Warner Music Group Corp. WMG

Communication services SIC 7900 - Services-Amusement & Recreation Services NAICS Arts, Entertainment, and Recreation › Amusement, Gambling, and Recreation Industries › Other Amusement and Recreation Industries derived Nasdaq

Warner Music Group Corp. (the "Company") was formed on November 21, 2003. We are the direct parent of WMG Holdings Corp. ("Holdings"), which is the direct parent of WMG Acquisition Corp. ("Acquisition Corp."). Acquisition Corp. is one of the world's major music entertainment companies.

The Company and Holdings are holding companies that conduct substantially all of their business operations through their subsidiaries. The terms "we," "us," "our," "ours" and the "Company" refer collectively to Warner Music Group Corp. and its consolidated subsidiaries, unless the context refers only to Warner Music Group Corp. as a corporate entity.

Pursuant to the Agreement and Plan of Merger, dated as of May 6, 2011 (the "Merger Agreement"), by and among the Company, AI Entertainment Holdings LLC (formerly Airplanes Music LLC), a Delaware limited liability company ("Parent") and an affiliate of Access Industries, Inc., and Airplanes Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), on July 20, 2011 (the "Merger Closing Date"), Merger Sub merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the "Merger"). In connection with the Merger, the Company delisted its common stock from the New York Stock Exchange (the "NYSE").

Last close 30.86 2026-10-23
Market cap —
52-week range 23.34 - 35.42

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • All other territories
  • United Kingdom
  • Germany
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 2.9B (42.9%) 43% United States All other territories, FY2025: 2.5B (36.7%) 37% All other territories United Kingdom, FY2025: 857M (12.8%) 13% United Kingdom Germany, FY2025: 515M (7.7%) 8% Germany FY2024 United States, FY2024: 2.9B (44.7%) 45% All other territories, FY2024: 2.3B (35.3%) 35% United Kingdom, FY2024: 774M (12.0%) 12% Germany, FY2024: 513M (8.0%) 8% FY2023 United States, FY2023: 2.8B (45.8%) 46% All other territories, FY2023: 2B (33.3%) 33% United Kingdom, FY2023: 726M (12.0%) 12% Germany, FY2023: 535M (8.9%) 9%
Region FY2025FY2024FY2023
United States $2.87B $2.87B $2.77B
All other territories $2.46B $2.27B $2.01B
United Kingdom $857.0M $774.0M $726.0M
Germany $515.0M $513.0M $535.0M

