Warner Music Group Corp. (WMG) Cash Flow Statement
Where WMG’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $678.0M −10.1% vs FY2024
- Capital expenditures
- $139.0M 2.1% of revenue
- Free cash flow
- $539.0M 8.0% margin
- Returned to shareholders
- $399.0M 74% of free cash flow
- Change in cash
- −$162.0M cash at year-end $532.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
WMG operating cash flow, capex and free cash flow
WMG cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $342.0MFY2016 | $678.0MFY2025 | +7.9%/yr | |
| Capital expenditures | $67.0MFY2016 | $139.0MFY2025 | +8.4%/yr | |
| Free cash flow | $275.0MFY2016 | $539.0MFY2025 | +7.8%/yr | |
| Free cash flow margin | 8.5%FY2016 | 8.0%FY2025 | −0.4 pts | |
| Operating cash flow / net income | 11.40FY2016 | 1.83FY2025 | −9.57 | |
| Stock-based compensation | $23.0MFY2016 | $54.0MFY2025 | +9.9%/yr | |
| Dividends paid | $84.0MFY2017 | $383.0MFY2025 | +20.9%/yr | |
| Share buybacks (net) | $7.0MFY2021 | $16.0MFY2025 | +23.0%/yr | |
| Capex / revenue | 2.1%FY2016 | 2.1%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WMG cash flow by activity
WMG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WMG cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $370.0M | $478.0M | $430.0M | $555.0M | $307.0M | −$470.0M | $258.0M | $312.0M | $149.0M | $30.0M |
| Depreciation & amortization | $376.0M | $327.0M | $332.0M | $339.0M | $306.0M | $261.0M | $269.0M | $261.0M | $251.0M | $293.0M |
| Stock-based compensation | $54.0M | $52.0M | $49.0M | $39.0M | $45.0M | $608.0M | $50.0M | $62.0M | $70.0M | $23.0M |
| Change in working capital | −$221.0M | −$148.0M | −$119.0M | −$87.0M | −$81.0M | $30.0M | −$74.0M | $79.0M | $173.0M | $26.0M |
| Other non-cash items | $99.0M | $45.0M | −$5.0M | −$104.0M | $61.0M | $34.0M | −$103.0M | −$289.0M | −$108.0M | −$30.0M |
| Cash from operating activities | $678.0M | $754.0M | $687.0M | $742.0M | $638.0M | $463.0M | $400.0M | $425.0M | $535.0M | $342.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$139.0M | −$116.0M | −$241.0M | −$326.0M | −$574.0M | −$125.0M | −$145.0M | −$88.0M | −$60.0M | −$67.0M |
| Investments (net) | −$340.0M | −$311.0M | −$300.0M | −$498.0M | −$64.0M | −$219.0M | −$376.0M | $405.0M | −$126.0M | −$8.0M |
| Acquisitions & other investing | $139.0M | $116.0M | $241.0M | $0 | $0 | $125.0M | $145.0M | $88.0M | $60.0M | $67.0M |
| Cash from investing activities | −$340.0M | −$311.0M | −$300.0M | −$824.0M | −$638.0M | −$219.0M | −$376.0M | $405.0M | −$126.0M | −$8.0M |
| Financing activities | ||||||||||
| Dividends paid | −$383.0M | −$361.0M | −$340.0M | −$318.0M | −$265.0M | −$344.0M | −$94.0M | −$925.0M | −$84.0M | — |
| Share repurchases & issuance (net) | −$16.0M | −$5.0M | $0 | −$6.0M | −$7.0M | — | — | — | — | — |
| Net borrowing (repayment) | −$1.0M | $0 | $164.0M | $535.0M | $211.0M | $75.0M | $197.0M | $10.0M | $1.0M | −$197.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$97.0M | −$30.0M | −$149.0M | −$23.0M | $0 | −$47.0M | −$15.0M | −$40.0M | −$45.0M | −$19.0M |
| Cash from financing activities | −$497.0M | −$396.0M | −$325.0M | $188.0M | −$61.0M | −$316.0M | $88.0M | −$955.0M | −$128.0M | −$216.0M |
| Summary | ||||||||||
| Net change in cash | −$162.0M | $53.0M | $57.0M | $85.0M | −$54.0M | −$66.0M | $105.0M | −$133.0M | $288.0M | $113.0M |
| Cash at end of period | $532.0M | $694.0M | $641.0M | $584.0M | $499.0M | $553.0M | $619.0M | $514.0M | $647.0M | $359.0M |
| Free cash flow | $539.0M | $638.0M | $446.0M | $416.0M | $64.0M | $338.0M | $255.0M | $337.0M | $475.0M | $275.0M |
| Free cash flow margin | 8.0% | 9.9% | 7.4% | 7.0% | 1.2% | 7.6% | 5.7% | 8.4% | 13.3% | 8.5% |
| Capex / revenue | 2.1% | 1.8% | 4.0% | 5.5% | 10.8% | 2.8% | 3.2% | 2.2% | 1.7% | 2.1% |
| Operating cash flow / net income | 1.83 | 1.58 | 1.60 | 1.34 | 2.08 | — | 1.55 | 1.36 | 3.59 | 11.40 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $556.0M | $181.0M | $175.0M | $109.0M | −$16.0M | $36.0M | $241.0M | $48.0M | $141.0M | $96.0M | $193.0M | $152.0M |
| Depreciation & amortization | $111.0M | $103.0M | $99.0M | $104.0M | $96.0M | $90.0M | $86.0M | $83.0M | $80.0M | $83.0M | $81.0M | $79.0M |
