Warner Music Group Corp. (WMG) financial statements: income statement, balance sheet and cash flow
Warner Music Group Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Sep 30, 2025 · FY), Warner Music Group Corp. reported revenue of $6.7B (+4.4% year on year) and net income of $370.0M (-22.6% year on year).
Income statement
Warner Music Group Corp. income statement, fiscal years
Line item
Sep 30, 2025 · FY
Sep 30, 2024 · FY
Sep 30, 2023 · FY
Sep 30, 2022 · FY
Revenue
$6.7B
$6.4B
$6.0B
$5.9B
Cost of revenue
($3.6B)
($3.4B)
($3.2B)
($3.1B)
Selling, general and administrative expenses
($1.9B)
($1.9B)
($1.8B)
($1.9B)
Restructuring and impairments
($234.0M)
($177.0M)
—
—
Amortization expense
($258.0M)
($224.0M)
($245.0M)
($263.0M)
Total costs and expenses
($6.0B)
($5.6B)
($5.3B)
($5.2B)
Net gain on divestitures
$0
$32.0M
$41.0M
—
Operating income
$694.0M
$823.0M
$790.0M
$714.0M
Loss on extinguishment of debt
$0
$0
($4.0M)
$0
Interest expense, net
($162.0M)
($161.0M)
($141.0M)
($125.0M)
Other expense, net
($42.0M)
($61.0M)
($36.0M)
$151.0M
Income before income taxes
$490.0M
$601.0M
$609.0M
$740.0M
Income tax expense
($120.0M)
($123.0M)
($170.0M)
($185.0M)
Net income
$370.0M
$478.0M
$439.0M
$555.0M
Less: Income attributable to noncontrolling interest
($5.0M)
($43.0M)
($9.0M)
($4.0M)
Net income attributable to Warner Music Group Corp.
$365.0M
$435.0M
$430.0M
$551.0M
Basic (in dollars per share)
$1.38
$1.66
$1.64
$2.12
Diluted (in dollars per share)
$1.38
$1.66
$1.64
$2.12
Basic (in shares)
520.5M
517.5M
515.7M
514.7M
Diluted (in shares)
520.5M
517.5M
515.7M
514.7M
Warner Music Group Corp. income statement, quarters
Line item
Jun 30, 2026 · Q3
Mar 31, 2026 · Q2
Dec 31, 2025 · Q1
Jun 30, 2025 · Q3
Revenue
$1.9B
$1.7B
$1.8B
$1.7B
Cost of revenue
($1.0B)
($930.0M)
($987.0M)
($913.0M)
Selling, general and administrative expenses
($464.0M)
($460.0M)
($458.0M)
($471.0M)
Restructuring and impairments
($7.0M)
($6.0M)
($34.0M)
($69.0M)
Amortization expense
($78.0M)
($72.0M)
($68.0M)
($67.0M)
Total costs and expenses
($1.6B)
($1.5B)
($1.5B)
($1.5B)
Net loss on divestitures
$0
$0
($5.0M)
$0
Operating income
$305.0M
$264.0M
$288.0M
$169.0M
Loss on extinguishment of debt
$0
($7.0M)
—
—
Interest expense, net
($49.0M)
($41.0M)
($45.0M)
($43.0M)
Other income (expense)
$11.0M
$38.0M
$3.0M
($137.0M)
Income (loss) before income taxes
$267.0M
$254.0M
$246.0M
($11.0M)
Income tax expense
($67.0M)
($73.0M)
($71.0M)
($5.0M)
Net income (loss)
$200.0M
$181.0M
$175.0M
($16.0M)
Less: (Income) loss attributable to noncontrolling interest
$4.0M
$2.0M
$1.0M
$0
Net income (loss) attributable to Warner Music Group Corp.
