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Warner Music Group Corp.

WMG Communication Services Entertainment

Warner Music Group Corp.’s revenue for fiscal 2025 (year ended September 2025) was $6.7 billion, up 4.37% from fiscal 2024.

Revenue
+10.4%
EPS
+1,400.0%
Free cash flow
+1,528.6%
Total debt
+7.95%

Quarter to June 2026, against a year earlier

32.58 1.45 +4.66%
Market cap
$16.3B
P/E
24.3×
Fwd P/E
21.4×
Dividend yield
2.48%
F-score
3/9
Altman Z
1.72
Beneish M
−2.55
Dividend safety
31/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Recorded Music
  • Music Publishing

Every year since 2012 →

Insider Decisions last twelve months

Bought, $m 2.00
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 2 — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 72.09%

Capital & Financial Ratios $m

Size
Market Cap 16,280.00
Revenue ttm 7,304.00
Net income ttm 665.00
Free cash flow ttm 836.00
Net debt Q 4,092.00
Valuation
P/E 24.30
Forward P/E 21.40
Price / sales 2.22
Forward P/S Powerpack
Price / FCF 19.41
Price / book 17.02 (above 6: high)
Financial health
Current ratio Q 0.73 (below 1: weak)
Debt / equity Q 4.94 (above 2: weak)
Interest coverage Q 6.22
Growth
Revenue growth Q +10.36% (above 0%: growing)
Operating income growth Q +80.47% (above 0%: growing)
EPS, this year +116.25% (at or above 15%: strong)
EPS, next year A +20.82% (at or above 15%: strong)
Revenue, next year A +9.41%
EPS, past 5 yrs —
EPS, next 5 yrs A +43.91% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, against a ten-year median of 3.3×; over the ten years it ranged from 2.4× in 2026 to 5.4× in 2021.
P/E against its own 10 years 7.64%
10-year low 10-year high
P/S against its own 10 years 14.93%
10-year low 10-year high
P/B against its own 10 years 7.16%
10-year low 10-year high
EV/Sales against its own 10 years 14.62%
10-year low 10-year high
EV/FCF against its own 10 years 8.12%
10-year low 10-year high

Dividends raised every year since 2020

Yield
2.48%
Annual rate
0.77
Payout ratio
61.1%
Growth, 2020–25
+25.3%/yr
  1. 0.24 ’20
  2. 0.54 ’21 +125
  3. 0.62 ’22 +15
  4. 0.66 ’23 +6
  5. 0.70 ’24 +6
  6. 0.74 ’25 +6
  7. 0.77 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 641 694 532 618
Receivables 1,120 1,255 1,340 1,607
Inventory 126 99 62 69
Other 413 470 670 739
2,402 2,643 2,770 3,260
2023 2024 2025 Q'26
Payables 300 289 257 354
ST’ Debt — — — —
Other 57 110 178 151
3,539 3,897 4,201 4,443

Compound Annual Growth %

10y 5y 3y
Sales 8.50% 8.49% 4.25%
Cash Flow 11.81% 7.93% (2.96%)
Earnings 0.00% 0.00% (12.83%)
Book Value 12.22% 0.00% 65.17%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.38 Actual 0.38

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.35 0.21 Miss by 0.14
Q1 FY26 0.40 0.33 Miss by 0.07
Q2 FY26 0.30 0.44 Beat by 0.14
Q3 FY26 0.38 0.38 Met by 0.00
Q4 FY26 0.38 — Reports 19 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.33 0.34 0.38 — —
’25 0.45 0.07 (0.03) 0.21 0.69
’24 0.30 0.18 0.27 0.08 0.83
’23 0.23 0.06 0.23 0.29 0.82
’22 0.36 0.18 0.24 0.28 1.06
’21 0.18 0.22 0.12 0.05 0.58
’20 0.24 (0.15) (1.03) 0.00 (0.95)
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 1,840 1,732 1,864 — —
’25 1,666 1,484 1,689 1,868 6,707
’24 1,748 1,494 1,554 1,630 6,426
’23 1,488 1,399 1,564 1,586 6,037
’22 1,614 1,376 1,432 1,497 5,919
’21 1,335 1,250 1,340 1,376 5,301
’20 1,256 1,071 1,010 1,126 4,463
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 440 126 142 — —
’25 332 69 46 231 678
’24 293 (31) 188 304 754
’23 209 (6) 146 338 687
’22 129 44 163 406 742
’21 169 150 91 228 638
’20 78 86 123 176 463
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 420 99 114 — —
’25 296 33 7 203 539
’24 264 (57) 160 271 638
’23 188 (41) 113 300 560
’22 95 16 128 368 607
’21 151 130 71 193 545
’20 63 73 103 139 378
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.0% a year for ten years. It grew 9.5% a year over the last ten.

