Warner Music Group Corp. (WMG) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 134M | 440M | 231M | 46M | 69M | 332M | 304M | 188M | -31M | 293M | 338M | 146M | -6M | 209M | 406M | 163M | 44M | 129M | 228M | 91M |
| Operating CF Margin % | 7.74% | 23.91% | 12.37% | 2.72% | 4.65% | 19.93% | 18.65% | 12.1% | -2.08% | 16.76% | 21.31% | 9.34% | -0.43% | 14.05% | 27.12% | 11.38% | 3.2% | 7.99% | 16.57% | 6.79% |
| Operating CF Growth % | 94.2% | 32.53% | -24.01% | -75.53% | 322.58% | 13.31% | -10.06% | 28.77% | -416.67% | 40.19% | -16.75% | -10.43% | -113.64% | 62.02% | 78.07% | 79.12% | -70.67% | -23.67% | 29.55% | -26.02% |
| Net Income | 181M | 175M | 109M | -16M | 36M | 241M | 48M | 141M | 96M | 193M | 154M | 124M | 37M | 124M | 150M | 125M | 92M | 188M | 30M | 61M |
| Depreciation & Amortization | 103M | 99M | 104M | 96M | 90M | 86M | 83M | 80M | 83M | 81M | 79M | 86M | 83M | 84M | 82M | 87M | 89M | 81M | 79M | 79M |
| Stock-Based Compensation | 0 | 19M | 11M | 16M | 14M | 13M | 24M | 10M | 9M | 9M | 7M | 7M | 21M | 14M | 4M | 5M | 6M | 24M | 12M | 12M |
| Deferred Taxes | 14M | 25M | -97M | -17M | 1M | 23M | -77M | 13M | 11M | 5M | 5M | -15M | 2M | -5M | -24M | 7M | 11M | 19M | 0 | 13M |
| Other Non-Cash Items | -8M | 19M | 26M | 195M | 88M | -120M | 64M | -5M | -7M | 41M | -34M | -25M | 18M | 40M | -47M | -44M | 20M | -46M | 28M | 32M |
| Working Capital Changes | -156M | 103M | 78M | -228M | -160M | 89M | 162M | -51M | -223M | -36M | 127M | -31M | -167M | -48M | 241M | -17M | -174M | -137M | 79M | -106M |
| Change in Receivables | -142M | -33M | -40M | -55M | 10M | 24M | -15M | -27M | -15M | -53M | -19M | -94M | -7M | 7M | -39M | -74M | 18M | -100M | -10M | -44M |
| Change in Inventory | -7M | 12M | -11M | -9M | -1M | 10M | -4M | 4M | 6M | 24M | -12M | -2M | -11M | 13M | -20M | -3M | -11M | 12M | -21M | 1M |
| Change in Payables | -1M | -34M | 163M | -72M | 64M | -183M | 205M | -68M | -20M | -31M | 170M | -28M | -4M | -61M | 82M | -39M | -62M | -2M | 153M | 57M |
| Cash from Investing | -476M | -52M | -67M | -71M | -121M | -81M | -110M | -76M | -33M | -92M | -196M | -53M | -41M | -10M | -61M | -114M | -25M | -624M | -72M | -162M |
| Capital Expenditures | -454M | -50M | -71M | -71M | -115M | -77M | -97M | -69M | -49M | -88M | -99M | -44M | -44M | -54M | -51M | -44M | -32M | -199M | -57M | -152M |
| CapEx % of Revenue | 26.21% | 2.72% | 3.8% | 4.2% | 7.75% | 4.62% | 5.95% | 4.44% | 3.28% | 5.03% | 6.24% | 2.81% | 3.15% | 3.63% | 3.41% | 3.07% | 2.33% | 12.33% | 4.14% | 11.34% |
| Acquisitions | -22M | -2M | 46M | 0 | -6M | -40M | 26M | -7M | 13M | -13M | 29M | -9M | -9M | 34M | 0 | -70M | -4M | -425M | -15M | -10M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -46M | 0 | 0 | 0 | -40M | 0 | 0 | 0 | -126M | 0 | 0 | 0 | 0 | 70M | 4M | 425M | 15M | 10M |
| Cash from Financing | 325M | -159M | -153M | -96M | -121M | -127M | -116M | -90M | -97M | -93M | -92M | -90M | -73M | -70M | -92M | -83M | -85M | 448M | -96M | -79M |
| Debt Issued (Net) | 354M | 4M | 1M | -1M | 0 | 0 | -2M | 2M | -2M | 0 | -1M | -2M | 19M | 147M | 0 | 0 | -1M | 535M | 0 | 0 |
| Equity Issued (Net) | -22M | -26M | -13M | -1M | -17M | -2M | 0 | 0 | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 0 | 0 | 0 |
| Dividends Paid | -100M | -100M | -100M | -94M | -95M | -94M | -94M | -89M | -89M | -89M | -89M | -84M | -83M | -84M | -83M | -79M | -78M | -78M | -78M | -62M |
| Share Repurchases | -22M | -26M | -13M | -1M | -17M | -2M | 0 | 0 | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 0 | 0 | 0 |
| Other Financing | 93M | -37M | -41M | 0 | -9M | -31M | -20M | -3M | -1M | -4M | -2M | -4M | -9M | -133M | -9M | -4M | 0 | -9M | -18M | -17M |
| Net Change in Cash | -10M | 219M | 5M | -110M | -165M | 108M | 87M | 20M | -167M | 113M | 41M | -1M | -119M | 136M | 239M | -40M | -65M | -49M | 57M | -146M |
| Free Cash Flow | 107M | 390M | 203M | -25M | -46M | 296M | 207M | 160M | -80M | 205M | 239M | 102M | -50M | 155M | 355M | 119M | 12M | -70M | 171M | -61M |
| FCF Margin % | 6.18% | 21.2% | 10.87% | -1.48% | -3.1% | 17.77% | 12.7% | 10.3% | -5.35% | 11.73% | 15.07% | 6.52% | -3.57% | 10.42% | 23.71% | 8.31% | 0.87% | -4.34% | 12.43% | -4.55% |
| FCF Growth % | 332.61% | 31.76% | -1.93% | -115.63% | 42.5% | 44.39% | -13.39% | 56.86% | -60% | 32.26% | -32.68% | -14.29% | -516.67% | 321.43% | 107.6% | 295.08% | -90.55% | 59.54% | 34.65% | -165.59% |
| FCF per Share | 0.21 | 0.75 | 0.39 | -0.05 | -0.09 | 0.57 | 0.40 | 0.31 | -0.15 | 0.40 | 0.46 | 0.20 | -0.10 | 0.30 | 0.67 | 0.23 | 0.02 | -0.14 | 0.33 | -0.12 |
| FCF Conversion (FCF/Net Income) | 0.73x | 2.50x | 2.12x | -2.88x | 1.92x | 1.41x | 7.41x | 1.35x | -0.32x | 1.84x | 2.22x | 1.20x | -0.18x | 1.71x | 2.74x | 1.31x | 0.48x | 0.69x | 8.14x | 1.49x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |