Warner Music Group Corp. WMG
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").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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