Financials Warner Music Group Corp.

Equities

WMG

US9345502036

Entertainment Production

Market Closed - Nasdaq Other stock markets 21:00:00 11/07/2025 BST			5-day change	1st Jan Change
29.77 ^USD	-0.53%		+1.29%	-3.97%

07-02	Warner Music to Trim Workforce, Expects $300 Million in Annualized Savings	MT
07-02	Global markets live: Wells Fargo, Apple, Intel, Greggs, Qantas Airways…

Projected Income Statement: Warner Music Group Corp.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,463	5,301	5,919	6,037	6,426	6,408	6,780	7,170
Change	-	18.78%	11.66%	1.99%	6.44%	-0.28%	5.8%	5.76%
EBITDA ¹	837	1,090	1,196	1,311	1,432	1,369	1,524	1,659
Change	-	30.23%	9.72%	9.62%	9.23%	-4.43%	11.38%	8.83%
EBIT ¹	-229	712	714	903	823	955.4	1,132	1,255
Change	-	410.92%	0.28%	26.47%	-8.86%	16.09%	18.52%	10.84%
Interest Paid ¹	-127	-122	-125	-141	-161	-156.5	-154.5	-159
Earnings before Tax (EBT) ¹	-447	456	740	609	601	817.4	935.9	1,081
Change	-	202.01%	62.28%	-17.7%	-1.31%	36%	14.5%	15.5%
Net income ¹	-475	304	551	430	435	569.2	678.8	784.1
Change	-	164%	81.25%	-21.96%	1.16%	30.84%	19.27%	15.51%
Announcement Date	23/11/20	15/11/21	22/11/22	16/11/23	21/11/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2020 Q3	2020 Q4	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
Net sales ¹	1,010	1,126	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	1,589	1,664	1,712	1,575	1,658	1,795
Change	-	11.49%	18.56%	-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%	7.09%	4.72%	2.89%	-8.01%	5.26%	8.26%
EBITDA ¹	189	177	297	268	282	237	389	282	263	276	350	308	311	340	461	312	352	353	383	303	339.1	368.7	399.2	336.6	372	410.6
Change	-	-6.35%	67.8%	-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%	11.92%	8.72%	8.27%	-15.67%	10.5%	10.37%
EBIT ¹	-433	88	196	178	162	139	274	185	146	163	251	203	211	238	370	229	268	143	277	199	250.8	273	326.8	236.2	-	-
Change	-	120.32%	122.73%	-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%	26.01%	8.88%	19.71%	-27.74%	-	-
Charge d'intérêts ¹	-32	-29	-31	-32	-30	-29	-30	-32	-32	-31	-32	-35	-38	-36	-39	-42	-40	-40	-37	-39	-40	-40.5	-	-	-	-
Earnings before Tax (EBT) ¹	-468	-20	134	168	102	52	263	126	164	187	172	58	167	212	265	114	171	51	330	65	206.9	224.1	280.4	212.6	242	269
Change	-	95.73%	770%	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%	218.32%	8.32%	25.12%	-24.19%	13.84%	11.16%
Net income ¹	-520	-1	98	117	61	28	187	92	124	148	122	34	122	152	159	96	139	41	236	36	140	157.2	214.3	146.6	-	-
Change	-	99.81%	9,900%	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%	288.78%	12.32%	36.33%	-31.59%	-	-
Announcement Date	04/08/20	23/11/20	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	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Warner Music Group Corp.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,551	2,847	3,148	3,323	3,320	3,585	3,479	3,283
Change	-	11.6%	10.57%	5.56%	-0.09%	7.98%	-2.96%	-5.63%
Announcement Date	23/11/20	15/11/21	22/11/22	16/11/23	21/11/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Warner Music Group Corp.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	85	93	135	127	116	137.8	123.9	133.5
Change	-	9.41%	45.16%	-5.93%	-8.66%	18.83%	-10.15%	7.75%
Free Cash Flow (FCF) ¹	378	545	607	560	638	657.2	777.3	929.9
Change	-	44.18%	11.38%	-7.74%	13.93%	3.01%	18.27%	19.64%
Announcement Date	23/11/20	15/11/21	22/11/22	16/11/23	21/11/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Warner Music Group Corp.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	18.75%	20.56%	20.21%	21.72%	22.28%	21.36%	22.48%	23.13%
EBIT Margin (%)	-5.13%	13.43%	12.06%	14.96%	12.81%	14.91%	16.7%	17.5%
EBT Margin (%)	-10.02%	8.6%	12.5%	10.09%	9.35%	12.75%	13.8%	15.08%
Net margin (%)	-10.64%	5.73%	9.31%	7.12%	6.77%	8.88%	10.01%	10.94%
FCF margin (%)	8.47%	10.28%	10.26%	9.28%	9.93%	10.26%	11.46%	12.97%
FCF / Net Income (%)	-79.58%	179.28%	110.16%	130.23%	146.67%	115.47%	114.5%	118.6%
Profitability
ROA	-7.64%	4.46%	7.1%	5.25%	4.92%	6.98%	7.71%	8.55%
ROE	-	-	357.79%	187.36%	105.45%	98.31%	89.44%	65.38%
Financial Health
Leverage (Debt/EBITDA)	3.05x	2.61x	2.63x	2.53x	2.32x	2.62x	2.28x	1.98x
Debt / Free cash flow	6.75x	5.22x	5.19x	5.93x	5.2x	5.45x	4.48x	3.53x
Capital Intensity
CAPEX / Current Assets (%)	1.9%	1.75%	2.28%	2.1%	1.81%	2.15%	1.83%	1.86%
CAPEX / EBITDA (%)	10.16%	8.53%	11.29%	9.69%	8.1%	10.07%	8.13%	8.05%
CAPEX / FCF (%)	22.49%	17.06%	22.24%	22.68%	18.18%	20.97%	15.93%	14.35%
Items per share
Cash flow per share ¹	0.9177	1.217	1.427	1.31	1.439	1.523	1.821	1.989
Change	-	32.64%	17.27%	-8.22%	9.82%	5.84%	19.56%	9.25%
Dividend per Share ¹	0.39	0.51	0.61	0.61	0.69	0.7258	0.81	0.9205
Change	-	30.77%	19.61%	0%	13.11%	5.19%	11.61%	13.63%
Book Value Per Share ¹	-0.1235	0.0603	0.2952	0.595	1	1.218	1.71	2.441
Change	-	148.8%	389.8%	101.56%	68.08%	21.77%	40.43%	42.73%
EPS ¹	-0.82	0.58	1.06	0.82	0.83	1.102	1.309	1.487
Change	-	170.73%	82.76%	-22.64%	1.22%	32.75%	18.81%	13.62%
Nbr of stocks (in thousands)	510,000	514,386	514,849	515,993	517,919	521,267	521,267	521,267
Announcement Date	23/11/20	15/11/21	22/11/22	16/11/23	21/11/24	-	-	-