Warner Music
WMG · NasdaqServices-Amusement & Recreation Services · Fiscal year ends Sep 30
Warner Music reported revenue of $6.7B in the fiscal year ended Sep 2025, up 4.4% from the year before. Operating income was $694M, an operating margin of 10.3%, and net income was $365M. Operating cash flow of $678M less capital expenditure of $139M left free cash flow of $539M. Net debt was $3.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $5.3B | $5.9B | $6B | $6.4B | $6.7B |
| Cost of revenue | $2.7B | $3.1B | $3.2B | $3.4B | $3.6B |
| Gross profit | $2.6B | $2.8B | $2.9B | $3.1B | $3.1B |
| Selling, general & admin | $1.7B | $1.9B | $1.8B | $1.9B | $1.9B |
| Operating income | $609M | $714M | $790M | $823M | $694M |
| Interest expense | $119M | $125M | $157M | $182M | $177M |
| Pre-tax income | $456M | $740M | $609M | $601M | $490M |
| Income tax | $149M | $185M | $170M | $123M | $120M |
| Net income | $304M | $551M | $430M | $435M | $365M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $499M | $584M | $641M | $694M | $532M |
| Receivables | $839M | $984M | $1.1B | $1.3B | $1.3B |
| Inventory | $99M | $108M | $126M | $99M | $62M |
| Current assets | $1.9B | $2.1B | $2.4B | $2.6B | $2.8B |
| Net PP&E | $364M | $415M | $458M | $481M | $441M |
| Goodwill | $1.8B | $1.9B | $2B | $2B | $2.1B |
| Total assets | $7.2B | $7.8B | $8.5B | $9.2B | $9.8B |
| Payables | $302M | $268M | $300M | $289M | $257M |
| Deferred revenue | $348M | $423M | $371M | $246M | $286M |
| Current liabilities | $3.2B | $3.4B | $3.5B | $3.9B | $4.2B |
| Long-term debt | $3.3B | $3.7B | $4B | $4B | $4.1B |
| Total liabilities | $7.2B | $7.7B | $8.1B | $8.5B | $9.1B |
| Shareholders' equity | $31M | $152M | $307M | $518M | $647M |
| Backlog (remaining obligations) | $910M | $903M | $778M | $604M | $1B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $638M | $742M | $687M | $754M | $678M |
| Capital expenditure | $93M | $135M | $127M | $116M | $139M |
| Free cash flow | $545M | $607M | $560M | $638M | $539M |
| Depreciation & amortisation | $306M | $339M | $332M | $327M | $376M |
| Stock-based compensation | $45M | $39M | $49M | $52M | $54M |
| Acquisitions | $64M | $509M | $126M | $40M | $46M |
| Share buybacks | – | – | $0 | $0 | $16M |
| Dividends paid | $265M | $318M | $340M | $361M | $383M |
| Dividend per share | 0.51 | 0.61 | 0.65 | 0.69 | 0.73 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.7% | 2.0% | 6.4% | 4.4% |
| Operating income growth (YoY) | – | 17.2% | 10.6% | 4.2% | −15.7% |
| Gross margin | 48.3% | 48.0% | 47.4% | 47.8% | 45.8% |
| Operating margin | 11.5% | 12.1% | 13.1% | 12.8% | 10.3% |
| Net margin | 5.7% | 9.3% | 7.1% | 6.8% | 5.4% |
| Return on equityBlank when equity is negative | 980.6% | 362.5% | 140.1% | 84.0% | 56.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.0% | 16.0% | 15.8% | 15.7% | 12.3% |
| Free cash flow margin | 10.3% | 10.3% | 9.3% | 9.9% | 8.0% |
| Cash conversion (CFO ÷ net income) | 2.10x | 1.35x | 1.60x | 1.73x | 1.86x |
| Receivable days | 58 | 61 | 68 | 71 | 73 |
| Inventory days | 13 | 13 | 14 | 11 | 6 |
| Payable days | 40 | 32 | 34 | 31 | 26 |
| Interest cover | 5.12x | 5.71x | 5.03x | 4.52x | 3.92x |
| Debt ÷ equity | 108x | 24.6x | 12.9x | 7.75x | 6.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.8B | $3.1B | $3.3B | $3.3B | $3.5B |
| Current ratio | 0.60x | 0.64x | 0.68x | 0.68x | 0.66x |
Recent filings
More in Services-Amusement & Recreation Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.