Warner Music Group has reported its Q1 financial results for the period ended March 31, 2026 – the major’s fiscal second quarter.
Revenue was up 12.1% year-on-year in constant currency to $1.73 billion (all figures will be stated in constant currency).
Recorded Music revenue was up 12.7% year-on-year. Comparisons were impacted by a digital revenue settlement in the prior-year quarter and the effect of the BMG digital termination.
Recorded Music streaming revenue increased by 12.1% year-on-year.
Top sellers in the quarter included Bruno Mars, Alex Warren, Sombr, Ed Sheeran and Melanie Martinez.
Music publishing revenue was up 9.6%, driven by growth across digital, performance, synchronisation and mechanical revenue.
Our Q2 results demonstrate the powerful combination of creative and operational success, as well as financial discipline, providing clear evidence that our strategic transformation is working
Robert Kyncl
The increase in total revenue was also driven by higher Recorded Music artist services and expanded-rights and physical revenue, and growth across music publishing performance, synchronisation and mechanical revenue, partially offset by slightly lower Recorded Music licensing revenue.
Operating income increased 45.1% year-on-year to $264 million.
“Our Q2 results demonstrate the powerful combination of creative and operational success, as well as financial discipline, providing clear evidence that our strategic transformation is working,” said Robert Kyncl, CEO, Warner Music Group. “Anchored by our three strategic pillars to grow share, increase the value of music, and improve efficiency and effectiveness, our momentum is building and we are well positioned to continue delivering long-term value for our artists, songwriters, and shareholders.”
"For the fourth consecutive quarter, we have delivered on our sustainable growth model, accelerating core growth, margin expansion, and cash flow productivity," said Armin Zerza, CFO, Warner Music Group. "Behind a profitable growth engine that pairs disciplined capital allocation and rigorous cost management with industry-leading creative and AI initiatives, we are well positioned to create significant long-term value for our shareholders.”
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