Cash flow Warner Music Group Corp.

Equities

WMG

US9345502036

Entertainment Production

Market Closed - Nasdaq Other stock markets 21:00:00 08/05/2026 BST			5-day change	1st Jan Change
33.36 ^USD	+7.47%		+19.23%	+8.77%

04-28	Bertelsmann merges firms behind Kylie Minogue, Miles Davis to create world's No.4 music group	RE
04-22	Warner Chappell Music launches direct operations in India	RE

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Published financial data: WARNER MUSIC GROUP CORP.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	5.3B	5.92B	6.04B	6.43B	6.71B
Total Revenues	5.3B	5.92B	6.04B	6.43B	6.71B
Cost of Goods Sold, Total	2.74B	3.08B	3.18B	3.36B	3.63B
Gross Profit	2.56B	2.84B	2.86B	3.07B	3.08B
Selling General & Admin Expenses, Total	1.72B	1.86B	1.79B	1.8B	1.81B
Amortization of Goodwill and Intangible Assets - (IS)	229M	263M	245M	224M	258M
Other Operating Expenses, Total	1.95B	2.12B	2.03B	2.03B	2.07B
Operating Income	606M	717M	829M	1.04B	1.01B
Interest Expense, Total	-122M	-125M	-157M	-182M	-177M
Interest And Investment Income	-	-	16M	21M	15M
Net Interest Expenses	-122M	-125M	-141M	-161M	-162M
Income (Loss) On Equity Invest.	-	-	-	8M	8M
Currency Exchange Gains (Loss)	-5M	185M	37M	-73M	-75M
Other Non Operating Income (Expenses)	-	15M	-73M	4M	-4M
EBT, Excl. Unusual Items	479M	792M	652M	822M	773M
Restructuring Charges	-	-	-47M	-253M	-304M
Merger & Related Restructuring Charges	-	-3M	-3M	-	-
Gain (Loss) On Sale Of Investments	-4M	-49M	-	-	29M
Gain (Loss) On Sale Of Assets	-	-	41M	32M	-
Other Unusual Items	-19M	-	-34M	-	-8M
EBT, Incl. Unusual Items	456M	740M	609M	601M	490M
Income Tax Expense	149M	185M	170M	123M	120M
Earnings From Continuing Operations	307M	555M	439M	478M	370M
Net Income to Company	307M	555M	439M	478M	370M
Minority Interest	-3M	-4M	-9M	-43M	-5M
Net Income - (IS)	304M	551M	430M	435M	365M
Preferred Dividend and Other Adjustments	4M	7M	6M	6M	4M
Net Income to Common Incl Extra Items	300M	544M	424M	429M	361M
Net Income to Common Excl. Extra Items	300M	544M	424M	429M	361M
Per Share Items
Net EPS - Basic	0.58	1.06	0.82	0.83	0.69
Basic EPS - Continuing Operations	0.58	1.06	0.82	0.83	0.69
Basic Weighted Average Shares Outstanding	513M	515M	516M	518M	521M
Net EPS - Diluted	0.58	1.06	0.82	0.83	0.69
Diluted EPS - Continuing Operations	0.58	1.06	0.82	0.83	0.69
Diluted Weighted Average Shares Outstanding	513M	515M	516M	518M	521M
Normalized Basic EPS	0.58	0.95	0.77	0.91	0.92
Normalized Diluted EPS	0.58	0.95	0.77	0.91	0.92
Dividend Per Share	0.51	0.61	0.65	0.72	0.73
Payout Ratio	87.17	57.71	79.07	82.99	104.93
Supplemental Items
EBITDA	912M	1.06B	1.16B	1.37B	1.38B
EBITA	835M	980M	1.07B	1.27B	1.26B
EBIT	606M	717M	829M	1.04B	1.01B
EBITDAR	980M	1.12B	1.23B	1.44B	1.45B
Effective Tax Rate - (Ratio)	32.68	25	27.91	20.47	24.49
Current Domestic Taxes	15M	44M	55M	34M	47M
Current Foreign Taxes	107M	128M	128M	137M	163M
Total Current Taxes	122M	172M	183M	171M	210M
Deferred Domestic Taxes	32M	43M	-10M	-51M	-28M
Deferred Foreign Taxes	-5M	-30M	-3M	3M	-62M
Total Deferred Taxes	27M	13M	-13M	-48M	-90M
Normalized Net Income	296M	491M	398M	471M	478M
Interest on Long-Term Debt	-	-	157M	182M	177M
Non-Cash Pension Expense	4M	3M	3M	3M	3M
Supplemental Operating Expense Items
Advertising Expense	149M	155M	136M	119M	113M
Selling and Marketing Expenses	-	-	-	-	-
Net Rental Expense, Total	68M	66M	65M	65M	69M
Imputed Operating Lease Interest Expense	18.49M	17.12M	19.74M	22.15M	21.97M
Imputed Operating Lease Depreciation	49.51M	48.88M	45.26M	42.85M	47.03M
Stock-Based Comp., SG&A Exp. (Total)	45M	39M	49M	52M	54M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	45M	39M	49M	52M	54M

