Having trailed its results with preliminary numbers this week, Warner Music Group has now reported its fiscal third quarter financial figures for the period ended June 30, 2026.
Overall revenue was reported as $1.864 billion and was up 9.3% year-on-year in constant currency (all figures will be stated in constant currency). Digital revenue was up 9.1% and streaming revenue was up 10.8%.
Operating income for the quarter was $305 million (up 75.3% year-on-year in constant currency), while adjusted OIBDA was $433m (an increase of 14.6%).
Recorded Music revenue was up 8.9% year-on-year driven by increases across digital, artist services and expanded-rights and physical revenue. Recorded Music revenue growth would have been 11% if one-off factors were taken into account.
Recorded Music digital revenue was up 10.8% year-on-year – or 11.3% if adjusted for one-off factors. Streaming revenue reflects growth in subscription revenue of 10.8% and 8.0% for ad-funded streaming.
"The increase in subscription revenue reflects positive market share trends, subscriber growth and improved deal economics," stated Warner Music Group's financial report.
Physical revenue increased 17.1% year-on-year primarily driven by strong releases in the quarter as well as catalogue and carryover success for key titles.
We are closing the year with sharp operational focus and strong positioning to generate compounding value for our artists, songwriters, and shareholders for many years to come
Robert Kyncl
Top sellers in the quarter included Bruno Mars, Don Toliver, Sombr, Alex Warren and Madonna (pictured).
Music Publishing revenue was up 10.9% year-on-year driven by growth across digital, synchronisation, mechanical and performance revenue.
“For the fifth consecutive quarter, WMG has delivered or over-delivered on our targets, proving the strength of our strategy and the momentum of our business," said Robert Kyncl, CEO, Warner Music Group. "Our performance – driven by robust subscription streaming growth, market share gains, and disciplined operating leverage – highlights our ability to champion human creativity while deploying tech and AI to scale long-term profitability. We are closing the year with sharp operational focus and strong positioning to generate compounding value for our artists, songwriters, and shareholders for many years to come.”
“Our strong results were highlighted by double-digit subscription streaming growth bolstered by contractual per-subscriber minimum increases and sustained global share performance,” said Lou Dickler, acting CFO, Warner Music Group. “We delivered healthy margin expansion and remain on track to meet the high end of our fiscal '26 margin expansion targets while remaining laser-focused on long-term value creation.”
PHOTO: Rafael Pavarotti
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