Warner Music Group Corporation (WMG)

Warner Music Group Corp. to Participate in Evercore Global TMT ConferenceMay 26, 2026 2:00 PM
Business Wire Warner Music Group Corp. announced today that Armin Zerza, Chief Operating Officer and Chief Financial Officer, will participate in a question and answer session during the Evercore Global TMT Conference on Tuesday, June 2nd, at 10:50am PT. A live webcast of the session will be available to the general public through a link on the Investor Relations page of Warner Music Group’s website. A replay of the audio webcast will be available in the Past Events section of Warner Music Group’s Investor Relations homepage. About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. WMG’s Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics, and Warner Records Nashville. WMG’s music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526706677/en/ Media Contact:
Hannah Karp
Hannah.Karp@wmg.com Investor Contact:
Kareem Chin
Kareem.Chin@wmg.com Original: Warner Music Group Corp. to Participate in Evercore Global TMT Conference

PARAMOUNT PICTURES & WARNER MUSIC GROUP ANNOUNCE PARTNERSHIP FOR THEATRICAL FILMS FOCUSED ON ICONIC ARTISTS & SONGWRITERSMay 7, 2026 1:00 PM
PR Newswire (US) NEW YORK, May 7, 2026 /PRNewswire/ -- Paramount Pictures and Warner Music Group (NASDAQ: WMG) have announced a multi-year, first-look deal. The companies will partner on theatrical films, drawing on the lives and music of WMG's legendary and contemporary roster of iconic artists and songwriters.WMG and its production partner, Unigram, led by Amanda Ghost and Gregor Cameron, will work with Paramount to develop each project in collaboration with the artists and songwriters or their estates.Robert Kyncl, CEO of Warner Music Group, said: "This collaboration with Paramount unites two forward-looking and innovative companies, and together we're taking a fresh approach to the space. Every artist deserves to tell the stories behind their life and music in their own creative way, and we're excited to partner with our incredible talent and world-class filmmakers to bring these stories to the big screen, growing their audiences around the world."Josh Greenstein and Dana Goldberg, Co-Chairs of Paramount Pictures, said: "We're excited to partner with WMG and their extraordinary artists to create powerful theatrical experiences inspired by generation-defining music and talent."WMG and Unigram are represented by WME.Access accompanying image here.About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. WMG's Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Records Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation (Nasdaq: PSKY) is a leading, next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. The Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, SHOWTIME®, Paramount+, Pluto TV, Skydance Animation, Film, Television, and Interactive/Games, and the newly established Paramount Sports Entertainment. For more information, please visit www.paramount.com.Media Contacts:For Warner Music Group
Hannah Karp
Hannah.Karp@wmg.comFor Paramount Pictures
Allison McLarty
Allison.McLarty@paramount.comBrooke Robertson
Brooke_Robertson@paramount.com View original content to download multimedia:https://www.prnewswire.com/news-releases/paramount-pictures--warner-music-group-announce-partnership-for-theatrical-films-focused-on-iconic-artists--songwriters-302765979.htmlSOURCE Warner Music Group Corp. Original: PARAMOUNT PICTURES & WARNER MUSIC GROUP ANNOUNCE PARTNERSHIP FOR THEATRICAL FILMS FOCUSED ON ICONIC ARTISTS & SONGWRITERS

WARNER MUSIC GROUP NAMED TO TIME'S LIST OF THE TIME100 MOST INFLUENTIAL COMPANIESApril 30, 2026 10:36 AM
PR Newswire (US)

WMG Recognized for Championing Artists & Songwriters in AI EraNEW YORK, April 30, 2026 /PRNewswire/ -- Today, Warner Music Group (NASDAQ: WMG) was named to the sixth-annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world.







WMG's inclusion highlights the global music company's proactive approach to AI, balancing protection with innovation and ensuring artists and songwriters benefit from the technology's possibilities. This recognition follows a series of high-profile partnerships with AI companies – including Suno, Udio, Klay, and Stability AI – as well as steadfast advocacy for critical safeguards such as the NO FAKES Act.TIME said: "At the turn of the millennium, the music industry reckoned with vast technological change, as listeners began illegally downloading the records they once visited stores to purchase. A similar threat looms today around generative AI, which many artists and industry workers worry will devalue the output of human-made music, among other copyright concerns. Warner Music Group—which owns a robust portfolio of labels, including Atlantic, Parlophone, and Warner Records, plus the publishing arm Warner Chappell Music—aims to learn from the past. Instead of boycotting the new tech, CEO Robert Kyncl says WMG is on a mission to shape it. "AI is a fast-growing phenomenon," Kyncl says. "It's really important that companies like us stand up for artists and songwriters—do it early, and do it together with AI companies."To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 105 businesses helping chart an essential path forward.Read the full excerpt here.About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. WMG's Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Records Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.Media Contact
Steph Briffa
stephanie.briffa@wmg.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/warner-music-group-named-to-times-list-of-the-time100-most-influential-companies-302758989.htmlSOURCE Warner Music Group Corp.

Original: WARNER MUSIC GROUP NAMED TO TIME'S LIST OF THE TIME100 MOST INFLUENTIAL COMPANIES

WARNER MUSIC GROUP ANNOUNCES STRATEGIC INVESTMENT AND EXPANSIVE PARTNERSHIP WITH TUSTREAMSApril 13, 2026 2:10 PM
PR Newswire (US)

Global Alliance Will Accelerate Worldwide Growth for One of Música Mexicana's Leading Independent ForcesNEW YORK, April 13, 2026 /PRNewswire/ -- Warner Music Group (Nasdaq: WMG) today announced a landmark partnership with TuStreams, a leading independent force in the fast-growing Música Mexicana space, including a minority investment in the company.







