WMG financial statements

The full income statement, balance sheet, and cash-flow statement for Warner Music Group Corp. (WMG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2018-12 1.06B2019-03 1.06B2019-06 1.06B2019-09 1.06B2019-12 1.07B2025-09 518.2M2025-12 518.2M2026-03 518.2M2026-06 518.2M-51.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
Revenue	6.71B YoY+4.4%	6.43B YoY+6.4%	6.04B YoY+2.0%	5.92B YoY+11.7%	5.30B YoY+18.8%
Cost of revenue	3.63B YoY+8.3%	3.35B YoY+5.6%	3.18B YoY+3.1%	3.08B YoY+12.3%	2.74B YoY+17.5%
Selling, general & administrative	1.89B YoY+0.5%	1.88B YoY+2.9%	1.83B YoY-1.9%	1.86B YoY+8.2%	1.72B YoY-20.7%
General & administrative	1.14B YoY+4.2%	1.09B YoY+9.9%	991M	—	—
Selling & marketing	642M YoY-6.3%	685M YoY-3.5%	710M	—	—
Restructuring	—	135M YoY+237.5%	40.0M	0.00	0.00
Amortization of intangibles	258M YoY+15.2%	224M YoY-8.6%	245M YoY-6.8%	263M YoY+14.8%	229M YoY+20.5%
Operating income	694M YoY-15.7%	823M YoY+4.2%	790M YoY+10.6%	714M YoY+17.2%	609M YoY+365.9%
Interest expense	177M YoY-2.7%	182M YoY+15.9%	157M YoY+25.6%	125M YoY+5.0%	119M
Other non-operating income	-42.0M YoY+31.1%	-61.0M YoY-69.4%	-36.0M YoY-123.8%	151M YoY+1777.8%	-9.00M YoY+84.2%
Gain (loss) on equity securities	—	4.00M YoY+100.0%	2.00M	—	—
Pre-tax income	490M YoY-18.5%	601M YoY-1.3%	609M YoY-17.7%	740M YoY+62.3%	456M YoY+202.0%
Income tax	120M YoY-2.4%	123M YoY-27.6%	170M YoY-8.1%	185M YoY+24.2%	149M YoY+547.8%
	365M YoY-16.1%	435M YoY+1.2%	430M YoY-22.0%	551M YoY+81.3%	304M YoY+164.0%
Net income to non-controlling interest	5.00M YoY-88.4%	43.0M YoY+377.8%	9.00M YoY+125.0%	4.00M YoY+33.3%	3.00M YoY-40.0%
Dividends per share	$0.73 YoY+5.8%	$0.69 YoY+6.2%	$0.65 YoY+6.6%	$0.61 YoY+19.6%	$0.51
Balance Sheet	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
	2.77B YoY+4.8%	2.64B YoY+10.0%	2.40B YoY+12.3%	2.14B YoY+12.8%	1.90B YoY+13.0%
Cash & equivalents	532M YoY-23.3%	694M YoY+8.3%	641M YoY+9.8%	584M YoY+17.0%	499M YoY-9.8%
Accounts receivable	1.34B YoY+6.8%	1.25B YoY+12.1%	1.12B YoY+13.8%	984M YoY+17.3%	839M YoY+8.8%
Inventory	62.0M YoY-37.4%	99.0M YoY-21.4%	126M YoY+16.7%	108M YoY+9.1%	99.0M YoY+25.3%
Prepaid expenses	166M YoY+32.8%	125M YoY+22.5%	102M YoY+12.1%	91.0M YoY+5.8%	86.0M YoY+56.4%
	9.83B YoY+7.4%	9.15B YoY+7.1%	8.54B YoY+9.2%	7.83B YoY+8.6%	7.21B YoY+12.5%
Property, plant & equipment	441M YoY-8.3%	481M YoY+5.0%	458M YoY+10.4%	415M YoY+14.0%	364M YoY+10.0%
Operating lease right-of-use	189M YoY-16.0%	225M YoY-8.2%	245M YoY+8.4%	226M YoY-15.7%	268M YoY-1.8%
Goodwill	2.06B YoY+2.0%	2.02B YoY+1.4%	1.99B YoY+3.8%	1.92B YoY+4.9%	1.83B YoY-0.1%
Intangible assets	2.88B YoY+14.7%	2.51B YoY+0.4%	2.50B YoY+4.9%	2.38B YoY+9.8%	2.17B YoY+20.1%
Deferred tax assets	111M YoY+113.5%	52.0M YoY+62.5%	32.0M YoY+10.3%	29.0M YoY-6.5%	31.0M YoY-54.4%
Other non-current assets	299M YoY-14.1%	348M YoY+54.7%	225M YoY+6.1%	212M YoY+9.3%	194M YoY+26.8%
	4.20B YoY+7.8%	3.90B YoY+10.1%	3.54B YoY+5.1%	3.37B YoY+6.9%	3.15B YoY+15.8%
Accounts payable	257M YoY-11.1%	289M YoY-3.7%	300M YoY+11.9%	268M YoY-11.3%	302M YoY+14.4%
Accrued liabilities	666M YoY+3.9%	641M YoY+20.3%	533M YoY+16.6%	457M YoY-0.9%	461M YoY+20.7%
Deferred revenue	286M YoY+16.3%	246M YoY-33.7%	371M YoY-12.3%	423M YoY+21.6%	348M YoY+17.2%
Current lease liability	43.0M YoY-4.4%	45.0M YoY+9.8%	41.0M YoY+2.5%	40.0M YoY-7.0%	43.0M YoY+10.3%
Other current liabilities	129M YoY+17.3%	110M YoY+93.0%	57.0M YoY-76.7%	245M YoY+140.2%	102M YoY+27.5%
