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Warner Music Group vs TKO Group Holdings: WMG and TKO compared
Warner Music Group is the larger company: $1.9B of revenue in its latest quarter (Q3 FY26) against $1.4B for TKO Group Holdings (Q3 2026). TKO Group Holdings is growing faster (+22% against +10% a year earlier). TKO Group Holdings is more profitable, with an operating margin of 27.8% against 16.4%.
Where the money goes: WMG and TKO
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.
TKO Group Holdings (TKO) · Q3 2026
TKO Group Holdings, Q3 2026: revenue $1.4B (+22% year over year), operating margin 27.8%, net earnings $98.7M, operating cash flow $472M. The chart follows the revenue to costs, profit and cash.
| Warner Music Group (WMG) | TKO Group Holdings (TKO) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $1.9B | $1.4B |
| Revenue growth, Y/Y | +10% | +22% |
| Operating margin | 16.4% | 27.8% |
| Net earnings | $204M | $98.7M |
| Net margin | 10.9% | 7.3% |
| Operating cash flow | $142M | $472M |
| Free cash flow | $114M | $450M |
| Market value | $16.5B | $14.0B |
| P/E | 24.8× | 51.1× |
| Analysts’ mean target | $38.00 | $232.37 |
Questions
Which is bigger, Warner Music Group or TKO Group Holdings?
Warner Music Group is the larger company: $1.9B of revenue in its latest quarter (Q3 FY26) against $1.4B for TKO Group Holdings (Q3 2026).
Is Warner Music Group or TKO Group Holdings growing faster?
TKO Group Holdings is growing faster (+22% against +10% a year earlier).
Which is more profitable, Warner Music Group or TKO Group Holdings?
TKO Group Holdings is more profitable, with an operating margin of 27.8% against 16.4%.
More: Warner Music Group earnings · how Warner Music Group makes money · TKO Group Holdings earnings · how TKO Group Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 5, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.