As part of the agreement, Warner Music Group will serve as the global distribution partner for TuStreams' full catalog and future releases. The partnership brings together TuStreams' entrepreneurial vision with WMG's global infrastructure, unlocking new levels of scale, visibility, and opportunity across international markets.In addition, WMG and TuStreams will collaborate on joint artist signings, A&R, and creative development—establishing a powerful pipeline for emerging talent and creating new pathways into the global Warner ecosystem.Alejandro Duque, President, Warner Music Latin America & ADA said: "TuStreams is a force at the center of one of the most culturally significant movements in music today. Música Mexicana is a global priority for us—it's one of the fastest-growing and most impactful genres worldwide. This partnership deepens our commitment to investing in the leaders of the movement."Our role is to provide the global muscle—taking the incredible roster that Tony and his team have built and plugging it into our worldwide distribution and marketing network. By combining TuStreams' creative DNA and unmatched ability to identify the next generation of hitmakers with the global scale and long-term artist development expertise of Warner Music Group, we are uniquely positioned to take this culture further, faster than ever before."Founded in 2019 by Tony Larios, TuStreams has rapidly emerged as a premier destination for independent artists and labels, offering a comprehensive platform spanning digital distribution, artist services, and development. The company played an early role in the breakout success of Grupo Firme and has since become a key engine driving the evolution and global expansion of Música Mexicana.Today, TuStreams boasts a powerful and diverse roster, including influential names such as Jorge Medina, Panter Bélico, Gerardo Coronel, Cornelio Vega y Su Dinastia, and Anakin Larios. While rooted in Música Mexicana, the company has expanded into the broader Latin music landscape, working with global icons such as Gloria Trevi and Ivy Queen, and continuing to diversify into reggaeton and pop.Tony Larios, Founder of TuStreams, added: "This move is all about leveling up. We've built a powerhouse at TuStreams, and Warner Music Group is coming in as a strategic partner to help us scale faster and farther than we ever could alone.Our artists now get the best of both worlds—they keep the independent hustle and culture that defines TuStreams, while gaining access to Warner's global infrastructure to take their music to every corner of the world.We're also building something bigger for the next generation. Together, we're creating the most attractive home for independent artists—where they can access major-label reach without losing their identity. And while we've always been leaders in Música Mexicana, our work with artists like Gloria Trevi and Ivy Queen shows that our model translates across genres, from corridos to pop to reggaeton."Accompanying images here
Photographer credit: Mac B.About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. WMG's Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Records Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.About TuStreams
TuStreams is a bilingual digital music distribution platform built to empower independent artists. especially within the global Latin community, to control their music, rights, and revenue. The platform delivers music to all major streaming services, while allowing creators to retain full ownership of their intellectual property. With transparent royalty tracking, real-time analytics, and automated collaborator payments, TuStreams simplifies the business side of music and supports artists at every stage. The company also provides advanced monetization tools such as YouTube Content ID protection and global royalty administration to help creators maximize earnings and safeguard their work. TuStreams has supported artists from their early development stages through major commercial success, including acts such as Grupo Firme, Panter Bélico, Xavi, Neton Vega, Luis Angel "El Flaco," Gerardo Coronel "El Jerry," and many others. This track record reflects the platform's commitment to elevating emerging talent and strengthening the presence of Latin music worldwide. TuStreams remains focused on an artist-first, culturally aligned approach that empowers creators and expands opportunities across the global music landscape.WMG Media Contact
Majeda Hussein
majeda.hussein@wmg.comTuStreams Media Contact
Joseph Fisher
NEXXT Management
Jfisher@nexxtmanagement.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/warner-music-group-announces-strategic-investment-and-expansive-partnership-with-tustreams-302740806.htmlSOURCE Warner Music Group Corp.

Original: WARNER MUSIC GROUP ANNOUNCES STRATEGIC INVESTMENT AND EXPANSIVE PARTNERSHIP WITH TUSTREAMS

WARNER MUSIC GROUP AGREES TO ACQUIRE REVELATOR, STATE-OF-THE-ART INDEPENDENT MUSIC PLATFORMApril 1, 2026 11:37 AM
PR Newswire (US)

Deal Marks Latest Move in WMG's Distribution and Label Services ExpansionNEW YORK, April 1, 2026 /PRNewswire/ -- Warner Music Group (NASDAQ: WMG) has entered into a definitive agreement to acquire Revelator, the innovative B2B music platform that serves the independent business worldwide. The transaction is subject to customary conditions and is expected to close next quarter.
Formed in 2012, Revelator specializes in digital music distribution, rights management, royalty accounting, and real-time analytics, and its integration with WMG post-closing will transform the suite of services that WMG labels and ADA offer to artists and the independent community, while scaling WMG's reach.Revelator currently supports hundreds of clients with cloud-based tools that streamline operations and financial reporting for artists, labels, and distributors. Among the full-stack platform's signature features are the state-of-the-art Revelator Pro, Revelator API and its White Label solutions. The Revelator organization boasts deep expertise in music, technology, and revenue management, and will bring that firepower to WMG's global operations, while continuing to service its current customers.WMG CEO Robert Kyncl said: "The combination of Revelator's leading-edge technology and array of premier services with our global infrastructure will turbocharge our joint mission to support more labels and artists around the world. I'm very pleased to welcome the Revelator team to the WMG family."Revelator Founder & CEO Bruno Guez said: "Since launching Revelator in 2012, we've striven to make the music industry fairer, simpler, and more transparent by bridging the gap between creativity, technology, and distribution. We're very happy to partner with WMG to superserve artists, labels, and distributors around the world."About Revelator
Revelator is an independent partner for the music industry, providing the operational infrastructure artists, labels, distributors, and music technology companies need to distribute, manage, and monetize music with speed, clarity, and control. With a global footprint and customer base, Revelator is the trusted partner for forward-thinking independent music businesses. Follow Revelator on Instagram, LinkedIn and YouTube.About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. WMG's Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Records Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.Media Contacts:
For Warner Music Group
Hannah Karp
Hannah.Karp@wmg.comFor Revelator
Ahuva Berger-Bucat
ahuva@revelator.comLogo - https://mma.prnewswire.com/media/1686132/5895861/WMG_Black_Logo.jpg



View original content:https://www.prnewswire.co.uk/news-releases/warner-music-group-agrees-to-acquire-revelator-state-of-the-art-independent-music-platform-302731489.html

Original: WARNER MUSIC GROUP AGREES TO ACQUIRE REVELATOR, STATE-OF-THE-ART INDEPENDENT MUSIC PLATFORM

WARNER MUSIC GROUP AGREES TO ACQUIRE REVELATOR, STATE-OF-THE-ART INDEPENDENT MUSIC PLATFORMApril 1, 2026 11:21 AM
PR Newswire (US)

Deal Marks Latest Move in WMG's Distribution and Label Services ExpansionNEW YORK, April 1, 2026 /PRNewswire/ -- Warner Music Group (NASDAQ: WMG) has entered into a definitive agreement to acquire Revelator, the innovative B2B music platform that serves the independent business worldwide. The transaction is subject to customary conditions and is expected to close next quarter.







