Warner Music Group’s fiscal 2025 results show a global music company with $6.707 billion in total revenue, a recorded-music business weighted toward international markets, and a publishing catalog representing more than 190,000 songwriters and composers. The figures below distinguish fiscal years ending September 30, quarterly results, GAAP measures, non-GAAP measures, and company-defined aggregates.
Key Warner Music Group Statistics
The most useful Warner Music Group statistics span scale, geography, profitability, investment and people:
- $6.707 billion of consolidated revenue was reported for fiscal 2025, ended September 30, for Warner Music Group worldwide.
- $5.408 billion of Recorded Music revenue was reported for fiscal 2025, up 4% from fiscal 2024.
- $1.306 billion of Music Publishing revenue was reported for fiscal 2025, up 8% from fiscal 2024.
- $1.868 billion of total revenue was reported in the three months ended September 30, 2025, 15% above the prior-year quarter.
- 60% of fiscal 2025 Recorded Music revenue came from outside the United States, equal to $3.227 billion.
- 40% of fiscal 2025 Recorded Music revenue came from the United States, equal to $2.181 billion.
- $3.594 billion of Recorded Music digital revenue was identified for fiscal 2025.
- More than 190,000 songwriters and composers are represented by Warner Chappell Music as described in the fiscal 2025 annual report.
- $1.443 billion of adjusted OIBDA was reported for fiscal 2025 on a consolidated, non-GAAP basis.
- $370 million of GAAP net income was reported for fiscal 2025, down from $478 million in fiscal 2024.
- $1.889 billion of selling, general and administrative expense was reported for fiscal 2025.
- $539 million of company-defined free cash flow was reported for fiscal 2025.
- $195 million was invested in music-related assets during fiscal 2025.
- $3.833 billion of net debt was reported at September 30, 2025.
- Approximately 5,500 people were employed worldwide by Warner Music Group at September 30, 2025.
- $234 million of restructuring and impairment costs were recorded in fiscal 2025, including approximately $95 million of restructuring charges and $139 million of non-cash impairment losses.
Contents
- Revenue scale and annual growth
- Recorded Music geography and digital data
- Music Publishing catalog and revenue
- Profitability, margins and operating costs
- Cash flow, investment and capital structure
- Workforce, restructuring and selected trends
Warner Music Group Revenue Scale and Annual Growth
Warner Music Group reported $6.707 billion of consolidated revenue in fiscal 2025, up 4% from $6.426 billion in fiscal 2024. The fiscal years ended September 30, so these are not calendar-year figures. Warner Music Group fiscal 2025 results
| Revenue measure | FY2025 | Comparison | Scope |
|---|---|---|---|
| Total revenue | $6.707 billion | Up 4% from FY2024 | Consolidated WMG |
| Recorded Music | $5.408 billion | Up $185 million, or 4% | Segment |
| Music Publishing | $1.306 billion | Up $96 million, or 8% | Segment |
| Fourth-quarter total revenue | $1.868 billion | Up 15% year over year | Three months ended September 30 |
The segment mix was led by Recorded Music, while Music Publishing grew faster in percentage terms during the fiscal-year comparison. The annual report reports Recorded Music revenue of $5.408 billion and Music Publishing revenue of $1.306 billion for fiscal 2025. Warner Music Group 2025 Form 10-K
Quarterly momentum was stronger than the full-year growth rate: fourth-quarter 2025 Recorded Music revenue was $1.534 billion, up 15% year over year, and Music Publishing revenue was $337 million, up 14%. Consolidated digital revenue increased 3% for the twelve months ended September 30, 2025, and increased 8% in the fourth quarter, or 6% in constant currency; the constant-currency figure is a non-GAAP presentation and the quarterly results are unaudited. Warner Music Group fiscal 2025 results
Warner Music Group Recorded Music Geography and Digital Data
Recorded Music revenue was more international than U.S.-based in fiscal 2025. U.S. revenue was $2.181 billion, or 40% of the segment, while international revenue was $3.227 billion, or 60%; “international” means outside the United States in the company’s segment disclosures. Warner Music Group 2025 Form 10-K
| Recorded Music geography | FY2024 | FY2025 | FY2025 share |
|---|---|---|---|
| United States | $2.210 billion | $2.181 billion | 40% |
| Outside the United States | $3.013 billion | $3.227 billion | 60% |
The U.S. share declined from 42% in fiscal 2024 to 40% in fiscal 2025, while international revenue increased by $214 million and 7% in reported dollars. The international comparison includes currency effects, so it should not be read as a constant-currency growth rate. Warner Music Group 2025 Form 10-K
Digital activity was a major part of the Recorded Music data. Recorded Music digital revenue was $3.594 billion in fiscal 2025, representing about 66.5% of the segment when calculated from the reported digital and total revenue figures; that percentage is derived and rounded, not a company-reported ratio. Warner Music Group 2025 Form 10-K
International Recorded Music digital revenue increased $72 million in fiscal 2025, while international streaming revenue increased $73 million, or 4%. The company notes specified DSP true-up and licensing events in the streaming discussion, so the streaming change includes those reported factors. Warner Music Group 2025 Form 10-K
Warner Music Group Music Publishing Catalog and Revenue
Music Publishing revenue reached $1.306 billion in fiscal 2025, with $693 million from the United States, or 53% of the segment, and $613 million internationally, or 47%. International again means outside the United States under the company’s reporting definition. Warner Music Group 2025 Form 10-K
| Music Publishing measure | FY2024 | FY2025 | FY2025 share or change |
|---|---|---|---|
| United States revenue | $660 million | $693 million | 53% of FY2025 segment |
| International revenue | $550 million | $613 million | 47% of FY2025 segment |
| Cost of revenues | $763 million | $821 million | 63% of revenue in both years |
