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Stocks · Consumer discretionary · Services-Amusement & Recreation Services

Warner Music Group Corp.

WMG Clue Score50
United States Fiscal year ends September CIK 0001319161
$28.72 -0.66% Close, 9 Oct 2026
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Price $28.72 −37.73% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 3 Jun 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue3,576.0Operating income222.0Net income143.0Fiscal year 2018Revenue4,005.0 +12.0%Operating income217.0Net income307.0 +114.7%Fiscal year 2019Revenue4,475.0 +11.7%Operating income356.0Net income256.0 −16.6%Fiscal year 2020Revenue4,463.0 −0.3%Operating income−229.0Net income−475.0 −285.5%Fiscal year 2021Revenue5,301.0 +18.8%Operating income609.0Net income304.0Fiscal year 2022Revenue5,919.0 +11.7%Operating income714.0Net income551.0 +81.3%Fiscal year 2023Revenue6,037.0 +2.0%Operating income790.0Net income430.0 −22.0%Fiscal year 2024Revenue6,426.0 +6.4%Operating income823.0Net income435.0 +1.2%Fiscal year 2025Revenue6,707.0 +4.4%Operating income694.0Net income365.0 −16.1%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3,576.0 4,005.0 4,475.0 4,463.0 5,301.0 5,919.0 6,037.0 6,426.0 6,707.0
Growth +12.0% +11.7% −0.3% +18.8% +11.7% +2.0% +6.4% +4.4%
Operating income 222.0 217.0 356.0 −229.0 609.0 714.0 790.0 823.0 694.0
Net income 143.0 307.0 256.0 −475.0 304.0 551.0 430.0 435.0 365.0
Growth +114.7% −16.6% −285.5% +81.3% −22.0% +1.2% −16.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin6.2%Net margin4.0%Free cash flow margin13.7%Fiscal year 2018Operating margin5.4%Net margin7.7%Free cash flow margin8.8%Fiscal year 2019Operating margin8.0%Net margin5.7%Free cash flow margin6.6%Fiscal year 2020Operating margin−5.1%Net margin−10.6%Free cash flow margin8.5%Fiscal year 2021Operating margin11.5%Net margin5.7%Free cash flow margin10.3%Fiscal year 2022Operating margin12.1%Net margin9.3%Free cash flow margin10.3%Fiscal year 2023Operating margin13.1%Net margin7.1%Free cash flow margin9.3%Fiscal year 2024Operating margin12.8%Net margin6.8%Free cash flow margin9.9%Fiscal year 2025Operating margin10.3%Net margin5.4%Free cash flow margin8.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 6.2% 5.4% 8.0% −5.1% 11.5% 12.1% 13.1% 12.8% 10.3%
Net margin 4.0% 7.7% 5.7% −10.6% 5.7% 9.3% 7.1% 6.8% 5.4%
Free cash flow margin 13.7% 8.8% 6.6% 8.5% 10.3% 10.3% 9.3% 9.9% 8.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow535.0Capital expenditure−44.0Free cash flow491.0Dividends paid−84.0Fiscal year 2018Operating cash flow425.0Capital expenditure−74.0Free cash flow351.0 −28.5%Dividends paid−925.0Fiscal year 2019Operating cash flow400.0Capital expenditure−104.0Free cash flow296.0 −15.7%Dividends paid−94.0Fiscal year 2020Operating cash flow463.0Capital expenditure−85.0Free cash flow378.0 +27.7%Dividends paid−344.0Fiscal year 2021Operating cash flow638.0Capital expenditure−93.0Free cash flow545.0 +44.2%Dividends paid−265.0Fiscal year 2022Operating cash flow742.0Capital expenditure−135.0Free cash flow607.0 +11.4%Dividends paid−318.0Fiscal year 2023Operating cash flow687.0Capital expenditure−127.0Free cash flow560.0 −7.7%Buybacks0.0Dividends paid−340.0Fiscal year 2024Operating cash flow754.0Capital expenditure−116.0Free cash flow638.0 +13.9%Buybacks0.0Dividends paid−361.0Fiscal year 2025Operating cash flow678.0Capital expenditure−139.0Free cash flow539.0 −15.5%Buybacks−16.0Dividends paid−383.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 535.0 425.0 400.0 463.0 638.0 742.0 687.0 754.0 678.0
Capital expenditure −44.0 −74.0 −104.0 −85.0 −93.0 −135.0 −127.0 −116.0 −139.0
Free cash flow 491.0 351.0 296.0 378.0 545.0 607.0 560.0 638.0 539.0
Growth −28.5% −15.7% +27.7% +44.2% +11.4% −7.7% +13.9% −15.5%
Buybacks n/a n/a n/a n/a n/a n/a 0.0 0.0 −16.0
Dividends paid −84.0 −925.0 −94.0 −344.0 −265.0 −318.0 −340.0 −361.0 −383.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash647.0Total debt2,811.0Net cash (debt)−2,164.0Shareholders’ equity293.0Debt to equity9.59Fiscal year 2018Cash514.0Total debt2,819.0Net cash (debt)−2,305.0Shareholders’ equity−334.0Fiscal year 2019Cash619.0Total debt2,974.0Net cash (debt)−2,355.0Shareholders’ equity−289.0Fiscal year 2020Cash553.0Total debt3,104.0Net cash (debt)−2,551.0Shareholders’ equity−63.0Fiscal year 2021Cash499.0Total debt3,346.0Net cash (debt)−2,847.0Shareholders’ equity31.0Debt to equity107.94Fiscal year 2022Cash584.0Total debt3,732.0Net cash (debt)−3,148.0Shareholders’ equity152.0Debt to equity24.55Fiscal year 2023Cash641.0Total debt3,964.0Net cash (debt)−3,323.0Shareholders’ equity307.0Debt to equity12.91Fiscal year 2024Cash694.0Total debt4,014.0Net cash (debt)−3,320.0Shareholders’ equity518.0Debt to equity7.75Fiscal year 2025Cash532.0Total debt4,063.0Net cash (debt)−3,531.0Shareholders’ equity647.0Debt to equity6.28
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 647.0 514.0 619.0 553.0 499.0 584.0 641.0 694.0 532.0
Total debt 2,811.0 2,819.0 2,974.0 3,104.0 3,346.0 3,732.0 3,964.0 4,014.0 4,063.0
Net cash (debt) −2,164.0 −2,305.0 −2,355.0 −2,551.0 −2,847.0 −3,148.0 −3,323.0 −3,320.0 −3,531.0
Shareholders’ equity 293.0 −334.0 −289.0 −63.0 31.0 152.0 307.0 518.0 647.0
Debt to equity 9.59 n/a n/a n/a 107.94 24.55 12.91 7.75 6.28

