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Warner Music Group WMG Total digital and physical — Revenue

Other product segments

Digital
$1.25B+10.4%
Artist services and expanded-rights
$224M+14.9%
Physical
$137M+15.1%
Licensing
$111M0.0%
Synchronization
$60M+11.1%
Performance
$59M+1.7%
Mechanical
$19M+18.8%
Other
$4M0.0%

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Other financials

Income statement

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Revenue$1.9B+10.4%
Gross profit$854.0M+10.1%
Operating income$305.0M+80.5%
Net income$204.0M+1,375%
EPS (diluted)$0.39+1,400%

Balance sheet

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Cash & equivalents$618.0M+17.3%
Total debt$875.0M-79.7%
Total equity$854.0M+45.0%
Total assets$10.7B+9.7%

Cash flow

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Operating cash flow$142.0M+209%
CapEx$28.0M-28.2%
Free cash flow$114.0M+1,529%

Valuation

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Market cap$13.83B-11.7%
Enterprise value$14.09B-27.6%
P/E20.6×-32.1×
P/S1.9×-0.5×

Profitability

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Gross margin45.8%-0.9pp
Operating margin13.7%+3.0pp
Net margin9.2%+4.6pp
FCF margin11.4%+2.1pp

Returns & leverage

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Return on equity93.1%+37.7pp
Debt / equity-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 source filing: Warner Music Group’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:05 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0001319161-26-000032
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Nine Months Ended June 30, 2026Nine Months Ended June 30, 2025
Revenue by Type
Digital$1,016$929$2,967$2,643
Physical137119426397
Total digital and physical1,1531,0483,3933,040
Artist services and expanded-rights224195619508
Licensing111111336326
Total Recorded Music1,4881,3544,3483,874
Performance5958181167

Item 1. Financial Statements (Unaudited)

FAQ

What is Warner Music Group's total digital and physical — revenue?
Warner Music Group (WMG) reported total digital and physical — revenue of $1.15B in Q2 2026.
How has Warner Music Group's total digital and physical — revenue changed year-over-year?
Warner Music Group's total digital and physical — revenue increased by 10.0% year-over-year, from $1.05B to $1.15B.
What is the long-term trend for Warner Music Group's total digital and physical — revenue?
Over 4 years (2021 to 2025), Warner Music Group's total digital and physical — revenue has grown at a 3.1% compound annual growth rate (CAGR), from $3.65B to $4.12B.
What does total digital and physical — revenue mean?
This metric represents the total revenue generated from the sale and distribution of recorded music through both digital streaming platforms and physical media formats. It serves as the primary indicator of the commercial performance of the company's core recorded music catalog and new releases. By aggregating these channels, it captures the overall market demand for the company's artist roster and intellectual property.

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