Warner Music Group
Connects record labels, song rights, and artist services across the global music economy.
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Profile
Markets and licenses recordings through Warner, Atlantic, and Elektra while Warner Chappell administers composition rights. Streaming anchors a global, label-led model supported by distribution and artist services; earnings depend on retaining talent and catalogs, licensing rights across digital platforms, and copyright and royalty frameworks.
Markets, promotes, distributes, and licenses recordings through Recorded Music, anchored by Warner Records, Atlantic, and Elektra. Music Publishing, led by Warner Chappell, acquires and administers composition rights, collecting digital, performance, mechanical, and synchronization income.
Combines label and local-market creative work with centralized distribution, catalog, marketing, and direct-to-fan services across a global footprint. Streaming sits at the center of the model, while physical formats, licensing, merchandise, ticketing, touring participation, and other artist services broaden monetization.
Execution rests on signing and retaining artists and songwriters, developing catalogs, and placing rights across digital platforms and royalty channels. Access Industries retains voting control, while copyright rules, negotiated licenses, royalty structures, and relationships with digital services shape how the business earns.
Company facts
Categories
Key statistics
Year to date −7.9% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Reiterate | Overweight | $39 | $36 | |
| May 8, 2026 | UBS | Reiterate | Buy | $39 | $42 | |
| May 8, 2026 | Morgan Stanley | Target | $43 | $39 | ||
| May 8, 2026 | Evercore ISI | Target | $43 | |||
| May 8, 2026 | Guggenheim | Reiterate | Buy | $45 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q3 FY26 | $0.34 | $0.38 | +10.6% | $1.81B | $1.86B | +3.0% | +1.69% |
| May 7, 2026Q2 FY26 | $0.30 | $0.44 | +46.7% | $1.61B | $1.73B | +7.4% | +7.47% |
| Feb 5, 2026Q1 FY26 | $0.40 | $0.33 | −17.5% | $1.77B | $1.84B | +3.8% | +3.05% |
| Nov 20, 2025Q4 FY25 | $0.35 | $0.21 | −40.0% | $1.77B | $1.87B | +5.4% | +3.37% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.48B | $1.69B | $1.87B | $1.84B | $1.73B | $1.86B | |
| Gross profit | $693.0M | $776.0M | $834.0M | $853.0M | $802.0M | $854.0M | |
| Operating income | $168.0M | $169.0M | $143.0M | $327.0M | $270.0M | $305.0M | |
| Net income | $36.0M | −$16.0M | $109.0M | $176.0M | $183.0M | $204.0M | |
| Diluted EPS | $0.07 | −$0.03 | $0.21 | $0.34 | $0.35 | $0.39 | |
| Gross margin | 46.7% | 45.9% | 44.6% | 46.4% | 46.3% | 45.8% | |
| Operating margin | 11.3% | 10.0% | 7.7% | 17.8% | 15.6% | 16.4% |
Fiscal years (4-quarter sums)FY21 $5.30B · FY22 $5.92B · FY23 $6.04B · FY24 $6.43B · FY25 $6.71B
Revenue by product · Q3 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $618.0M · Total debt $4.92B · Total assets $10.73B · Shareholders' equity $854.0M
Dividends
Raised for 4 straight years — most recently to $0.20 from $0.19 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 20, 2026 | Aug 20 | Sep 1 | $0.20 | raised from $0.19 |
| May 26, 2026 | May 26 | Jun 2 | $0.19 | |
| Feb 18, 2026 | Feb 18 | Mar 3 | $0.19 | |
| Nov 19, 2025 | Nov 19 | Dec 2 | $0.19 | |
| Aug 20, 2025 | Aug 20 | Sep 3 | $0.19 | raised from $0.18 |
| May 27, 2025 | May 27 | Jun 3 | $0.18 | |
| Feb 24, 2025 | Feb 24 | Mar 4 | $0.18 | |
| Nov 19, 2024 | Nov 19 | Dec 3 | $0.18 |
Ownership
Shares outstanding 521.85M · Float 511.29M · 98.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Access Industries Holdings LLC | 372.60M | 72.00% | 13G | Feb 14, 2025 |
| AI Entertainment Holdings LLC · 10 percent owner | 248.72M | 47.66% | Form 4 | Apr 20, 2026 |
| Independent Franchise Partners LLP | 13.00M | 2.49% | 13F | Aug 13, 2026 |
| Darsana Capital Partners LP | 11.94M | 2.29% | 13F | Aug 14, 2026 |
| JPMorgan Chase & Co | 11.19M | 2.14% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 11, 2025 | Armin Zerza | officer: Chief Financial Officer | +35,778 | $28.12 |
| Dec 2, 2025 | Valentin Blavatnik | director | +71,620 | $27.88 |
Peers
- Sony (ADR)
Second-largest global rival in recordings and largest music publisher
- Reservoir Media
Independent rights owner across publishing, recordings, and catalogs
- Live Nation Entertainment
Artist-services rival in touring, ticketing, sponsorship, and management
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Warner Music Group | $28.03 | +0.02% | $14.63B | 21.7 | 16.5 | 2.0 | +10.4% |
| Sony (ADR) | $24.71 | −0.56% | $145.93B | — | 28.9 | 1.8 | −1.6% |
| Reservoir Media | $9.66 | −0.10% | $635.8M | 70.5 | 71.6 | 3.5 | +11.6% |
| Live Nation Entertainment | $181.50 | −0.07% | $42.27B | — | 151.4 | 1.6 | +9.4% |
| Median | 70.5 | 71.6 | 1.8 | +9.4% |