$204.0M
$183.0M
$176.0M
($16.0M)
Basic (in dollars per share)
$0.78
$0.70
$0.66
-$0.06
Diluted (in dollars per share)
$0.77
$0.68
$0.66
-$0.06
Basic (in shares)
521.7M
522.0M
522.1M
521.3M
Diluted (in shares)
524.4M
524.7M
522.1M
521.3M
Balance sheet
Warner Music Group Corp. balance sheet, fiscal years
Line item
Sep 30, 2025 · FY
Sep 30, 2024 · FY
Sep 30, 2023 · FY
Sep 30, 2022 · FY
Cash and equivalents
$532.0M
$694.0M
$641.0M
$584.0M
Accounts receivable, net of allowances of $27 million and $26 million
$1.3B
$1.3B
$1.1B
$984.0M
Inventories
$62.0M
$99.0M
$126.0M
$108.0M
Royalty advances expected to be recouped within one year
$581.0M
$470.0M
$413.0M
$372.0M
Assets held for sale
$89.0M
—
—
—
Prepaid and other current assets
$166.0M
$125.0M
$102.0M
$91.0M
Total current assets
$2.8B
$2.6B
$2.4B
$2.1B
Royalty advances expected to be recouped after one year
$1.1B
$874.0M
$688.0M
$503.0M
Property, plant and equipment, net
$441.0M
$481.0M
$458.0M
$415.0M
Operating lease right-of-use assets, net
$189.0M
$225.0M
$245.0M
$226.0M
Goodwill
$2.1B
$2.0B
$2.0B
$1.9B
Intangible assets subject to amortization, net
$2.7B
$2.4B
$2.4B
$2.2B
Intangible assets not subject to amortization
$154.0M
$152.0M
$149.0M
$145.0M
Deferred tax assets, net
$111.0M
$52.0M
$32.0M
$29.0M
Other assets
$299.0M
$348.0M
$225.0M
$212.0M
Total assets
$9.8B
$9.2B
$8.5B
$7.8B
Accounts payable
$257.0M
$289.0M
$300.0M
$268.0M
Accrued royalties
$2.7B
$2.5B
$2.2B
$1.9B
Accrued liabilities
$666.0M
$641.0M
$533.0M
$457.0M
Accrued interest
$31.0M
$17.0M
$18.0M
$17.0M
Operating lease liabilities, current
$43.0M
$45.0M
$41.0M
$40.0M
Deferred revenue
$286.0M
$246.0M
$371.0M
$423.0M
Liabilities held for sale
$49.0M
—
—
—
Other current liabilities
$129.0M
$110.0M
$57.0M
$245.0M
Total current liabilities
$4.2B
$3.9B
$3.5B
$3.4B
Acquisition corp. long-term debt
$4.1B
$4.0B
$4.0B
$3.7B
Asset-based long-term debt
$302.0M
—
—
—
Operating lease liabilities, noncurrent
$200.0M
$228.0M
$255.0M
$241.0M
Deferred tax liabilities, net
$164.0M
$195.0M
$216.0M
$220.0M
Other noncurrent liabilities
$142.0M
$146.0M
$141.0M
$99.0M
Total liabilities
$9.1B
$8.5B
$8.1B
$7.7B
Common stock, value, issued
$1.0M
$1.0M
$1.0M
$1.0M
Additional paid-in capital
$2.2B
$2.1B
$2.0B
$2.0B
Accumulated deficit
($1.3B)
($1.3B)
($1.4B)
($1.5B)
Accumulated other comprehensive loss, net
($189.0M)
($247.0M)
($322.0M)
($347.0M)
Total Warner Music Group Corp. equity
$647.0M
$518.0M
$307.0M
$152.0M
Noncontrolling interest
$110.0M
$157.0M
$123.0M
$16.0M
Total equity
$757.0M
$675.0M
$430.0M
$168.0M
Total liabilities and equity
$9.8B
$9.2B
$8.5B
$7.8B
Warner Music Group Corp. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Cash and equivalents
$618.0M
$741.0M
$751.0M
$527.0M
Accounts receivable, net of allowances of $27 million and $27 million
$1.6B
$1.5B
$1.4B
$1.3B
Inventories
$69.0M
$65.0M
$60.0M
$101.0M
Royalty advances expected to be recouped within one year
$671.0M
$649.0M
$584.0M
$579.0M
Assets held for sale
$68.0M
$68.0M
$80.0M
—
Prepaid and other current assets
$227.0M
$192.0M
$169.0M
$166.0M
Total current assets
$3.3B
$3.2B
$3.0B
$2.7B
Royalty advances expected to be recouped after one year
$1.1B
$1.1B
$1.1B
$1.1B
Property, plant and equipment, net of accumulated depreciation of $777 million and $701 million
$416.0M
$414.0M
$418.0M
$472.0M
Operating lease right-of-use assets, net
$163.0M
$168.0M
$179.0M
$216.0M
Goodwill
$2.1B
$2.1B
$2.1B
$2.1B
Intangible assets subject to amortization, net
$3.1B
$3.1B
$2.7B
$2.8B
Intangible assets not subject to amortization
$153.0M
$153.0M
$154.0M
$154.0M
Deferred tax assets, net
$58.0M
$90.0M