Formed in 2012, Revelator specializes in digital music distribution, rights management, royalty accounting, and real-time analytics, and its integration with WMG post-closing will transform the suite of services that WMG labels and ADA offer to artists and the independent community, while scaling WMG's reach.Revelator currently supports hundreds of clients with cloud-based tools that streamline operations and financial reporting for artists, labels, and distributors. Among the full-stack platform's signature features are the state-of-the-art Revelator Pro, Revelator API and its White Label solutions. The Revelator organization boasts deep expertise in music, technology, and revenue management, and will bring that firepower to WMG's global operations, while continuing to service its current customers.WMG CEO Robert Kyncl said: "The combination of Revelator's leading-edge technology and array of premier services with our global infrastructure will turbocharge our joint mission to support more labels and artists around the world. I'm very pleased to welcome the Revelator team to the WMG family."Revelator Founder & CEO Bruno Guez said: "Since launching Revelator in 2012, we've striven to make the music industry fairer, simpler, and more transparent by bridging the gap between creativity, technology, and distribution. We're very happy to partner with WMG to superserve artists, labels, and distributors around the world."About Revelator
Revelator is an independent partner for the music industry, providing the operational infrastructure artists, labels, distributors, and music technology companies need to distribute, manage, and monetize music with speed, clarity, and control. With a global footprint and customer base, Revelator is the trusted partner for forward-thinking independent music businesses. Follow Revelator on Instagram, LinkedIn and YouTube.About Warner Music Group
Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. WMG's Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Records Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.Media Contacts:
For Warner Music Group
Hannah Karp
Hannah.Karp@wmg.comFor Revelator
Ahuva Berger-Bucat
ahuva@revelator.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/warner-music-group-agrees-to-acquire-revelator-state-of-the-art-independent-music-platform-302731480.htmlSOURCE Warner Music Group Corp.

Original: WARNER MUSIC GROUP AGREES TO ACQUIRE REVELATOR, STATE-OF-THE-ART INDEPENDENT MUSIC PLATFORM

Warner Music Group Corp. to Participate in Morgan Stanley Technology, Media & Telecom ConferenceMarch 2, 2026 10:30 AM
Business Wire
Warner Music Group Corp. announced today that Robert Kyncl, Chief Executive Officer, will participate in a question and answer session during the Morgan Stanley Technology, Media & Telecom Conference on Wednesday, March 4th, at 12:20pm PT, instead of the previously announced time of 4:05pm PT.


A live webcast of the session will be available to the general public through a link on the Investor Relations page of Warner Music Group’s website. A replay of the audio webcast will be available in the Past Events section of Warner Music Group’s Investor Relations homepage.


About Warner Music Group

Warner Music Group (WMG) brings together artists, songwriters, entrepreneurs, and technology that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG’s Recorded Music division includes renowned labels such as 10K Projects, 300 Entertainment, Asylum, Atlantic, Big Beat, EastWest, Elektra, Erato, First Night, Fueled By Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics, and Warner Records Nashville. WMG’s music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, which supports the independent community, as well as artist services division WMX. Follow WMG on Instagram, X, TikTok, LinkedIn, and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302294865/en/
Media Contact:

Hannah Karp

Hannah.Karp@wmg.com
Investor Contact:

Kareem Chin

Kareem.Chin@wmg.com


Original: Warner Music Group Corp. to Participate in Morgan Stanley Technology, Media & Telecom Conference

Warner Music Group Corp. Reports Results for Fiscal First Quarter Ended December 31, 2025February 5, 2026 4:02 PM
Business Wire
Financial Highlights



High-Single-Digit Revenue Growth Reflects Broad-Based Strength Across Recorded Music and Music Publishing



Continued Market Share Gains and Healthy Underlying Trends Drive Acceleration in Recorded Music Streaming Growth



Double-Digit Margin Expansion and Operating Cash Flow Growth Supported by Operating Performance and Cost-Savings Delivery



2026 Outlook Underpinned by Strategic Plan to Accelerate Growth through Investments in Core Business, Expansion of Monetization Opportunities, and Cost Savings Initiatives Which Will Drive 150 to 200 Basis Points of Margin Improvement



For the three months ended December 31, 2025



Total revenue increased 10%, or 7% in constant currency



Net income was $175 million compared to $241 million in the prior-year quarter



Operating income increased 35% to $288 million versus $214 million in the prior-year quarter



Adjusted OIBDA increased 28% to $463 million versus $363 million in the prior-year quarter, or 22% in constant currency



Cash provided by operating activities increased to $440 million versus $332 million in the prior-year quarter



Warner Music Group Corp. today announced its first-quarter financial results for the period ended December 31, 2025.


“2026 is off to a strong start as our creative success continues to fuel consistent market share growth and financial performance,” said Robert Kyncl, CEO, Warner Music Group. “We have an exciting slate of new music ahead and are leading the charge with AI to drive a step change in value creation for artists, songwriters, and shareholders, ensuring that WMG is well-positioned for long-term success.”


“We are delivering on our promises by combining significant transformation with accelerated growth and profitability, marking our third consecutive quarter of broad-based success,” said Armin Zerza, CFO, Warner Music Group. “By fortifying our core through strategic investments and pioneering ethical AI partnerships, we have established a solid foundation to drive sustainable, long-term value for our artists and shareholders alike. This is just the beginning of our momentum, and we are well-positioned to accelerate our growth even further in 2026."


Total WMG




Total WMG Summary Results






 






 






 






 








(dollars in millions)






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Revenue






$






1,840






 






$






1,666






 






10






%








Recorded Music revenue






 






1,480






 






 






1,345






 






10






%








Music Publishing revenue






 






362






 






 






323






 






12






%








Operating income






 






288






 






 






214






 






35






%








Adjusted OIBDA(1)






 






463






 






 






363






 






28






%








Net income






 






175






 






 






241






 






-27






%








Net cash provided by operating activities






 






440






 






 






332






 






33






%








Free Cash Flow






 






420






 






 






296






 






42






%








 






 






 






 






 






 








(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.







Revenue was up 10.4% (or 7.1% in constant currency). Recorded Music revenue was impacted by a digital revenue settlement of $12 million in the quarter and a $7 million downward revenue true-up in the prior-year quarter (the “DSP True-Up and Settlement Payments”). Consistent with prior quarters, Recorded Music revenue growth was also unfavorably impacted by the termination of the distribution agreement with BMG (the “BMG Termination”), which resulted in $6 million less Recorded Music digital revenue compared to the prior-year quarter. Music Publishing revenue was impacted by $17 million of revenue in the prior-year quarter recognized in connection with historical matched royalties that were processed to date by the Mechanical Licensing Collective (the “MLC Historical Matched Royalties”). Excluding these items, total revenue increased 10.8% (or 7.4% in constant currency).


