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Warner Music Group (WMG) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 7, 2026
Warner Music Group (WMG) reported revenue of $1.7B for the second quarter fiscal 2026 (Q2 FY26), +17% from a year earlier and -6% from the quarter before. Operating margin was 15.2%, net earnings $183M (10.6% of revenue).
Warner Music Group, Q2 FY26: revenue $1.7B (+17% year over year), operating margin 15.2%, net earnings $183M, operating cash flow $126M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | -6% | +17% |
| Operating profit | $264M | -8% | +57% |
| Net earnings | $183M | +4% | +408% |
| Operating cash flow | $126M | -71% | +83% |
| Free cash flow | $99.0M | — | +200% |
What changed
Revenue was $1.7B in Q2 FY26, up 17% year over year and down 6% from the previous quarter.
Operating profit was $0.26B, a 15.2% margin (up 3.9 points year over year). Of the extra revenue versus Q2 FY25, 39% reached operating profit, above the 11% margin then. Total costs grew 12% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+18%). Net earnings were $0.18B, up 408% year over year ($0.18B including minority interests, which bore $2.0M of losses). The effective tax rate was 28.7%.
Operating cash flow was $0.13B (up 83% year over year), 70% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization. Working capital and other items used $0.16B. After capital expenditures ($0.03B), free cash flow as the company reports it was $0.10B.
Questions
What was Warner Music Group's revenue in the second quarter fiscal 2026?
Warner Music Group (WMG) reported revenue of $1.7B for the second quarter fiscal 2026 (Q2 FY26), +17% from a year earlier and -6% from the quarter before.
Was Warner Music Group profitable in the second quarter fiscal 2026?
Operating profit was $264M (15.2% of revenue) and net earnings $183M.
Source: Warner Music Group 10-Q on SEC EDGAR.