As the company reported it, from the “Segment Information - Schedule of Long-Lived Assets and Revenue by Geographical Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $6.71B$6.43B$6.04B$5.92B$5.30B$4.46B$4.47B$4.00B$3.58B$3.25B
Cost of revenue $3.63B$3.35B$3.18B$3.08B$2.74B$2.33B$2.40B$2.17B$1.93B$1.71B
Gross profit $3.08B$3.07B$2.86B$2.84B$2.56B$2.13B$2.07B$1.83B$1.65B$1.54B
SG&A $1.89B$1.88B$1.83B$1.86B$1.72B$2.17B$1.51B$1.41B$1.22B$1.08B
Total operating expenses $6.01B$5.63B$5.29B$5.21B$4.69B$4.69B$4.12B$3.79B$3.35B$3.03B
Operating income $694.0M$823.0M$790.0M$714.0M$609.0M-$229.0M$356.0M$217.0M$222.0M$214.0M
Pre-tax income $490.0M$601.0M$609.0M$740.0M$456.0M-$447.0M$267.0M$442.0M-$2.0M$41.0M
Income tax $120.0M$123.0M$170.0M$185.0M$149.0M$23.0M$9.0M$130.0M$151.0M$11.0M
Net income $365.0M$435.0M$430.0M$551.0M$304.0M-$475.0M$256.0M$307.0M$143.0M$25.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $532.0M$694.0M$641.0M$584.0M$499.0M$553.0M$619.0M$514.0M$647.0M$359.0M
Receivables $1.34B$1.25B$1.12B$984.0M$839.0M$771.0M$775.0M$447.0M$404.0M$329.0M
Inventory $62.0M$99.0M$126.0M$108.0M$99.0M$79.0M$74.0M$42.0M$39.0M$41.0M
Total current assets $2.77B$2.64B$2.40B$2.14B$1.90B$1.68B$1.69B$1.18B$1.27B$908.0M
Property, plant and equipment $441.0M$481.0M$458.0M$415.0M$364.0M$331.0M$300.0M$229.0M$213.0M$203.0M
Goodwill $2.06B$2.02B$1.99B$1.92B$1.83B$1.83B$1.76B$1.69B$1.69B$1.63B
Other intangibles $2.88B$2.51B$2.50B$2.38B$2.17B$1.81B$1.87B$2.00B$2.21B$2.32B
Total assets $9.83B$9.15B$8.54B$7.83B$7.21B$6.41B$6.02B$5.34B$5.72B$5.33B
Accounts payable $257.0M$289.0M$300.0M$268.0M$302.0M$264.0M$260.0M$281.0M$208.0M$204.0M
Total current liabilities $4.20B$3.90B$3.54B$3.37B$3.15B$2.72B$2.82B$2.37B$2.10B$1.84B
Long-term debt $4.06B$4.01B$3.96B$3.73B$3.35B$3.10B$2.97B$2.82B$2.81B$2.78B
Total liabilities $9.07B$8.48B$8.12B$7.66B$7.17B$6.46B$6.29B$5.66B$5.41B$5.12B
Retained earnings -$1.33B-$1.31B-$1.39B-$1.48B-$1.71B-$1.75B-$1.18B-$1.27B-$654.0M-$715.0M
Total equity $647.0M$518.0M$430.0M$168.0M$46.0M-$45.0M-$269.0M-$320.0M$308.0M$210.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $678.0M$754.0M$687.0M$742.0M$638.0M$463.0M$400.0M$425.0M$535.0M$342.0M
Depreciation and amortisation $376.0M$327.0M$332.0M$339.0M$306.0M$261.0M$269.0M$261.0M$251.0M$293.0M
Stock-based compensation ——$49.0M$39.0M$45.0M$608.0M$50.0M$62.0M$70.0M$23.0M
Capital expenditure $139.0M$116.0M$127.0M$135.0M$93.0M$85.0M$104.0M$74.0M$44.0M$42.0M
Investing cash flow -$340.0M-$311.0M-$300.0M-$824.0M-$638.0M-$219.0M-$376.0M$405.0M-$126.0M-$8.0M
Financing cash flow -$497.0M-$396.0M-$325.0M$188.0M-$61.0M-$316.0M$88.0M-$955.0M-$128.0M-$216.0M
Dividends paid $383.0M$361.0M$340.0M$318.0M$265.0M$344.0M$94.0M$925.0M$84.0M—
Buybacks $16.0M$0$0———————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001319161-25-000034.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B 8B Revenue, FY2016: 3.2B Gross profit, FY2016: 1.5B Net income, FY2016: 25M Revenue, FY2017: 3.6B Gross profit, FY2017: 1.6B Net income, FY2017: 143M Revenue, FY2018: 4B Gross profit, FY2018: 1.8B Net income, FY2018: 307M Revenue, FY2019: 4.5B Gross profit, FY2019: 2.1B Net income, FY2019: 256M Revenue, FY2020: 4.5B Gross profit, FY2020: 2.1B Net income, FY2020: -475M Revenue, FY2021: 5.3B Gross profit, FY2021: 2.6B Net income, FY2021: 304M Revenue, FY2022: 5.9B Gross profit, FY2022: 2.8B Net income, FY2022: 551M Revenue, FY2023: 6B Gross profit, FY2023: 2.9B Net income, FY2023: 430M Revenue, FY2024: 6.4B Gross profit, FY2024: 3.1B Net income, FY2024: 435M Revenue, FY2025: 6.7B Gross profit, FY2025: 3.1B Net income, FY2025: 365M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.25B $3.58B $4.00B $4.47B $4.46B $5.30B $5.92B $6.04B $6.43B $6.71B
Gross profit $1.54B $1.65B $1.83B $2.07B $2.13B $2.56B $2.84B $2.86B $3.07B $3.08B
Net income $25.0M $143.0M $307.0M $256.0M -$475.0M $304.0M $551.0M $430.0M $435.0M $365.0M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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