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Warner Music Group Corp. (WMG) stock

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NASDAQ: WMG Nasdaq Movies & Entertainment Next results ~November 19, 2026

C+ Fundamentals grade

Warner Music Group Corp. is a US-listed company in the movies & entertainment industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: share count (502m) is 3.4x the market-data count (148m).

Price vs value

Under review: share count (502m) is 3.4x the market-data count (148m). We'll show the comparison once resolved.

Warner Music Group Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 0 selling3 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds193 adding, 159 cuttingOf 62 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Warner Music Group files

Where Warner Music stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.30bn, up 12.9% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 11.4% from 9.4% a year earlier. Operating margin widened to 13.7% from 10.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 7 financial-health checks.

Our model value for Warner Music Group is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

Warner Music Group Corp.'s trailing-twelve-month revenue grew 12.9% year on year, with a free-cash-flow margin of 11.4%. Where it stands out: net margin of 9.2% ranks 5 of 25 movies & entertainment companies we cover. Where it lags: long-term debt as % of assets of 43.9% ranks 17 of 19 movies & entertainment companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$79–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 37.7% while net income grew 126.3%: a 89pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.9% ranks 17 of 19 movies & entertainment companies we cover (median 21.6%).
  • Below peers: days sales outstanding. Days sales outstanding of 80 days ranks 15 of 17 movies & entertainment companies we cover (median 35 days).

Latest results: FY2026 Q3

Filed August 5, 2026
Earnings per share
$0.51 against an average estimate of $0.39: beat by 31.2%
Revenue
$1.86bn, up 10.4% on a year earlier
Share reaction
+2.5% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 19, 2026; average EPS estimate $0.42

Warner Music Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week+2.2%
  • 1 month+15.5%
  • This year+2.9%
  • 1 year-0.6%
  • 5 years-29.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.3B
Operating margin
13.7%
Net margin
9.2%

Growth

Revenue growth
+12.9%
Change in growth rate
+0.4 pts

Cash

Free cash flow (TTM)
$836M
FCF margin
11.4%
Stock pay % of revenue
1.2%

Earnings

Last results
August 5, 2026
Next results (est.)
November 3, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Agreement
  3. Leadership
  4. Leadership
  5. Results
  6. Results
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Warner Music Group Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: share count (502m) is 3.4x the market-data count (148m): held for review.

Our value per share comes from a discounted-cash-flow model of Warner Music Group Corp.'s free cash flow after stock-based pay ( $850M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Warner Music Group Corp. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$79–$160 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$44 ~$32–$75 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$56 ~$47–$68 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Warner Music Group Corp. with Movies & Entertainment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

52 /100

Moderate moat

How hard Warner Music Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.8% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 46.8%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 11.0%; its worst year was -6.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (57 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, before the open. Analysts expect revenue of $1.9bn and EPS of $0.42 (range $0.36 to $0.47) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.78 +46% $7.3bn +9%
Next $1.97 +10% $7.8bn +6%

Next year's EPS estimate has moved +0.4% in 90 days, across 6 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.39 $0.51 +31.2%
Mar 2026 $0.29 $0.43 +46.6%
Dec 2025 $0.40 $0.43 +6.9%
Sept 2025 $0.33 $0.51 +54.5%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Warner Music Group Corp.'s revenue by +6.8% next year and +8.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.2%, weight 65%) and the company's own record (+10.0%, weight 35%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1482%
Hold318%
Sell00%

Monthly trend

  1. Oct 2026311317
  2. Sep 2026310316
  3. Aug 2026211417
  4. Jul 2026211417

Counts of recommendations published by analysts covering Warner Music Group Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.9%
of tradable shares
Days to cover
5.12
at average volume
Short interest, 1 month
−2%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
5,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −0.6%

$31.15 on October 31, 2025 to $30.97

ThenNowEffect
Revenue (last 12 months) $6.5bn $7.3bn +12.9%
Net margin 4.6% 9.2% +100.4%
P/E multiple 34.2x 15.0x −56.1%
Share count 326m 326m 0.0%

Biggest factor: p/e multiple.

