Reservoir Media (RSVR) Q2 2027 earnings summary

Executive summary

• Q2 FY27 revenue rose 10% YoY to $49.9M, including 4% organic growth; Music Publishing and Recorded Music revenue increased 8% and 18%, respectively.

• Net income was $4.6M vs. $2.2M; Adjusted EBITDA increased 14% to $22.1M.

• FY27 revenue and Adjusted EBITDA guidance ranges were raised and narrowed following strong first-half performance.

• Catalog acquisitions, creator partnerships, roster signings and NIL rights opportunities advanced the catalog and talent strategy.

Financial highlights

• Q2 revenue was $49.9M vs. $45.4M; operating income rose 15% to $12.3M.

• OIBDA increased 14% to $20.7M from $18.2M; Adjusted EBITDA rose 14% to $22.1M from $19.4M.

• Net income was $4.6M vs. $2.2M; diluted EPS was $0.07 vs. $0.03.

• H1 revenue rose 11% to $91.4M; operating income was $17.6M and Adjusted EBITDA was $37.8M.

• Q2 cost of revenue, administration expense, and amortization and depreciation increased 7%, 7%, and 12% YoY; higher amortization reflected catalog acquisitions.

Outlook and guidance

• FY27 revenue guidance was raised and narrowed to $188M–$192M, implying 8% growth at the midpoint.

• FY27 Adjusted EBITDA guidance was raised and narrowed to $77M–$80M, implying 7% growth at the midpoint.

• Strong first-half results, diversified catalog growth, disciplined investment and cost management supported the higher outlook; Q2 administration expense run rate is expected to remain broadly steady in Q3 and Q4.