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Jun 30, 2025
WMG Q3 2025 Earnings Report
WMG reported a net loss despite strong revenue growth in Q3 2025.
Key Takeaways
Warner Music Group saw revenue growth across Recorded Music and Music Publishing, but foreign exchange losses and higher restructuring costs led to a quarterly net loss.
Revenue increased to $1.689 billion, driven by growth in digital and licensing segments.
Net loss of $16 million primarily due to FX losses and restructuring charges.
Adjusted OIBDA rose 18% year-over-year to $373 million.
Streaming revenue across both Recorded Music and Publishing continued to grow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
WMG plans to continue strategic investments while leveraging catalog acquisitions and restructuring to drive future growth.
Positive Outlook
- Continued revenue growth in core segments
- Positive momentum in subscription streaming
- Expansion of licensing and artist services
- Catalog acquisitions expected to boost capital efficiency
- Restructuring expected to generate cost savings
Challenges Ahead
- Restructuring and impairment costs impacted margins
- Foreign exchange losses on Euro-denominated debt
- Decline in ad-supported streaming revenue
- Higher capital expenditures reduced free cash flow
- Net loss driven by one-time expenses and non-operating items
Historical Earnings Impact
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Avg. Return Before/After Earnings
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