WMG

MKT CAP:$15B

Warner Music Group Corp.

Market Cap

$15B

Communication Services·Entertainment·🇺🇸 United States·NASDAQ

Communication·Entertainment·🇺🇸·NASDAQ

Stock Price

$30.26-$0.18 (-0.59%)

Apr 20, 2026

Company Details

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. The company operates through Recorded Music and Music Publishing segments. The Recorded Music segment...

CEO

Robert Kyncl

IPO Date

Jun 3, 2020

Website

www.wmg.com

Key Metrics TTM

Revenue

$6.5B

+31.3% YoY

Net Income

$225M

EPS (Diluted)

$0.43

Free Cash Flow

$52M

Revenue / Share

$12.59

Gross Margin

46.0%

Operating Margin

9.2%

Net Margin

3.4%

FCF Margin

0.8%

P/S

2.3x

P/E

67.3x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

Q4 2025

Nov 20, 2025

$1.9BEPS $0.21

Q3 2025

Aug 7, 2025

$1.7BEPS -$0.03

Q2 2025

May 8, 2025

$1.5B-0.7%EPS $0.07

Q2 2024

May 9, 2024

$1.5BEPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$958M	$427M	$28M
Q1 19	$1.2B	$577M	$147M
Q2 19	$1.1B	$531M	$122M
Q2 20	$1.1B	$536M	-$49M
Q3 20	$1.0B	$483M	-$433M
Q2 21	$1.3B	$627M	$151M
Q3 21	$1.3B	$659M	$162M
Q2 22	$1.4B	$679M	$166M
Q2 24	$1.5B	$703M	$119M
Q2 25	$1.5B	$693M	$168M
Q3 25	$1.7B	$776M	$169M
Q4 25	$1.9B	$834M	$143M

Valuation

Quarter	P/S	P/E
Q3 18	—	—
Q1 19	—	—
Q2 19	—	—
Q2 20	3.6x	39.2x
Q3 20	3.6x	—
Q2 21	3.8x	—
Q3 21	4.0x	—
Q2 22	3.9x	—
Q2 24	3.1x	46.5x
Q2 25	2.9x	57.3x
Q3 25	2.3x	68.3x
Q4 25	2.7x	78.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$129M	$112M
Q1 19	$92M	$61M
Q2 19	$7M	-$37M
Q2 20	$86M	$66M
Q3 20	$123M	$93M
Q2 21	$150M	$127M
Q3 21	$91M	-$61M
Q2 22	$44M	$12M
Q2 24	-$31M	-$80M
Q2 25	$69M	-$46M
Q3 25	$46M	-$25M
Q4 25	$231M	$203M

Capital Expenditures

Quarter	CapEx
Q3 18	$17M
Q1 19	$31M
Q2 19	$44M
Q2 20	$20M
Q3 20	$30M
Q2 21	$23M
Q3 21	$152M
Q2 22	$32M
Q2 24	$49M
Q2 25	$115M
Q3 25	$71M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+5.4%	+55.2%
Q2 21	+3.9%	+4.1%
Q3 21	+22.9%	+21.7%
Q2 22	+28.5%	+8.0%
Q2 24	+47.9%	-4.7%
Q2 25	+18.7%	+19.7%
Q3 25	+26.0%	+29.0%
Q4 25	+35.8%	+42.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$25M	2.6%
Q1 19	$12M	1.0%
Q2 19	$2M	0.2%
Q2 20	$167M	15.6%
Q3 20	$440M	43.6%
Q2 21	$15M	1.2%
Q3 21	$12M	0.9%
Q2 22	$6M	0.4%
Q2 24	$9M	0.6%
Q2 25	$14M	0.9%
Q3 25	$16M	0.9%
Q4 25	$11M	0.6%

OpEx Breakdown

Quarter	G&A	S&M
Q3 18	$197M	$146M
Q1 19	$180M	$196M
Q2 19	$171M	$183M
Q2 20	$351M	$187M
Q3 20	$717M	$152M
Q2 21	$217M	$201M
Q3 21	$223M	$214M
Q2 22	$229M	$215M
Q2 24	$232M	$188M
Q2 25	$248M	$174M
Q3 25	$282M	$189M
Q4 25	$175M	$201M

Revenue Segments

Quarter	Music Publishing	Recorded Music
Q3 18	$159M	$802M
Q3 20	$149M	$861M
Q2 21	$192M	$1.1B
Q3 21	$189M	$1.2B
Q2 22	$230M	$1.1B
Q2 24	$306M	$1.2B
Q2 25	$310M	$1.2B
Q3 25	$336M	$1.4B
Q4 25	$337M	$1.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$385M	$0	$385M
Q3 22	$345M	$0	$345M
Q4 22	$584M	$0	$584M
Q1 23	$720M	$0	$720M
Q2 23	$601M	$0	$601M
Q3 23	$600M	$0	$600M
Q4 23	$641M	$0	$641M
Q1 24	$754M	$0	$754M
Q2 24	$587M	$0	$587M
Q3 24	$607M	$0	$607M
Q4 24	$694M	$0	$694M
Q1 25	$802M	$0	$802M
Q2 25	$637M	$0	$637M
Q3 25	$527M	$0	$527M
Q4 25	$532M	$0	$532M
Q1 26	$751M	$0	$751M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	502M	—	—
Q1 19	502M	0.0%	—
Q2 19	502M	0.0%	—
Q2 20	502M	0.0%	—
Q3 20	504M	+0.4%	+0.4%
Q2 21	514M	+2.0%	+2.5%
Q3 21	514M	+0.0%	+2.5%
Q2 22	515M	+0.1%	+2.5%
Q2 24	518M	+0.6%	+2.7%
Q2 25	520M	+0.5%	+1.2%
Q3 25	521M	+0.2%	+1.3%
Q4 25	519M	-0.4%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$211.9K	5K
Q1 19	$258.2K	5K
Q2 19	$233.9K	5K
Q2 20	$198.3K	5K
Q3 20	$187.0K	5K
Q2 21	$227.3K	6K
Q3 21	$243.6K	6K
Q2 22	$233.2K	6K
Q2 24	$253.2K	6K
Q2 25	$255.9K	6K
Q3 25	$291.2K	6K
Q4 25	$339.6K	6K

Revenue / Employee