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Warner Music Group (WMG) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Aug 5, 2026
Warner Music Group (WMG) reported revenue of $1.9B for the third quarter fiscal 2026 (Q3 FY26), +10% from a year earlier and +8% from the quarter before. Operating margin was 16.4%, net earnings $204M (10.9% of revenue).
Warner Music Group, Q3 FY26: revenue $1.9B (+10% year over year), operating margin 16.4%, net earnings $204M, operating cash flow $142M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +8% | +10% |
| Operating profit | $305M | +16% | +80% |
| Net earnings | $204M | +11% | — |
| Operating cash flow | $142M | +13% | +209% |
| Free cash flow | $114M | — | 16× |
What changed
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.
Questions
What was Warner Music Group's revenue in the third quarter fiscal 2026?
Warner Music Group (WMG) reported revenue of $1.9B for the third quarter fiscal 2026 (Q3 FY26), +10% from a year earlier and +8% from the quarter before.
Was Warner Music Group profitable in the third quarter fiscal 2026?
Operating profit was $305M (16.4% of revenue) and net earnings $204M.
Source: Warner Music Group 10-Q on SEC EDGAR.