Warner Music Group Corp. (WMG) Financial Statements

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Warner Music Group financial statements at a glance

Warner Music Group reported revenue of $6.71 billion for fiscal year 2025 (ended September 30, 2025), up 4.4% from fiscal year 2024. Net income was $365.00 million, a net margin of 5.4%, and diluted earnings per share were $0.69.

At the end of fiscal year 2025 it had total assets of $9.83 billion, total liabilities of $9.07 billion and shareholders' equity of $647.00 million, with cash and short-term investments of $532.00 million and total debt of $4.61 billion.

Its operations brought in $678.00 million of cash; capital spending was $334.00 million, leaving free cash flow of $344.00 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended September 30, 2025.

WMG logo

Warner Music Group Corp.

WMGUnited States
Consumer-Oriented Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
6.71B
Prev Year: 6.43B
YoY: +4.4%
Operating Revenue
6.71B
Prev Year: 6.43B
YoY: +4.4%
Total Unusual Items
-234.00M
Prev Year: -145.00M
YoY: -61.4%
Normalized EBITDA
1.26B
Prev Year: 1.23B
YoY: +2.3%
Tax Rate for Calcs
0.245
Prev Year: 0
Tax Effect of Unusual Items
-57.31M
Prev Year: -29.68M
YoY: -93.1%
Total Operating Income as Reported
694.00M
Prev Year: 823.00M
YoY: -15.7%
Other Non-operating Income (expense)
-42.00M
Prev Year: -61.00M
YoY: +31.1%
Amortization
258.00M
Prev Year: 224.00M
YoY: +15.2%
Amortization of Intangibles
258.00M
Prev Year: 224.00M
YoY: +15.2%
Depreciation
118.00M
Prev Year: 103.00M
YoY: +14.6%
Selling and Marketing Expense
754.00M
Prev Year: 790.00M
YoY: -4.6%
General and Administrative Expense
1.02B
Prev Year: 986.00M
YoY: +3.1%
Other General and Administrative
1.02B
Prev Year: 986.00M
YoY: +3.1%
Cost of Revenue
3.63B
Prev Year: 3.35B
YoY: +8.3%
Gross Profit
3.08B
Prev Year: 3.07B
YoY: +0.1%
Operating Expense
2.15B
Prev Year: 2.10B
YoY: +2.1%
Selling General and Administrative
1.77B
Prev Year: 1.78B
YoY: -0.3%
Depreciation Amortization Depletion
376.00M
Prev Year: 327.00M
YoY: +15.0%
Depreciation and amortization
376.00M
Prev Year: 327.00M
YoY: +15.0%
Operating Income
928.00M
Prev Year: 968.00M
YoY: -4.1%
Net Non Operating Interest Income Expense
-162.00M
Prev Year: -161.00M
YoY: -0.6%
Non-operating Interest Expense
162.00M
Prev Year: 161.00M
YoY: +0.6%
Other Income Expense
-276.00M
Prev Year: -206.00M
YoY: -34.0%
Special Income Charges
-234.00M
Prev Year: -145.00M
YoY: -61.4%
Restructuring and Mergers Acquisition
234.00M
Prev Year: 177.00M
YoY: +32.2%
Pre-tax Income
490.00M
Prev Year: 601.00M
YoY: -18.5%
Provision for Income Taxes
120.00M
Prev Year: 123.00M
YoY: -2.4%
Net Income Common Stockholders
365.00M
Prev Year: 435.00M
YoY: -16.1%
Net Income
365.00M
Prev Year: 435.00M
YoY: -16.1%
Net Income Including Non-Controlling Interests
370.00M
Prev Year: 478.00M
YoY: -22.6%
Net Income from Continuing Operations
370.00M
Prev Year: 478.00M
YoY: -22.6%
Noncontrolling Interests
-5.00M
Prev Year: -43.00M
YoY: +88.4%
Diluted NI Available to Com Stockholders
365.00M
Prev Year: 435.00M
YoY: -16.1%
Basic EPS
0.69
Prev Year: 0.83
YoY: -16.9%
Diluted EPS
0.69
Prev Year: 0.83
YoY: -16.9%
Weighted Average Shares (basic)
528.99M
Prev Year: 517.52M
YoY: +2.2%
Weighted Average Shares (diluted)
528.99M
Prev Year: 517.52M
YoY: +2.2%
Total Expenses
5.78B
Prev Year: 5.46B
YoY: +5.9%
Net Income from Continuing and Discontinued Operation
365.00M
Prev Year: 435.00M
YoY: -16.1%
Normalized Income
541.69M
Prev Year: 550.32M
YoY: -1.6%
Interest Expense
162.00M
Prev Year: 161.00M
YoY: +0.6%
Net Interest Income
-162.00M
Prev Year: -161.00M
YoY: -0.6%
EBIT
652.00M
Prev Year: 762.00M
YoY: -14.4%
EBITDA
1.03B
Prev Year: 1.09B
YoY: -5.6%
Reconciled Cost of Revenue
3.63B
Prev Year: 3.35B
YoY: +8.3%
Reconciled Depreciation
376.00M
Prev Year: 327.00M
YoY: +15.0%
Net Income from Continuing Operation Net Minority Interest
365.00M
Prev Year: 435.00M
YoY: -16.1%
Total Unusual Items Excluding Goodwill
-234.00M
Prev Year: -145.00M
YoY: -61.4%
Values in USD

Warner Music Group key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$6.7B$6.4B$6.0B$5.9B$5.3B
Gross profit$3.1B$3.1B$2.9B$2.8B$2.6B
Operating income$928.0M$968.0M$789.0M$714.0M$609.0M
Net income$365.0M$435.0M$430.0M$551.0M$300.0M
Diluted EPS$0.69$0.83$0.82$1.06$0.58
Total assets$9.8B$9.2B$8.5B$7.8B$7.2B
Total liabilities$9.1B$8.5B$8.1B$7.7B$7.2B
Shareholders' equity$647.0M$518.0M$307.0M$152.0M$31.0M
Cash and short-term investments$532.0M$694.0M$641.0M$584.0M$499.0M
Total debt$4.6B$4.3B$4.3B$4.0B$3.7B
Operating cash flow$678.0M$754.0M$687.0M$742.0M$638.0M
Capital spending$334.0M$303.0M$241.0M$326.0M$574.0M
Free cash flow$344.0M$451.0M$446.0M$416.0M$64.0M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Warner Music Group's revenue in fiscal year 2025?

$6.71 billion, up 4.4% from $6.43 billion in fiscal year 2024.

How much profit does Warner Music Group make?

Warner Music Group reported net income of $365.00 million for fiscal year 2025 (5.4% of revenue); operating income was $928.00 million.

How much cash and debt does Warner Music Group have?

At the end of fiscal year 2025: cash and short-term investments of $532.00 million and total debt of $4.61 billion.

What is Warner Music Group's free cash flow?

$344.00 million in fiscal year 2025 (operating cash flow of $678.00 million minus capital spending of $334.00 million).

MoreWarner Music Group stock overviewWarner Music Group executive teamWarner Music Group shareholdersWarner Music Group revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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