Filing Flows › Comparisons › WMG vs ACEL
Warner Music Group vs Accel Entertainment: WMG and ACEL compared
Warner Music Group is the larger company: $1.9B of revenue in its latest quarter (Q3 FY26) against $364M for Accel Entertainment (Q3 2026). Warner Music Group is growing faster (+10% against +10% a year earlier). Warner Music Group is more profitable, with an operating margin of 16.4% against 7.9%.
Where the money goes: WMG and ACEL
Warner Music Group (WMG) · Q3 FY26
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.
Accel Entertainment (ACEL) · Q3 2026
Accel Entertainment, Q3 2026: revenue $364M (+10% year over year), operating margin 7.9%, net earnings $20.6M, operating cash flow $79.4M. The chart follows the revenue to costs, profit and cash.
| Warner Music Group (WMG) | Accel Entertainment (ACEL) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $1.9B | $364M |
| Revenue growth, Y/Y | +10% | +10% |
| Operating margin | 16.4% | 7.9% |
| Net earnings | $204M | $20.6M |
| Net margin | 10.9% | 5.7% |
| Operating cash flow | $142M | $79.4M |
| Free cash flow | $114M | $62.0M |
| Market value | $16.5B | $1.1B |
| P/E | 24.8× | 18.1× |
| Analysts’ mean target | $38.00 | $15.71 |
Where the revenue comes from
Accel Entertainment
- Net gaming: $343M (94%)
- ATM fees and other: $14.2M (4%)
- Amusement: $5.0M (1%)
Questions
Which is bigger, Warner Music Group or Accel Entertainment?
Warner Music Group is the larger company: $1.9B of revenue in its latest quarter (Q3 FY26) against $364M for Accel Entertainment (Q3 2026).
Is Warner Music Group or Accel Entertainment growing faster?
Warner Music Group is growing faster (+10% against +10% a year earlier).
Which is more profitable, Warner Music Group or Accel Entertainment?
Warner Music Group is more profitable, with an operating margin of 16.4% against 7.9%.
More: Warner Music Group earnings · how Warner Music Group makes money · Accel Entertainment earnings · how Accel Entertainment makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 5, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.