Warner Music Group Corp. (WMG) Balance Sheet
WMG balance sheet, FY2025
September 30, 2025 · U.S. dollars$9.83B assets = $9.07B liabilities + $757.0M equity
Both columns are drawn to the same scale: what WMG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WMG financial health
Current ratio0.66
Tight · current assets cover current liabilities 0.66×
Debt / equity7.12
High leverage · $7.12 of debt for each $1 of equity
Equity / assets6.6%
Thin equity · of assets funded by shareholders
Cash / debt11.5%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles48.7%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
WMG balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.33BFY2016 | $9.83BFY2025 | +7.0%/yr | |
| Total liabilities | $5.12BFY2016 | $9.07BFY2025 | +6.6%/yr | |
| Shareholders’ equity | $210.0MFY2016 | $647.0MFY2025 | +13.3%/yr | |
| Cash & short-term investments | $359.0MFY2016 | $532.0MFY2025 | +4.5%/yr | |
| Total debt | $4.22BFY2016 | $4.61BFY2025 | +1.0%/yr | |
| Net cash (debt) | −$3.86BFY2016 | −$4.08BFY2025 | −$218.0M | |
| Working capital | −$934.0MFY2016 | −$1.43BFY2025 | −$497.0M | |
| Book value per share | $0.42FY2016 | $1.25FY2025 | +12.9%/yr | |
| Current ratio | 0.49FY2016 | 0.66FY2025 | +0.17 | |
| Debt / equity | 20.08FY2016 | 7.12FY2025 | −12.96 | |
| Shares outstanding | 502.0MFY2016 | 519.0MFY2025 | +0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WMG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
WMG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
WMG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WMG balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $532.0M | $694.0M | $641.0M | $584.0M | $499.0M | $553.0M | $619.0M | $514.0M | $647.0M | $359.0M |
| Cash & equivalents | $532.0M | $694.0M | $641.0M | $584.0M | $499.0M | $553.0M | $619.0M | $514.0M | $647.0M | $359.0M |
| Short-term investments | — | — | $2.0M | $2.0M | −$394.0M | — | −$206.0M | — | — | — |
| Receivables | $1.34B | $1.25B | $1.12B | $984.0M | $839.0M | $771.0M | $775.0M | $447.0M | $404.0M | $329.0M |
| Inventory | $62.0M | $99.0M | $126.0M | $108.0M | $99.0M | $79.0M | $74.0M | $42.0M | $39.0M | $41.0M |
| Other current assets | $836.0M | $595.0M | $515.0M | $463.0M | $459.0M | $275.0M | $223.0M | $173.0M | $185.0M | $179.0M |
| Total current assets | $2.77B | $2.64B | $2.40B | $2.14B | $1.90B | $1.68B | $1.69B | $1.18B | $1.27B | $908.0M |
| Property, plant & equipment (net) | $630.0M | $706.0M | $703.0M | $641.0M | $632.0M | $604.0M | $300.0M | $229.0M | $213.0M | $203.0M |
| Goodwill & intangible assets | $4.79B | $4.38B | $4.50B | $4.30B | $4.00B | $3.64B | $3.63B | $3.70B | $3.89B | $3.94B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.64B | $1.43B | $945.0M | $744.0M | $682.0M | $490.0M | $391.0M | $242.0M | $338.0M | $280.0M |
| Total assets | $9.83B | $9.15B | $8.54B | $7.83B | $7.21B | $6.41B | $6.02B | $5.34B | $5.72B | $5.33B |