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Margins
6.2% 5.4% 8.0% −5.1% 11.5% 12.1% 13.1% 12.8% 10.3%
−0.1% 11.0% 6.0% −10.0% 8.6% 12.5% 10.1% 9.4% 7.3%
4.0% 7.7% 5.7% −10.6% 5.7% 9.3% 7.1% 6.8% 5.4%
13.7% 8.8% 6.6% 8.5% 10.3% 10.3% 9.3% 9.9% 8.0%
Spending
34.2% 35.2% 33.7% 48.6% 32.5% 31.5% 30.2% 29.2% 28.2%
1.2% 1.8% 2.3% 1.9% 1.8% 2.3% 2.1% 1.8% 2.1%
n/a 29.4% 3.4% n/a 32.7% 25.0% 27.9% 20.5% 24.5%
Returns
48.8% n/a n/a n/a 980.6% 362.5% 140.1% 84.0% 56.4%
2.5% 5.7% 4.3% −7.4% 4.2% 7.0% 5.0% 4.8% 3.7%
Balance and payout
9.59 n/a n/a n/a 107.94 24.55 12.91 7.75 6.28
94.6% 106.0% 104.5% 100.7% 99.4% 97.9% 95.0% 92.6% 92.3%
58.7% 301.3% 36.7% n/a 87.2% 57.7% 79.1% 83.0% 104.9%
17.1% 263.5% 31.8% 91.0% 48.6% 52.4% 60.7% 56.6% 74.0%