Warner Music Group
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Warner Music Group (WMG). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Recorded Music | $3.81B 85.3% | $4.54B 85.7% · +19.3% | $4.97B 83.8% · +9.3% | $4.96B 82.0% · -0.2% | $5.22B 81.2% · +5.4% | $5.41B 80.5% · +3.5% |
| Music Publishing | $657.0M 14.7% | $761.0M 14.3% · +15.8% | $958.0M 16.2% · +25.9% | $1.09B 18.0% · +13.6% | $1.21B 18.8% · +11.2% | $1.31B 19.5% · +7.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Recorded Music | $175.0M 4.6% | $733.0M 16.1% | – | $875.0M 17.7% | $916.0M 17.5% | $850.0M 15.7% |
| Music Publishing | $81.0M 12.3% | $89.0M 11.7% | – | $200.0M 18.4% | $238.0M 19.7% | $224.0M 17.2% |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 13, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.