Last 3 years +1.0%

$30.66 on November 3, 2023 to $30.97

ThenNowEffect
Revenue (last 12 months) $5.9bn $7.3bn +22.8%
Net margin 7.2% 9.2% +28.5%
P/E multiple 23.5x 15.0x −36.0%
Share count 326m 326m 0.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WMG+15%−17%+4%−12%+1%+3%
Industry peers (median)−7%−43%+7%+24%+6%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WMG58%50%58%42%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WMG−18%−49%−37%−25%−28%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 3, 2020: 54% from October 28, 2021 to October 10, 2022. Getting back needed a 118% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$23.35 – $34.31
From 52-week high
−9.7%
vs 50-day average
+7.6%
vs 200-day average
+9.3%
Volatility (1 year)
35%
Beta vs S&P 500
0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.8%
After a week
7 up, 5 down
typical move ±4.5%
After a month
5 up, 7 down
typical move ±6.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +2.5% −0.4% −3.9% +15.4%
August 3, 2026 −0.6% +3.3% +1.7% +8.5%
May 7, 2026 +9.9% +0.5% +8.1% −0.6%
February 5, 2026 +3.0% +0.6% +1.2% −1.8%
November 20, 2025 +0.6% −0.5% −7.4% −1.9%
August 7, 2025 +5.6% +0.7% +7.4% +12.9%
May 8, 2025 −9.1% +0.6% −8.5% −12.3%
February 6, 2025 +1.9% −0.6% +9.4% +6.7%
November 21, 2024 −5.4% +0.8% −3.4% −7.7%
August 7, 2024 +1.0% +1.6% −0.5% −1.2%
February 7, 2024 −3.0% +0.9% +0.2% −6.3%
November 16, 2023 −3.2% +0.2% +2.0% +6.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Warner Music Group Corp. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Warner Music Group Corp.
$6B $6.5B $7B $7.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6B Revenue (TTM), FY24 Q1: $6.3B Revenue (TTM), FY24 Q2: $6.4B Revenue (TTM), FY24 Q3: $6.4B Revenue (TTM), FY24 Q4: $6.4B Revenue (TTM), FY25 Q1: $6.3B Revenue (TTM), FY25 Q2: $6.3B Revenue (TTM), FY25 Q3: $6.5B Revenue (TTM), FY25 Q4: $6.7B Revenue (TTM), FY26 Q1: $6.9B Revenue (TTM), FY26 Q2: $7.1B Revenue (TTM), FY26 Q3: $7.3B $7.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6B
FY24 Q1 $6.3B
FY24 Q2 $6.4B
FY24 Q3 $6.4B
FY24 Q4 $6.4B
FY25 Q1 $6.3B
FY25 Q2 $6.3B
FY25 Q3 $6.5B
FY25 Q4 $6.7B
FY26 Q1 $6.9B
FY26 Q2 $7.1B
FY26 Q3 $7.3B
Revenue growth, TTM YoY Warner Music Group Corp.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.0% Revenue growth, TTM YoY, FY24 Q1: 8.7% Revenue growth, TTM YoY, FY24 Q2: 9.9% Revenue growth, TTM YoY, FY24 Q3: 7.3% Revenue growth, TTM YoY, FY24 Q4: 6.4% Revenue growth, TTM YoY, FY25 Q1: 0.7% Revenue growth, TTM YoY, FY25 Q2: -0.9% Revenue growth, TTM YoY, FY25 Q3: 1.4% Revenue growth, TTM YoY, FY25 Q4: 4.4% Revenue growth, TTM YoY, FY26 Q1: 8.5% Revenue growth, TTM YoY, FY26 Q2: 12.6% Revenue growth, TTM YoY, FY26 Q3: 12.9% 12.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.0%
FY24 Q1 8.7%
FY24 Q2 9.9%
FY24 Q3 7.3%
FY24 Q4 6.4%
FY25 Q1 0.7%
FY25 Q2 -0.9%
FY25 Q3 1.4%
FY25 Q4 4.4%
FY26 Q1 8.5%
FY26 Q2 12.6%
FY26 Q3 12.9%
Operating margin (TTM) Warner Music Group Corp.
10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.1% Operating margin (TTM), FY24 Q1: 14.0% Operating margin (TTM), FY24 Q2: 13.7% Operating margin (TTM), FY24 Q3: 14.0% Operating margin (TTM), FY24 Q4: 12.8% Operating margin (TTM), FY25 Q1: 10.8% Operating margin (TTM), FY25 Q2: 11.6% Operating margin (TTM), FY25 Q3: 10.7% Operating margin (TTM), FY25 Q4: 10.3% Operating margin (TTM), FY26 Q1: 11.2% Operating margin (TTM), FY26 Q2: 12.1% Operating margin (TTM), FY26 Q3: 13.7% 13.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.1%
FY24 Q1 14.0%
FY24 Q2 13.7%
FY24 Q3 14.0%
FY24 Q4 12.8%
FY25 Q1 10.8%
FY25 Q2 11.6%
FY25 Q3 10.7%
FY25 Q4 10.3%
FY26 Q1 11.2%
FY26 Q2 12.1%
FY26 Q3 13.7%
FCF margin (TTM) Warner Music Group Corp.
8% 9% 10% 11% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.3% FCF margin (TTM), FY24 Q1: 10.1% FCF margin (TTM), FY24 Q2: 9.7% FCF margin (TTM), FY24 Q3: 10.5% FCF margin (TTM), FY24 Q4: 9.9% FCF margin (TTM), FY25 Q1: 10.6% FCF margin (TTM), FY25 Q2: 12.0% FCF margin (TTM), FY25 Q3: 9.4% FCF margin (TTM), FY25 Q4: 8.0% FCF margin (TTM), FY26 Q1: 9.6% FCF margin (TTM), FY26 Q2: 10.2% FCF margin (TTM), FY26 Q3: 11.4% 11.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.3%
FY24 Q1 10.1%
FY24 Q2 9.7%
FY24 Q3 10.5%
FY24 Q4 9.9%
FY25 Q1 10.6%
FY25 Q2 12.0%
FY25 Q3 9.4%
FY25 Q4 8.0%
FY26 Q1 9.6%
FY26 Q2 10.2%
FY26 Q3 11.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Warner Music Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.7B
  2. Cost of revenue $3.6B · 54.2%
  3. Gross profit $3.1B · 45.8%
  4. Selling, general and admin $1.9B · 28.2%
  5. Other operating costs $492M · 7.3%
  6. Operating income $694M · 10.3%
  7. Income tax $120M · 1.8%
  8. Interest and other $209M · 3.1%
  9. Net income $365M · 5.4%

