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How Warner Music Group (WMG) makes money
Warner Music Group (WMG) made $1.9B of revenue in the third quarter fiscal 2026 (Q3 FY26), +10% from a year earlier. Of every dollar of revenue, 16¢ was left as operating profit, 11¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 FY26 | % of revenue |
|---|---|---|
| Revenue | $1.9B | 100.0% |
| Operating profit | $305M | 16.4% |
| Income tax | $67.0M | 3.6% |
| Net earnings | $204M | 10.9% |
| Operating cash flow | $142M | 7.6% |
| Free cash flow | $114M | 6.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 FY26 | $1.9B | +10% |
| Q2 FY26 | $1.7B | +17% |
| Q1 FY26 | $1.8B | +10% |
| Q4 FY25 | $1.9B | +15% |
| Q3 FY25 | $1.7B | +9% |
| Q2 FY25 | $1.5B | -0.7% |
| Q4 FY24 | $1.6B | +3% |
From Warner Music Group's 10-Q filed Aug 5, 2026 (on EDGAR).
Questions
How does Warner Music Group make money?
Warner Music Group (WMG) made $1.9B of revenue in the third quarter fiscal 2026 (Q3 FY26), +10% from a year earlier. Of every dollar of revenue, 16¢ was left as operating profit, 11¢ was left as net earnings.
What is Warner Music Group's profit margin?
Net earnings were $204M, 10.9% of revenue, in the third quarter fiscal 2026; the operating margin was 16.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.