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	499M	584M	641M	694M	532M
Trading Asset Securities, Total	-	2M	2M	-	-
Total Cash And Short Term Investments	499M	586M	643M	694M	532M
Accounts Receivable, Total	839M	984M	1.12B	1.26B	1.34B
Total Receivables	839M	984M	1.12B	1.26B	1.34B
Inventory	99M	108M	126M	99M	62M
Prepaid Expenses	86M	89M	100M	125M	166M
Other Current Assets, Total	373M	372M	413M	470M	670M
Total Current Assets	1.9B	2.14B	2.4B	2.64B	2.77B
Gross Property Plant And Equipment	1.05B	1.1B	1.23B	1.32B	1.33B
Accumulated Depreciation	-419M	-461M	-523M	-615M	-701M
Net Property Plant And Equipment	632M	641M	703M	706M	630M
Long-term Investments	63M	52M	15M	9M	8M
Goodwill	1.83B	1.92B	1.99B	2.02B	2.06B
Other Intangibles, Total	2.17B	2.38B	2.5B	2.51B	2.88B
Deferred Tax Assets Long-Term	31M	29M	32M	52M	111M
Other Long-Term Assets, Total	588M	663M	898M	1.21B	1.37B
Total Assets	7.21B	7.83B	8.54B	9.16B	9.83B
Liabilities
Accounts Payable, Total	302M	268M	300M	289M	257M
Accrued Expenses, Total	2.36B	2.39B	2.77B	3.21B	3.44B
Current Portion of Leases	43M	40M	41M	45M	43M
Unearned Revenue Current, Total	348M	423M	371M	246M	286M
Other Current Liabilities	102M	245M	57M	110M	178M
Total Current Liabilities	3.15B	3.37B	3.54B	3.9B	4.2B
Long-Term Debt	3.37B	3.73B	3.96B	4.01B	4.36B
Long-Term Leases	287M	241M	255M	228M	200M
Pension & Other Post Retirement Benefits	-	-	-	-	38M
Deferred Tax Liability Non Current	207M	220M	216M	195M	164M
Other Non Current Liabilities	153M	99M	141M	146M	104M
Total Liabilities	7.16B	7.66B	8.12B	8.48B	9.07B
Common Stock, Total	1M	1M	1M	1M	1M
Additional Paid In Capital	1.94B	1.98B	2.02B	2.08B	2.17B
Retained Earnings	-1.71B	-1.48B	-1.39B	-1.31B	-1.33B
Comprehensive Income and Other	-202M	-347M	-322M	-247M	-189M
Total Common Equity	31M	152M	307M	518M	647M
Minority Interest	15M	16M	123M	157M	110M
Total Equity	46M	168M	430M	675M	757M
Total Liabilities And Equity	7.21B	7.83B	8.54B	9.16B	9.83B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	515M	515M	516M	518M	522M
ECS Total Common Shares Outstanding	514M	515M	516M	518M	522M
Book Value / Share	0.06	0.3	0.59	1	1.24
Tangible Book Value	-3.97B	-4.15B	-4.19B	-4.01B	-4.29B
Tangible Book Value Per Share	-7.72	-8.06	-8.12	-7.75	-8.22
Total Debt	3.7B	4.01B	4.26B	4.29B	4.61B
Net Debt	3.2B	3.43B	3.62B	3.59B	4.08B
Debt Equivalent of Unfunded Proj. Benefit Obligation	83M	51M	52M	58M	56M
Debt Equivalent Oper. Leases	544M	528M	520M	520M	552M
Minority Interest, Total (Incl. Fin. Div)	15M	16M	123M	157M	110M
Equity Method Investments, Total	26M	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	99M	108M	126M	99M	62M
Land - (BS)	12M	11M	11M	11M	10M
Buildings, Total	185M	188M	194M	216M	190M
Machinery, Total	493M	518M	669M	737M	853M
Full Time Employees	5.9K	6.2K	5.9K	5.8K	5.5K
Accumulated Allowance for Doubtful Accounts (Supple)	20M	19M	19M	26M	27M

