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Warner Music Group (WMG) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 5, 2026 · Warner Music Group (WMG) Q3 FY26 earnings results →

Q3 FY26 Revenue up 10% year over year to $1.9B · 11¢ of every $1 of revenue kept as net profit · operating margin 16.4%

Warner Music Group made $1.9B in Q3 FY26 (+10% Y/Y). Operating margin 16.4%, net earnings $204M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.

Revenue$1.9B
Year over year+10%
Operating margin16.4%
Net earnings$204M
Operating cash flow$142M

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Warner Music Group Q3 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Warner Music Group Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.9B in Q3 FY26, up 10% year over year and up 8% from the previous quarter.

Operating profit was $0.30B, a 16.4% margin (up 6.4 points year over year). Of the extra revenue versus Q3 FY25, 78% reached operating profit, above the 10% margin then. Total costs grew 3% against revenue growth of 10%. The fastest-growing cost line was Cost of revenue (+11%). Net earnings were $0.20B ($0.20B including minority interests, which bore $4.0M of losses). The effective tax rate was 25.1%.

Operating cash flow was $0.14B (up 209% year over year), 71% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization. Working capital and other items used $0.17B. After capital expenditures ($0.03B), free cash flow as the company reports it was $0.11B.

Quarterly history

Warner Music Group revenue by quarterWarner Music Group revenue by quarter$1.6BQ4 FY24$1.5BQ2 FY25$1.7BQ3 FY25$1.9BQ4 FY25$1.8BQ1 FY26$1.7BQ2 FY26$1.9BQ3 FY26
Warner Music Group net earnings by quarterWarner Music Group net earnings by quarter$41.0MQ4 FY24$36.0MQ2 FY25−$16.0MQ3 FY25$109MQ4 FY25$176MQ1 FY26$183MQ2 FY26$204MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 5, 2026$1.9B+10%16.4%$204M$142M
Q2 FY2610-QMay 7, 2026$1.7B+17%15.2%$183M$126M
Q1 FY2610-QFeb 9, 2026$1.8B+10%15.7%$176M$440M
Q4 FY2510-KNov 20, 2025$1.9B+15%7.7%$109M$231M
Q3 FY2510-QAug 7, 2025$1.7B+9%10.0%−$16.0M$46.0M
Q2 FY2510-QMay 8, 2025$1.5B-0.7%11.3%$36.0M$69.0M
Q4 FY2410-KNov 21, 2024$1.6B+3%8.8%$41.0M$304M

Charts

Warner Music Group: revenue growth, year over year and quarter over quarterWarner Music Group: revenue growth, year over year and quarter over quarterY/YQ/Q+3%Q4 FY24-1%-9%Q2 FY25+9%+14%Q3 FY25+15%+11%Q4 FY25+10%-1%Q1 FY26+17%-6%Q2 FY26+10%+8%Q3 FY26
Latest (Q3 FY26): Y/Y +10%, Q/Q +8%.
Warner Music Group: where the cash came from (+) and went (−), TTM to Q3 FY26Warner Music Group: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$939MOther investing−$542MOther financing$411MDividends−$400MAcquisitions−$106MCapital spending−$103MCash drawn (+) / kept (−)−$91.0MBuybacks−$61.0MTaxes on employees’ shares−$28.0MPartners−$16.0MNot reconciled−$13.0MAsset & business sales$10.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Warner Music Group: profit against cash, quarter by quarterWarner Music Group: profit against cash, quarter by quarterNet incomeOperating cash flow$41.0M$304MQ4 FY24$236M$332MQ1 FY25$36.0M$69.0MQ2 FY25−$16.0M$46.0MQ3 FY25$109M$231MQ4 FY25$176M$440MQ1 FY26$183M$126MQ2 FY26$204M$142MQ3 FY26
Latest (Q3 FY26): Net income $204M, Operating cash flow $142M.
Warner Music Group in its industry: growth against margin (19 companies, SIC 7900)Warner Music Group in its industry: growth against margin (19 companies, SIC 7900)revenue growth, year over year →↑ operating marginmedian +7%median -9%LYVTKOFUNACELBATRALUCKSPHRLLYVARSVRGAMEGLXZVENUROLRAIFANOMASCRHFLZHBOTYWMG (+10%, 16%)
Services-Amusement & Recreation Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵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

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About Warner Music Group

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.

In its own words, from its 10-K, filed Nov 20, 2025.

Warner Music Group 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: 16.4% against the peers' median 7.9%.

CompanyQuarterRevenueY/YOp. margin
WMG Warner Music GroupQ3 FY26$1.9B+10%16.4%
LYV Live Nation EntertainmentQ3 2026$10.1B+19%8.8%
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%
LLYVA Liberty Live HoldingsQ3 2026$106M+72%-11.0%

Source: Warner Music Group 10-Q on SEC EDGAR · CIK 1319161 · Services-Amusement & Recreation Services

13F: who owns WMG and who is buying

Largest holders of WMG (13F)Largest holders of WMG (13F)Vanguard Group$394MIndependent Franchise Partners LLP$352MDarsana Capital Partners LP$323MBlackRock$276MDarlington Partners Capital Manag…$182MVanguard Capital Management LLC$168MVanguard Portfolio Management LLC$159MFIL$158MGoldman Sachs Group$135MThrivent Financial for Lutherans$107M
Funds' net buying of WMG by quarter (13F)Funds' net buying of WMG by quarter (13F)$146M2024-09−$196M2024-12−$84.8M2025-03$3.8M2025-06$136M2025-09−$146M2025-12$161M2026-03$175M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WMG

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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