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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 (-), and Recorded Music ($101.5M). The company-wide operating margin is 14.21%. Based on the Q2 2026 filing.

Music Publishing (TTM)-Recorded Music (TTM)$101.5M
Latest FilingQ2 2026
Report Date2026-05-07
Market Cap$14.9B
P/E Ratio21.15
ROE107.89%

Geographic

Long-lived Assets

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

Business Segments

Acquisitions

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$21M$0$1M$2M$0$4M
Music Publishing$0$0$0$0$0$0

Depreciation

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

Distribution expense

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

General and administrative expense

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

Impairments

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

Other adjustments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music-$29M—$32M—$2M-$13M
Music Publishing$0$0$0$0$0$0

Selling and marketing expense

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

Severance costs

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

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$9M$2M

Severance and other terminated costs

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Recorded Music$2M$7M-$1M$66M$13M$5M