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	304M	551M	430M	435M	365M
Depreciation & Amortization - CF	77M	76M	87M	103M	118M
Amortization of Goodwill and Intangible Assets - (CF)	229M	263M	245M	224M	258M
Depreciation & Amortization, Total	306M	339M	332M	327M	376M
(Gain) Loss From Sale Of Asset	-	-3M	-41M	-32M	-
(Gain) Loss on Sale of Investments - (CF)	4M	49M	-4M	-6M	-27M
Asset Writedown & Restructuring Costs	-	-	-	57M	139M
Stock-Based Compensation (CF)	45M	39M	49M	52M	54M
Other Operating Activities, Total	60M	-146M	40M	69M	-8M
Change In Accounts Receivable	-58M	-195M	-113M	-110M	-61M
Change In Inventories	-19M	-22M	-12M	30M	-11M
Change In Accounts Payable	91M	-21M	77M	86M	-28M
Change in Unearned Revenues	47M	86M	-58M	-133M	40M
Change in Other Net Operating Assets	-142M	65M	-13M	-21M	-161M
Cash from Operations	638M	742M	687M	754M	678M
Capital Expenditure	-93M	-135M	-127M	-116M	-139M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	45M	19M	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-481M	-191M	-114M	-187M	-195M
Investment in Marketable and Equity Securities, Total	-64M	-498M	-104M	-27M	-6M
Cash from Investing	-638M	-824M	-300M	-311M	-340M
Long-Term Debt Issued, Total	1.09B	535M	315M	104M	-
Total Debt Issued	1.09B	535M	315M	104M	-
Long-Term Debt Repaid, Total	-849M	-	-151M	-104M	-1M
Total Debt Repaid	-849M	-	-151M	-104M	-1M
Repurchase of Common Stock	-	-6M	-	-5M	-36M
Common Dividends Paid	-265M	-318M	-340M	-361M	-383M
Common & Preferred Stock Dividends Paid	-265M	-318M	-340M	-361M	-383M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-40M	-23M	-149M	-30M	-77M
Cash from Financing	-61M	188M	-325M	-396M	-497M
Foreign Exchange Rate Adjustments	7M	-21M	-5M	6M	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-3M
Net Change in Cash	-54M	85M	57M	53M	-162M
Supplemental Items
Cash Interest Paid	137M	122M	157M	183M	167M
Cash Income Tax Paid (Refund)	124M	141M	219M	135M	181M
Levered Free Cash Flow	234M	487M	524M	779M	631M
Unlevered Free Cash Flow	310M	565M	622M	892M	742M
Change In Net Working Capital	-154M	-65M	36M	-164M	-17M
Net Debt Issued / Repaid	244M	535M	164M	0	-1M

