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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.
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Q3 2025 earnings summary7 Aug, 2025

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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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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