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Warner Music Group WMG Q2 2026 earnings

Reported May 7, 2026 · After market close

Revenue$1.7BBeat by $119.7MDiluted EPS$0.44Beat by $0.14
Revenue estimate$1.6B
EPS estimate$0.30

Next report

Aug 6, 2026 (In 3 weeks)
Revenue estimate$1.8B
EPS estimate$0.38

Financials

Q2 2026

Income statement

See full
Revenue$1.7B+16.7%
Gross profit$802.0M+15.7%
Operating income$264.0M+57.1%
Net income$183.0M+408%

Balance sheet

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Cash & equivalents$741.0M+16.3%
Total debt$895.0M-79.0%
Total equity$738.0M+30.2%
Total assets$10.6B+10.9%

Cash flow

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Operating cash flow$126.0M+82.6%
CapEx$27.0M-25.0%
Free cash flow$99.0M+200%

Valuation & ratios

Valuation

as of 07/13/26
See full
Market cap$15.12B-1.6%
Enterprise value$15.28B-20.3%
P/E33.5×-18.3×
P/S2.1×-0.3×

Profitability

See full
Gross margin45.8%-1.0pp
Operating margin12.1%+0.6pp
Net margin6.3%-0.8pp
FCF margin10.2%-1.8pp

Returns & leverage

See full
Return on equity69.3%-21.1pp
Debt / equity1.2×-6.3×
Current ratio0.7×+0.1×

Segments

By product

See full
Digital$1.2B+16.5%
Artist services and expanded-rights$164.0M+40.2%
Physical$137.0M+22.3%
Licensing$104.0M-1.0%
Performance$58.0M+9.4%

By segment

See full
Recorded Music$1.4B+17.4%
Music Publishing$353.0M+13.9%

Versus estimates

Revenue

Q2 2026$1.7BBeat by $119.7M
Q1 2026$1.8BBeat by $67.2MQ4 2025$1.9BBeat by $96.0MQ3 2025$1.7BBeat by $95.7MQ2 2025$1.5BMiss by $33.0MQ1 2025$1.7BBeat by $131.3M

Diluted EPS

Q2 2026$0.44Beat by $0.14
Q1 2026$0.33Miss by $0.07Q4 2025$0.21Miss by $0.14Q3 2025-$0.03Miss by $0.32Q2 2025$0.07Miss by $0.21Q1 2025$0.45Beat by $0.11

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Questions, answered.

When did Warner Music Group report Q2 2026 earnings?
Warner Music Group (WMG) reported Q2 2026 earnings on May 7, 2026 after market close.
What were Warner Music Group's Q2 2026 revenue and EPS?
Warner Music Group reported revenue of $1.7B and diluted EPS of $0.44 for Q2 2026.
Did Warner Music Group beat estimates in Q2 2026?
Revenue beat the consensus estimate of $1.6B by $119.7M. EPS beat the consensus estimate of $0.30 by $0.14.
How did Warner Music Group's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 16.7% from $1.5B a year earlier and diluted EPS grew 528.6% from $0.07.
Where can I find Warner Music Group's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001319161-26-000021) and the 10-Q periodic report (0001319161-26-000022) directly on SEC EDGAR. The filing index links above go to sec.gov.