Implied
9.0%
10 years, reported
9.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,246 3,576 4,005 4,475 4,463 5,301 5,919 6,037 6,426 6,707 7,304 +8.4% 7,338 7,794 8,288 +7.3%
Gross margin, % 47.41 46.00 45.79 46.35 47.73 48.27 47.96 47.37 47.79 45.85 45.77 (1.6) pt
EBT 41 (2) 442 267 (447) 456 740 609 601 490 873 +31.7%
EBT margin, % 1.26 (0.06) 11.04 5.97 (10.02) 8.60 12.50 10.09 9.35 7.31 11.95 +6.1 pt
Net income 30 149 312 258 (470) 307 555 439 478 370 665 +32.2%
Per share, $
Per share, $ Revenue 26.58 7.01 7.97 8.91 8.85 10.32 11.50 11.71 12.42 12.89 14.00 (7.7%)
Earnings — 0.28 0.62 0.51 (0.95) 0.58 1.06 0.82 0.83 0.69 1.28 +11.9%
Cash flow 2.80 1.05 0.85 0.80 0.92 1.24 1.44 1.33 1.46 1.30 1.80 (8.2%)
Capex 0.00 (0.09) (0.15) (0.21) (0.17) (0.18) (0.26) (0.25) (0.22) (0.27) (0.20) n/m
Free cash flow 2.80 0.96 0.70 0.59 0.75 1.06 1.18 1.09 1.23 1.04 1.60 (10.5%)
Book value 1.72 0.60 (0.64) (0.54) (0.09) 0.09 0.33 0.83 1.30 1.45 1.83 (1.8%)
Shares, m 122 510 503 502 505 513 515 516 518 521 522 +17.5%
Valuation, ×
Valuation, × P/E 63.26 63.26 63.26 63.26 0.00 73.69 21.90 38.38 37.71 48.66 24.30 47.3
P/S 3.35 3.35 3.35 3.35 3.25 4.14 2.02 2.66 2.52 2.64 2.22 3.1
P/B 0.00 0.00 0.00 0.00 0.00 477.08 71.11 37.29 24.00 23.42 17.02 63.3
EV/Sales 3.93 3.93 3.93 3.93 3.85 4.70 2.57 3.22 3.05 3.23 2.80 3.6
EV/FCF 45.23 45.23 45.23 45.23 45.40 45.70 25.05 34.76 30.77 40.21 24.43 40.3
Cash, $m
Cash, $m Operating cash flow 342 535 425 400 463 638 742 687 754 678 939 +7.9%
Capex (67) (44) (74) (104) (85) (93) (135) (127) (116) (139) (103) +8.4%
Free cash flow 342 491 351 296 378 545 607 560 638 539 836 +5.2%
Balance, $m
Balance, $m Working capital (934) (825) (1,197) (1,128) (1,042) (1,254) (1,229) (1,137) (1,254) (1,431) (1,183) +4.9%
Net debt 2,419 2,164 2,305 2,355 2,551 2,847 3,148 3,323 3,320 3,833 4,092 +5.2%
Shareholders’ equity 210 308 (320) (269) (45) 46 168 430 675 757 953 +15.3%
Returns, %
Returns, % ROA 0.46 2.59 5.55 4.51 (7.64) 4.46 7.33 5.25 4.92 3.85 6.55 +3.4 pt
ROIC 5.09 5.61 6.83 10.67 (5.71) 13.16 13.46 13.16 12.88 9.45 12.39 +4.4 pt
ROE 11.14 55.21 (5,116.67) (86.93) 302.55 60,800.00 514.95 143.81 78.73 50.98 76.15 +39.8 pt
People
People Employees 4,445 4,520 4,660 5,400 5,500 5,900 6,200 5,900 5,800 5,500 — +2.4%
Revenue/emp, $m 0.73 0.79 0.86 0.83 0.81 0.90 0.95 1.02 1.11 1.22 — +5.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Warner Music Group is a music entertainment company that develops recording artists and songwriters, distributes music and licenses rights. Its customers include streaming services, retailers, broadcasters and businesses that use music in visual media or public spaces. Warner Music Group traces its founding to 1958-04-06; Warner Music Group Corp. was formed on November 21, 2003. It is headquartered in New York City, and Robert Kyncl is chief executive.