Digital revenue was up 10.0% (or 7.1% in constant currency) and streaming revenue was up 10.7% (or 7.6% in constant currency). Recorded Music streaming revenue increased 12.4% (or 9.1% in constant currency); however, adjusted for the impacts of the DSP True-Up and Settlement Payments of $12 million in the quarter and $7 million in the prior-year quarter, as well as the $6 million impact of the BMG Termination, Recorded Music streaming revenue was up 10.9% (or 7.6% in constant currency). Music Publishing streaming revenue increased 3.4% (or 1.4% in constant currency); however, adjusted for the $17 million impact of the MLC Historical Matched Royalties, Music Publishing streaming revenue was up 12.8% (or 10.4% in constant currency). The increase in total revenue was also driven by higher Recorded Music artist services and expanded-rights and licensing revenue, and growth across Music Publishing synchronization, performance and mechanical revenue, partially offset by lower Recorded Music physical revenue.


Operating income increased 34.6% (or 26.3% in constant currency) to $288 million from $214 million in the prior-year quarter primarily due to the factors affecting Adjusted OIBDA discussed below, partially offset by higher amortization expense of $11 million, an increase in restructuring and impairment charges of $7 million, and the impact of a $5 million net loss on divestitures in the quarter.


Adjusted OIBDA increased 27.5% (or 22.2% in constant currency) to $463 million from $363 million and Adjusted OIBDA margin increased 3.4 percentage points to 25.2% from 21.8% in the prior-year quarter (or 3.1 percentage points from 22.1% in constant currency). The increases include the impact of the DSP True-Up and Settlement Payments of $7 million in the quarter and $4 million in the prior-year quarter, as well as the MLC Historical Matched Royalties of $4 million in the prior-year quarter. Excluding these items, Adjusted OIBDA increased 25.6% (or 20.3% in constant currency) and Adjusted OIBDA margin increased 2.9 percentage points to 24.9% from 22.0% (or 2.6 percentage points from 22.3% in constant currency). The increases in Adjusted OIBDA and Adjusted OIBDA margin were primarily driven by revenue mix, savings from the Company’s restructuring plans, a portion of which has been reinvested into the Company’s business, and favorable movements in currency exchange rates of approximately $25 million.


Net income was $175 million compared to $241 million in the prior-year quarter. The decrease in net income was due to the impact of exchange rates on the Company’s Euro-denominated debt resulting in a $1 million loss in the quarter compared to a $61 million gain in the prior-year quarter, a currency exchange gain on intercompany loans of $1 million in the quarter compared to a $46 million gain in the prior-year quarter, and a realized and unrealized loss on hedging activity of $1 million in the quarter compared to a $15 million gain in the prior-year quarter. The decrease in net income was partially offset by an $18 million decrease in income tax expense, primarily due to a decrease in pre-tax income in the quarter, as well as the factors described above.


Basic and Diluted earnings per share were $0.33 for both the Class A and Class B shareholders due to the net income attributable to the Company in the quarter of $175 million.


As of December 31, 2025, the Company reported a cash balance of $751 million, total debt of $4.371 billion and net debt (defined as total debt, net of deferred financing costs, premiums and discounts, minus cash and equivalents) of $3.620 billion. Total debt includes $303 million of subsidiary debt acquired in the Company’s acquisition of Tempo Music Holdings, LLC (“Tempo Music”) and $4 million in loans outstanding under a Credit and Security Agreement, dated as of June 29, 2025, pursuant to which the lenders have agreed to extend up to $500 million to Beethoven Financing 1, LLC, an indirect subsidiary of the Company. This debt is secured only by certain music rights owned by Tempo Music and Beethoven JV 1, LLC, our joint venture with Bain Capital (“Beethoven”), respectively, and is nonrecourse to the Company and its subsidiaries, other than Tempo Music and Beethoven, respectively.


Cash provided by operating activities increased 33% to $440 million in the quarter compared to $332 million in the prior-year quarter. The increase was largely a result of operating performance. Free Cash Flow, as defined below, increased to $420 million from $296 million in the prior-year quarter, primarily due to the factors affecting cash provided by operating activities described above and due to a decrease in capital expenditures of 44% to $20 million from $36 million in the prior-year quarter, driven by higher investments in technology in the prior-year quarter.


Recorded Music




Recorded Music Summary Results






 






 






 






 








(dollars in millions)






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Revenue






$






1,480






 






$






1,345






 






10






%








Operating income






 






329






 






 






238






 






38






%








Adjusted OIBDA(1)






 






403






 






 






323






 






25






%








 






 






 






 






 






 








(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.









Recorded Music Revenue








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






For the Three Months Ended December 31, 2024








 






As reported






 






As reported






 






Constant








 






(unaudited)






 






(unaudited)






 






(unaudited)








Digital






$






976






 






$






873






 






$






899








Physical






 






152






 






 






166






 






 






171








Total Digital and Physical






 






1,128






 






 






1,039






 






 






1,070








Artist services and expanded-rights






 






231






 






 






196






 






 






205








Licensing






 






121






 






 






110






 






 






113








Total Recorded Music






$






1,480






 






$






1,345






 






$






1,388








 






 






 






 






 






 







Recorded Music revenue was up 10.0% (or 6.6% in constant currency) driven by increases across digital, artist services and expanded-rights and licensing revenue, partially offset by a decrease in physical revenue. Excluding the impacts of the DSP True-Up and Settlement Payments of $12 million in the quarter and $7 million in the prior-year quarter, as well as the $6 million impact of the BMG Termination, Recorded Music revenue was up 9.1% (or 5.7% in constant currency). Digital revenue was up 11.8% (or 8.6% in constant currency) and streaming revenue was up 12.4% (or 9.1% in constant currency). Adjusted for the impacts of the DSP True-Up and Settlement Payments of $12 million in the quarter and $7 million in the prior-year quarter, as well as the $6 million impact of the BMG Termination, Recorded Music digital revenue was up 10.3% (or 7.1% in constant currency) and streaming revenue was up 10.9% (or 7.6% in constant currency). Streaming revenue reflects growth in subscription revenue of 14.3% (or 10.9% in constant currency) and in ad-supported revenue of 7.2% (or 3.9% in constant currency). Subscription revenue, adjusted for the impacts of the DSP True-Up and Settlement Payments of $12 million in the quarter and $7 million in the prior-year quarter, as well as the $5 million impact of the BMG Termination, was up 12.0% (or 8.7% in constant currency). Ad-supported revenue, adjusted for the $1 million impact of the BMG Termination, was up 7.7% (or 4.4% in constant currency). The increase in subscription revenue reflects positive market share trends and chart performance, while the increase in ad-supported revenue reflects strong performance in the quarter. Artist services and expanded-rights revenue was up 17.9% (or 12.7% in constant currency) due to higher concert promotion revenue primarily in France, and the favorable impact of foreign currency exchange rates of $9 million. Licensing revenue increased 10.0% (or 7.1% in constant currency) driven by higher licensing activity and a $2 million increase in copyright infringement settlements in the quarter. Physical revenue decreased 8.4% (or 11.1% in constant currency) primarily driven by strong releases in Japan and Korea in the prior-year quarter. Top sellers in the quarter included Alex Warren, sombr, Cardi B, Ed Sheeran, and Teddy Swims.


