Warner Music (WMG) Cost of Revenue (2010 - 2026)

Warner Music has disclosed Cost of Revenue across 17 years of filings, most recently posting $930.0 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 17.57% year-over-year to $930.0 million; the TTM figure through Mar 2026 stood at $3.9 billion (up 14.69% YoY), while the FY2025 annual figure was $3.6 billion, up 8.26% from the prior year.
• Cost of Revenue declined to $930.0 million in Q1 2026, from $987.0 million in the prior quarter.
• Over the last five years, Cost of Revenue for WMG reached as high as $1.0 billion in Q3 2025 and fell as low as $697.0 million in Q1 2022.
• The 5-year median for Cost of Revenue is $845.0 million (2023), against an average of $843.7 million.
• Annual changes were most pronounced in 2022 — Cost of Revenue fell 6.97% — and 2025, when it rose 21.08%.
• A 5-year view of Cost of Revenue shows it stood at $761.0 million in 2022, then climbed by 15.64% to $880.0 million in 2023, then grew by 1.59% to $894.0 million in 2024, then gained by 10.4% to $987.0 million in 2025, then retreated by 5.78% to $930.0 million in 2026.
• According to Business Quant data, Cost of Revenue over the past three periods registered $930.0 million, $987.0 million, and $1.0 billion for Q1 2026, Q4 2025, and Q3 2025 respectively.