Warner Music (WMG) Cost of Revenue (2010 - 2026)
Warner Music (WMG) posted quarterly Cost of Revenue of $930.0 million for Q1 2026, up 17.57% year-over-year from $791.0 million in Q1 2025, and down 5.78% quarter-over-quarter from $987.0 million in Q4 2025.
Warner Music (WMG) Cost of Revenue (2010 - 2026) Analysis & Trends
Warner Music (WMG) has reported Cost of Revenue for 17 consecutive years, with $930.0 million the latest figure, recorded in 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 fell to $930.0 million in Q1 2026 per WMG's latest filing, from $987.0 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $1.0 billion in Q3 2025 and bottomed at $697.0 million in Q1 2022.
- Historically, Cost of Revenue has averaged $843.7 million across 5 years, with a median of $845.0 million in 2023.
- Annual changes were most pronounced in 2022 — Cost of Revenue fell 6.97% — and 2025, when it rose 21.08%.
- Warner Music's Cost of Revenue stood at $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 advanced by 10.4% to $987.0 million in 2025, then decreased by 5.78% to $930.0 million in 2026.
- Business Quant data shows WMG's Cost of Revenue at $930.0 million in Q1 2026, $987.0 million in Q4 2025, and $1.0 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 325.80 Bn | 316.67 Bn | 6.52 Bn | 6.04 Bn |
| 2 | Walt Disney | 180.88 Bn | 175.70 Bn | 11.57 Bn | 13.67 Bn |
| 3 | Warner Bros. Discovery | 71.60 Bn | 68.23 Bn | 4.10 Bn | 4.62 Bn |
| 4 | Live Nation Entertainment | 41.97 Bn | 32.90 Bn | 1.94 Bn | 5.72 Bn |
| 5 | Fox | 26.42 Bn | 22.22 Bn | - | - |
| 6 | Liberty Media | 23.42 Bn | 21.96 Bn | 329.00 Mn | 605.00 Mn |
| 7 | Roku | 23.35 Bn | 20.80 Bn | 673.70 Mn | 680.99 Mn |
| 8 | News | 18.65 Bn | 16.55 Bn | - | - |
| 9 | TKO Group Holdings | 14.38 Bn | 12.83 Bn | 990.96 Mn | 556.12 Mn |
| 10 | Warner Music | 9.85 Bn | 9.23 Bn | 854.00 Mn | 1.01 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 1.01 Bn |
| Jun 30, 2026 | 1.01 Bn |
| Mar 31, 2026 | 930.00 Mn |
| Mar 31, 2026 | 930.00 Mn |
| Dec 31, 2025 | 987.00 Mn |
| Dec 31, 2025 | 987.00 Mn |
| Sep 30, 2025 | 1.03 Bn |
| Sep 30, 2025 | 1.03 Bn |
| Jun 30, 2025 | 913.00 Mn |
| Jun 30, 2025 | 913.00 Mn |
| Mar 31, 2025 | 791.00 Mn |
| Mar 31, 2025 | 791.00 Mn |
| Dec 31, 2024 | 894.00 Mn |
| Dec 31, 2024 | 894.00 Mn |
| Sep 30, 2024 | 854.00 Mn |
| Sep 30, 2024 | 854.00 Mn |
| Jun 30, 2024 | 830.00 Mn |
| Jun 30, 2024 | 830.00 Mn |
| Mar 31, 2024 | 791.00 Mn |
| Mar 31, 2024 | 791.00 Mn |