Recorded Music operating income increased 38.2% (or 31.1% in constant currency) to $329 million from $238 million in the prior-year quarter, and operating margin was up 4.5 percentage points to 22.2% versus 17.7% in the prior-year quarter (or up 4.1 percentage points from 18.1% in constant currency). The increase in operating income and operating income margin was driven by the factors affecting Adjusted OIBDA discussed below, as well as decreases in restructuring and impairment charges of $6 million and depreciation expense of $3 million, partially offset by higher amortization expense of $4 million attributable to acquisitions of music-related assets.


Adjusted OIBDA increased 24.8% (or 19.6% in constant currency) to $403 million from $323 million and Adjusted OIBDA margin increased 3.2 percentage points to 27.2% from 24.0% in the prior-year quarter (or increased 2.9 percentage points from 24.3% in constant currency). The increases include the impact of the DSP True-Up and Settlement Payments of $7 million in the quarter and $4 million in the prior-year quarter. Excluding these items, Adjusted OIBDA increased 21.1% (or 16.1% in constant currency) and Adjusted OIBDA margin increased 2.7 percentage points to 27.0% from 24.3% (or 2.4 percentage points from 24.6% in constant currency). The increases in Adjusted OIBDA and Adjusted OIBDA margin were primarily driven by savings from the Company’s restructuring plans, of which a portion has been reinvested in the Company’s business, and favorable movements in foreign currency exchange rates of approximately $18 million.


Music Publishing




Music Publishing Summary Results






 






 






 






 








(dollars in millions)






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Revenue






$






362






 






$






323






 






12






%








Operating income






 






65






 






 






55






 






18






%








Adjusted OIBDA(1)






 






102






 






 






83






 






23






%








 






 






 






 






 






 








(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.









Music Publishing Revenue








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






For the Three Months Ended December 31, 2024








 






As reported






 






As reported






 






Constant








 






(unaudited)






 






(unaudited)






 






(unaudited)








Performance






$






64






 






$






56






 






$






58








Digital






 






215






 






 






207






 






 






212








Mechanical






 






18






 






 






14






 






 






15








Synchronization






 






60






 






 






39






 






 






39








Other






 






5






 






 






7






 






 






7








Total Music Publishing






$






362






 






$






323






 






$






331







Music Publishing revenue was up 12.1% (or 9.4% in constant currency) driven by growth across digital, synchronization, performance, and mechanical revenue. Excluding the impact of the MLC Historical Matched Royalties, Music Publishing revenue was up 18.3% (or 15.3% in constant currency). Digital revenue increased 3.9% (or 1.4% in constant currency) and streaming revenue increased 3.4% (or 1.4% in constant currency). Adjusted for the impact of the MLC Historical Matched Royalties, streaming revenue increased 12.8% (or 10.4% in constant currency) driven by the impact of new deals and renewals. Synchronization revenue increased 53.8% (the same in constant currency) due to higher television and commercial licensing activity, a $3 million increase in copyright infringement settlements, and the $3 million impact of the Company’s acquisition of Tempo Music. Performance revenue increased 14.3% (or 10.3% in constant currency) attributable to growth from concerts, radio and live events. Mechanical revenue increased 28.6% (or 20.0% in constant currency) driven by the timing of distributions.


Music Publishing operating income was up 18.2% (or 16.1% in constant currency) to $65 million from $55 million in the prior-year quarter and operating margin increased 1.0 percentage point to 18.0% from 17.0% in the prior-year quarter (or 1.1 percentage points from 16.9% in constant currency). The increase in operating income was driven by the same factors affecting Adjusted OIBDA discussed below, partially offset by an increase in amortization expense of $8 million in the quarter related to the impact of acquisitions.


Music Publishing Adjusted OIBDA increased 22.9% (or 19.4% in constant currency) to $102 million from $83 million in the prior-year quarter. Adjusted OIBDA margin increased 2.5 percentage points to 28.2% from 25.7% in the prior-year quarter (or 2.4 percentage points from 25.8% in constant currency). The increases in Adjusted OIBDA and Adjusted OIBDA margin were primarily driven by revenue mix and includes the $4 million impact of the MLC Historical Matched Royalties, and favorable movements in foreign exchange rates of approximately $7 million.


Recent Announcements


In addition, the Company also announced today that its Board of Directors declared a regular quarterly cash dividend of $0.19 per share on the Company’s Class A Common Stock and Class B Common Stock. The dividend is payable on March 3, 2026, to stockholders of record as of the close of business on February 18, 2026.


Financial details for the quarter can be found in the Company’s current Quarterly Report on Form 10-Q for the period ended December 31, 2025, which we plan to file on Monday, February 9, 2026, with the Securities and Exchange Commission.


This afternoon management will be hosting a conference call to discuss the results at 4:30 P.M. EST. The call will be webcast on www.wmg.com.


About Warner Music Group


With a legacy extending back over 200 years, Warner Music Group today is home to an unparalleled family of creative artists, songwriters, and companies that are moving culture across the globe. At the core of WMG’s Recorded Music division are four of the most iconic companies in history: Atlantic, Elektra, Parlophone and Warner Records. They are joined by renowned labels such as TenThousand Projects, 300 Entertainment, Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Sire, Spinnin’ Records, Warner Classics and Warner Music Nashville. Warner Chappell Music - which traces its origins back to the founding of Chappell & Company in 1811 - is one of the world's leading music publishers, with a catalog of more than one million copyrights spanning every musical genre from the standards of the Great American Songbook to the biggest hits of the 21st century.


"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995


This communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. Words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters, identify forward-looking statements. All forward-looking statements are made as of today, and we disclaim any duty to update such statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that management's expectations, beliefs and projections will result or be achieved. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Please refer to our Form 10-K, Form 10-Qs and our other filings with the U.S. Securities and Exchange Commission concerning factors that could cause actual results to differ materially from those described in our forward-looking statements.


We maintain an Internet site at www.wmg.com. We use our website as a channel of distribution for material company information. Financial and other material information regarding Warner Music Group is routinely posted on and accessible at http://investors.wmg.com. In addition, you may automatically receive email alerts and other information about Warner Music Group by enrolling your email address through the “email alerts” section at http://investors.wmg.com. Our website and the information posted on it or connected to it shall not be deemed to be incorporated by reference into this communication.