| Liabilities | ||||||||||
| Accounts payable | $257.0M | $289.0M | $300.0M | $268.0M | $302.0M | $264.0M | $260.0M | $281.0M | $208.0M | $204.0M |
| Short-term debt | $43.0M | $45.0M | $41.0M | $80.0M | $86.0M | $78.0M | $2.09B | $1.85B | $1.67B | $1.44B |
| Deferred revenue | $335.0M | $246.0M | $371.0M | $423.0M | $348.0M | $297.0M | $180.0M | $208.0M | $197.0M | $178.0M |
| Total current liabilities | $4.20B | $3.90B | $3.54B | $3.37B | $3.15B | $2.72B | $2.82B | $2.37B | $2.10B | $1.84B |
| Long-term debt | $4.37B | $4.01B | $3.96B | $3.73B | $3.35B | $3.10B | $2.97B | $2.82B | $2.81B | $2.78B |
| Lease obligations | $243.0M | $273.0M | $296.0M | $281.0M | $330.0M | $338.0M | — | — | — | — |
| Other long-term liabilities | $506.0M | $569.0M | $612.0M | $560.0M | $669.0M | $631.0M | $493.0M | $472.0M | $499.0M | $505.0M |
| Total liabilities | $9.07B | $8.48B | $8.12B | $7.66B | $7.17B | $6.46B | $6.29B | $5.66B | $5.41B | $5.12B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | — | — | — |
| Retained earnings (deficit) | −$1.33B | −$1.31B | −$1.39B | −$1.48B | −$1.71B | −$1.75B | −$1.18B | −$1.27B | −$654.0M | −$715.0M |
| Accumulated other comprehensive income | −$189.0M | −$247.0M | −$322.0M | −$347.0M | −$202.0M | −$222.0M | −$240.0M | −$190.0M | −$181.0M | −$218.0M |
| Minority interest | $110.0M | $157.0M | $123.0M | $16.0M | $15.0M | — | — | — | — | — |
| Total shareholders' equity | $647.0M | $675.0M | $430.0M | $168.0M | $46.0M | −$45.0M | −$269.0M | −$320.0M | $308.0M | $210.0M |
| Key figures | ||||||||||
| Total debt | $4.61B | $4.29B | $4.26B | $4.01B | $3.68B | $3.44B | $5.07B | $4.67B | $4.48B | $4.22B |
| Net cash (debt) | −$4.08B | −$3.59B | −$3.62B | −$3.43B | −$3.18B | −$2.89B | −$4.45B | −$4.16B | −$3.83B | −$3.86B |
| Working capital | −$1.43B | −$1.25B | −$1.14B | −$1.23B | −$1.25B | −$1.04B | −$1.13B | −$1.20B | −$825.0M | −$934.0M |
| Tangible book value | −$4.14B | −$3.71B | −$4.07B | −$4.14B | −$3.96B | −$3.68B | −$3.90B | −$4.02B | −$3.58B | −$3.73B |
| Book value per share | $1.25 | $1.30 | $0.83 | $0.33 | $0.09 | −$0.09 | −$0.54 | −$0.64 | $0.61 | $0.42 |
| Shares outstanding | 519.0M | 517.5M | 515.6M | 514.7M | 517.5M | 504.5M | 502.0M | 502.0M | 502.0M | 502.0M |
| Current ratio | 0.66 | 0.68 | 0.68 | 0.64 | 0.60 | 0.62 | 0.60 | 0.50 | 0.61 | 0.49 |
| Quick ratio | 0.45 | 0.50 | 0.50 | 0.47 | 0.42 | 0.49 | 0.49 | 0.40 | 0.50 | 0.37 |
| Debt / equity | 7.12 | 6.35 | 9.91 | 23.89 | 79.91 | — | — | — | 14.55 | 20.08 |
| Equity / assets | 6.6% | 7.4% | 5.0% | 2.1% | 0.6% | −0.7% | −4.5% | −6.0% | 5.4% | 3.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $618.0M | $741.0M | $751.0M | $532.0M | $527.0M | $637.0M | $802.0M | $694.0M | $607.0M | $587.0M | $754.0M | $641.0M |
| Cash & equivalents | $618.0M | $741.0M | $751.0M | $532.0M | $527.0M | $637.0M | $802.0M | $694.0M | $607.0M | $587.0M | $754.0M | $641.0M |