$90.0M
$46.0M
Other assets
$335.0M
$330.0M
$317.0M
$308.0M
Total assets
$10.7B
$10.6B
$10.0B
$9.8B
Accounts payable
$354.0M
$452.0M
$201.0M
$241.0M
Accrued royalties
$3.0B
$2.8B
$2.9B
$2.8B
Accrued liabilities
$494.0M
$468.0M
$667.0M
$533.0M
Accrued interest
$40.0M
$27.0M
$39.0M
$39.0M
Operating lease liabilities, current
$44.0M
$48.0M
$47.0M
$43.0M
Deferred revenue
$330.0M
$451.0M
$246.0M
$278.0M
Liabilities held for sale
$39.0M
$38.0M
$48.0M
—
Other current liabilities
$112.0M
$103.0M
$124.0M
$88.0M
Total current liabilities
$4.4B
$4.4B
$4.3B
$4.0B
Acquisition Corp. long-term debt
$4.0B
$4.0B
$4.1B
$4.1B
Other long-term debt
$666.0M
$673.0M
$307.0M
—
Operating lease liabilities, noncurrent
$165.0M
$174.0M
$188.0M
$212.0M
Deferred tax liabilities, net
$184.0M
$180.0M
$169.0M
$204.0M
Other noncurrent liabilities
$139.0M
$146.0M
$144.0M
$136.0M
Total liabilities
$9.6B
$9.6B
$9.2B
$9.0B
Redeemable noncontrolling interest
$133.0M
$133.0M
$5.0M
—
Common stock
$1.0M
$1.0M
$1.0M
$1.0M
Additional paid-in capital
$2.1B
$2.1B
$2.2B
$2.1B
Accumulated deficit
($1.1B)
($1.2B)
($1.3B)
($1.3B)
Accumulated other comprehensive loss, net
($220.0M)
($225.0M)
($180.0M)
($174.0M)
Total Warner Music Group Corp. equity
$854.0M
$738.0M
$720.0M
$589.0M
Noncontrolling interest
$99.0M
$101.0M
$104.0M
$223.0M
Total equity
$953.0M
$839.0M
$824.0M
$812.0M
Total liabilities, redeemable noncontrolling interest and equity
$10.7B
$10.6B
$10.0B
$9.8B
Cash flow statement
Warner Music Group Corp. cash flow statement, fiscal years
Line item
Sep 30, 2025 · FY
Sep 30, 2024 · FY
Sep 30, 2023 · FY
Sep 30, 2022 · FY
Net income
$370.0M
$478.0M
$439.0M
$555.0M
Depreciation and amortization
$376.0M
$327.0M
$332.0M
$339.0M
Unrealized losses (gains) and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts
$70.0M
$68.0M
$38.0M
($169.0M)
Deferred income taxes
($90.0M)
($48.0M)
($13.0M)
$13.0M
Loss on extinguishment of debt
$0
$0
$4.0M
$0
Net loss (gain) on investments
($27.0M)
($6.0M)
—
—
Net loss (gain) on divestitures
$0
($32.0M)
—
—
Non-cash interest expense
$7.0M
$6.0M
$2.0M
$6.0M
Non-cash stock-based compensation expense
$54.0M
$52.0M
$49.0M
$39.0M
Non-cash impairments and restructuring
$139.0M
$57.0M
—
—
Accounts receivable, net
($61.0M)
($110.0M)
($113.0M)
($195.0M)
Inventories
($11.0M)
$30.0M
($12.0M)
($22.0M)
Royalty advances
($312.0M)
($222.0M)
($191.0M)
($94.0M)
Other noncurrent assets
$4.0M
($85.0M)
—
—
Accounts payable and accrued liabilities
($28.0M)
$86.0M
$77.0M
($21.0M)
Royalty payables
$167.0M
$275.0M
$256.0M
$158.0M
Accrued interest
$7.0M
($6.0M)
$1.0M
$3.0M
Operating lease liabilities
($15.0M)
($5.0M)
($4.0M)
($6.0M)
Deferred revenue
$40.0M
($133.0M)
($58.0M)
$86.0M
Other balance sheet changes
($12.0M)
$22.0M
($75.0M)
$4.0M
Net cash provided by operating activities
$678.0M
$754.0M
$687.0M
$742.0M
Acquisition of music publishing rights and music catalogs
($195.0M)
($187.0M)
—
—
Capital expenditures
($139.0M)
($116.0M)
($127.0M)
($135.0M)
Investments and acquisitions of businesses, net of cash received
($46.0M)
($40.0M)
($126.0M)
($509.0M)
Proceeds from the sale of investments
$40.0M
$13.0M
$22.0M
$11.0M
Proceeds from divestitures
$0
$19.0M
$45.0M
—
Net cash used in investing activities
($340.0M)
($311.0M)
($300.0M)
($824.0M)
Proceeds from issuance of secured note
$0
$104.0M
$315.0M
$535.0M
Repayment of senior secured notes
($1.0M)
($104.0M)
($151.0M)
$0
Deferred financing costs paid
($2.0M)
($2.0M)
($3.0M)
($5.0M)
Distribution to noncontrolling interest holders
($15.0M)
($8.0M)
($12.0M)
($6.0M)
Dividends paid
($383.0M)
($361.0M)
($340.0M)
($318.0M)
