Jun 2026 (Q3 FY26) — Aug 5, 2026
Warner Music Group Q3 FY26 — Strong Top and Bottom Line Growth Driven by Subscription Streaming and Cost Savings
Read the full callWarner Music Group (WMG) earnings
- Jun 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
Warner Music Group earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,864 | +10.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 16.4 | +6.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 204 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Restructuring program pretax cost savings (FY23-24 program) | $260 million pretax cost savings, significant majority achieved by end of fiscal 2025 | Sep 2024 | we've done 2 restructurings between fiscal '23 and '24 which totaled $300 million. We took it out of the business and promptly reinvested it into technology but mostly into A&R in order to drive growth. | Achieved |
| Adjusted EPS growth (sustainable growth model) | double-digit adjusted EPS growth | Mar 2026 | Adjusted net income and adjusted EPS increased 21%. | On Track |
10 of Warner Music Group Corp.'s 12 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 10 more targets are in the full ledger.
Claimed
- Total revenue increased 9% (11% adjusted), driven by robust subscription streaming growth.
- Adjusted OIBDA grew 15% (18% adjusted), leading to 100 basis points of margin expansion.
- Operating cash flow increased 209%, resulting in a roughly $100 million increase in cash balance.
- Recorded Music subscription streaming revenue grew 12% on an adjusted basis, supported by PSM increases.
- Music Publishing total revenue grew 11%, with streaming growth of 14%.
Qualified
- Ad-supported streaming growth of 10% was elevated by World Cup spending and is expected to normalize to mid-single digits in Q4.
- Subscription streaming growth saw slight deceleration from prior quarter due to a tough comparable period.
- US market share for streaming was perceived as weak by analysts, though management highlighted global strength and year-to-date gains.
Price
$30.69 +6.16% · +$1.78
Performance −5.8% 1Y
1Y: $32.58 on 14 Oct 2025 → $30.69. High $34.72 (22 May 2026), low $23.65 (24 Mar 2026).
- Previous close
- $28.91
- 52-week range
- $23.65 – $34.72
- One year
- −5.37%
Overview
- Symbol
- WMG
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Restructuring program pretax cost savings (FY23-24 program) | $260 million pretax cost savings, significant majority achieved by end of fiscal 2025 | Sep 2024 | we've done 2 restructurings between fiscal '23 and '24 which totaled $300 million. We took it out of the business and promptly reinvested it into technology but mostly into A&R in order to drive growth. | Achieved |
| Adjusted EPS growth (sustainable growth model) | double-digit adjusted EPS growth | Mar 2026 | Adjusted net income and adjusted EPS increased 21%. | On Track |
Claimed
- Total revenue increased 9% (11% adjusted), driven by robust subscription streaming growth.
- Adjusted OIBDA grew 15% (18% adjusted), leading to 100 basis points of margin expansion.
- Operating cash flow increased 209%, resulting in a roughly $100 million increase in cash balance.
- Recorded Music subscription streaming revenue grew 12% on an adjusted basis, supported by PSM increases.
- Music Publishing total revenue grew 11%, with streaming growth of 14%.
Qualified
- Ad-supported streaming growth of 10% was elevated by World Cup spending and is expected to normalize to mid-single digits in Q4.
- Subscription streaming growth saw slight deceleration from prior quarter due to a tough comparable period.
- US market share for streaming was perceived as weak by analysts, though management highlighted global strength and year-to-date gains.
