WMGNasdaqServices-Amusement & Recreation ServicesFiscal year ends September 30
Warner Music Group Corp.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$31.04−0.36 (-1.15%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- 2.35%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
45.8%−1.9 pts over 5 years
Operating margin
10.3%+15.5 pts over 5 years
Net margin
5.4%+16.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.4% | +4.3% | +8.5% | +8.5% | |
| Gross profit | +0.1% | +2.7% | +7.6% | +7.8% | |
| Operating income | -15.7% | -0.9% | – | +18.5% | |
| Net income | -16.1% | -12.8% | – | – | |
| Free cash flow | -15.5% | -3.9% | +7.4% | +13.0% | |
| Dividend per share | +5.8% | +6.2% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 12.0% | 269.9% | 62.7% | |
| Return on assets | 0.5% | -7.6% | 3.8% | |
| Current ratio | 0.49 | 0.62 | 0.66 | |
| Debt to equity | 14.25 | -49.27 | 6.28 | |
| Net debt to EBITDA | 4.77× | 79.72× | 3.30× | |
| Interest coverage | – | – | 3.9× | |
| Inventory turnover | 41.1× | 30.5× | 45.1× | |
| Capex to revenue | 1.3% | 1.9% | 2.1% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Warner Music generated $3.50B from operations and spent $2.29B on capital expenditure, dividends and share buybacks. 27% of that went back into the business.
Generated
$3.50B
Used
$2.29B
Capital expenditure$610.00M27%Dividends$1.67B73%Share buybacks$16.00M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.4%
×Asset turnover0.71×
×Equity multiplier16.30×
=Return on equity, FY202562.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.4% | 0.71× | 16.30× | 62.7% |
| FY2024 | 6.8% | 0.73× | 21.45× | 105.5% |
| FY2023 | 7.1% | 0.74× | 35.67× | 187.4% |
| FY2022 | 9.3% | 0.79× | 82.18× | 602.2% |
| FY2021 | 5.7% | 0.78× | -425.66× | -1900.0% |
| FY2020 | -10.6% | 0.72× | -35.30× | 269.9% |
| FY2019 | 5.7% | 0.79× | -18.24× | -82.2% |
| FY2018 | 7.7% | 0.72× | -269.80× | -1497.6% |
| FY2017 | 4.0% | 0.65× | 22.65× | 58.6% |
| FY2016 | 0.8% | 0.59× | 26.34× | 12.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$365.00M
- Cash generatingOperating cash flow above zero$678.00M
- Return on assets improvedROA up on the prior year5.1% → 4.0%
- Earnings backed by cashOperating cash flow above net income$678.00M vs $365.00M
- Less leverageLong-term debt to assets fell43.8% → 41.3%
- Better liquidityCurrent ratio rose0.68 → 0.66
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year47.79% → 45.85%
- More efficientAsset turnover rose0.75 → 0.73