Figure 1. Warner Music Group Corp. - Condensed Consolidated Statements of Operations, Three Months Ended December 31, 2025 versus December 31, 2024








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Revenue






$






1,840






 






 






$






1,666






 






 






10






%








Cost and expenses:






 






 






 






 






 








Cost of revenue






 






(987






)






 






 






(894






)






 






10






%








Selling, general and administrative expenses






 






(458






)






 






 






(474






)






 






-3






%








Restructuring and impairments






 






(34






)






 






 






(27






)






 






26






%








Amortization expense






 






(68






)






 






 






(57






)






 






19






%








Total costs and expenses






$






(1,547






)






 






$






(1,452






)






 






7






%








Net loss on divestiture






 






(5






)






 






 






—






 






 






—






%








Operating income






$






288






 






 






$






214






 






 






35






%








Loss on extinguishment of debt






 






—






 






 






 






—






 






 






—






%








Interest expense, net






 






(45






)






 






 






(37






)






 






22






%








Other income, net






 






3






 






 






 






153






 






 






-98






%








Income before income taxes






$






246






 






 






$






330






 






 






-25






%








Income tax expense






 






(71






)






 






 






(89






)






 






-20






%








Net income






$






175






 






 






$






241






 






 






-27






%








Less: (Income) loss attributable to noncontrolling interest






 






1






 






 






 






(5






)






 






—






%








Net income attributable to Warner Music Group Corp.






$






176






 






 






$






236






 






 






-25






%








 






 






 






 






 






 








Net income per share attributable to common stockholders:






 






 






 






 






 








Class A – Basic and Diluted






$






0.33






 






 






$






0.45






 






 






 








Class B – Basic and Diluted






$






0.33






 






 






$






0.45






 






 






 








 






 






 






 






 






 









Figure 2. Warner Music Group Corp. - Condensed Consolidated Balance Sheets at December 31, 2025 versus September 30, 2025








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






December 31, 2025






 






September 30, 2025






 






% Change








 






(unaudited)






 






 






 






 








Assets






 






 






 






 






 








Current assets:






 






 






 






 






 








Cash and equivalents






$






751






 






 






$






532






 






 






41






%








Accounts receivable, net






 






1,374






 






 






 






1,340






 






 






3






%








Inventories






 






60






 






 






 






62






 






 






-3






%








Royalty advances expected to be recouped within one year






 






584






 






 






 






581






 






 






1






%








Assets held for sale






 






80






 






 






 






89






 






 






-10






%








Prepaid and other current assets






 






169






 






 






 






166






 






 






2






%








Total current assets






$






3,018






 






 






$






2,770






 






 






9






%








Royalty advances expected to be recouped after one year






 






1,082






 






 






 






1,079






 






 






—






%








Property, plant and equipment, net






 






418






 






 






 






441






 






 






-5






%








Operating lease right-of-use assets, net






 






179






 






 






 






189






 






 






-5






%








Goodwill






 






2,063






 






 






 






2,061






 






 






—






%








Intangible assets subject to amortization, net






 






2,690






 






 






 






2,725






 






 






-1






%








Intangible assets not subject to amortization






 






154






 






 






 






154






 






 






—






%








Deferred tax assets, net






 






90






 






 






 






111






 






 






-19






%








Other assets






 






317






 






 






 






299






 






 






6






%








Total assets






$






10,011






 






 






$






9,829






 






 






2






%








Liabilities, Redeemable Noncontrolling Interest and Equity






 






 






 






 






 








Current liabilities:






 






 






 






 






 








Accounts payable






$






201






 






 






$






257






 






 






-22






%








Accrued royalties






 






2,938






 






 






 






2,740






 






 






7






%








Accrued liabilities






 






667






 






 






 






666






 






 






—






%








Accrued interest






 






39






 






 






 






31






 






 






26






%








Operating lease liabilities, current






 






47






 






 






 






43






 






 






9






%








Deferred revenue






 






246






 






 






 






286






 






 






-14






%








Liabilities held for sale






 






48






 






 






 






49






 






 






-2






%








Other current liabilities






 






124






 






 






 






129






 






 






-4






%








Total current liabilities






$






4,310






 






 






$






4,201






 






 






3






%








Acquisition Corp. long-term debt






 






4,064






 






 






 






4,063






 






 






—






%








Other long-term debt






 






307






 






 






 






302






 






 






2






%








Operating lease liabilities, noncurrent






 






188






 






 






 






200






 






 






-6






%








Deferred tax liabilities, net






 






169






 






 






 






164






 






 






3






%








Other noncurrent liabilities






 






144






 






 






 






142






 






 






1






%








Total liabilities






$






9,182






 






 






$






9,072






 






 






1






%








Redeemable noncontrolling interests






 






5






 






 






 






—






 






 






—






%








Equity:






 






 






 






 






 








Class A common stock






$






—






 






 






$






—






 






 






—






%








Class B common stock






 






1






 






 






 






1






 






 






—






%








Additional paid-in capital






 






2,154






 






 






 






2,166






 






 






-1






%








Accumulated deficit






 






(1,255






)






 






 






(1,331






)






 






-6






%








Accumulated other comprehensive loss, net






 






(180






)






 






 






(189






)






 






-5






%








Total Warner Music Group Corp. equity






$






720






 






 






$






647






 






 






11






%








Noncontrolling interest






 






104






 






 






 






110






 






 






-5






%








Total equity






 






824






 






 






 






757






 






 






9






%








Total liabilities, redeemable noncontrolling interest and equity






$






10,011






 






 






$






9,829






 






 






2






%









Figure 3. Warner Music Group Corp. - Summarized Statements of Cash Flows, Three Months Ended December 31, 2025 versus December 31, 2024








(dollars in millions)






 






 






 








 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024








 






(unaudited)






 






(unaudited)








Net cash provided by operating activities






$






440






 






 






$






332






 








Net cash used in investing activities






 






(52






)






 






 






(81






)








Net cash used in financing activities






 






(159






)






 






 






(127






)








Effect of foreign currency exchange rates on cash and equivalents






 






3






 






 






 






(16






)








Cash balances classified as assets held for sale






 






(16






)






 






$






—






 








Net increase in cash and equivalents






$






216






 






 






$






108






 








 






 






 






 









Figure 4. Warner Music Group Corp. - Digital Revenue Summary, Three Months Ended December 31, 2025 versus December 31, 2024








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Recorded Music






 






 






 






 






 








Subscription






$






721






 






 






$






631






 






14






%








Ad-Supported






 






239






 






 






 






223






 






7






%








Streaming






$






960






 






 






$






854






 






