Financials Warner Music Group Corp.

Equities

WMG

US9345502036

Entertainment Production

Market Closed - Nasdaq Other stock markets 21:00:00 09/02/2026 GMT			5-day change	1st Jan Change
29.60 ^USD	+1.89%		-1.99%	-3.49%

02-06	MoffettNathanson Lifts Price Target on Warner Music Group to $39 From $38, Keeps Buy Rating	MT
02-05	Warner Music Group Corp., Q1 2026 Earnings Call, Feb 05, 2026

Projected Income Statement: Warner Music Group Corp.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	5,301	5,919	6,037	6,426	6,707	7,095	7,509	7,991
Change	-	11.66%	1.99%	6.44%	4.37%	5.79%	5.83%	6.42%
EBITDA ¹	1,090	1,196	1,311	1,432	1,443	1,652	1,839	2,011
Change	-	9.72%	9.62%	9.23%	0.77%	14.49%	11.3%	9.34%
EBIT ¹	712	714	903	823	1,006	1,186	1,380	1,530
Change	-	0.28%	26.47%	-8.86%	22.24%	17.87%	16.4%	10.86%
Interest Paid ¹	-122	-125	-141	-161	-162	-179.5	-170.8	-174.5
Earnings before Tax (EBT) ¹	456	740	609	601	490	959.4	1,201	1,344
Change	-	62.28%	-17.7%	-1.31%	-18.47%	95.8%	25.17%	11.95%
Net income ¹	304	551	430	435	365	705.4	891.3	1,010
Change	-	81.25%	-21.96%	1.16%	-16.09%	93.27%	26.35%	13.28%
Announcement Date	15/11/21	22/11/22	16/11/23	21/11/24	20/11/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	1,335	1,250	1,340	1,376	1,614	1,376	1,432	1,497	1,488	1,399	1,564	1,586	1,748	1,494	1,554	1,630	1,666	1,484	1,689	1,868	1,840	1,605	1,787	1,883	1,940	1,725	1,920	2,006
Change	-	-6.37%	7.2%	2.69%	17.3%	-14.75%	4.07%	4.54%	-0.6%	-5.98%	11.79%	1.41%	10.21%	-14.53%	4.02%	4.89%	2.21%	-10.92%	13.81%	10.6%	-1.5%	-12.77%	11.36%	5.35%	3.03%	-11.09%	11.3%	4.48%
EBITDA ¹	297	268	282	237	389	282	263	276	350	308	311	340	461	312	352	353	383	303	373	405	463	351.6	412.1	443.5	488.7	400	462.4	498.1
Change	-	-9.76%	5.22%	-15.96%	64.14%	-27.51%	-6.74%	4.94%	26.81%	-12%	0.97%	9.32%	35.59%	-32.32%	12.82%	0.28%	8.5%	-20.89%	23.1%	8.58%	14.32%	-24.06%	17.22%	7.61%	10.19%	-18.14%	15.59%	7.73%
EBIT ¹	196	178	162	139	274	185	146	163	251	203	211	238	370	229	268	143	277	199	261	289	364	236.7	300.2	327.4	363.8	268.9	325.4	381.2
Change	-	-9.18%	-8.99%	-14.2%	97.12%	-32.48%	-21.08%	11.64%	53.99%	-19.12%	3.94%	12.8%	55.46%	-38.11%	17.03%	-46.64%	93.71%	-28.16%	31.16%	10.73%	25.95%	-34.98%	26.84%	9.07%	11.1%	-26.08%	20.99%	17.18%
Charge d'intérêts ¹	-31	-32	-30	-29	-30	-32	-32	-31	-32	-35	-38	-36	-39	-42	-40	-40	-37	-39	-43	-43	-45	-44.5	-45	-45.5	-	-	-	-
Earnings before Tax (EBT) ¹	134	168	102	52	263	126	164	187	172	58	167	212	265	114	171	51	330	65	-11	106	246	188.8	246.5	273	323.9	226.4	282.8	342.2
Change	-	25.37%	-39.29%	-49.02%	405.77%	-52.09%	30.16%	14.02%	-8.02%	-66.28%	187.93%	26.95%	25%	-56.98%	50%	-70.18%	547.06%	-80.3%	-116.92%	1,063.64%	132.08%	-23.27%	30.56%	10.76%	18.66%	-30.1%	24.93%	21%
Net income ¹	98	117	61	28	187	92	124	148	122	34	122	152	159	96	139	41	236	36	-16	109	176	139.4	184.2	198.9	249.7	181.4	230	225.8
