Warner Music Group WMG Business Segments
| Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Music Publishing | $353M+13.9% | $362M+12.1% | $337M+14.2% | $336M+10.2% | $310M+1.3% | |
| Recorded Music | $1.38B+17.4% | $1.48B+10.0% | $1.53B+14.6% | $1.35B+8.2% | $1.18B-1.2% | |
| Operating Income (Loss) by Business | ||||||
| Music Publishing | $61M+17.3% | $65M+18.2% | —— | —— | $52M-12.6% | |
| Recorded Music | $288M+41.9% | $329M+38.2% | —— | —— | $203M-11.4% | |
| Cost of revenue by Business | ||||||
| Music Publishing | $224M+15.5% | $228M+8.6% | —— | —— | $194M+1.7% | |
| Recorded Music | $707M+18.0% | $760M+10.8% | —— | —— | $599M-7.8% | |
| General and administrative expense by Business | ||||||
| Music Publishing | $32M-5.9% | $34M+9.7% | —— | —— | $34M+10.6% | |
| Recorded Music | $153M-5.0% | $154M-14.4% | —— | —— | $161M-3.0% | |
| 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— | $2M+107% | —— | $32M— | —— | |
| Selling and marketing expense by Business | ||||||
| Music Publishing | $1M0.0% | $1M0.0% | —— | —— | $1M+100% | |
| Recorded Music | $159M+6.7% | $150M-0.7% | —— | —— | $149M-10.1% | |
| Restructuring & Impairment by Business | ||||||
| Music Publishing | $0— | $0— | —— | —— | $0— | |
| Recorded Music | $6M-53.8% | $22M-21.4% | —— | —— | $13M-68.7% | |
| Distribution expense by Business | ||||||
| Music Publishing | $0— | $0— | —— | —— | $0— | |
| Recorded Music | $30M+76.5% | $31M-3.1% | —— | —— | $17M-35.2% | |
| Cumulative restructuring and impairment charges by Business | ||||||
| Music Publishing | $5M— | $5M— | —— | —— | —— | |
| Recorded Music | $206M-1.0% | $93M-52.3% | $206M— | $207M— | $208M— | |
| Acquisitions by Business | ||||||
| Music Publishing | $0— | $0— | $0— | $0— | $0— | |
| Recorded Music | $4M— | $0-100% | $2M0.0% | $1M— | $0-100% | |
| Goodwill by Business | ||||||
| Music Publishing | $464M0.0% | $464M0.0% | $464M0.0% | $464M0.0% | $464M0.0% | |
| Recorded Music | $1.59B+1.5% | $1.6B+3.2% | $1.6B+2.6% | $1.6B+4.0% | $1.57B+1.6% | |
| Amortization expense by Business | ||||||
| Music Publishing | $35M+20.7% | $34M+30.8% | —— | —— | $29M+18.4% | |
| Recorded Music | $37M+12.1% | $34M+13.3% | —— | —— | $33M+3.9% | |
| Depreciation by Business | ||||||
| Music Publishing | $0-100% | $1M0.0% | —— | —— | $2M+100% | |
| Recorded Music | $10M-23.1% | $12M-20.0% | —— | —— | $13M0.0% | |
| Revenue by Product | ||||||
| Artist services and expanded-rights | $164M+40.2% | $231M+17.9% | $327M+67.7% | $195M+22.6% | $117M-7.1% | |
| Digital | $1.2B+16.5% | $1.19B+10.3% | $1.15B+8.0% | $1.13B+5.3% | $1.03B-0.6% | |
| Licensing | $104M-1.0% | $121M+10.0% | $126M-1.6% | $111M+23.3% | $105M+1.0% | |
| Mechanical | $17M+6.3% | $18M+28.6% | $17M+13.3% | $16M+23.1% | $16M+6.7% | |
| Other | $4M0.0% | $5M-28.6% | $3M-40.0% | $4M0.0% | $4M0.0% | |
| Performance | $58M+9.4% | $64M+14.3% | $61M+41.9% | $58M+11.5% | $53M+1.9% | |
| Physical | $137M+22.3% | $152M-8.4% | $130M-3.0% | $119M-0.8% | $112M+0.9% | |
| Synchronization | $50M+2.0% | $60M+53.8% | $55M+19.6% | $54M+28.6% | $49M+2.1% | |
| Revenue by Geography | ||||||
| International | $990M+19.7% | $1.08B+11.6% | $1.08B+17.9% | $968M+10.3% | $827M+1.2% |
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.
