing Cash Flow	-$121.00M	-$96.00M	-$153.00M	-$159.00M	$328.00M
Dividends Paid	-$95.00M	-$94.00M	-$100.00M	-$100.00M	-$100.00M
Share Repurchases	$0.00	-$1.00M	-$13.00M	-$26.00M	-$22.00M
Net Change in Cash	-$173.00M	-$121.00M	$11.00M	$229.00M	-$17.00M

Market Snapshot

About

Warner Music Group is one of the world's largest music entertainment companies, operating recorded music and music publishing businesses. The company owns major record labels including Warner Records, Atlantic Records, and Elektra Records, representing artists across all genres. WMG generates revenue through streaming, physical sales, licensing, and live performances.