	9.07B YoY+7.0%	8.48B YoY+4.5%	8.12B YoY+5.9%	7.66B YoY+6.9%	7.17B YoY+11.0%
Long-term debt	4.06B YoY+1.2%	4.01B YoY+1.3%	3.96B YoY+6.2%	3.73B YoY+11.5%	3.35B YoY+7.8%
Non-current lease liability	200M YoY-12.3%	228M YoY-10.6%	255M YoY+5.8%	241M YoY-16.0%	287M YoY-4.0%
Operating lease liability (total)	243M YoY-11.0%	273M YoY-7.8%	296M YoY+5.3%	281M YoY-14.8%	330M YoY-2.4%
Deferred tax liabilities	164M YoY-15.9%	195M YoY-9.7%	216M YoY-1.8%	220M YoY+6.3%	207M YoY+27.0%
Other non-current liabilities	142M YoY-2.7%	146M YoY+3.5%	141M YoY+42.4%	99.0M YoY-43.4%	175M YoY+3.6%
	647M YoY+24.9%	518M YoY+68.7%	307M YoY+102.0%	152M YoY+390.3%	31.0M YoY+149.2%
Additional paid-in capital	2.17B YoY+4.3%	2.08B YoY+3.1%	2.02B YoY+2.0%	1.98B YoY+1.7%	1.94B YoY+1.8%
Retained earnings	-1.33B YoY-1.4%	-1.31B YoY+5.3%	-1.39B YoY+6.1%	-1.48B YoY+13.6%	-1.71B YoY+2.2%
Accumulated other comprehensive income	-189M YoY+23.5%	-247M YoY+23.3%	-322M YoY+7.2%	-347M YoY-71.8%	-202M YoY+9.0%
Non-controlling interest	110M YoY-29.9%	157M YoY+27.6%	123M YoY+668.8%	16.0M YoY+6.7%	15.0M YoY-16.7%
Total equity incl. non-controlling	757M YoY+12.1%	675M YoY+57.0%	430M YoY+156.0%	168M YoY+265.2%	46.0M YoY+202.2%
Total liabilities & equity	9.83B YoY+7.4%	9.15B YoY+7.1%	8.54B YoY+9.2%	7.83B YoY+8.6%	7.21B YoY+12.5%
Cash Flow	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
	678M YoY-10.1%	754M YoY+9.8%	687M YoY-7.4%	742M YoY+16.3%	638M YoY+37.8%
Depreciation & amortization	376M YoY+15.0%	327M YoY-1.5%	332M YoY-2.1%	339M YoY+10.8%	306M YoY+17.2%
Intangible amortization	258M YoY+15.2%	224M YoY-8.6%	245M YoY-6.8%	263M YoY+14.8%	229M YoY+20.5%
Share-based compensation	—	—	49.0M YoY+25.6%	39.0M YoY-13.3%	45.0M YoY-92.6%
Deferred income taxes	-90.0M YoY-87.5%	-48.0M YoY-269.2%	-13.0M YoY-200.0%	13.0M YoY-51.9%	27.0M YoY+147.4%
Change in receivables	61.0M YoY-44.5%	110M YoY-2.7%	113M YoY-42.1%	195M YoY+236.2%	58.0M YoY+422.2%
Change in inventory	11.0M YoY+136.7%	-30.0M YoY-350.0%	12.0M YoY-45.5%	22.0M YoY+15.8%	19.0M YoY+850.0%
	-340M YoY-9.3%	-311M YoY-3.7%	-300M YoY+63.6%	-824M YoY-29.2%	-638M YoY-191.3%
Capital expenditure	139M YoY+19.8%	116M YoY-8.7%	127M YoY-5.9%	135M YoY+45.2%	93.0M YoY+9.4%
Free cash flow	539M YoY-15.5%	638M YoY+13.9%	560M YoY-7.7%	607M YoY+11.4%	545M YoY+44.2%
Acquisitions	46.0M YoY+15.0%	40.0M YoY-68.3%	126M YoY-75.2%	509M YoY+695.3%	64.0M YoY-31.9%
	-497M YoY-25.5%	-396M YoY-21.8%	-325M YoY-272.9%	188M YoY+408.2%	-61.0M YoY+80.7%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	16.0M	0.00	0.00	0.00	0.00
Dividends paid	383M YoY+6.1%	361M YoY+6.2%	340M YoY+6.9%	318M YoY+20.0%	265M YoY-23.0%
Other financing activities	—	0.00 YoY+100.0%	-1.00M YoY+80.0%	-5.00M	0.00
FX effect on cash	0.00 YoY-100.0%	6.00M YoY+220.0%	-5.00M YoY+76.2%	-21.0M YoY-400.0%	7.00M YoY+16.7%
Net change in cash	-162M YoY-405.7%	53.0M YoY-7.0%	57.0M YoY-32.9%	85.0M YoY+257.4%	-54.0M YoY+18.2%
Interest paid	167M YoY-8.7%	183M YoY+16.6%	157M YoY+28.7%	122M YoY-10.9%	137M YoY+7.0%
Income taxes paid	181M YoY+34.1%	135M YoY-38.4%	219M YoY+55.3%	141M YoY+13.7%	124M YoY+53.1%
Valuation Ratios	as ofSep 30 ’25	as ofSep 30 ’24	as ofSep 30 ’23	as ofSep 30 ’22	as ofSep 30 ’21
Market cap	17.8B	—	—	—	—
P/E	48.6×	—	—	—	—
P/S	2.6×	—	—	—	—
P/B	27.4×	—	—	—	—
P/FCF	32.9×	—	—	—	—
	2.1%	—	—	—	—
	3.0%	—	—	—	—
	2.1%	—	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WMG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WMG filings on SEC EDGAR → Not investment advice.