WMG Financials Warner Music Group Corp.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:15 UTC Overview →

Growth & profitability

Revenue has grown 8.5% per year over the past 5 years.
Operating margin has expanded, at 10.3% in the latest year.
Free cash flow has declined 3.9% per year over the past 5 years.

Financial health

Total debt ($4.4B) exceeds cash ($532M); net debt is $3.8B.
Total debt has grown in line with revenue (7.1% vs 8.5% per year).
Total debt is 4.1× EBITDA.

Shareholder returns

Dividends have been paid for 9 consecutive years, consuming 104.9% of earnings and 71.1% of free cash flow.
The dividend has grown 2.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$6.7B	$365M	45.8%	10.3%	56.4%	3.7%	$539M	$4.4B	$532M
2024	$6.4B	$435M	47.8%	12.8%	84.0%	4.8%	$638M	$4.0B	$694M
2023	$6.0B	$430M	47.4%	13.1%	140.1%	5.0%	$560M	$4.0B	$641M
2022	$5.9B	$551M	48.0%	12.1%	362.5%	7.0%	$607M	$3.7B	$584M
2021	$5.3B	$304M	48.3%	11.5%	980.6%	4.2%	—	$3.3B	$499M
2020	$4.5B	-$475M	47.7%	-5.1%	754.0%	-7.4%	—	$3.1B	$553M
2019	$4.5B	$256M	46.3%	8.0%	-88.6%	4.3%	—	$3.0B	$619M
2018	$4.0B	$307M	45.8%	5.4%	-91.9%	5.7%	—	$2.8B	$514M
2017	$3.6B	$143M	46.0%	6.2%	48.8%	2.5%	—	$2.8B	$647M
2016	$3.2B	$25M	47.4%	6.6%	12.8%	0.5%	—	$2.8B	$359M
2015	—	-$91M	—	—	-41.2%	-1.6%	—	$3.0B	$246M
2014	—	-$308M	—	—	-83.0%	-5.2%	—	$3.0B	$157M
2013	—	-$198M	—	—	-27.3%	-3.2%	—	$2.9B	$155M
2012	—	-$112M	—	—	-12.1%	-2.1%	—	$2.2B	$302M
2010	—	-$143M	—	—	54.0%	-3.8%	—	$1.9B	$439M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.9B	$204M	45.8%	16.4%	23.9%	1.9%	$114M	$4.7B	$618M
Mar '26	$1.7B	$183M	46.3%	15.2%	24.8%	1.7%	$99M	$4.7B	$741M
Dec '25	$1.8B	$176M	46.4%	15.7%	24.4%	1.8%	$420M	$4.4B	$751M
Sep '25	$1.9B	$109M	44.6%	7.7%	16.8%	1.1%	$203M	$4.4B	$532M
Jun '25	$1.7B	-$16M	45.9%	10.0%	-2.7%	-0.2%	$7M	$4.4B	$527M
Mar '25	$1.5B	$36M	46.7%	11.3%	6.3%	0.4%	$33M	$4.3B	$637M
Dec '24	$1.7B	$236M	46.3%	12.8%	43.3%	2.6%	$296M	$4.0B	$802M
Sep '24	$1.6B	$41M	47.6%	8.8%	7.9%	0.4%	$271M	$4.0B	$694M
Jun '24	$1.6B	$139M	46.6%	13.3%	28.8%	1.6%	$160M	$4.0B	$607M
Mar '24	$1.5B	$96M	47.1%	8.0%	22.2%	1.1%	-$57M	$4.0B	$587M
Dec '23	$1.7B	$159M	49.7%	20.3%	34.3%	1.8%	$264M	$4.0B	$754M
Sep '23	$1.6B	$152M	46.7%	13.4%	49.5%	1.8%	$300M	$4.0B	$641M
Jun '23	$1.6B	$122M	45.7%	12.1%	43.4%	1.5%	$113M	$4.0B	$600M
Mar '23	$1.4B	$34M	48.5%	8.9%	13.5%	0.4%	-$41M	$4.0B	$601M
Dec '22	$1.5B	$122M	48.9%	17.8%	45.2%	1.5%	$188M	$3.9B	$720M
Sep '22	$1.5B	$148M	46.6%	10.9%	97.4%	1.9%	—	$3.7B	$584M
Jun '22	$1.4B	$124M	46.5%	10.2%	79.5%	1.6%	$128M	$3.8B	$345M
Mar '22	$1.4B	$92M	49.3%	12.1%	59.7%	1.2%	$16M	$3.8B	$385M
Dec '21	$1.6B	$187M	49.3%	14.8%	122.2%	2.3%	$95M	$3.8B	$450M
Sep '21	$1.4B	$28M	45.3%	7.3%	90.3%	0.4%	—	$3.3B	$499M

Valuation over time

How the market has priced WMG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 31.7× (Mar '23) to 44.4× (Nov '26).
The price-to-sales ratio has fallen from 3.0× (Mar '23) to 2.4× (Nov '26).
The dividend yield has risen from 1.8% (Mar '23) to 2.4% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WMG growing its revenue and profit?

Over the past 5 years, Warner Music Group Corp.'s revenue has grown 8.5% per year. These are computed facts, not advice.

How much debt does WMG have?

As of FY2025, Warner Music Group Corp. reported $4.4B of total debt against $532M of cash.

What is WMG's profit margin?

In FY2025, gross margin was 45.8%, operating margin 10.3%, and net margin 5.4%.

What is WMG's P/E ratio?

Warner Music Group Corp.'s P/E (TTM) is 24.11 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the WMG stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 44.4× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.