| Selling, general and administrative expense | $125 million | $134 million | Up 7% |
The U.S. share of Music Publishing revenue decreased from 55% in fiscal 2024 to 53% in fiscal 2025, even as U.S. revenue rose by $33 million. International Music Publishing revenue increased from $550 million to $613 million over the same period. Warner Music Group 2025 Form 10-K
Warner Chappell Music represents works by more than 190,000 songwriters and composers as of the fiscal 2025 annual report. This is a company-described catalog-scale measure, not an independent count of currently active signings or unique copyright registrations. Warner Music Group 2025 Form 10-K
Music Publishing cost of revenues was $821 million, or 63% of segment revenue, in fiscal 2025. That accounting cost measure should not be interpreted as an artist royalty rate; selling, general and administrative expense was $134 million. Warner Music Group 2025 Form 10-K
Warner Music Group Profitability, Margins and Operating Costs
Consolidated GAAP profitability moved differently from adjusted operating cash-style performance in fiscal 2025. Operating income was $694 million, down 16% from $823 million, and net income was $370 million, down 23% from $478 million. Warner Music Group fiscal 2025 results
| Profitability measure | FY2024 | FY2025 | Change |
|---|---|---|---|
| Operating income | $823 million | $694 million | Down 16% |
| Net income | $478 million | $370 million | Down 23% |
| Adjusted OIBDA | $1.432 billion | $1.443 billion | Up 1% |
| Recorded Music adjusted OIBDA margin | 25% | 23% | Down 2 percentage points |
| Music Publishing adjusted OIBDA margin | 27% | 28% | Up 1 percentage point |
Adjusted OIBDA is non-GAAP and should be read with the company’s reconciliation. Fourth-quarter 2025 adjusted OIBDA was $405 million, up 15% from $353 million in the prior-year quarter. Warner Music Group fiscal 2025 results
Recorded Music operating income was $850 million, down 7% from $916 million, while Music Publishing operating income was $224 million, down $14 million. Music Publishing adjusted OIBDA rose to $361 million from $330 million, up 9%, and its adjusted OIBDA margin increased to 28% from 27%. Warner Music Group 2025 Form 10-K
Consolidated operating costs included $1.889 billion of selling, general and administrative expense, up 1%; $1.135 billion of general and administrative expense, up $46 million; $642 million of selling and marketing expense, down 6%; and $112 million of distribution expense, up $7 million. Total restructuring and impairment costs were approximately $234 million, including about $95 million of restructuring charges and $139 million of non-cash impairment losses. Warner Music Group 2025 Form 10-K
Warner Music Group Cash Flow, Investment and Capital Structure
Net cash provided by operating activities was $678 million in fiscal 2025, down 10% from $754 million, while company-defined free cash flow was $539 million, down 16% from $638 million. Free cash flow is a non-GAAP measure, so it is not the same as net cash from operating activities. Warner Music Group fiscal 2025 results
| Cash-flow or investment measure | FY2024 | FY2025 |
|---|---|---|
| Net cash from operating activities | $754 million | $678 million |
| Company-defined free cash flow | $638 million | $539 million |
| Cash used in investing activities | $311 million | $340 million |
| Cash used in financing activities | $396 million | $497 million |
Fiscal 2025 investing cash outflows included $195 million for music-related assets, $139 million for capital expenditures, and $46 million for investments and acquisitions of businesses. Cash dividends paid were $383 million, and financing cash uses included $16 million of common-stock repurchases and retirements. Warner Music Group 2025 Form 10-K
At September 30, 2025, Warner Music Group had $4.365 billion of debt, $532 million of cash and equivalents, and $3.833 billion of net debt. The company defines net debt as debt less cash and specified premiums, discounts and deferred financing costs; Warner Music Group Corp. equity was $647 million at that date. Warner Music Group 2025 Form 10-K
Warner Music Group Workforce, Restructuring and Selected Trends
Warner Music Group employed approximately 5,500 people worldwide as of September 30, 2025, including temporary and part-time employees and people added through acquisitions. None of the company’s U.S. employees were subject to a collective bargaining agreement at that date, although certain non-domestic employees were covered by national agreements. Warner Music Group 2025 Form 10-K
The 2025 Restructuring Plan had $90 million of charges and $5 million of cash payments during fiscal 2025, leaving an $85 million balance at September 30, 2025. This is a specific severance-cost accrual and is not the same measure as total restructuring and impairment costs. Warner Music Group 2025 Form 10-K
The company recognized a $79 million impairment in fiscal 2025 for long-lived assets associated with EMP, which was classified as held for sale at September 30, 2025. The impairment was non-cash and related to assets in the Recorded Music segment. Warner Music Group 2025 Form 10-K
Selected fiscal 2025 expense trends provide additional context:
- Depreciation expense was $118 million, up $15 million from fiscal 2024.
- Amortization expense was $258 million, up 15% from $224 million; the company attributes part of the increase to acquired music-related assets.
- Net interest expense was $162 million, compared with $161 million in fiscal 2024.
- Income tax expense was $120 million, down $3 million from fiscal 2024.
- Income attributable to noncontrolling interests was $5 million, down from $43 million in fiscal 2024.
- Non-cash stock-based compensation expense was $54 million in fiscal 2025, compared with $52 million in fiscal 2024 and $49 million in fiscal 2023.
- Finance transformation initiative costs were $70 million in fiscal 2025, down from $76 million in fiscal 2024.
These expense figures are accounting or company-described measures for Warner Music Group’s consolidated operations. Fiscal years end September 30, and the annual report’s non-GAAP measures should be considered alongside the company’s reconciliations. Warner Music Group 2025 Form 10-K