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Reservoir Media (RSVR) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 4, 2026 · Reservoir Media (RSVR) Q2 FY27 earnings results →

Q2 FY27 Revenue up 10% year over year to $49.9M · 9¢ of every $1 of revenue kept as net profit · operating margin 24.6%

Reservoir Media made $49.9M in Q2 FY27 (+10% Y/Y): Music Publishing $33.2M, Recorded Music $15.4M, Other revenue $1.3M. Operating margin 24.6%, net earnings $4.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$49.9M
Year over year+10%
Operating margin24.6%
Net earnings$4.7M
Operating cash flow$23.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $49.9M in Q2 FY27, up 10% year over year and up 20% from the previous quarter. Music Publishing was the largest line at 67% of revenue. Music Publishing added $2.4M year over year (up 8%), 53% of the total change. Other revenue declined 17%.

Operating profit was $12.3M, a 24.6% margin (up 1.0 points year over year). Of the extra revenue versus Q2 FY26, 35% reached operating profit, above the 24% margin then. Total costs grew 8% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $4.7M, up 109% year over year ($4.6M including minority interests, which bore $93K of losses). The effective tax rate was 23.6%.

Operating cash flow was $23.0M (up 19% year over year), 496% of net income including minority interests. Non-cash charges added back $8.5M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $8.7M. Capital expenditures of $81K left free cash flow of $22.9M.

Quarterly history

Reservoir Media revenue by quarterReservoir Media revenue by quarter$41.4MQ4 FY25$37.2MQ1 FY26$45.4MQ2 FY26$45.6MQ3 FY26$47.5MQ4 FY26$41.5MQ1 FY27$49.9MQ2 FY27
Reservoir Media net earnings by quarterReservoir Media net earnings by quarter$2.7MQ4 FY25−$644KQ1 FY26$2.3MQ2 FY26$2.2MQ3 FY26$4.4MQ4 FY26−$508KQ1 FY27$4.7MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 4, 2026$49.9M+10%24.6%$4.7M$23.0M
Q1 FY2710-QAug 4, 2026$41.5M+12%13.0%−$508K−$1.4M
Q4 FY2610-KMay 28, 2026$47.5M+15%24.8%$4.4M$11.9M
Q3 FY2610-QFeb 4, 2026$45.6M+8%22.7%$2.2M$12.9M
Q2 FY2610-QNov 4, 2025$45.4M+12%23.5%$2.3M$19.3M
Q1 FY2610-QAug 5, 2025$37.2M+8%14.7%−$644K$6.0M
Q4 FY2510-KMay 28, 2025$41.4M+6%25.2%$2.7M$12.2M

Charts

Reservoir Media: revenue growth, year over year and quarter over quarterReservoir Media: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q4 FY25+8%-10%Q1 FY26+12%+22%Q2 FY26+8%+0%Q3 FY26+15%+4%Q4 FY26+12%-13%Q1 FY27+10%+20%Q2 FY27
Latest (Q2 FY27): Y/Y +10%, Q/Q +20%.
Reservoir Media: where the cash came from (+) and went (−), TTM to Q2 FY27Reservoir Media: where the cash came from (+) and went (−), TTM to Q2 FY27Other investing−$81.8MOperating cash flow$46.4MNet borrowing (+) / repaid (−)$35.0MCash drawn (+) / kept (−)$3.2MTaxes on employees’ shares−$2.1MCapital spending−$488KOther financing−$288KExchange rates$28K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Reservoir Media: profit against cash, quarter by quarterReservoir Media: profit against cash, quarter by quarterNet incomeOperating cash flow$5.3M$11.2MQ3 FY25$2.7M$12.2MQ4 FY25−$644K$6.0MQ1 FY26$2.2M$19.3MQ2 FY26$2.2M$12.9MQ3 FY26$4.1M$11.9MQ4 FY26−$508K−$1.4MQ1 FY27$4.6M$23.0MQ2 FY27
Latest (Q2 FY27): Net income $4.6M, Operating cash flow $23.0M.
Reservoir Media: diluted shares by fiscal yearReservoir Media: diluted shares by fiscal year45MFY2158MFY2265MFY2365MFY2466MFY2566MFY26
+48.9% since FY21: more shares outstanding (issuance, stock pay).
Reservoir Media in its industry: growth against margin (19 companies, SIC 7900)Reservoir Media in its industry: growth against margin (19 companies, SIC 7900)revenue growth, year over year →↑ operating marginmedian +7%median -9%LYVWMGTKOFUNACELBATRALUCKSPHRLLYVAGAMEGLXZVENUROLRAIFANOMASCRHFLZHBOTYRSVR (+10%, 25%)
Services-Amusement & Recreation Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Reservoir Media

Reservoir Media, Inc., together with its wholly-owned subsidiaries (the “ Company ”, “ we ”, “ our ”, “ us ” and “ Reservoir ”), is one of the world’s leading independent music companies. We operate a music publishing business, a recorded music business, and a management business. We have two reportable segments—Music Publishing and Recorded Music. We represent copyrights and master recordings dating back as far as the early 1900s through today, with hundreds of #1 releases worldwide. Our growth has been partially based on Music Publishing and Recorded Music catalog acquisitions as well as a strategic expansion of our writer and artist rosters.

In its own words, from its 10-K, filed May 28, 2026.

Reservoir Media against its Services-Amusement & Recreation Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +10%. Operating margin: 24.6% against the peers' median 8.8%.

CompanyQuarterRevenueY/YOp. margin
RSVR Reservoir MediaQ2 FY27$49.9M+10%24.6%
LYV Live Nation EntertainmentQ3 2026$10.1B+19%8.8%
WMG Warner Music GroupQ3 FY26$1.9B+10%16.4%
TKO TKO Group HoldingsQ3 2026$1.4B+22%27.8%
FUN Six Flags EntertainmentQ3 2026$1.2B-11%-25.6%
ACEL Accel EntertainmentQ3 2026$364M+10%7.9%
BATRA Atlanta Braves HoldingsQ3 2026$325M+4%2.7%
LUCK Lucky Strike EntertainmentQ1 FY27$303M+4%9.3%
SPHR Sphere EntertainmentQ3 2026$274M+4%-87.7%

Source: Reservoir Media 10-Q on SEC EDGAR · CIK 1824403 · Services-Amusement & Recreation Services

Guidance and outlook

Reservoir Media: what its forward-looking statements are about (10-Q filed 2026-11-04)Reservoir Media: what its forward-looking statements are about (10-Q filed 2026-11-04)Supply chain1Financing1Costs1
3 statements; tone -0.33 (−1 all cautious, +1 all confident); 1 hedged.
Reservoir Media: outlook statements against the filing beforeReservoir Media: outlook statements against the filing beforeCautious1

13F: who owns RSVR and who is buying

Largest holders of RSVR (13F)Largest holders of RSVR (13F)Richmond Hill Investments, LLC$116MIrenic Capital Management LP$61.9MNantahala Capital Management, LLC$18.6MBlackRock$12.5MDimensional Fund Advisors LP$11.9MFederated Hermes$8.2MGeode Capital Management, LLC$6.7MVanguard Group$5.2MGruss & Co., LLC$4.9MState Street$4.2M
Funds' net buying of RSVR by quarter (13F)Funds' net buying of RSVR by quarter (13F)−$12.3M2024-09−$1.2M2024-12$2.8M2025-03$8.0M2025-06$90K2025-09$3.1M2025-12−$2.9M2026-03$5.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RSVR

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Reservoir Media（RSVR）财报

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