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Warner Music Group WMG Recorded Music — CapEx

Other segment segments

Music Publishing
$3M+200%

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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:PaymentsToAcquireProductiveAssets.

The official record: Warner Music Group’s 10-K, filed November 20, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Warner Music Group's recorded music — capex?
Warner Music Group (WMG) reported recorded music — capex of $5.5M in Q3 2025.
How has Warner Music Group's recorded music — capex changed year-over-year?
Warner Music Group's recorded music — capex decreased by 21.4% year-over-year, from $7M to $5.5M.
What is the long-term trend for Warner Music Group's recorded music — capex?
Over 4 years (2021 to 2025), Warner Music Group's recorded music — capex has grown at a -9.6% compound annual growth rate (CAGR), from $33M to $22M.
What does recorded music — capex mean?
Funds used by the recorded music segment to acquire, upgrade, and maintain physical assets such as studio equipment, technology infrastructure, and office facilities. It reflects the ongoing investment required to support the production and distribution of music content.