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Warner Music Group (WMG) investor relations material
Warner Music Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record-high quarterly revenue in Q4 2025, with double-digit growth in both Recorded Music and Music Publishing, and the highest year-over-year growth in nearly two years.
Gained 0.6 percentage points of U.S. market share year-over-year and 6 percentage points on the Spotify Top 200 globally.
Delivered strong performance across new releases and catalog, with notable artist achievements such as Cardi B's double platinum album and Twenty One Pilots' top US rock debut.
Expanded partnerships and innovative deals in AI music creation and technology, including agreements with Udio, Stability AI, and Clay.
Net income for the quarter rose to $109 million from $48 million year-over-year, while full-year net income declined to $370 million from $478 million due to higher restructuring and impairment charges.
Financial highlights
Q4 2025 total revenue grew 13–15% year-over-year, reaching an all-time high, with double-digit growth in both recorded music and music publishing.
Adjusted OIBDA rose 12–15% in Q4; full-year adjusted OIBDA grew 1–8% on an adjusted basis.
Streaming revenue increased 6–8% year-over-year in Q4.
Operating cash flow conversion was 47–57% for the year; cash balance at $532 million, net debt at $3.8–3.83 billion.
Free cash flow for the year was $539 million, down from $638 million.
Outlook and guidance
Expect strong top-line growth in 2026, driven by organic investments, accretive M&A, and expansion in distribution and direct-to-consumer.
Anticipate 150–200 basis points of adjusted OIBDA margin improvement in 2026, with cost savings increasing sequentially.
Margin expansion to be supported by cost savings, operating leverage, and higher-margin streaming and catalog M&A.
Targeting mid to high 20s EBITDA margins over the mid to long term.
Continued focus on innovative partnerships and regional business realignment to drive future growth.
Explain the strategy for new AI partnerships
Plans for 2025 debt maturity management?
Rationale for recent global org structure changes?
AI deal terms for value capture
Key drivers of recent market share gains
Balance cost savings with growth investments
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Next Warner Music Group earnings date
Q1 20265 Feb, 2026
Next Warner Music Group earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. It engages in recorded music and music publishing businesses; music licensing activities; and artist services, such as merchandising, brand management, and direct to consumer businesses. The company also offers a range of strategic brand partnership and distribution services to recording artists and labels. It provides its products through approximately 1,000 retail accounts, including digital retailers; independent record stores; major chain retail stores; non traditional retailers; traditional online retailers; mobile carriers and broadband providers; live venues; concert promoters; artists' fan club stores; ticketing companies; consumer brands; technology partners to distribute physical or digital products.
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