The full ledger
Open Warner Music Group Corp.’s full ledger
A free account opens 5 company ledgers a month. All 12 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — May 7, 2026
Warner Music Group Q2 FY26 — Strong Revenue Growth and Margin Expansion Driven by Strategic Pillars
Read the full callEvery analysed call
Warner Music Group earnings calls (WMG)
Financials
What the filings say
Net profit, year on year: +1375% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,630 | 1,666 | 1,484 | 1,689 | 1,868 | 1,840 | 1,732 | 1,864 |
| Expenses | 1,487 | 1,452 | 1,316 | 1,520 | 1,725 | 1,547 | 1,468 | 1,559 |
| Operating profit | 143 | 214 | 168 | 169 | 143 | 288 | 264 | 305 |
| Operating margin | 8.8% | 12.8% | 11.3% | 10.0% | 7.7% | 15.7% | 15.2% | 16.4% |
| Profit before tax | 51 | 330 | 65 | -11 | 106 | 246 | 254 | 267 |
| Tax rate | 5.9% | 27.0% | 44.6% | −45.5% | −2.8% | 28.9% | 28.7% | 25.1% |
| Net profit | 41 | 236 | 36 | -16 | 109 | 176 | 183 | 204 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | — | — | — | — | — | — |
| Reserves | -1,272 | -1,177 | -1,749 | -1,710 | -1,477 | -1,387 | -1,313 | -1,331 |
| Total liabilities | 5,664 | 6,286 | 6,455 | 7,165 | 7,660 | 8,115 | 8,480 | 9,072 |
| Fixed assets | 229 | 300 | 331 | 364 | 415 | 458 | 481 | 441 |
| Total assets | 5,344 | 6,017 | 6,410 | 7,211 | 7,828 | 8,545 | 9,155 | 9,829 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 425 | 400 | 463 | 638 | 742 | 687 | 754 | 678 |
| Cash from investing | 405 | -376 | -219 | -638 | -824 | -300 | -311 | -340 |
| Cash from financing | -955 | 88 | -316 | -61 | 188 | -325 | -396 | -497 |
| Net cash flow | -133 | 105 | -66 | -54 | 85 | 57 | 53 | -162 |
| Capital expenditure | -74 | -104 | -85 | -93 | -135 | -127 | -116 | -139 |
| Free cash flow | 351 | 296 | 378 | 545 | 607 | 560 | 638 | 539 |
WMG revenue by segment
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Recorded Music | 81% | 81% | 79% | 80% | 82% | 80% | 80% | 80% | +9.9% |
| Music Publishing | 20% | 19% | 21% | 20% | 18% | 20% | 20% | 20% | +12.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q3 FY2026 · share of revenue
- Non Us 58% ↑ 2 pt
- US 42% ↓ 2 pt
As WMG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
38 filings between Dec 2, 2025 and Sep 1, 2026.
Open market
decisions to buy or sellPurchases
$2.00M
2 purchases by 2 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 26
- Award — granted as compensation
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ZERZA ARMIN | $1.01M | — | Dec 11, 2025 |
| Blavatnik Valentin | $998.4K | — | Dec 2, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 1, 2026 | Hertz Noreena Director | Award | 45 | $0 |
| Sep 1, 2026 | Dubuc Nancy Director | Award | 45 | $0 |
| Sep 1, 2026 | Kurzman Cecelia Director | Award | 84 | $0 |
| Sep 1, 2026 | Dopfner Mathias Director | Award | 45 | $0 |
| Sep 1, 2026 | Lynton Michael Director | Award | 122 | $0 |
| Sep 1, 2026 | Kreiz Ynon Director | Award | 45 | $0 |
| Jun 2, 2026 | Lynton Michael Director | Award | 56 | $0 |
| Jun 2, 2026 | Hertz Noreena Director | Award | 38 | $0 |
