Warner Music Group Corp. (WMG) Cash Flow Statement

NASDAQ: WMGOperating cash, capex, free cash flow and buybacks.

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
Cash from operations: $678.0MCash from operations$678.0MAcquisitions & other: $139.0MAcquisitions & other$139.0MDrawn from cash: $162.0MDrawn from cash$162.0MDividends: $383.0MDividends$383.0M · 39%Investments (net): $340.0MInvestments (net)$340.0M · 35%Capital expenditures: $139.0MCapital expenditures$139.0M · 14%Other financing: $97.0MOther financing$97.0M · 10%Share buybacks, Currency & other: $20.0MOther uses$20.0M · 2%$979.0M
Cash from operations
$678.0M
Capital expenditures
−$139.0M
Investments (net)
−$340.0M
Acquisitions & other
+$139.0M
Dividends
−$383.0M
Share buybacks (net)
−$16.0M
Other financing
−$97.0M
Currency & other
−$4.0M
Change in cash
−$162.0M

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

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

WMG cash flow trends, FY2016–FY2025

Warner Music Group Corp. cash flow trends
MetricTrendThenLatestChange
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 margin8.5%FY20168.0%FY2025−0.4 pts
Operating cash flow / net income11.40FY20161.83FY2025−9.57
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 / revenue2.1%FY20162.1%FY20250.0 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

WMG cash flow by activity

OperatingInvestingFinancingChange in cash

WMG net income vs operating cash flow

Net incomeOperating 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

Warner Music Group Corp. annual cash flow statement
FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 margin8.0%9.9%7.4%7.0%1.2%7.6%5.7%8.4%13.3%8.5%
Capex / revenue2.1%1.8%4.0%5.5%10.8%2.8%3.2%2.2%1.7%2.1%
Operating cash flow / net income1.831.581.601.342.08—1.551.363.5911.40

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.

Entertainment: cash flow