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Warner Music (WMG) Cost of Revenue (2016 - 2025)

Warner Music (WMG) has disclosed Cost of Revenue for 16 consecutive years, with $987.0 million as the latest value for Q4 2025.

  • On a quarterly basis, Cost of Revenue rose 10.4% to $987.0 million in Q4 2025 year-over-year; TTM through Dec 2025 was $3.7 billion, a 10.57% increase, with the full-year FY2025 number at $3.6 billion, up 8.26% from a year prior.
  • Cost of Revenue was $987.0 million for Q4 2025 at Warner Music, down from $1.0 billion in the prior quarter.
  • In the past five years, Cost of Revenue ranged from a high of $1.0 billion in Q3 2025 to a low of $623.0 million in Q1 2021.
  • A 5-year average of $814.3 million and a median of $808.5 million in 2021 define the central range for Cost of Revenue.
  • Peak YoY movement for Cost of Revenue: increased 29.22% in 2021, then fell 6.97% in 2022.
  • Warner Music's Cost of Revenue stood at $818.0 million in 2021, then dropped by 6.97% to $761.0 million in 2022, then grew by 15.64% to $880.0 million in 2023, then increased by 1.59% to $894.0 million in 2024, then increased by 10.4% to $987.0 million in 2025.
  • Per Business Quant, the three most recent readings for WMG's Cost of Revenue are $987.0 million (Q4 2025), $1.0 billion (Q3 2025), and $913.0 million (Q2 2025).