12






%








Downloads and Other Digital






 






16






 






 






 






19






 






-16






%








Total Recorded Music Digital Revenue






$






976






 






 






$






873






 






12






%








 






 






 






 






 






 








Music Publishing






 






 






 






 






 








Streaming






$






212






 






 






$






205






 






3






%








Downloads and Other Digital






 






3






 






 






 






2






 






50






%








Total Music Publishing Digital Revenue






$






215






 






 






$






207






 






4






%








 






 






 






 






 






 








Consolidated






 






 






 






 






 








Streaming






$






1,172






 






 






$






1,059






 






11






%








Downloads and Other Digital






 






19






 






 






 






21






 






-10






%








Intersegment Eliminations






 






(1






)






 






 






2






 






—






%








Total Digital Revenue






$






1,190






 






 






$






1,082






 






10






%








 






 






 






 






 






 







Supplemental Disclosures Regarding Non-GAAP Financial Measures


We evaluate our operating performance based on several factors, including the following non-GAAP financial measure:


Adjusted OIBDA


We allocate resources and evaluate performance based on several factors, including Adjusted OIBDA. We define Adjusted OIBDA as operating income (loss) adjusted to exclude the following items: (i) non-cash depreciation of tangible assets, (ii) non-cash amortization of intangible assets, (iii) non-cash stock-based compensation and other related expenses, (iv) gains or losses on divestitures, (v) expenses related to restructuring and transformation initiatives, which includes costs associated with the Company’s financial transformation initiative to design and implement new information technology and upgrade our finance infrastructure, and (vi) executive transition costs. Items excluded are not viewed to contribute directly to management’s evaluation of operating results. We consider Adjusted OIBDA to be an important indicator of the operational strengths and performance of our businesses. However, a limitation of the use of Adjusted OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our businesses. Accordingly, Adjusted OIBDA should be considered in addition to, not as a substitute for, operating income (loss), net income (loss) attributable to Warner Music Group Corp. and other measures of financial performance reported in accordance with United States generally accepted accounting principles (“U.S. GAAP”). In addition, our definition of Adjusted OIBDA may differ from similarly titled measures used by other companies.




Figure 5. Warner Music Group Corp. - Reconciliation of Net Income to Adjusted OIBDA, Three Months Ended December 31, 2025 versus December 31, 2024








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Net income attributable to Warner Music Group Corp.






$






176






 






 






$






236






 






 






-25






%








Income attributable to noncontrolling interest






 






(1






)






 






 






5






 






 






—






%








Net income






$






175






 






 






$






241






 






 






-27






%








Income tax expense






 






71






 






 






 






89






 






 






-20






%








Income including income taxes






$






246






 






 






$






330






 






 






-25






%








Other income, net






 






(3






)






 






 






(153






)






 






-98






%








Interest expense, net






 






45






 






 






 






37






 






 






22






%








Operating income






$






288






 






 






$






214






 






 






35






%








Amortization expense






 






68






 






 






 






57






 






 






19






%








Depreciation expense






 






31






 






 






 






29






 






 






7






%








Restructuring and impairments






 






34






 






 






 






27






 






 






26






%








Transformation initiative costs






 






17






 






 






 






17






 






 






—






%








Net loss on divestitures






 






5






 






 






 






—






 






 






—






%








Non-cash stock-based compensation and other related costs






 






20






 






 






 






19






 






 






5






%








Adjusted OIBDA






$






463






 






 






$






363






 






 






28






%








 






 






 






 






 






 








Operating income margin






 






15.7






%






 






 






12.8






%






 






 








Adjusted OIBDA margin






 






25.2






%






 






 






21.8






%






 






 








 






 






 






 






 






 









Figure 6. Warner Music Group Corp. - Reconciliation of Segment Operating Income to Adjusted OIBDA, Three Months Ended December 31, 2025 versus December 31, 2024








(dollars in millions)






 






 






 






 






 








 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






% Change








 






(unaudited)






 






(unaudited)






 






 








Total WMG operating income – GAAP






$






288






 






 






$






214






 






 






35






%








Depreciation and amortization expense






 






99






 






 






 






86






 






 






15






%








Restructuring and impairments






 






34






 






 






 






27






 






 






26






%








Transformation initiative costs






 






17






 






 






 






17






 






 






—






%








Net loss on divestitures






 






5






 






 






 






—






 






 






—






%








Non-cash stock-based compensation and other related costs






 






20






 






 






 






19






 






 






5






%








Total WMG Adjusted OIBDA






$






463






 






 






$






363






 






 






28






%








Total WMG Adjusted OIBDA margin






 






25.2






%






 






 






21.8






%






 






 








 






 






 






 






 






 








Recorded Music operating income – GAAP






$






329






 






 






$






238






 






 






38






%








Depreciation and amortization expense






 






46






 






 






 






45






 






 






2






%








Restructuring and impairments






 






22






 






 






 






28






 






 






-21






%








Non-cash stock-based compensation and other related costs






$






6






 






 






$






12






 






 






-50






%








Recorded Music Adjusted OIBDA






$






403






 






 






$






323






 






 






25






%








Recorded Music Adjusted OIBDA margin






 






27.2






%






 






 






24.0






%






 






 








 






 






 






 






 






 








Music Publishing operating income – GAAP






$






65






 






 






$






55






 






 






18






%








Depreciation and amortization expense






 






35






 






 






 






27






 






 






30






%








Net loss on divestitures






 






—






 






 






 






—






 






 






—






%








Non-cash stock-based compensation and other related costs






 






2






 






 






 






1






 






 






100






%








Music Publishing Adjusted OIBDA






$






102






 






 






$






83






 






 






23






%








Music Publishing Adjusted OIBDA margin






 






28.2






%






 






 






25.7






%






 






 








 






 






 






 






 






 








 






 






 






 






 






 







Constant Currency


Because exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of revenue on a constant-currency basis in addition to reported revenue helps improve the ability to understand our operating results and evaluate our performance in comparison to prior periods. Constant-currency information compares results between periods as if exchange rates had remained constant period over period. We use results on a constant-currency basis as one measure to evaluate our performance. We calculate constant-currency results by applying current-year foreign currency exchange rates to prior-year results. However, a limitation of the use of the constant-currency results as a performance measure is that it does not reflect the impact of exchange rates on our revenue. These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. GAAP. Results on a constant-currency basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not a measure of performance presented in accordance with U.S. GAAP.