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.56	5.96	6.33	7.37	6.62
Return on Total Capital	10.55	11.31	11.68	13.52	12.18
Return On Equity %	61.4K	518.69	146.82	86.52	51.68
Return on Common Equity	-1.88K	594.54	184.75	104	61.97
Margin Analysis
Gross Profit Margin %	48.27	47.96	47.37	47.79	45.85
SG&A Margin	32.52	31.41	29.58	28.06	27
EBITDA Margin %	17.2	17.84	19.23	21.34	20.61
EBITA Margin %	15.75	16.56	17.79	19.73	18.85
EBIT Margin %	11.43	12.11	13.73	16.25	15
Income From Continuing Operations Margin %	5.79	9.38	7.27	7.44	5.52
Net Income Margin %	5.73	9.31	7.12	6.77	5.44
Net Avail. For Common Margin %	5.66	9.19	7.02	6.68	5.38
Normalized Net Income Margin	5.59	8.3	6.6	7.33	7.13
Levered Free Cash Flow Margin	4.4	8.23	8.68	12.12	9.41
Unlevered Free Cash Flow Margin	5.84	9.55	10.31	13.89	11.06
Asset Turnover
Asset Turnover	0.78	0.79	0.74	0.73	0.71
Fixed Assets Turnover	8.58	9.3	8.98	9.12	10.04
Receivables Turnover (Average Receivables)	6.59	6.49	5.74	5.41	5.17
Inventory Turnover (Average Inventory)	30.81	29.76	27.15	29.82	45.12
Short Term Liquidity
Current Ratio	0.6	0.64	0.68	0.68	0.66
Quick Ratio	0.42	0.47	0.5	0.5	0.45
Operating Cash Flow to Current Liabilities	0.2	0.22	0.19	0.19	0.16
Days Sales Outstanding (Average Receivables)	55.43	56.21	63.6	67.64	70.61
Days Outstanding Inventory (Average Inventory)	11.85	12.27	13.44	12.27	8.09
Average Days Payable Outstanding	37.4	33.68	32.44	32.39	27.72
Cash Conversion Cycle (Average Days)	29.88	34.8	44.6	47.52	50.98
Long Term Solvency
Total Debt/Equity	8.04K	2.39K	990.7	635.11	608.72
Total Debt / Total Capital	98.77	95.98	90.83	86.4	85.89
LT Debt/Equity	7.95K	2.36K	981.16	628.44	603.04
Long-Term Debt / Total Capital	97.62	95.03	89.96	85.49	85.09
Total Liabilities / Total Assets	99.36	97.85	94.97	92.63	92.3
EBIT / Interest Expense	4.97	5.74	5.28	5.74	5.68
EBITDA / Interest Expense	8.03	8.98	7.81	7.89	8.2
(EBITDA - Capex) / Interest Expense	7.27	7.9	7	7.25	7.41
Total Debt / EBITDA	3.77	3.58	3.47	2.99	3.18
Net Debt / EBITDA	3.26	3.05	2.95	2.5	2.81
Total Debt / (EBITDA - Capex)	4.17	4.07	3.88	3.25	3.51
Net Debt / (EBITDA - Capex)	3.61	3.47	3.29	2.72	3.11
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	18.78	11.66	1.99	6.44	4.37
Gross Profit, 1 Yr. Growth %	20.14	10.94	0.74	7.38	0.13
EBITDA, 1 Yr. Growth %	446.11	15.79	9.94	13.59	0.8
EBITA, 1 Yr. Growth %	769.79	17.37	9.59	13.21	-0.32
EBIT, 1 Yr. Growth %	-744.68	18.32	15.62	19.31	-3.64
Earnings From Cont. Operations, 1 Yr. Growth %	-165.32	80.78	-20.9	8.88	-22.59
Net Income, 1 Yr. Growth %	-164	81.25	-21.96	1.16	-16.09
Normalized Net Income, 1 Yr. Growth %	-264.65	65.67	-18.84	10.18	1.57
Diluted EPS Before Extra, 1 Yr. Growth %	-161.93	80.9	-22.21	0.83	-16.33
Accounts Receivable, 1 Yr. Growth %	8.82	17.28	13.82	12.05	6.77
Inventory, 1 Yr. Growth %	25.32	9.09	16.67	-21.43	-37.37
Net Property, Plant and Equip., 1 Yr. Growth %	4.64	1.42	9.67	0.43	-10.76
Total Assets, 1 Yr. Growth %	12.5	8.56	9.16	7.14	7.36
Tangible Book Value, 1 Yr. Growth %	7.27	4.58	0.87	-4.15	6.95
Common Equity, 1 Yr. Growth %	-149.21	390.32	101.97	68.73	24.9
Cash From Operations, 1 Yr. Growth %	37.8	16.3	-7.41	9.75	-10.08
Capital Expenditures, 1 Yr. Growth %	9.41	45.16	-5.93	-8.66	19.83
Levered Free Cash Flow, 1 Yr. Growth %	-43.72	108.57	7.6	40.89	-18.96
Unlevered Free Cash Flow, 1 Yr. Growth %	-37.33	82.45	10.09	37.12	-16.89
Dividend Per Share, 1 Yr. Growth %	325	19.61	6.56	10.77	5.8
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.84	15.16	6.72	4.19	5.4
Gross Profit, 2 Yr. CAGR %	11.08	15.45	5.72	4.01	3.69