| Short-term investments | — | — | — | — | — | — | $141.0M | — | — | — | — | $2.0M |
| Receivables | $2.28B | $1.50B | $1.37B | $1.34B | $1.30B | $1.22B | $1.20B | $1.25B | $1.22B | $1.20B | $1.20B | $1.12B |
| Inventory | $69.0M | $65.0M | $60.0M | $62.0M | $101.0M | $88.0M | $84.0M | $99.0M | $92.0M | $97.0M | $106.0M | $126.0M |
| Other current assets | $295.0M | $909.0M | $833.0M | $836.0M | $745.0M | $656.0M | $629.0M | $595.0M | $562.0M | $569.0M | $561.0M | $515.0M |
| Total current assets | $3.26B | $3.22B | $3.02B | $2.77B | $2.68B | $2.60B | $2.72B | $2.64B | $2.48B | $2.45B | $2.62B | $2.40B |
| Property, plant & equipment (net) | $579.0M | $582.0M | $597.0M | $630.0M | $688.0M | $720.0M | $712.0M | $706.0M | $690.0M | $695.0M | $708.0M | $703.0M |
| Goodwill & intangible assets | $5.38B | $5.31B | $4.91B | $4.79B | $4.98B | $4.95B | $4.34B | $4.38B | $4.46B | $4.47B | $4.56B | $4.50B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.51B | $1.50B | $1.49B | $1.64B | $1.43B | $1.30B | $1.38B | $1.43B | $1.20B | $1.11B | $1.11B | $945.0M |
| Total assets | $10.73B | $10.61B | $10.01B | $9.83B | $9.78B | $9.57B | $9.15B | $9.15B | $8.83B | $8.73B | $8.99B | $8.54B |
| Liabilities | ||||||||||||
| Accounts payable | $354.0M | $452.0M | $201.0M | $257.0M | $241.0M | $347.0M | $189.0M | $289.0M | $200.0M | $306.0M | $246.0M | $300.0M |
| Short-term debt | $44.0M | $48.0M | $47.0M | $43.0M | $43.0M | $47.0M | $94.0M | $45.0M | $86.0M | $43.0M | $43.0M | $41.0M |
| Deferred revenue | $330.0M | $451.0M | $246.0M | $335.0M | $278.0M | $319.0M | $312.0M | $246.0M | $168.0M | $234.0M | $305.0M | $371.0M |
| Total current liabilities | $4.44B | $4.42B | $4.31B | $4.20B | $4.05B | $3.92B | $3.92B | $3.90B | $3.57B | $3.53B | $3.75B | $3.54B |
| Long-term debt | $4.71B | $4.72B | $4.37B | $4.37B | $4.36B | $4.29B | $3.96B | $4.01B | $3.98B | $3.98B | $4.00B | $3.96B |
| Lease obligations | $209.0M | $222.0M | $235.0M | $243.0M | $255.0M | $263.0M | $269.0M | $273.0M | $275.0M | $282.0M | $292.0M | $296.0M |
| Other long-term liabilities | $488.0M | $500.0M | $501.0M | $506.0M | $552.0M | $570.0M | $571.0M | $569.0M | $644.0M | $629.0M | $626.0M | $612.0M |
| Total liabilities | $9.64B | $9.64B | $9.18B | $9.07B | $8.96B | $8.78B | $8.45B | $8.48B | $8.20B | $8.15B | $8.38B | $8.12B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | −$1.07B | −$1.17B | −$1.25B | −$1.33B | −$1.34B | −$1.23B | −$1.17B | −$1.31B | −$1.26B | −$1.31B | −$1.32B | −$1.39B |
| Accumulated other comprehensive income | −$220.0M | −$225.0M | −$180.0M | −$189.0M | −$174.0M | −$292.0M | −$376.0M | −$247.0M | −$311.0M | −$301.0M | −$260.0M | −$322.0M |
| Minority interest | $232.0M | $234.0M | $109.0M | $110.0M | $223.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $854.0M | $738.0M | $720.0M | $647.0M | $589.0M | $567.0M | $545.0M | $518.0M | $483.0M | $433.0M | $463.0M | $307.0M |
| Key figures | ||||||||||||
