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Warner Music Group logo

Warner Music Group Business Segments

Business, geographic, and product segment breakdowns

Warner Music Group generates $7.1B in annual revenue across 2 key segments: Music Publishing ($869.0M), and Recorded Music ($3.0B). The company-wide operating margin is 14.21%. Based on the Q2 2026 filing.

Music Publishing (TTM)$869.0MRecorded Music (TTM)$3.0B
Latest FilingQ2 2026
Report Date2026-05-07
Market Cap$14.9B
P/E Ratio21.15
ROE107.89%

Products & Services

Revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Artist services and expanded-rights$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Digital$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Licensing$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Mechanical$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Other$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Performance$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Physical$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Synchronization$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B

Geographic

Long-lived Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
All other territories——$121M———
Germany——$46M———
United Kingdom——$34M———
United States——$450M———

Revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
All other territories$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Germany$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
International$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
United Kingdom$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
United States$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B

Business Segments

Acquisitions

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing——$0$0——
Recorded Music——$1M$0——

Amortization expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$62M$67M$67M$68M$72M$68M
Recorded Music$62M$67M$67M$68M$72M$68M

CapEx

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$750K$750K$750K$750K——
Recorded Music$5.5M$5.5M$5.5M$5.5M——

Cost of revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$599M$686M$773M$760M$707M$760M
Music Publishing$194M$210M$189M$228M$224M$228M

Cumulative restructuring and impairment charges

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$218M$217M—$5M$5M—
Recorded Music$218M$217M$206M$93M$206M—

Depreciation

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$13M$15M$13M$12M$10M$12M
Music Publishing$2M$1M$1M$1M$0$1M

Distribution expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$17M$32M$32M$31M$30M$31M
Music Publishing$0$0$0$0$0$0

Gain (Loss) on Disposition of Business

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$0$0$0-$5M$0-$5M
Recorded Music$0$0$0-$5M$0-$5M

General and administrative expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$161M$180M$184M$154M$153M$154M
Music Publishing$34M$31M$32M$34M$32M$34M

Goodwill

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$2B$2.1B$2.1B$2.1B$2.1B—
Recorded Music$2B$2.1B$2.1B$2.1B$2.1B—

Impairments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$0$0$0$0——
Recorded Music$1M$1M$1M$1M——

Operating Income (Loss)

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$168M$169M$169M$288M$264M$288M
Recorded Music$168M$169M$169M$288M$264M$288M

Other adjustments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing——$0$0——
Recorded Music——$32M$2M——

Restructuring & Impairment

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$13M$69M$69M$34M$6M$34M
Recorded Music$13M$69M$69M$34M$6M$34M

Revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B
Recorded Music$1.5B$1.7B$1.7B$1.8B$1.7B$1.8B

Selling and marketing expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$149M$151M$165M$150M$159M$150M
Music Publishing$1M$1M$0$1M$1M$1M

Severance costs

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$1.3M$1.3M$1.3M$1.3M——

Total Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Music Publishing$9.6B$9.8B$9.8B$10B$10.6B—
Recorded Music$9.6B$9.8B$9.8B$10B$10.6B—

Customer concentration percentage (as a percent)

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music And Music Publishing Segments5.0%5.0%5.0%5.0%——

Number of customers

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music And Music Publishing Segments0.750.750.750.75——

Impairment expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$19.8M$19.8M$19.8M$19.8M——

Other impairments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music—$70M—$9M$2M$9M

Severance and other terminated costs

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music—-$1M—$13M——