AI Earnings Predictions for Warner Music Group Corp. (WMG)

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EX-99.1

2 q22026ex991.htm

EX-99.1

Document

WARNER MUSIC GROUP CORP. REPORTS RESULTS FOR FISCAL SECOND QUARTER ENDED MARCH 31, 2026

Financial Highlights

•Double-Digit Revenue Growth Underpinned by Strong Operating Performance across Recorded Music and Music Publishing

•Acceleration in Recorded Music Streaming Growth Driven by Per Subscriber Minimum Increases and Continued Market Share Gains

•Robust Margin Expansion Supported by Operating Performance and Cost-Savings Delivery; High End of 150-200 Basis Points Full-Year Margin Expansion Guidance Expected

•Joint Venture with Bain Acquired $650 million in Recorded Music and Music Publishing Catalogs

For the three months ended March 31, 2026

•Total revenue increased 17%, or 12% in constant currency

•Net income was $181 million compared to $36 million in the prior-year quarter

•Operating income increased 57% to $264 million versus $168 million in the prior-year quarter

•Adjusted OIBDA increased 31% to $397 million versus $303 million in the prior-year quarter, or 24% in constant currency

•Earnings per share was $0.35 compared to $0.07 in the prior-year quarter

•Adjusted earnings per share was $0.44 compared to $0.32 in the prior-year quarter

•Cash provided by operating activities increased to $126 million versus $69 million in the prior-year quarter

NEW YORK, New York, May 7, 2026—Warner Music Group Corp. today announced its second-quarter financial results for the period ended March 31, 2026.

“Our Q2 results demonstrate the powerful combination of creative and operational success, as well as financial discipline, providing clear evidence that our strategic transformation is working,” said Robert Kyncl, CEO, Warner Music Group. “Anchored by our 3 strategic pillars to grow share, increase the value of music, and improve efficiency and effectiveness, our momentum is building and we are well-positioned to continue delivering long-term value for our artists, songwriters, and shareholders.”

"For the fourth consecutive quarter, we have delivered on our sustainable growth model, accelerating core growth, margin expansion, and cash flow productivity," said Armin Zerza, CFO, Warner Music Group. "Behind a profitable growth engine that pairs disciplined capital allocation and rigorous cost management with industry-leading creative and AI initiatives, we are well-positioned to create significant long-term value for our shareholders.”

1

Total WMG

Total WMG Summary Results

(dollars in millions)

For the Three Months Ended March 31, 2026For the Three Months Ended March 31, 2025% ChangeFor the Six Months Ended March 31, 2026For the Six Months Ended March 31, 2025% Change

(unaudited)(unaudited)(unaudited)(unaudited)

Revenue$1,732 $1,484 17 %$3,572 $3,150 13 %

Recorded Music revenue1,380 1,175 17 %2,860 2,520 13 %

Music Publishing revenue353 310 14 %715 633 13 %

Operating income264 168 57 %552 382 45 %

Adjusted OIBDA(1) 397 303 31 %860 666 29 %

Net income181 36 — %356 277 29 %

Net cash provided by operating activities126 69 83 %566 401 41 %

Free Cash Flow99 33 — %519 329 58 %

(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.

Revenue was up 16.7% (or 12.1% in constant currency). Recorded Music revenue comparisons were impacted by a digital revenue settlement of $11 million in the prior-year quarter (the “DSP True-Up and Settlement Payments”). Consistent with prior quarters, Recorded Music revenue growth was also unfavorably impacted by the termination of the distribution agreement with BMG (the “BMG Termination”), which resulted in $6 million less Recorded Music digital revenue compared to the prior-year quarter. Excluding these items, total revenue increased 18.1% (or 13.4% in constant currency).

Digital revenue was up 16.7% (or 12.3% in constant currency) and streaming revenue was up 17.1% (or 12.9% in constant currency). Recorded Music streaming revenue increased 16.5% (or 12.1% in constant currency); however, adjusted for the $11 million impact of the DSP True-Up and Settlement Payments and the $6 million impact of the BMG Termination, Recorded Music streaming revenue was up 18.9% (or 14.4% in constant currency). Music Publishing streaming revenue increased 20.0% (or 16.2% in constant currency). The increase in total revenue was also driven by higher Recorded Music artist services and expanded-rights and physical revenue, and growth across Music Publishing performance, synchronization and mechanical revenue, partially offset by slightly lower Recorded Music licensing revenue.

Operating income increased 57.1% (or 45.1% in constant currency) to $264 million from $168 million in the prior-year quarter primarily due to the factors affecting Adjusted OIBDA discussed below, as well as a decrease in restructuring and impairment charges of $7 million, partially offset by higher amortization expense of $10 million.

Adjusted OIBDA increased 31.0% (or 24.5% in constant