| Total debt | $4.92B | $4.94B | $4.79B | $4.61B | $4.62B | $4.55B | $4.22B | $4.29B | $4.25B | $4.27B | $4.30B | $4.26B |
| Net cash (debt) | −$4.30B | −$4.20B | −$4.04B | −$4.08B | −$4.09B | −$3.92B | −$3.42B | −$3.59B | −$3.65B | −$3.68B | −$3.54B | −$3.62B |
| Working capital | −$1.18B | −$1.20B | −$1.29B | −$1.43B | −$1.37B | −$1.32B | −$1.21B | −$1.25B | −$1.09B | −$1.08B | −$1.13B | −$1.14B |
| Tangible book value | −$4.52B | −$4.57B | −$4.19B | −$4.14B | −$4.39B | −$4.38B | −$3.80B | −$3.86B | −$3.98B | −$4.04B | −$4.09B | −$4.19B |
| Book value per share | $1.63 | $1.42 | $1.39 | $1.25 | $1.13 | $1.09 | $1.05 | $1.00 | $0.93 | $0.84 | $0.90 | $0.59 |
| Shares outstanding | 524.4M | 519.0M | 519.0M | 519.0M | 521.3M | 520.3M | 518.4M | 517.5M | 517.9M | 517.8M | 516.5M | 516.0M |
| Current ratio | 0.73 | 0.73 | 0.70 | 0.66 | 0.66 | 0.66 | 0.69 | 0.68 | 0.69 | 0.69 | 0.70 | 0.68 |
| Quick ratio | 0.65 | 0.51 | 0.49 | 0.45 | 0.45 | 0.47 | 0.51 | 0.50 | 0.51 | 0.50 | 0.52 | 0.50 |
| Debt / equity | 5.76 | 6.70 | 6.66 | 7.12 | 7.84 | 8.03 | 7.75 | 8.28 | 8.81 | 9.85 | 9.28 | 13.88 |
| Equity / assets | 8.0% | 7.0% | 7.2% | 6.6% | 6.0% | 5.9% | 6.0% | 5.7% | 5.5% | 5.0% | 5.1% | 3.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 20, 2025); data from EODHD.
WMG financial position
At the end of fiscal 2025 (September 30, 2025), Warner Music had total assets of $9.8 billion (up 7.4% from a year earlier), total liabilities of $9.1 billion and shareholders' equity of $647.0 million. It held $532.0 million in cash and short-term investments against $4.6 billion of debt, net debt of $4.1 billion. Its current ratio was 0.66. In the latest quarter (ended June 30, 2026) total assets were $10.7 billion and equity $854.0 million.
Related: WMG income statement, WMG cash flow statement, WMG key metrics. See the WMG stock overview for the latest quote and news.
WMG balance sheet FAQ
What are Warner Music's total assets?
Warner Music reported total assets of $9.8 billion at the end of fiscal 2025 (September 30, 2025), compared with $9.2 billion a year earlier.
How much debt does Warner Music have?
Warner Music had $4.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 7.12.
How much cash does Warner Music have?
Warner Music held $532.0 million in cash and short-term investments at the end of fiscal 2025; with $4.6 billion of debt that is net debt of $4.1 billion.
What is Warner Music's book value?
Warner Music's shareholders' equity (book value) was $647.0 million at the end of fiscal 2025, or $1.25 per share.
What is Warner Music's current ratio?
Warner Music had current assets of $2.8 billion and current liabilities of $4.2 billion, a current ratio of 0.66 (current liabilities exceed current assets).
How much goodwill does Warner Music have?
Warner Music carried $4.8 billion of goodwill and intangible assets, 48.7% of total assets, at the end of fiscal 2025.