Shares of revenue. Source: Warner Music Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Sept 2010 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 2,988 2,780 2,871 3,027 2,966 3,246 3,576 4,005 4,475 4,463 5,301 5,919 6,037 6,426 6,707 7,304
Gross profit 1,404 1,325 1,379 1,457 1,455 1,539 1,645 1,834 2,074 2,130 2,559 2,839 2,860 3,071 3,075 3,343
EBITDA 348 353 333 340 436 507 473 478 625 32 915 1,053 1,122 1,150 1,070 1,267
Operating income 90 109 75 19 127 214 222 217 356 −229 609 714 790 823 694 1,000
Net income −143 −112 −198 −308 −91 25 143 307 256 −475 304 551 430 435 365 672
Growth (year on year)
Revenue — −7.0% +3.3% +5.4% −2.0% +9.4% +10.2% +12.0% +11.7% −0.3% +18.8% +11.7% +2.0% +6.4% +4.4% +12.9%
EBITDA — +1.4% −5.7% +2.1% +28.2% +16.3% −6.7% +1.1% +30.8% −94.9% — +15.1% +6.6% +2.5% −7.0% +37.7%
Operating income — +21.1% −31.2% −74.7% — +68.5% +3.7% −2.3% +64.1% −164.3% — +17.2% +10.6% +4.2% −15.7% +44.1%
Net income — — — — — — — +114.7% −16.6% −285.5% — +81.3% −22.0% +1.2% −16.1% +126.3%
Margins
Gross margin 47.0% 47.7% 48.0% 48.1% 49.1% 47.4% 46.0% 45.8% 46.3% 47.7% 48.3% 48.0% 47.4% 47.8% 45.8% 45.8%
EBITDA margin 11.6% 12.7% 11.6% 11.2% 14.7% 15.6% 13.2% 11.9% 14.0% 0.7% 17.3% 17.8% 18.6% 17.9% 16.0% 17.3%
Operating margin 3.0% 3.9% 2.6% 0.6% 4.3% 6.6% 6.2% 5.4% 8.0% −5.1% 11.5% 12.1% 13.1% 12.8% 10.3% 13.7%
Net margin −4.8% −4.0% −6.9% −10.2% −3.1% 0.8% 4.0% 7.7% 5.7% −10.6% 5.7% 9.3% 7.1% 6.8% 5.4% 9.2%
Free-cash-flow margin 3.3% 6.4% 4.4% 1.8% 5.4% 9.2% 13.7% 8.8% 6.6% 8.5% 10.3% 10.3% 9.3% 9.9% 8.0% 11.4%
Cash flow
Cash from operations 150 209 159 130 222 342 535 425 400 463 638 742 687 754 678 939
Capital spending 51 32 34 76 63 42 44 74 104 85 93 135 127 116 139 103
Free cash flow 99 177 125 54 159 300 491 351 296 378 545 607 560 638 539 836
Stock-based pay 10 — 19 8 3 23 70 62 50 608 45 39 49 52 54 86
Free cash flow after stock pay 89 — 106 46 156 277 421 289 246 −230 500 568 511 586 485 750
Balance sheet
Cash 439 302 155 157 246 359 647 514 619 553 499 584 641 694 532 618
Total debt 1,945 2,206 2,867 3,030 2,994 2,778 2,811 — 2,974 3,127 3,383 3,773 4,002 4,048 4,365 4,710
Net debt (negative = net cash) 1,506 1,904 2,712 2,873 2,748 2,419 2,164 −514 2,355 2,574 2,884 3,189 3,361 3,354 3,833 4,092
Returned to shareholders
Dividends — — — — — — 84 925 94 344 265 318 340 361 383 400
Buybacks — — — — — — — — — — — — 0 0 16 61
Total returned — — — — — — 84 925 94 344 265 318 340 361 399 461