EBITDA, 2 Yr. CAGR %	20.8	167.12	12.64	11.69	11.03
EBITA, 2 Yr. CAGR %	21.68	256.75	13.21	11.33	10.56
EBIT, 2 Yr. CAGR %	30.47	151.9	16.67	17.2	12.92
Earnings From Cont. Operations, 2 Yr. CAGR %	9.08	8.67	19.58	-7.2	-8.19
Net Income, 2 Yr. CAGR %	8.97	7.7	18.93	-11.15	-7.87
Normalized Net Income, 2 Yr. CAGR %	37.23	59.97	15.59	-4.66	13.14
Diluted EPS Before Extra, 2 Yr. CAGR %	7.04	5.84	18.62	-11.44	-8.15
Accounts Receivable, 2 Yr. CAGR %	4.05	12.97	15.54	12.93	9.38
Inventory, 2 Yr. CAGR %	15.66	16.92	12.82	-4.26	-29.85
Net Property, Plant and Equip., 2 Yr. CAGR %	45.14	3.02	5.47	4.95	-5.33
Total Assets, 2 Yr. CAGR %	9.47	10.51	8.86	8.14	7.25
Tangible Book Value, 2 Yr. CAGR %	0.58	5.92	2.71	-1.68	1.25
Common Equity, 2 Yr. CAGR %	-67.25	55.33	214.69	84.6	45.17
Cash From Operations, 2 Yr. CAGR %	26.29	26.59	3.77	0.81	-0.66
Capital Expenditures, 2 Yr. CAGR %	-5.44	26.03	16.86	-7.3	4.62
Levered Free Cash Flow, 2 Yr. CAGR %	-17.58	9.93	49.21	23.1	12.46
Unlevered Free Cash Flow, 2 Yr. CAGR %	-15.37	8.24	41.29	22.78	11.45
Dividend Per Share, 2 Yr. CAGR %	-	125.46	12.89	8.64	5.98
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.8	9.77	10.59	6.63	4.25
Gross Profit, 3 Yr. CAGR %	11.74	11.03	10.32	6.27	2.7
EBITDA, 3 Yr. CAGR %	24.03	19.1	98.7	14.43	7.94
EBITA, 3 Yr. CAGR %	25.44	20.22	140.72	14.8	7.31
EBIT, 3 Yr. CAGR %	40.82	26.29	94.31	19.68	9.8
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.54	29.09	-2.25	15.9	-12.64
Net Income, 3 Yr. CAGR %	-0.33	29.11	-3.26	12.69	-12.83
Normalized Net Income, 3 Yr. CAGR %	84.1	46.12	27.59	16.43	-2.63
Diluted EPS Before Extra, 3 Yr. CAGR %	-1.47	27.5	-4.48	12.37	-13.1
Accounts Receivable, 3 Yr. CAGR %	23.35	8.28	13.25	14.37	10.84
Inventory, 3 Yr. CAGR %	33.08	13.43	16.84	0	-16.89
Net Property, Plant and Equip., 3 Yr. CAGR %	40.27	28.8	5.19	3.76	-0.58
Total Assets, 3 Yr. CAGR %	10.5	9.17	10.06	8.28	7.88
Tangible Book Value, 3 Yr. CAGR %	-0.51	1.9	4.21	0.37	1.12
Common Equity, 3 Yr. CAGR %	-54.72	-19.28	69.54	155.66	62.06
Cash From Operations, 3 Yr. CAGR %	14.5	22.87	14.06	5.73	-2.96
Capital Expenditures, 3 Yr. CAGR %	7.92	9.09	14.32	7.64	0.98
Levered Free Cash Flow, 3 Yr. CAGR %	-23.59	12.31	9.15	49.01	7.09
Unlevered Free Cash Flow, 3 Yr. CAGR %	-20.2	9.32	8.85	42.01	7.81
Dividend Per Share, 3 Yr. CAGR %	-	-	75.62	12.18	6.17
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.31	10.6	8.55	7.51	8.49
Gross Profit, 5 Yr. CAGR %	10.7	11.53	9.29	8.17	7.62
EBITDA, 5 Yr. CAGR %	12.73	17.42	19.42	17.01	56.33
EBITA, 5 Yr. CAGR %	13.11	18.3	20.48	17.59	75.01
EBIT, 5 Yr. CAGR %	23.85	26.43	30.74	24.01	54.85
Earnings From Cont. Operations, 5 Yr. CAGR %	59.22	30.08	7.07	13.13	-4.67
Net Income, 5 Yr. CAGR %	64.81	30.97	6.97	11.19	-5.13
Normalized Net Income, 5 Yr. CAGR %	86.53	77.65	53.02	24.5	20.03
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	6.12	10.2	-5.97
Accounts Receivable, 5 Yr. CAGR %	20.59	19.49	20.17	10.12	11.69
Inventory, 5 Yr. CAGR %	19.28	22.59	24.57	5.99	-4.73
Net Property, Plant and Equip., 5 Yr. CAGR %	25.5	24.65	25.15	18.67	0.85
Total Assets, 5 Yr. CAGR %	6.21	6.48	9.84	8.76	8.93
Tangible Book Value, 5 Yr. CAGR %	1.15	2.9	0.77	0.45	3.01
Common Equity, 5 Yr. CAGR %	-30.77	-12.3	-1.67	12.38	59.34
Cash From Operations, 5 Yr. CAGR %	13.28	6.76	10.08	13.52	7.93
Capital Expenditures, 5 Yr. CAGR %	17.23	25.13	11.41	2.21	10.34
Levered Free Cash Flow, 5 Yr. CAGR %	-4.94	0.06	0.02	17.77	9.39
Unlevered Free Cash Flow, 5 Yr. CAGR %	-5.41	-0.48	0.41	15.59	8.99
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	43.49