NASDAQ$WMG
Warner Music Group Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Warner Music Group reported strong margin expansion and double-digit growth in operating and free cash flow, reflecting solid underlying performance and disciplined cost management.
Warner Music Group's Q3 2024 results showed a slight decrease in total revenue but an increase in net income and operating income. Strong subscription streaming growth and continued momentum in music publishing drove performance. The company is reiterating its full-year operating cash flow conversion guidance of 50-60%.
- Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends
- Continued Momentum in Music Publishing Led by Strength in Digital and Performance
- Strong Margin Expansion and Double-Digit Growth in Operating and Free Cash Flow Reflect Solid Underlying Performance and Disciplined Cost Management
- Reiterating Full-Year Operating Cash Flow Conversion Guidance of 50-60%
Headline financials
Revenue & EPS history
WMG · Revenue · Quarterly
$1.55B
Revenue by segment
WMG · $1.87B total across 2 segments · Q3 2025
- Recorded Music$1.49B—79.8%
- Music Publishing$377M—20.2%
Forward guidance
Warner Music Group is focused on delivering a strong close to the year and continues to position itself for long-term success in a healthy industry.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
-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 |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| 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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