Warner Music Group

Warner Music Group has two businesses. Recorded Music finds, records and markets artists, and earns money from streaming, physical sales, licensing and artist services. Its labels include Atlantic, Elektra, Parlophone and Warner Records. Music Publishing, through Warner Chappell Music, owns and administers the rights to songs and earns money from streaming, performance, mechanical and synchronization use.

Its fiscal year ends on September 30. Revenue was $1,864 million in the quarter to June 30, 2026. Robert Kyncl is CEO.

The market prices Warner Music for the risk that streaming growth will slow and that AI-generated music will take listening time and lower the value of its catalog. The company also has net debt of $4.09 billion, and its CFO and COO left on July 31, 2026, with an acting CFO in his place. Results are strong now: in the quarter to June 30, 2026, revenue rose 10%, adjusted OIBDA rose 16% to $433 million and recorded music subscription streaming revenue rose 12%, helped by contractual increases in per-subscriber minimums with streaming services. For the gap to close, three things must be true.

Subscription streaming revenue must keep double-digit growth as streaming services raise prices. The adjusted OIBDA margin must reach the high end of the target of 150 to 200 basis points of expansion for fiscal 2026 and keep growing in fiscal 2027. Free cash flow must keep growing, so that the company can pay its dividend and reduce net debt. The fiscal 2026 report, on November 19, 2026, gives the first test, and the appointment of a permanent CFO is another check.

If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a slowdown in streaming subscriptions or a shift of listening to AI music.

1. Nov 19, 2026Pending

   Fiscal 2026 results and fiscal 2027 outlookAdjusted OIBDA margin expansion at the high end of the 150 to 200 basis points target and continued double-digit subscription streaming growth pass; slower subscription growth or a smaller margin gain fails.
2. Feb 2027 · est.Pending

   Q1 fiscal 2027 resultsRevenue and adjusted OIBDA growth with a permanent CFO in place pass; a fall in streaming growth or no permanent CFO fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Warner Music declared a regular quarterly dividend of $0.20 per share on its Class A and Class B common stock. It is payable on December 1, 2026 to holders of record on November 20, 2026.
• September 24, 2026Warner Music hired Valentin Blavatnik, a member of its board, as Managing Director, Warner Recorded Music, North America and UK, and Corporate Development, from September 25, 2026.
• September 21, 2026Warner Music said that Carianne Marshall will step down as Co-Chair and Chief Operating Officer of Warner Chappell Music on September 30, 2026.

Last earnings

August 5, 2026 (8-K on sec.gov)

Next earnings

November 19, 2026, as the company confirmed.

• 8-KOther company newsFiled November 9, 2026 · Read it on sec.gov
• 8-KNew material agreementFiled September 25, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 22, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 4, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · wmg-20260630
• 8-KEarnings release and Other company newsFiled August 5, 2026 · Press release and exhibits
• 8-KEarnings release and Investor disclosureFiled August 3, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled July 31, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · wmg-20260331
• 8-KEarnings releaseFiled May 7, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1319161)

• Most revenue comes from streaming. Slower subscriber growth, lower prices at streaming services or more listening to AI-generated music can reduce revenue growth and the value of the catalog.
• Total debt was $4.71 billion at June 30, 2026, and part of it is in euros. Interest costs and currency moves can reduce net income.
• Senior management changed in 2026: the CFO and COO left in July, and the Co-Chair and COO of Warner Chappell Music stepped down in September. A long search for a new CFO can slow decisions.
• Recorded Music revenue lost distribution revenue after the end of the distribution agreement with BMG, which reduced digital revenue by $10 million in the quarter to June 30, 2026.

Warner Music funds its business with senior notes and term loans. At June 30, 2026, total debt was $4.71 billion and cash was $618 million, so net debt was $4.09 billion. Read more

Yield at the current rate

2.5% (current annual rate, at today’s price)

Dividend yield

2.4% (last 12 months, at today’s price of $31.85)

Paid per share

$0.77 in the last 12 months (4 payments)

Current annual rate

$0.80 ($0.20 × 4 a year)

Latest ex-dividend date

August 20, 2026, $0.20 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 25.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.