Warner Music Group WMG Business Segments
| Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Music Publishing | $353M-2.5% | $362M+7.4% | $337M+0.3% | $336M+8.4% | $310M-4.0% | |
| Recorded Music | $1.38B-6.8% | $1.48B-3.5% | $1.53B+13.3% | $1.35B+15.2% | $1.18B-12.6% | |
| Operating Income (Loss) by Business | ||||||
| Music Publishing | $61M-6.2% | $65M— | —— | —— | $52M-5.5% | |
| Recorded Music | $288M-12.5% | $329M— | —— | —— | $203M-14.7% | |
| Cost of revenue by Business | ||||||
| Music Publishing | $224M-1.8% | $228M— | —— | —— | $194M-7.6% | |
| Recorded Music | $707M-7.0% | $760M— | —— | —— | $599M-12.7% | |
| General and administrative expense by Business | ||||||
| Music Publishing | $32M-5.9% | $34M— | —— | —— | $34M+9.7% | |
| Recorded Music | $153M-0.6% | $154M— | —— | —— | $161M-10.6% | |
| Gain (Loss) on Disposition of Business by Business | ||||||
| Music Publishing | $0— | $0— | —— | —— | —— | |
| Recorded Music | $0— | $0— | —— | —— | —— | |
| Other adjustments by Business | ||||||
| Music Publishing | $0— | $0— | $0— | $0— | $0— | |
| Recorded Music | -$13M-750% | $2M— | —— | $32M— | —— | |
| Selling and marketing expense by Business | ||||||
| Music Publishing | $1M0.0% | $1M— | —— | —— | $1M0.0% | |
| Recorded Music | $159M+6.0% | $150M— | —— | —— | $149M-1.3% | |
| Restructuring & Impairment by Business | ||||||
| Music Publishing | $0— | $0— | —— | —— | $0— | |
| Recorded Music | $6M-72.7% | $22M— | —— | —— | $13M-53.6% | |
| Distribution expense by Business | ||||||
| Music Publishing | $0— | $0— | —— | —— | $0— | |
| Recorded Music | $30M-3.2% | $31M— | —— | —— | $17M-46.9% | |
| Cumulative restructuring and impairment charges by Business | ||||||
| Music Publishing | $5M0.0% | $5M— | —— | —— | —— | |
| Recorded Music | $206M+122% | $93M-54.9% | $206M-0.5% | $207M-0.5% | $208M+6.7% | |
| Acquisitions by Business | ||||||
| Music Publishing | $0— | $0— | $0— | $0— | $0— | |
| Recorded Music | $4M— | $0-100% | $2M+100% | $1M— | $0-100% | |
| Goodwill by Business | ||||||
| Music Publishing | $464M0.0% | $464M0.0% | $464M0.0% | $464M0.0% | $464M0.0% | |
| Recorded Music | $1.59B-0.6% | $1.6B+0.1% | $1.6B-0.2% | $1.6B+2.1% | $1.57B+1.2% | |
| Amortization expense by Business | ||||||
| Music Publishing | $35M+2.9% | $34M— | —— | —— | $29M+11.5% | |
| Recorded Music | $37M+8.8% | $34M— | —— | —— | $33M+10.0% | |
| Depreciation by Business | ||||||
| Music Publishing | $0-100% | $1M— | —— | —— | $2M+100% | |
| Recorded Music | $10M-16.7% | $12M— | —— | —— | $13M-13.3% | |
| Revenue by Product | ||||||
| Artist services and expanded-rights | $164M-29.0% | $231M-29.4% | $327M+67.7% | $195M+66.7% | $117M-40.3% | |
| Digital | $1.2B+0.7% | $1.19B+3.4% | $1.15B+1.7% | $1.13B+10.1% | $1.03B-4.7% | |
| Licensing | $104M-14.0% | $121M-4.0% | $126M+13.5% | $111M+5.7% | $105M-4.5% | |
| Mechanical | $17M-5.6% | $18M+5.9% | $17M+6.3% | $16M0.0% | $16M+14.3% | |
| Other | $4M-20.0% | $5M+66.7% | $3M-25.0% | $4M0.0% | $4M-42.9% | |
| Performance | $58M-9.4% | $64M+4.9% | $61M+5.2% | $58M+9.4% | $53M-5.4% | |
| Physical | $137M-9.9% | $152M+16.9% | $130M+9.2% | $119M+6.3% | $112M-32.5% | |
| Synchronization | $50M-16.7% | $60M+9.1% | $55M+1.9% | $54M+10.2% | $49M+25.6% | |
| Revenue by Geography | ||||||
| International | $990M-7.9% | $1.08B-0.6% | $1.08B+11.8% | $968M+17.0% | $827M-14.1% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Warner Music Group break its business down?
- Warner Music Group (WMG) reports revenue by business across 2 parts — Music Publishing and Recorded Music. Each is extracted from the segment footnotes and tracked over time.
- Where does Warner Music Group's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Warner Music Group's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