| Jun 2, 2026 | Dubuc Nancy Director | Award | 38 | $0 |
| Jun 2, 2026 | Kurzman Cecelia Director | Award | 38 | $0 |
| Jun 2, 2026 | Kreiz Ynon Director | Award | 38 | $0 |
| Jun 2, 2026 | Dopfner Mathias Director | Award | 38 | $0 |
| May 21, 2026 | ZERZA ARMIN COO & CFO | Gift | 27,521 | $0 |
| May 12, 2026 | ZERZA ARMIN COO & CFO | Award | 209,132 | $0 |
| May 12, 2026 | ZERZA ARMIN COO & CFO | Tax withheld | 27,064 | $909.4K |
| Mar 4, 2026 | Kurzman Cecelia Director | Award | 6,186 | $0 |
| Mar 4, 2026 | Hertz Noreena Director | Tax withheld | 1,629 | $46.1K |
| Mar 4, 2026 | Hertz Noreena Director | Award | 6,186 | $0 |
| Mar 4, 2026 | Dopfner Mathias Director | Tax withheld | 1,629 | $46.1K |
| Mar 4, 2026 | Dopfner Mathias Director | Award | 6,186 | $0 |
| Mar 4, 2026 | Lynton Michael Director | Award | 9,014 | $0 |
| Mar 4, 2026 | Dubuc Nancy Director | Award | 6,186 | $0 |
| Mar 4, 2026 | Kreiz Ynon Director | Award | 6,186 | $0 |
| Feb 12, 2026 | Karp Hannah Jasmine EVP, Chief Comm. Officer | Award | 19,225 | $0 |
| Jan 5, 2026 | Kyncl Robert CEO | Tax withheld | 43,014 | $1.32M |
| Jan 5, 2026 | Moot Guy Co-Chair & CEO Warner Chappell | Tax withheld | 13,122 | $403.4K |
| Jan 5, 2026 | Robinson Paul M EVP & General Counsel | Tax withheld | 5,740 | $176.4K |
| Jan 5, 2026 | Marshall Carianne Co-Chair & COO Warner Chappell | Tax withheld | 13,122 | $403.4K |
| Jan 5, 2026 | Higginson Carletta EVP, Chief Digital Officer | Tax withheld | 10,388 | $319.3K |
| Jan 5, 2026 | Osherova Maria EVP, Chief Human Res. Officer | Tax withheld | 7,148 | $219.7K |
| Jan 4, 2026 | Moot Guy Co-Chair & CEO Warner Chappell | Award | 112,144 | $0 |
| Jan 4, 2026 | Higginson Carletta EVP, Chief Digital Officer | Award | 116,949 | $0 |
| Jan 4, 2026 | Kyncl Robert CEO | Award | 339,635 | $0 |
| Jan 4, 2026 | Marshall Carianne Co-Chair & COO Warner Chappell | Award | 112,144 | $0 |
| Jan 4, 2026 | Robinson Paul M EVP & General Counsel | Award | 48,062 | $0 |
| Jan 4, 2026 | Osherova Maria EVP, Chief Human Res. Officer | Award | 59,276 | $0 |
| Dec 11, 2025 | ZERZA ARMIN Chief Financial Officer | Purchase | 35,778 | $1.01M |
| Dec 2, 2025 | Blavatnik Valentin Director | Purchase | 35,810 | $998.4K |
| Oct 13, 2025 | Kyncl Robert CEO | Award | 202,659 | $0 |
| Oct 13, 2025 | Kyncl Robert CEO | Tax withheld | 112,071 | $3.60M |
| May 12, 2025 | ZERZA ARMIN Chief Financial Officer | Award | 218,341 | $0 |
| Apr 2, 2025 | Matusch Timothy EVP Strategy & Operations | Sale | 1,000 | $31.4K |
| Mar 4, 2025 | Kreiz Ynon Director | Award | 5,289 | $0 |
| Mar 4, 2025 | Hertz Noreena Director | Award | 5,289 | $0 |
| Mar 4, 2025 | Hertz Noreena Director | Tax withheld | 1,474 | $48.8K |
| Mar 4, 2025 | Kurzman Cecelia Director | Award | 5,289 | $0 |
| Mar 4, 2025 | Lynton Michael Director | Award | 7,706 | $0 |
| Mar 4, 2025 | Dopfner Mathias Director | Award | 5,289 | $0 |
| Mar 4, 2025 | Dopfner Mathias Director | Tax withheld | 1,474 | $48.8K |
| Mar 4, 2025 | Dubuc Nancy Director | Award | 5,289 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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