Figure 7. Warner Music Group Corp. - Revenue by Geography and Segment, Three Months Ended December 31, 2025 versus December 31, 2024 As Reported and Constant Currency






 






 








(dollars in millions)






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






For the Three Months Ended December 31, 2024






 






% Change








 






As reported






 






As reported






 






Constant






 






Constant








 






(unaudited)






 






(unaudited)






 






(unaudited)






 






(unaudited)








U.S. revenue






 






 






 






 






 






 






 








Recorded Music






$






577






 






 






$






532






 






 






$






532






 






 






8






%








Music Publishing






 






190






 






 






 






173






 






 






 






173






 






 






10






%








International revenue






 






 






 






 






 






 






 








Recorded Music






$






903






 






 






$






813






 






 






$






856






 






 






5






%








Music Publishing






 






172






 






 






 






150






 






 






 






158






 






 






9






%








Intersegment eliminations






 






(2






)






 






 






(2






)






 






 






(1






)






 






100






%








Total Revenue






$






1,840






 






 






$






1,666






 






 






$






1,718






 






 






7






%








 






 






 






 






 






 






 






 








Revenue by Segment:






 






 






 






 






 






 






 








Recorded Music






 






 






 






 






 






 






 








Digital






$






976






 






 






$






873






 






 






$






899






 






 






9






%








Physical






 






152






 






 






 






166






 






 






 






171






 






 






-11






%








Total Digital and Physical






$






1,128






 






 






$






1,039






 






 






$






1,070






 






 






5






%








Artist services and expanded-rights






 






231






 






 






 






196






 






 






 






205






 






 






13






%








Licensing






 






121






 






 






 






110






 






 






 






113






 






 






7






%








Total Recorded Music






$






1,480






 






 






$






1,345






 






 






$






1,388






 






 






7






%








Music Publishing






 






 






 






 






 






 






 








Performance






$






64






 






 






$






56






 






 






$






58






 






 






10






%








Digital






 






215






 






 






 






207






 






 






 






212






 






 






1






%








Mechanical






 






18






 






 






 






14






 






 






 






15






 






 






20






%








Synchronization






 






60






 






 






 






39






 






 






 






39






 






 






54






%








Other






 






5






 






 






 






7






 






 






 






7






 






 






-29






%








Total Music Publishing






$






362






 






 






$






323






 






 






$






331






 






 






9






%








Intersegment eliminations






 






(2






)






 






 






(2






)






 






 






(1






)






 






100






%








Total Revenue






$






1,840






 






 






$






1,666






 






 






$






1,718






 






 






7






%









Figure 8. Warner Music Group Corp. - Adjusted OIBDA by Segment, Three Months Ended December 31, 2025 versus December 31, 2024 As Reported and Constant Currency






 






 








(dollars in millions)






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024






 






For the Three Months Ended December 31, 2024






 






Change %








 






As reported






 






As reported






 






Constant






 






Constant








 






(unaudited)






 






(unaudited)






 






(unaudited)






 






(unaudited)








Total WMG Adjusted OIBDA






$






463






 






 






$






363






 






 






$






379






 






 






22.2






%








Adjusted OIBDA margin






 






25.2






%






 






 






21.8






%






 






 






22.1






%






 






 








 






 






 






 






 






 






 






 








Recorded Music Adjusted OIBDA






$






403






 






 






$






323






 






 






$






337






 






 






19.6






%








Recorded Music Adjusted OIBDA margin






 






27.2






%






 






 






24.0






%






 






 






24.3






%






 






 








 






 






 






 






 






 






 






 








Music Publishing Adjusted OIBDA






$






102






 






 






$






83






 






 






$






85






 






 






19.4






%








Music Publishing Adjusted OIBDA margin






 






28.2






%






 






 






25.7






%






 






 






25.8






%






 






 








 






 






 






 






 






 






 






 









Figure 9. Warner Music Group Corp. - Notable Items, As Reported








(dollars in millions)






FY 2026






 






FY 2025








 






Three Months Ended December 31, 2025






 






Three Months Ended December 31, 2024








Revenue






 






 






 








Recorded Music






 






 






 








Streaming - BMG Termination (a)






—






 






6






 








Streaming - DSP True-up and Settlement Payments






12






 






(7






)








Music Publishing






 






 






 








Streaming - MLC Historical Matched Royalties






—






 






17






 








 






 






 






 








Adjusted OIBDA






 






 






 








Recorded Music






 






 






 








DSP True-up and Settlement Payments






7






 






(4






)








Music Publishing






 






 






 








MLC Historical Matched Royalties






—






 






4






 








(a) The BMG Termination impact shown in FY 2025 represents the incremental revenue compared to the current fiscal year.







Free Cash Flow


Our definition of Free Cash Flow is defined as cash flow provided by operating activities less capital expenditures. We use Free Cash Flow, among other measures, to evaluate our operating performance. Management believes Free Cash Flow provides investors with an important perspective on the cash available to fund our debt service requirements, ongoing working capital requirements, capital expenditure requirements, strategic acquisitions and investments, and any dividends, prepayments of debt or repurchases or retirement of our outstanding debt or notes in open market purchases, privately negotiated purchases, any repurchases of our common stock or otherwise. As a result, Free Cash Flow is a significant measure of our ability to generate long-term value. It is useful for investors to know whether this ability is being enhanced or degraded as a result of our operating performance. We believe the presentation of Free Cash Flow is relevant and useful for investors because it allows investors to view performance in a manner similar to the method management uses.


Free Cash Flow is not a measure of performance calculated in accordance with U.S. GAAP and therefore it should not be considered in isolation of, or as a substitute for, net income (loss) as an indicator of operating performance or cash flow provided by operating activities as a measure of liquidity. Free Cash Flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, Free Cash Flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Because Free Cash Flow deducts capital expenditures from “net cash provided by operating activities” (the most directly comparable U.S. GAAP financial measure), users of this information should consider the types of events and transactions that are not reflected. We provide below a reconciliation of Free Cash Flow to the most directly comparable amount reported under U.S. GAAP, which is “net cash provided by operating activities.”




Figure 10. Warner Music Group Corp. - Calculation of Free Cash Flow, Three Months Ended December 31, 2025 versus December 31, 2024








(dollars in millions)






 






 






 








 






 






 






 








 






For the Three Months Ended December 31, 2025






 






For the Three Months Ended December 31, 2024








 






(unaudited)






 






(unaudited)








Net cash provided by operating activities






$






440






 






$






332








Less: Capital expenditures






 






20






 






 






36








 






 






 






 








Free Cash Flow






$






420






 






$






296








 






 






 






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205595682/en/
Media Contact:

Hannah Karp

Hannah.Karp@wmg.com


Investor Contact:

Kareem Chin

Investor.Relations@wmg.com


Original: Warner Music Group Corp. Reports Results for Fiscal First Quarter Ended December 31, 2025