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Warner Music Group (WMG) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 9, 2026
Warner Music Group (WMG) reported revenue of $1.8B for the first quarter fiscal 2026 (Q1 FY26), +10% from a year earlier and -1% from the quarter before. Operating margin was 15.7%, net earnings $176M (9.6% of revenue).
Warner Music Group, Q1 FY26: revenue $1.8B (+10% year over year), operating margin 15.7%, net earnings $176M, operating cash flow $440M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -1% | +10% |
| Operating profit | $288M | +101% | +35% |
| Net earnings | $176M | +61% | -25% |
| Operating cash flow | $440M | +90% | +33% |
| Free cash flow | $420M | — | +42% |
What changed
Revenue was $1.8B in Q1 FY26, up 10% year over year and down 1% from the previous quarter.
Operating profit was $0.29B, a 15.7% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 13% margin then. Total costs grew 7% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $0.18B, down 25% year over year. The effective tax rate was 28.9%.
Operating cash flow was $0.44B (up 33% year over year), 251% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization. Working capital and other items added $0.17B. After capital expenditures ($0.02B), free cash flow as the company reports it was $0.42B.
Questions
What was Warner Music Group's revenue in the first quarter fiscal 2026?
Warner Music Group (WMG) reported revenue of $1.8B for the first quarter fiscal 2026 (Q1 FY26), +10% from a year earlier and -1% from the quarter before.
Was Warner Music Group profitable in the first quarter fiscal 2026?
Operating profit was $288M (15.7% of revenue) and net earnings $176M.
Source: Warner Music Group 10-Q on SEC EDGAR.