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Warner Music Group
Warner Music Group (WMG) investor relations material
Warner Music Group Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
Revenue grew 10% year-over-year to $1.84 billion, with strong performance in both Recorded Music and Music Publishing, and robust digital, artist services, and licensing growth.
Adjusted OIBDA increased 28% to $463 million, with margin improving to 25.2% from 21.8% year-over-year.
Operating income rose 35% to $288 million, while net income declined 27% to $175 million due to currency impacts and lower other income.
Operating cash flow grew 33% to $440 million, and free cash flow increased 42% to $420 million.
Strategic initiatives, including AI partnerships, catalog acquisitions, and cost savings, are expected to drive further margin improvement and global expansion.
Financial highlights
Total revenue: $1.84 billion (+10% year-over-year, +7% in constant currency); streaming revenue up 12% in Recorded Music and 3% in Music Publishing.
Adjusted OIBDA: $463 million (+28%), margin up to 25.2%; operating income: $288 million (+35%).
Operating cash flow: $440 million (+33%); free cash flow: $420 million (+42%).
Music Publishing revenue grew 12% to $362 million, with synchronization up 54% and performance up 14%.
U.S. revenue increased 9% to $767 million; international revenue up 12% to $1.08 billion.
Outlook and guidance
2025 Restructuring Plan expected to generate $300 million in annualized pre-tax cost savings by fiscal 2027, with most savings accretive to Adjusted OIBDA.
2026 outlook targets 150–200 basis points of margin improvement, driven by investments in core business, expanded monetization, and cost savings.
Management expects sufficient liquidity to support operations over the next twelve months.
AI partnerships and expanded M&A capacity are set to drive future growth, with a positive outlook for 2026 and beyond.
WMG's AI strategy for value creation
Explain net income decline despite OIBDA growth
Drivers of 2026 margin improvement outlook
Detail AI deal economics beyond Suno's FY27 impact
Explain refined capital allocation for M&A growth
What drives consistent market share improvement
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Next Warner Music Group earnings date
Q2 20267 May, 2026
Warner Music Group
Next Warner Music Group earnings date
Q2 20267 May, 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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