The company operates through two businesses. Recorded Music finds and develops artists, produces and markets recordings, and distributes their music. Its labels include Atlantic Records, Warner Records, Elektra Records and Parlophone Records. It also provides services such as merchandise and distribution for independent labels.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Recorded Music 5,408 80.63%
Music Publishing 1,306 19.47%
Gross margin 45.85%
Operating margin 10.35%
Pre-tax margin 7.31%

Revenue by segment since 2012

Warner Music Group Corp. vs peers in Entertainment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FOXA Fox Corporation $26.7B 14.2× 10.6× +22.28% (above 0%: growing) +69.39% (above 0%: growing) +314.96% (above 0%: growing) 48.30% 33.32% Compare
FOX Fox Corporation $26.6B 12.7× 10.6× +22.28% (above 0%: growing) +66.67% (above 0%: growing) +314.96% (above 0%: growing) 48.30% 0.00% Compare
FWONA Liberty Media Corporation - Liberty Formula One Series A $23.8B 84.4× — +24.06% (above 0%: growing) −98.69% (below 0%: shrinking) +35.16% (above 0%: growing) 20.97% 0.00% Compare
FWONK Liberty Media Corporation - Liberty Formula One Series C $23.8B 91.8× 89.9× +24.06% (above 0%: growing) −98.69% (below 0%: shrinking) +35.16% (above 0%: growing) 20.97% 0.00% Compare
ROKU Roku, Inc. $23.1B 46.4× 52.9× +24.07% (above 0%: growing) +623.53% (above 0%: growing) +72.39% (above 0%: growing) 43.18% 10.92% Compare
NWSA News Corporation $16.4B 28.6× 22.7× +10.81% (above 0%: growing) −74.81% (below 0%: shrinking) +759.38% (above 0%: growing) 57.60% 12.62% Compare
NWS News Corporation $16.3B 31.2× — +10.81% (above 0%: growing) −74.81% (below 0%: shrinking) +759.38% (above 0%: growing) 57.60% 12.62% Compare
WMG Warner Music Group Corp. $16.3B 24.3× 21.4× +10.36% (above 0%: growing) n/m +1,528.57% (above 0%: growing) 45.82% 16.36%
SIRI Sirius XM Holdings Inc. $10.4B 11.6× 9.7× −0.28% (below 0%: shrinking) +6.90% (above 0%: growing) +14.12% (above 0%: growing) 52.30% 22.25% Compare
Median of peers $23.4B 29.9× 16.7× +22.28% −33.95% +193.68% 48.30% 11.77%

All 48 Entertainment stocks →

From the latest earnings call

Updated

  • CEO Robert Kyncl said Warner’s renewed Apple agreement aligned its major digital partners around contractual price increases and gave the company better visibility.
  • Acting CFO Lou Dickler said subscription streaming benefited from subscriber growth, pricing and market share, while World Cup advertising lifted ad-supported streaming.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 30.46%
Held by the ten largest 17.29%
Holder Shares Stake Change
Vanguard 13.08m 2.50% −9.28k
Independent Franchise Partners LLP 13.00m 2.48% −36.45k
Darsana Capital Partners LP 11.94m 2.28% +93.20k
JPMorgan Chase 11.19m 2.14% −2.52m
BlackRock 10.21m 1.95% +551.09k
BARROW HANLEY MEWHINNEY & STRAUSS LLC 8.91m 1.70% −352.55k
DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 6.71m 1.28% −846.00k
Fidelity International (FIL) 5.83m 1.11% −44.51k
Goldman Sachs 4.98m 0.95% +3.30m
COOKE & BIELER LP 4.62m 0.88% −149.77k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Warner Music Group Corp. (WMG) Latest News

17 Oct

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8 Jul

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10 Jun

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8 Jun

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7 Jun

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25 May

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12 May

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WMG metrics, ten years each

stockrow.com/WMG · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com