Warner Music (WMG) Cost of Revenue (2010 - 2026)
Warner Music's Cost of Revenue was $1.01 billion in fiscal Q3 2026 (quarter ended Jun 30, 2026), up 10.6% from $913 million a year earlier and up 8.6% from the prior quarter.
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Analysis
Warner Music (WMG) Cost of Revenue (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Warner Music's Cost of Revenue was $3.96 billion through Jun 30, 2026, up 14.7% year-over-year; for FY2025 (ended Sep 30, 2025), it came in at $3.63 billion, up 8.3% from FY2024.
- Cost of Revenue has now increased for five consecutive fiscal years, with a five-year compound annual growth rate of 9.3% (FY2020 to FY2025).
- In earlier fiscal years, Cost of Revenue was $3.36 billion in FY2024 (+5.6%), $3.18 billion in FY2023 (+3.1%), $3.08 billion in FY2022 (+12.3%) and $2.74 billion in FY2021 (+17.5%).
- Quarterly Cost of Revenue has moved between $697 million (fiscal Q2 2022) and $1.03 billion (fiscal Q4 2025) over five years.
- Compared with a year earlier, Cost of Revenue has increased for five straight quarters, with growth averaging 9.0% over the last eight quarters.
- The best year-over-year quarter for Cost of Revenue over five years was fiscal Q4 2021 (growth of 24.1%); the worst was fiscal Q1 2023 (a decline of 7.0%).
- Per Business Quant data, WMG's Cost of Revenue in the three fiscal quarters before Q3 2026 was $930 million (Q2 2026), $987 million (Q1 2026) and $1.03 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Walt Disney | 176.43 Bn | 161.00 Bn | 11.57 Bn | 13.67 Bn |
| 2 | Warner Music | 14.03 Bn | 11.52 Bn | 854.00 Mn | 1.01 Bn |
| 3 | Lionsgate Studios | 3.32 Bn | 2.28 Bn | - | - |
| 4 | Angel Studios | 753.52 Mn | 559.02 Mn | 59.96 Mn | 51.75 Mn |
| 5 | Reservoir Media | 627.66 Mn | 539.97 Mn | 26.69 Mn | 14.79 Mn |
| 6 | Kartoon Studios | 34.83 Mn | 17.70 Mn | - | - |
| 7 | American Picture House | 7.96 Mn | 7.96 Mn | - | - |
| 8 | Nexus Advanced Technologies | 1.88 Mn | -16.73 Mn | - | - |
| 9 | AI Era | 348,100.85 | -302,132.15 | - | - |
| 10 | Sony | 146.49 Bn | 96.88 Bn | 6.53 Bn | 11.27 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.01 Bn |
| Mar 31, 2026 | 930.00 Mn |
| Dec 31, 2025 | 987.00 Mn |
| Sep 30, 2025 | 1.03 Bn |
| Jun 30, 2025 | 913.00 Mn |
| Mar 31, 2025 | 791.00 Mn |
| Dec 31, 2024 | 894.00 Mn |
| Sep 30, 2024 | 854.00 Mn |
| Jun 30, 2024 | 830.00 Mn |
| Mar 31, 2024 | 791.00 Mn |
| Dec 31, 2023 | 880.00 Mn |
| Sep 30, 2023 | 845.00 Mn |
| Jun 30, 2023 | 850.00 Mn |
| Mar 31, 2023 | 721.00 Mn |
| Dec 31, 2022 | 761.00 Mn |
| Sep 30, 2022 | 799.00 Mn |
| Jun 30, 2022 | 766.00 Mn |
| Mar 31, 2022 | 697.00 Mn |
| Dec 31, 2021 | 818.00 Mn |
| Sep 30, 2021 | 752.00 Mn |
API Access
Warner Music Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=WMG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "WMG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=WMG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();