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $10.7bn
Short-term assets $3.3bnLonger-term assets $7.5bn
What it owes, and who funded it · $10.5bn
Short-term liabilities $4.4bnLonger-term liabilities $5.2bnShareholders' equity $854m
  • Short-term assets cover short-term liabilities $3.3bn of assets due within a year against $4.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.3bn short-term assets against $5.2bn of longer-dated liabilities.
  • More cash than debt $618m of cash against $4.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 552% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2514% to 552% over five years.
  • A year's operating cash flow covers at least 20% of debt $939m of operating cash flow against $4.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.0bn against $181m of interest.

From Warner Music Group Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$61M
Dividends (TTM)
$400M
Returned to shareholders
55%
of free cash flow
Buybacks, last 3 fiscal years
$16M
Total shareholder yield
10.1%
dividends 8.7% + buybacks 1.3% of market value
Dividend payout ratio
60%
of net income paid out
Sales & admin spending
25.7%
of revenue
Days sales outstanding
80 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in movies & entertainment
Last 12 months unless stated WMG ROKU TKO AMC FWONK IQ Median
Revenue, last 12 months $7.3bn $5.5bn $5.3bn $5.2bn $4.3bn $3.8bn $1.1bn
Revenue growth, last 12 months 12.9% 21.1% 5.1% 6.4% 12.2% −6.5% 8.5%
Revenue growth, 3-year average 7.1% 17.8% 63.0% 7.1% — — 7.1%
Revenue growth, latest quarter 10.4% 24.1% 18.2% 14.2% −30.4% — 11.3%
Gross margin 45.8% 45.3% — — 83.9% 21.1% 33.2%
Operating margin 13.7% 7.8% 18.8% 4.4% 3.8% 0.8% 2.5%
Operating margin, 3-year average 12.8% −0.6% 11.0% 0.1% 7.6% −12.2% −0.6%
Net margin 9.2% 9.3% 4.3% −10.6% 9.4% −0.8% 0.5%
Cash from operations / revenue 12.9% 14.7% 33.9% 4.2% 21.9% 0.4% 9.9%
Free-cash-flow margin 11.4% 14.6% 23.9% −0.4% 19.0% 0.0% 5.3%
Free-cash-flow margin, 3-year average 10.4% 9.4% 10.5% −5.6% 27.9% −1.0% 6.1%
Stock pay / revenue 1.2% 5.8% 2.5% 0.3% 0.5% 1.5% 1.5%
Change in share count — 3.2% — 42.1% −2.0% 846.8% 1.6%