Change	-	19.39%	-47.86%	-54.1%	567.86%	-50.8%	34.78%	19.35%	-17.57%	-72.13%	258.82%	24.59%	4.61%	-39.62%	44.79%	-70.5%	475.61%	-84.75%	-144.44%	781.25%	61.47%	-20.8%	32.1%	8.02%	25.55%	-27.36%	26.78%	-1.83%
Announcement Date	01/02/21	04/05/21	03/08/21	15/11/21	08/02/22	10/05/22	09/08/22	22/11/22	09/02/23	09/05/23	08/08/23	16/11/23	07/02/24	09/05/24	07/08/24	21/11/24	06/02/25	08/05/25	07/08/25	20/11/25	05/02/26	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Warner Music Group Corp.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	2,847	3,148	3,323	3,320	3,833	3,650	3,308	3,118
Change	-	10.57%	5.56%	-0.09%	15.45%	-4.77%	-9.37%	-5.74%
Announcement Date	15/11/21	22/11/22	16/11/23	21/11/24	20/11/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Warner Music Group Corp.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	93	135	127	116	139	110.4	123.2	140.2
Change	-	45.16%	-5.93%	-8.66%	19.83%	-20.58%	11.64%	13.74%
Free Cash Flow (FCF) ¹	545	607	560	638	539	923.1	1,033	1,207
Change	-	11.38%	-7.74%	13.93%	-15.52%	71.27%	11.89%	16.84%
Announcement Date	15/11/21	22/11/22	16/11/23	21/11/24	20/11/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Warner Music Group Corp.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	20.56%	20.21%	21.72%	22.28%	21.51%	23.28%	24.49%	25.16%
EBIT Margin (%)	13.43%	12.06%	14.96%	12.81%	15%	16.71%	18.38%	19.15%
EBT Margin (%)	8.6%	12.5%	10.09%	9.35%	7.31%	13.52%	15.99%	16.83%
Net margin (%)	5.73%	9.31%	7.12%	6.77%	5.44%	9.94%	11.87%	12.64%
FCF margin (%)	10.28%	10.26%	9.28%	9.93%	8.04%	13.01%	13.76%	15.1%
FCF / Net Income (%)	179.28%	110.16%	130.23%	146.67%	147.67%	130.86%	115.89%	119.52%
Profitability
ROA	4.46%	7.1%	5.25%	4.92%	3.85%	7.25%	8.62%	9.04%
ROE	-	357.79%	187.36%	105.45%	62.66%	85.41%	82.33%	60.59%
Financial Health
Leverage (Debt/EBITDA)	2.61x	2.63x	2.53x	2.32x	2.66x	2.21x	1.8x	1.55x
Debt / Free cash flow	5.22x	5.19x	5.93x	5.2x	7.11x	3.95x	3.2x	2.58x
Capital Intensity
CAPEX / Current Assets (%)	1.75%	2.28%	2.1%	1.81%	2.07%	1.56%	1.64%	1.75%
CAPEX / EBITDA (%)	8.53%	11.29%	9.69%	8.1%	9.63%	6.68%	6.7%	6.97%
CAPEX / FCF (%)	17.06%	22.24%	22.68%	18.18%	25.79%	11.96%	11.93%	11.61%
Items per share
Cash flow per share ¹	1.217	1.427	1.31	1.439	1.282	2.026	2.225	2.57
Change	-	17.27%	-8.22%	9.82%	-10.91%	58.08%	9.83%	15.48%
Dividend per Share ¹	0.51	0.61	0.61	0.69	0.73	0.7677	0.8262	0.8701
Change	-	19.61%	0%	13.11%	5.8%	5.16%	7.62%	5.31%
Book Value Per Share ¹	0.0603	0.2952	0.595	1	1.243	1.851	2.754	3.709
Change	-	389.8%	101.56%	68.08%	24.29%	48.94%	48.73%	34.69%
EPS ¹	0.58	1.06	0.82	0.83	0.69	1.319	1.699	1.906
Change	-	82.76%	-22.64%	1.22%	-16.87%	91.13%	28.85%	12.15%
Nbr of stocks (in thousands)	514,386	514,849	515,993	517,919	521,267	522,341	522,341	522,341
Announcement Date	15/11/21	22/11/22	16/11/23	21/11/24	20/11/25	-	-	-