NASDAQ$WMG

Warner Music Group Corp · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

Warner Music Group Corp reported revenue growth and higher operating income for the third quarter ended June 30, 2026.

Warner Music Group Corp delivered total revenues of $1.864 billion in Q3 2026, up 10% year-over-year, driven by strength in streaming and artist services. Operating income rose to $305 million and net income reached $200 million. Adjusted OIBDA increased to $433 million, reflecting operational leverage and cost discipline.

  • Total revenues grew 10% to $1.864 billion, with digital revenue up 11% to $1.251 billion.
  • Recorded Music revenues increased 10% to $1.488 billion while Music Publishing rose 12% to $377 million.
  • Operating income more than doubled to $305 million and Adjusted OIBDA rose 16% to $433 million.
  • U.S. revenues grew 8% to $781 million and international revenues grew 12% to $1.084 billion.

Headline financials

Total Revenue

$1.69B

Previous: $1.55B+8.7%
EPS (adj)

$0.39

Previous: $0.27+44.4%
Adjusted OIBDA

$433M

Previous: $316M+37.0%
Adjusted OIBDA Margin

23.2%

Previous: 20.3%+14.3%
Capital Expenditures

-$111M

Previous: -$83M-33.7%
Net Income

-$16M

Previous: $139M-111.5%
Operating Income

$169M

Previous: $207M-18.4%
Cash & Equivalents

$527M

Previous: $607M-13.2%

Revenue & EPS history

WMG · Revenue · Quarterly

$1.69B

Q3 2025+8.7%vs Q3 2024
Beat estimate in 11 of 16 quarters(69%)
ActualEstimate

Revenue by segment

WMG · $1.87B total across 2 segments · Q3 2025

  • Recorded Music
    $1.49B
  • Music Publishing
    $377M

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports

Historical avg

-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

Earnings price reactions
QuarterReport dateReaction (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%
Q2 2020
Q1 2020
Q4 2019
Q3 2019
Q2 2019
Q1 2019
Q4 2018
Q3 2018
Q2 2018
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Q4 2016
Q3 2016
Q2 2016
Q1 2016
Q4 2015
Q3 2015
Q2 2015
Q1 2015
Q4 2014
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2010
Q3 2011
Q2 2011
Q1 2010
Q4 2010
Q2 2010

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