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 30 h ago 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

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	FCF	Total debt	Cash
2025	$6.7B	$365M	45.8%	10.3%	$539M	$4.4B	$532M
2024	$6.4B	$435M	47.8%	12.8%	$638M	$4.0B	$694M
2023	$6.0B	$430M	47.4%	13.1%	$560M	$4.0B	$641M
2022	$5.9B	$551M	48.0%	12.1%	$607M	$3.7B	$584M
2021	$5.3B	$304M	48.3%	11.5%	—	$3.3B	$499M
2020	$4.5B	-$475M	47.7%	-5.1%	—	$3.1B	$553M
2019	$4.5B	$256M	46.3%	8.0%	—	$3.0B	$619M
2018	$4.0B	$307M	45.8%	5.4%	—	$2.8B	$514M
2017	$3.6B	$143M	46.0%	6.2%	—	$2.8B	$647M
2016	$3.2B	$25M	47.4%	6.6%	—	$2.8B	$359M
2015	—	-$91M	—	—	—	$3.0B	$246M
2014	—	-$308M	—	—	—	$3.0B	$157M
2013	—	-$198M	—	—	—	$2.9B	$155M
2012	—	-$112M	—	—	—	$2.2B	$302M
2010	—	-$143M	—	—	—	$1.9B	$439M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$1.7B	$183M	46.3%	15.2%	$99M	$4.7B	$741M
Dec '25	$1.8B	$176M	46.4%	15.7%	$420M	$4.4B	$751M
Sep '25	$1.9B	$109M	44.6%	7.7%	$203M	$4.4B	$532M
Jun '25	$1.7B	-$16M	45.9%	10.0%	$7M	$4.4B	$527M
Mar '25	$1.5B	$36M	46.7%	11.3%	$33M	$4.3B	$637M
Dec '24	$1.7B	$236M	46.3%	12.8%	$296M	$4.0B	$802M
Sep '24	$1.6B	$41M	47.6%	8.8%	$271M	$4.0B	$694M
Jun '24	$1.6B	$139M	46.6%	13.3%	$160M	$4.0B	$607M
Mar '24	$1.5B	$96M	47.1%	8.0%	-$57M	$4.0B	$587M
Dec '23	$1.7B	$159M	49.7%	20.3%	$264M	$4.0B	$754M
Sep '23	$1.6B	$152M	46.7%	13.4%	$300M	$4.0B	$641M
Jun '23	$1.6B	$122M	45.7%	12.1%	$113M	$4.0B	$600M
Mar '23	$1.4B	$34M	48.5%	8.9%	-$41M	$4.0B	$601M
Dec '22	$1.5B	$122M	48.9%	17.8%	$188M	$3.9B	$720M
Sep '22	$1.5B	$148M	46.6%	10.9%	—	$3.7B	$584M
Jun '22	$1.4B	$124M	46.5%	10.2%	$128M	$3.8B	$345M
Mar '22	$1.4B	$92M	49.3%	12.1%	$16M	$3.8B	$385M
Dec '21	$1.6B	$187M	49.3%	14.8%	$95M	$3.8B	$450M
Sep '21	$1.4B	$28M	45.3%	7.3%	—	$3.3B	$499M
Jun '21	$1.3B	$61M	49.2%	12.1%	$71M	$3.4B	$442M

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-sales ratio has fallen from 0.0× (Mar '23) to 0.0× (Jun '26).
The dividend yield has risen from 890908.3% (Mar '23) to 1363832.4% (Jun '26).

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%.

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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.