Payment of deferred and contingent consideration
($23.0M)
($20.0M)
($133.0M)
($7.0M)
Taxes paid related to net share settlement of restricted stock units and common stock
($20.0M)
($5.0M)
$0
($6.0M)
Common stock repurchased and retired
($16.0M)
—
—
—
Redemption of noncontrolling interests
($37.0M)
—
—
—
Net cash used in financing activities
($497.0M)
($396.0M)
($325.0M)
$188.0M
Effect of exchange rate changes on cash and equivalents
$0
$6.0M
($5.0M)
($21.0M)
Cash balances classified as assets held for sale
($3.0M)
—
—
—
Net (decrease) increase in cash and equivalents
($162.0M)
$53.0M
$57.0M
$85.0M
Cash and equivalents at beginning of period
$694.0M
$641.0M
$584.0M
$499.0M
Cash and equivalents at end of period
$532.0M
$694.0M
$641.0M
$584.0M
Warner Music Group Corp. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · YTD
Dec 31, 2025 · Q1
Jun 30, 2025 · YTD
Net income
$556.0M
$356.0M
$175.0M
$261.0M
Depreciation and amortization
$313.0M
$202.0M
$99.0M
$272.0M
Unrealized losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts
($41.0M)
($41.0M)
$3.0M
$84.0M
Deferred income taxes
$70.0M
$39.0M
$25.0M
$7.0M
Loss on extinguishment of debt
$7.0M
$7.0M
—
—
Net loss (gain) on investments
($2.0M)
$1.0M
$1.0M
($27.0M)
Net loss on divestitures
$5.0M
$5.0M
$5.0M
$0
Non-cash interest expense
$6.0M
$4.0M
$1.0M
$4.0M
Non-cash stock-based compensation expense
$33.0M
$31.0M
$19.0M
$43.0M
Non-cash impairments
$14.0M
$11.0M
$9.0M
$102.0M
Remeasurement of share-settled liability
5.0M
4.0M
—
—
Remeasurement of redeemable noncontrolling interest
$1.0M
—
—
—
Accounts receivable, net
($268.0M)
($175.0M)
($33.0M)
($21.0M)
Inventories
$2.0M
$5.0M
$12.0M
$0
Royalty advances
($129.0M)
($72.0M)
($7.0M)
($295.0M)
Accounts payable and accrued liabilities
($126.0M)
($35.0M)
($34.0M)
($191.0M)
Royalty payables
$298.0M
$112.0M
$195.0M
$246.0M
Accrued interest
$8.0M
($4.0M)
$8.0M
$15.0M
Operating lease liabilities
($8.0M)
($1.0M)
$2.0M
($12.0M)
Deferred revenue
$43.0M
$166.0M
($44.0M)
$24.0M
Income taxes payable
($42.0M)
($23.0M)
—
—
Other balance sheet changes, net
($37.0M)
($34.0M)
($3.0M)
($65.0M)
Net cash provided by operating activities
$708.0M
$566.0M
$440.0M
$447.0M
Acquisition of music publishing rights and music catalogs
($505.0M)
($457.0M)
($30.0M)
($152.0M)
Capital expenditures
($75.0M)
($47.0M)
($20.0M)
($111.0M)
Investments and acquisitions of businesses, net of cash received
($106.0M)
($29.0M)
($12.0M)
($46.0M)
Proceeds from the sale of investments
$2.0M
$0
$0
$36.0M
Proceeds from divestitures
$10.0M
$10.0M
$10.0M
$0
Net cash used in investing activities
($674.0M)
($523.0M)
($52.0M)
($273.0M)
Proceeds from Senior Term Loan A Facility
$1.3B
$1.3B
—
$0
Repayments of secured debt
($1.3B)
($1.3B)
—
($1.0M)
Proceeds from Beethoven Credit Agreement
$370.0M
$370.0M
$4.0M
—
Deferred financing costs paid
($14.0M)
($12.0M)
($8.0M)
$0
Distribution to noncontrolling interest holders
($9.0M)
($7.0M)
($4.0M)
($8.0M)
Contributions from redeemable noncontrolling interest holder
$135.0M
$134.0M
$5.0M
—
Dividends paid
($300.0M)
($200.0M)
($100.0M)
($283.0M)
Payment of deferred consideration
($47.0M)
($42.0M)
($25.0M)
($23.0M)
Taxes paid related to net share settlement of restricted stock units and common stock
($27.0M)
($26.0M)
($5.0M)
($19.0M)
Common stock repurchased and retired
($48.0M)
($48.0M)
($26.0M)
($3.0M)
Other financing activity
$0
$0
$0
($7.0M)
Net cash provided by (used in) financing activities
$59.0M
$169.0M
($159.0M)
($344.0M)
Effect of exchange rate changes on cash and equivalents
($1.0M)
($2.0M)
$3.0M
$3.0M
Effect of change in cash balances classified as assets held for sale