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Warner Music (WMG) investor relations material
Warner Music Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Total revenue grew 7%-9% year-over-year, driven by strong streaming, catalog performance, and market share gains, especially in the US.
Adjusted OIBDA increased 16%-18% year-over-year, with margin expanding to 22.1%, up 170-180 bps.
Strategic restructuring plan targets $300M in annualized cost savings by fiscal 2027, supporting margin expansion and reinvestment.
Announced a $1.2B joint venture with Bain Capital to accelerate catalog acquisitions and expand M&A activity.
Entered a $500M senior secured credit facility, expandable to $700M, for music catalog acquisitions, with strict covenants and bankruptcy-remote structure.
Financial highlights
Q3 total revenue reached $1.689B, up from $1.578B, with adjusted OIBDA at $373M.
Operating cash flow fell to $46M from $188M; free cash flow dropped to $7M from $160M, mainly due to higher A&R and tech investments.
Recorded Music revenue up 6%-8%; streaming revenue up 3%-4% (8.5% adjusted); Music Publishing revenue up 9%-10%, with streaming up 20%.
Adjusted OIBDA margin at 22.1%, up from 20.3%-20.4% year-over-year.
Net loss of $16M compared to net income of $141M prior year, impacted by restructuring and FX losses.
Outlook and guidance
Majority of restructuring savings expected to be accretive to Adjusted OIBDA by fiscal 2027.
Margin expansion of 150-200 bps expected in fiscal 2026 from cost savings program.
Targeting 50%-60% operating cash flow conversion over a multiyear period.
Confident in long-term growth, supported by industry resilience, new investments, and M&A activity.
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