Warner Music (WMG) Gross Margin (2010 - 2026)
Warner Music (WMG) posted quarterly Gross Margin of 46.3% for Q1 2026, down 39.0% year-over-year from 75.91% in Q1 2025, and little changed quarter-over-quarter from 46.36% in Q4 2025.
Warner Music (WMG) Gross Margin (2010 - 2026) Analysis & Trends
Warner Music (WMG) has reported Gross Margin for 17 consecutive years, with 46.3% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin fell 39.0% year-over-year to 46.3%; the TTM figure through Mar 2026 stood at 45.8% (down 101.0% YoY), while the FY2025 annual figure was 45.85%, down 194.0% from the prior year.
- Gross Margin held at 46.3% in Q1 2026 per WMG's latest filing, from 46.36% in the prior quarter.
- Across five years, Gross Margin topped out at 49.66% in Q4 2023 and bottomed at 44.65% in Q3 2025.
- Historically, Gross Margin has averaged 47.02% across 5 years, with a median of 46.63% in 2022.
- Annual changes were most pronounced in 2022 — Gross Margin jumped 128 bps — and 2024, when it tumbled 332 bps.
- Warner Music's Gross Margin stood at 48.86% in 2022, then climbed by 2 bps to 49.66% in 2023, then dropped by 7 bps to 46.34% in 2024, then advanced by 0 bps to 46.36% in 2025, then decreased by 0 bps to 46.3% in 2026.
- Business Quant data shows WMG's Gross Margin at 46.3% in Q1 2026, 46.36% in Q4 2025, and 44.65% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 325.80 Bn | 316.67 Bn | 6.52 Bn | 51.93% |
| 2 | Walt Disney | 180.88 Bn | 175.70 Bn | 11.57 Bn | 45.84% |
| 3 | Warner Bros. Discovery | 71.60 Bn | 68.23 Bn | 4.10 Bn | 46.99% |
| 4 | Live Nation Entertainment | 41.97 Bn | 32.90 Bn | 1.94 Bn | 25.34% |
| 5 | Fox | 26.42 Bn | 22.22 Bn | - | - |
| 6 | Liberty Media | 23.42 Bn | 21.96 Bn | 329.00 Mn | 35.22% |
| 7 | Roku | 23.35 Bn | 20.80 Bn | 673.70 Mn | 49.73% |
| 8 | News | 18.65 Bn | 16.55 Bn | - | - |
| 9 | TKO Group Holdings | 14.38 Bn | 12.83 Bn | 990.96 Mn | 64.05% |
| 10 | Warner Music | 9.85 Bn | 9.23 Bn | 854.00 Mn | 45.82% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 45.82% |
| Mar 31, 2026 | 46.30% |
| Dec 31, 2025 | 46.36% |
| Sep 30, 2025 | 44.65% |
| Jun 30, 2025 | 45.94% |
| Mar 31, 2025 | 46.70% |
| Dec 31, 2024 | 46.34% |
| Sep 30, 2024 | 47.61% |
| Jun 30, 2024 | 46.59% |
| Mar 31, 2024 | 47.05% |
| Dec 31, 2023 | 49.66% |
| Sep 30, 2023 | 46.72% |
| Jun 30, 2023 | 45.65% |
| Mar 31, 2023 | 48.46% |
| Dec 31, 2022 | 48.86% |
| Sep 30, 2022 | 46.63% |
| Jun 30, 2022 | 46.51% |
| Mar 31, 2022 | 49.35% |
| Dec 31, 2021 | 49.32% |
| Sep 30, 2021 | 45.35% |