Median of all 25 companies we cover in movies & entertainment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 movies & entertainment companies
Measure Company Peer median Rank
Revenue growth Growth 12.9% 8.5% 7 of 25
Change in growth rate Growth +0.4pp +0.7pp 14 of 25
Gross margin Profitability 45.8% 45.3% 4 of 10
Operating margin Profitability 13.7% 3.0% 5 of 24
Net margin Profitability 9.2% 0.5% 5 of 25
Free-cash-flow margin Cash generation 11.4% 7.1% 9 of 24
Stock pay as % of revenue Cash generation 1.2% 1.5% 12 of 25
Long-term debt as % of assets Balance sheet 43.9% 21.6% 17 of 19
Days sales outstanding Balance sheet 80 days 35 days 15 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Geography
Region Revenue Share YoY
United States $2.9B 42.9% ▲ 0.1%
All Other Countries $2.5B 36.7% ▲ 8.5%
United Kingdom $857M 12.8% ▲ 10.7%
Germany $515M 7.7% ▲ 0.4%

From Warner Music Group Corp.'s 10-K filed November 20, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.3B
Institutions reporting
334
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
71 / 55

Top buyers and sellers, Q2 2026: 193 institutions bought and 159 sold ; the biggest buyer was Goldman Sachs Group Inc (+3.3M shares) and the biggest seller Jpmorgan Chase & Co (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Independent Franchise Partners LLP $352M 13.0M 8.2% ▼ 0.3%
Darsana Capital Partners LP $323M 11.9M 7.5% ▲ 0.8%
Jpmorgan Chase & Co $298M 11.2M 6.9% ▼ 18.4%
Blackrock, Inc. $276M 10.2M 6.4% ▲ 5.7%
Barrow Hanley Mewhinney & Strauss LLC $241M 8.9M 5.6% ▼ 3.8%
Darlington Partners Capital Management, LP $182M 6.7M 4.2% ▼ 11.2%
Vanguard Capital Management LLC $168M 6.2M 3.9% ▼ 0.3%
Vanguard Portfolio Management LLC $159M 5.9M 3.7% ▼ 0.1%
Fil Ltd $158M 5.8M 3.7% ▼ 0.8%
Goldman Sachs Group Inc $135M 5.0M 3.1% ▲ 196.2%
Cooke & Bieler LP $125M 4.6M 2.9% ▼ 3.1%
Thrivent Financial For Lutherans $104M 3.8M 2.4% ▲ 5.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Warner Music Group Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $3M 3 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $3M net buying
Insider Date Trade Shares Price Value
Zerza Armin Chief Financial Officer December 11, 2025 Buy 35,778 $28.12 $1M
Blavatnik Valentin Director December 2, 2025 Buy 35,810 $27.88 $998,383
Blavatnik Valentin Director December 2, 2025 Buy 35,810 $27.88 $998,383

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • August 3, 2026
  • May 7, 2026
  • February 5, 2026
  • November 20, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Warner Music Group Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Warner Music Group Corp. in brief

What does Warner Music Group Corp. do?
Warner Music Group Corp. is a US-listed company in the movies & entertainment industry. Its financial year ends in September.
What is Warner Music Group Corp.'s stock ticker?
Warner Music Group Corp. trades under the ticker WMG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Warner Music Group Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Warner Music Group Corp. reported revenue of $7.3B, 12.9% higher than a year earlier, according to its SEC filings.
What is Warner Music Group Corp.'s free cash flow?
Warner Music Group Corp.'s free-cash-flow margin is 11.4% of revenue over the trailing twelve months, ranking 9 of the 24 movies & entertainment companies we cover.
Who are Warner Music Group Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Independent Franchise Partners LLP, Darsana Capital Partners LP and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Warner Music Group Corp. pay a dividend?
Yes: Warner Music Group Corp. paid $400M in dividends over the trailing twelve months, a dividend yield of 8.74% and a payout ratio of 59.5%.
How much debt does Warner Music Group Corp. have?
Warner Music Group Corp.'s debt-to-equity ratio is 551.5%, from its latest balance sheet (2513.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Warner Music Group Corp.'s competitors?
In our Movies & Entertainment peer group, the companies closest to Warner Music Group Corp. are Roku, Inc, TKO Group Holdings, AMC Entertainment Holdings, Inc., Liberty Media Corp and Iqiyi, Inc. The side-by-side comparison below sets their revenue, margins and growth against Warner Music Group Corp.'s.
Are insiders buying or selling Warner Music Group Corp. stock?
Over the last 12 months, Warner Music Group Corp.'s directors and officers reported 3 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Warner Music Group Corp.'s next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Warner Music Group Corp. announces its own schedule.