Warner Music Group Posts $1.73B Revenue in Calendar Q1 2026

Warner Music Group delivered a strong fiscal Q2 (calendar Q1 2026), with double-digit revenue growth across recorded music, publishing, “and other activities.”

Overall Q1 financial performance:

• Total revenue reached $1.732 billion, up 12.1% YoY at constant currency.

• Net income jumped to $181 million, compared to $36 million in calendar Q1 2025, boosted by foreign exchange gains tied to Euro-denominated debt and intercompany loans.

• Operating income rose 45.1% YoY at constant currency to $264 million.

• Adjusted OIBDA climbed 24.5% YoY at constant currency to $397 million, with margins improving to 22.9%.

Recorded music growth:

• Recorded music revenue increased 12.7% YoY at constant currency to $1.38 billion.

• As per the company, this was driven by increases across digital, artist services and expanded-rights and physical revenue, partially offset by a slight decrease in licensing revenue.

• Streaming revenue hit $961 million, up 12.1% at constant currency.

• Subscription streaming generated $734 million, rising 12.7% YoY at constant currency, helped by platform price increases and market share gains.

• Ad-supported streaming revenue grew 10.2% at constant currency to $227 million, rebounding from a softer ad market last year.

• Physical revenue rose 18.1% YoY at constant currency to $137 million, driven by strong frontline and catalog releases.

• Artist services and expanded-rights revenue surged 33.3% YoY at constant currency to $164 million.

Publishing revenue:

• Warner Chappell Music revenue increased 9.6% YoY at constant currency to $353 million.

• This was driven by growth across digital, performance, synchronization and mechanical revenue.

• Publishing streaming revenue climbed 16.2% YoY at constant currency to $222 million, driven by “the impact of new deals and renewals and continued market growth.”

What they said:

• Robert Kyncl, CEO, Warner Music Group: “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. 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.”