Warner Music Group (WMG) financial statements
Warner Music Group reported revenue of $6.7B in fiscal 2025, up 8.4% a year over 9 years.
Net income was $365M and the operating margin 10.3%, against 6.6% in 2016.
Free cash flow was $539M, and the company returned $383M in dividends and $16M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Warner Music Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.6B | $4.0B | $4.5B | $4.5B | $5.3B | $5.9B | $6.0B | $6.4B | $6.7B |
| Cost of revenue | $1.7B | $1.9B | $2.2B | $2.4B | $2.3B | $2.7B | $3.1B | $3.2B | $3.4B | $3.6B |
| Gross profit | $1.5B | $1.6B | $1.8B | $2.1B | $2.1B | $2.6B | $2.8B | $2.9B | $3.1B | $3.1B |
| Selling, general and admin | $1.1B | $1.2B | $1.4B | $1.5B | $2.2B | $1.7B | $1.9B | $1.8B | $1.9B | $1.9B |
| Operating income | $214M | $222M | $217M | $356M | -$229M | $609M | $714M | $790M | $823M | $694M |
| Interest expense | — | — | — | — | — | $119M | $125M | $157M | $182M | $177M |
| Pre-tax income | $41M | -$2M | $442M | $267M | -$447M | $456M | $740M | $609M | $601M | $490M |
| Income tax | $11M | -$151M | $130M | $9M | $23M | $149M | $185M | $170M | $123M | $120M |
| Net income | $25M | $143M | $307M | $256M | -$475M | $304M | $551M | $430M | $435M | $365M |
| Gross margin | 47.4% | 46.0% | 45.8% | 46.3% | 47.7% | 48.3% | 48.0% | 47.4% | 47.8% | 45.8% |
| Operating margin | 6.6% | 6.2% | 5.4% | 8.0% | -5.1% | 11.5% | 12.1% | 13.1% | 12.8% | 10.3% |
| Net margin | 0.8% | 4.0% | 7.7% | 5.7% | -10.6% | 5.7% | 9.3% | 7.1% | 6.8% | 5.4% |
Balance sheet
Fiscal years, from Warner Music Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $359M | $647M | $514M | $619M | $553M | $499M | $584M | $641M | $694M | $532M |
| Receivables | $329M | $404M | $447M | $775M | $771M | $839M | $984M | $1.1B | $1.3B | $1.3B |
| Inventory | $41M | $39M | $42M | $74M | $79M | $99M | $108M | $126M | $99M | $62M |
| Total current assets | $908M | $1.3B | $1.2B | $1.7B | $1.7B | $1.9B | $2.1B | $2.4B | $2.6B | $2.8B |
| Property, plant and equipment | $203M | $213M | $229M | $300M | $331M | $364M | $415M | $458M | $481M | $441M |
| Goodwill | $1.6B | $1.7B | $1.7B | $1.8B | $1.8B | $1.8B | $1.9B | $2.0B | $2.0B | $2.1B |
| Total assets | $5.3B | $5.7B | $5.3B | $6.0B | $6.4B | $7.2B | $7.8B | $8.5B | $9.2B | $9.8B |
| Total current liabilities | $1.8B | $2.1B | $2.4B | $2.8B | $2.7B | $3.1B | $3.4B | $3.5B | $3.9B | $4.2B |
| Long-term debt | $2.8B | $2.8B | $2.8B | $3.0B | $3.1B | $3.3B | $3.7B | $4.0B | $4.0B | $4.1B |
| Total liabilities | $5.1B | $5.4B | $5.7B | $6.3B | $6.5B | $7.2B | $7.7B | $8.1B | $8.5B | $9.1B |
| Shareholders' equity | $195M | $293M | -$334M | -$289M | -$63M | $31M | $152M | $307M | $518M | $647M |
| Net debt | $2.4B | $2.2B | $2.3B | $2.4B | $2.6B | $2.8B | $3.1B | $3.3B | $3.3B | $3.5B |
Cash flow
Fiscal years, from Warner Music Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $342M | $535M | $425M | $400M | $463M | $638M | $742M | $687M | $754M | $678M |
| Capital spending | $42M | $44M | $74M | $104M | $85M | $93M | $135M | $127M | $116M | $139M |
| Free cash flow | $300M | $491M | $351M | $296M | $378M | $545M | $607M | $560M | $638M | $539M |
| Stock-based compensation | $23M | $70M | $62M | $50M | $608M | $45M | $39M | $49M | $52M | $54M |
| Dividends paid | — | $84M | $925M | $94M | $344M | $265M | $318M | $340M | $361M | $383M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$16M |
| Net borrowing | -$309M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 9.2% | 13.7% | 8.8% | 6.6% | 8.5% | 10.3% | 10.3% | 9.3% | 9.9% | 8.0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WMG.
Open WMG in InvestinglyQuestions
What was Warner Music Group's revenue in 2025?
$6.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Warner Music Group generate?
$539M in fiscal 2025 (operating cash flow minus capital spending).
From Warner Music Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.