| Stock-based compensation | $33.0M | $16.0M | $19.0M | $11.0M | $16.0M | $14.0M | $13.0M | $24.0M | $10.0M | $9.0M | $9.0M | $7.0M |
| Change in working capital | −$259.0M | −$156.0M | $103.0M | $78.0M | −$228.0M | −$160.0M | $89.0M | $162.0M | −$51.0M | −$223.0M | −$36.0M | −$31.0M |
| Other non-cash items | −$299.0M | −$18.0M | $44.0M | −$71.0M | $178.0M | $89.0M | −$97.0M | −$13.0M | $8.0M | $4.0M | $46.0M | $131.0M |
| Cash from operating activities | $142.0M | $126.0M | $440.0M | $231.0M | $46.0M | $69.0M | $332.0M | $304.0M | $188.0M | −$31.0M | $293.0M | $338.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$28.0M | −$27.0M | −$20.0M | −$28.0M | −$39.0M | −$36.0M | −$36.0M | −$97.0M | −$28.0M | −$49.0M | −$88.0M | −$38.0M |
| Investments (net) | $2.0M | $0 | $0 | −$67.0M | −$71.0M | −$121.0M | −$81.0M | −$110.0M | −$76.0M | −$33.0M | −$92.0M | −$196.0M |
| Acquisitions & other investing | $10.0M | −$449.0M | −$32.0M | $28.0M | $39.0M | $36.0M | $36.0M | $97.0M | $28.0M | $49.0M | $88.0M | $38.0M |
| Cash from investing activities | −$16.0M | −$476.0M | −$52.0M | −$67.0M | −$71.0M | −$121.0M | −$81.0M | −$110.0M | −$76.0M | −$33.0M | −$92.0M | −$196.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$300.0M | −$100.0M | −$100.0M | −$100.0M | −$94.0M | −$95.0M | −$94.0M | −$94.0M | −$89.0M | −$89.0M | −$89.0M | −$89.0M |
| Share repurchases & issuance (net) | −$48.0M | −$22.0M | −$26.0M | −$13.0M | −$1.0M | −$17.0M | −$2.0M | — | $0 | −$5.0M | $0 | — |
| Net borrowing (repayment) | −$1.0M | $366.0M | $4.0M | $0 | −$1.0M | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $104.0M | $81.0M | −$37.0M | −$40.0M | $0 | −$9.0M | −$31.0M | −$22.0M | −$1.0M | −$3.0M | −$4.0M | −$3.0M |
| Cash from financing activities | −$245.0M | $325.0M | −$159.0M | −$153.0M | −$96.0M | −$121.0M | −$127.0M | −$116.0M | −$90.0M | −$97.0M | −$93.0M | −$92.0M |
| Summary | ||||||||||||
| Net change in cash | −$123.0M | −$10.0M | $219.0M | $5.0M | −$110.0M | −$165.0M | $108.0M | $87.0M | $20.0M | −$167.0M | $113.0M | $41.0M |
| Cash at end of period | $618.0M | $741.0M | $751.0M | $532.0M | $527.0M | $637.0M | $802.0M | $694.0M | $607.0M | $587.0M | $754.0M | $641.0M |
| Free cash flow | $114.0M | $107.0M | $390.0M | $203.0M | $7.0M | −$46.0M | $296.0M | $207.0M | $160.0M | −$80.0M | $205.0M | $300.0M |
| Free cash flow margin | 6.1% | 6.2% | 21.2% | 10.9% | 0.4% | −3.1% | 17.8% | 12.7% | 10.3% | −5.4% | 11.7% | 18.9% |
| Capex / revenue | 1.5% | 1.6% | 1.1% | 1.5% | 2.3% | 2.4% | 2.2% | 6.0% | 1.8% | 3.3% | 5.0% | 2.4% |
| Operating cash flow / net income | 0.26 | 0.70 | 2.51 | 2.12 | — | 1.92 | 1.38 | 6.33 | 1.33 | −0.32 | 1.52 | 2.22 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WMG cash generation
In fiscal 2025 (ended September 30, 2025), Warner Music generated $678.0 million of cash from operations (down 10.1%) and spent $139.0 million on capital expenditures, leaving free cash flow of $539.0 million, 8.0% of revenue. It returned $399.0 million to shareholders through dividends ($383.0 million) and net share buybacks ($16.0 million). Cash and equivalents fell by $162.0 million over the year.
Related: WMG income statement, WMG balance sheet, WMG dividend history. See the WMG stock overview for the latest quote and news.
WMG cash flow FAQ
What is Warner Music's free cash flow?
Warner Music's free cash flow was $539.0 million in fiscal 2025: $678.0 million of operating cash flow minus $139.0 million of capital expenditures It was $638.0 million a year earlier..
How much cash does Warner Music generate from operations?
Warner Music generated $678.0 million of cash from operating activities in fiscal 2025, 1.83 times its net income of $370.0 million.
How much does Warner Music spend on capital expenditures?
Warner Music spent $139.0 million on capital expenditures in fiscal 2025, 2.1% of revenue, compared with $116.0 million the year before.
How much stock does Warner Music buy back?
Warner Music spent $16.0 million on net share repurchases in fiscal 2025.
How much does Warner Music pay in dividends?
Warner Music paid $383.0 million in dividends in fiscal 2025, 71.1% of free cash flow.