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Warner Music Group WMG Physical — Revenue

Other product segments

Digital
$1.2B+16.5%
Artist services and expanded-rights
$164M+40.2%
Licensing
$104M-1.0%
Performance
$58M+9.4%
Synchronization
$50M+2.0%
Mechanical
$17M+6.3%
Other
$4M0.0%

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BENFSales of physical commodities
-$25.37M-635%

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$15.12B-1.6%
Enterprise value$15.28B-20.3%
P/E33.5×-18.3×
P/S2.1×-0.3×

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:RevenueFromContractWithCustomerExcludingAssessedTax.

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 physical — revenue?
Warner Music Group (WMG) reported physical — revenue of $137M in Q1 2026.
How has Warner Music Group's physical — revenue changed year-over-year?
Warner Music Group's physical — revenue increased by 22.3% year-over-year, from $112M to $137M.
What is the long-term trend for Warner Music Group's physical — revenue?
Over 4 years (2021 to 2025), Warner Music Group's physical — revenue has grown at a -1.0% compound annual growth rate (CAGR), from $549M to $527M.
What does physical — revenue mean?
This metric represents the total gross revenue generated from the sale of physical music formats, such as vinyl records, CDs, and other tangible media products. It serves as a key indicator of consumer demand for collectible and physical music assets within the broader recorded music industry. This revenue stream reflects the company's ability to monetize its catalog and new releases through traditional retail and direct-to-consumer physical channels.