The earnings call presented several positive developments, including revenue growth driven by streaming and strong market share gains, alongside notable artist successes. However, challenges such as declines in physical and ad-supported streaming revenues and decreased cash flow were highlighted. The sentiment reflects a balanced perspective with positive growth aspirations countered by current operational challenges.

Company Guidance -

Q4 2025

During Warner Music Group's fiscal third-quarter earnings call, the company reported a 7% increase in total revenue, with Recorded Music subscription streaming growing by 8.5% when adjusted for notable items. The company highlighted its strategic priorities of growing market share, increasing the value of music, and improving efficiency, evidenced by a 1 percentage point increase in U.S. market share per Luminate Data. Warner Music also announced a $1.2 billion joint venture with Bain Capital to enhance M&A capabilities. The strategic reorganization plan is expected to yield $300 million in cost savings by 2027, contributing to a margin expansion of 150-200 basis points in fiscal 2026. Additionally, the company declared a 6% increase in its quarterly dividend to $0.19 per share.

Revenue Growth

Total revenue increased by 7% with broad-based growth across Recorded Music and Music Publishing. Adjusted for notable items, revenue increased by 8%.

Streaming Growth

Recorded Music subscription streaming grew by 8.5%, adjusted for notable items, reflecting positive market share trends and chart performance.

Market Share Gains

Recorded Music market share increased by roughly 1 percentage point year-over-year in the U.S., according to Luminate Data.

Notable Artist Successes

Several artists achieved significant chart success, including Alex Warren, Sombr, and Teddy Swims, contributing to strong performance in the charts.

Cost Savings Initiative

A strategic reorganization plan is expected to generate $300 million in cost savings by the end of fiscal 2027, aiding in margin expansion of 150 to 200 basis points in fiscal 2026.

Warner Music Group (WMG) Earnings, Revenues Date & History

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WMG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 12, 2025	2025 (Q4)	0.35 / -	0.423	―	―	―
Aug 07, 2025	2025 (Q3)	0.29 / -0.03	0.289	-110.38% (-0.32)
May 08, 2025	2025 (Q2)	0.28 / 0.12	0.351	-65.24% (-0.23)
Feb 06, 2025	2025 (Q1)	0.34 / 0.52	0.33	57.27% (+0.19)
Nov 21, 2024	2024 (Q4)	0.29 / 0.42	0.29	45.86% (+0.13)
Aug 07, 2024	2024 (Q3)	0.27 / 0.29	0.272	6.25% (+0.02)
May 09, 2024	2024 (Q2)	0.21 / 0.35	0.06	485.00% (+0.29)
Feb 07, 2024	2024 (Q1)	0.43 / 0.33	0.204	61.76% (+0.13)
Nov 16, 2023	2023 (Q4)	0.26 / 0.29	0.318	-8.81% (-0.03)
Aug 08, 2023	2023 (Q3)	0.20 / 0.27	0.271	0.37% (<+0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WMG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$29.86	$30.97	+3.72%
May 08, 2025	$29.71	$27.35	-7.94%
Feb 06, 2025	$31.53	$31.19	-1.08%
Nov 21, 2024	$33.07	$30.63	-7.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.