NASDAQ$WMG
Warner Music Group Corp · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported results for the fiscal third quarter, showing revenue growth and adjusted OIBDA increase.
Warner Music Group reported a 9% increase in total revenue and a 16% increase in Adjusted OIBDA for the third quarter of 2023. The company's growth was driven by improvements in streaming and music publishing revenue.
- Improved Streaming Growth Driven by Stronger Release Slate with Momentum Expected to Carry into Q4
- Robust Growth in Music Publishing Underpinned by Acceleration in Digital Revenue
- Adjusted OIBDA Growth and Margin Expansion Reinforce Confidence in High End of Full-Year Margin Guidance (100 basis points)
- Operating Cash Flow Conversion of 49% of Adjusted OIBDA with Expectation to Deliver 50% - 60% Conversion for Full Year
Headline financials
Revenue & EPS history
WMG · Revenue · Quarterly
$1.56B
Revenue by segment
WMG · $1.57B total across 2 segments · Q3 2023
- Recorded Music$1.28B+7.8%81.9%
- Music Publishing$283M+15.5%18.1%
Forward guidance
Warner Music Group is confident in its full-year margin and operating cash flow targets. The market's adoption of subscription price increases, combined with the ongoing evolution of our key partnerships, gives us tremendous optimism for the future of streaming growth.
Tailwinds
- Momentum expected to carry into Q4
- Acceleration in Digital Revenue
- Confidence in High End of Full-Year Margin Guidance (100 basis points)
- Expectation to Deliver 50% - 60% Conversion for Full Year
- Tremendous optimism for the future of streaming growth
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-2.1%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-2.3%
Avg return
30 days after
30%
7 / 23 earnings
Positive
+19.3%
Q4 2022
Best reaction
-11.2%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +2.2% | +10.7% | -1.5% | |
| Q1 2026 | +3.1% | +5.6% | -1.2% | |
| Q4 2025 | -2.7% | -7.0% | -3.8% | |
| Q2 2025 | -8.1% | -8.7% | -12.4% | |
| Q1 2025 | -1.1% | +5.0% | +7.1% | |
| Q4 2024 | -5.4% | -3.8% | -7.5% | |
| Q3 2024 | +1.0% | -2.1% | -1.8% | |
| Q2 2024 | -11.2% | -9.8% | -17.2% | |
| Q1 2024 | -3.0% | -0.1% | -6.8% | |
| Q4 2023 | -3.2% | -1.1% | +2.3% | |
| Q3 2023 | +8.2% | +7.6% | +7.9% | |
| Q2 2023 | -8.0% | -11.2% | -13.0% | |
| Q1 2023 | -6.4% | -7.2% | -18.8% | |
| Q4 2022 | +19.3% | +20.8% | +31.2% | |
| Q3 2022 | -6.7% | -5.4% | -14.2% | |
| Q2 2022 | -6.9% | +6.6% | +3.6% | |
| Q1 2022 | -4.9% | -5.5% | -18.0% | |
| Q4 2021 | -9.7% | -10.4% | -13.1% | |
| Q3 2021 | -1.7% | -4.1% | +4.0% | |
| Q2 2021 | -6.7% | -4.3% | -9.3% | |
| Q1 2021 | +8.2% | +8.1% | +2.2% | |
| Q4 2020 | +0.6% | -2.5% | +30.7% | |
| Q3 2020 | -4.3% | -4.8% | -4.5% | |
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