What is Warner Music Group's music publishing — cost of revenue?

Warner Music Group (WMG) reported music publishing — cost of revenue of $224M in Q1 2026.

How has Warner Music Group's music publishing — cost of revenue changed year-over-year?

Warner Music Group's music publishing — cost of revenue increased by 15.5% year-over-year, from $194M to $224M.

What does music publishing — cost of revenue mean?

The direct costs associated with generating publishing revenue, primarily consisting of royalty payments to songwriters and publishers. It also includes costs related to the administration and collection of these royalties.

Warner Music Group WMG Music Publishing — Cost of revenue

Other segment segments

Recorded Music

$707M+18.0%

Similar metrics at other companies

RSVRMusic Publishing — Cost Of Revenue

$12.37M+12.3%

RSVRRecorded Music — Cost Of Revenue

$3.7M+14.3%

RSVRMusic Publishing — General And Administrative Expense

$7.54M+16.7%

RSVRMusic Publishing — Revenue

$30.87M+10.6%

RSVRMusic Publishing — Operating Income Loss Excluding Depreciation Depletion And Amortization

$10.97M+4.9%

RGLDTotal Cost of Revenue

$60.34M+146%

Other financials

Income statement

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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

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Market cap$13.85B-14.4%

Enterprise value$14B-29.9%

P/E30.6×-23.8×

P/S1.9×-0.6×

Profitability

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Gross margin45.8%-1.0pp

Operating margin12.1%+0.6pp

Net margin6.3%-0.8pp

FCF margin10.2%-1.8pp

Returns & leverage

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Return on equity69.3%-21.1pp

Debt / equity1.2×-6.3×

Current ratio0.7×+0.1×

Where this comes from

Reported directly by Warner Music Group in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

The official record: Warner Music Group’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Warner Music Group's music publishing — cost of revenue?: Warner Music Group (WMG) reported music publishing — cost of revenue of $224M in Q1 2026.
How has Warner Music Group's music publishing — cost of revenue changed year-over-year?: Warner Music Group's music publishing — cost of revenue increased by 15.5% year-over-year, from $194M to $224M.
What does music publishing — cost of revenue mean?: The direct costs associated with generating publishing revenue, primarily consisting of royalty payments to songwriters and publishers. It also includes costs related to the administration and collection of these royalties.