Warner Music (WMG) Operating Expenses (2010 - 2026)
Warner Music (WMG) reported Operating Expenses of $1.56 billion for fiscal Q3 2026 (quarter ended Jun 30, 2026), up 2.6% from $1.52 billion a year earlier and up 6.2% from the prior quarter.
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Analysis
Warner Music (WMG) Operating Expenses (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Warner Music's Operating Expenses came in at $6.3 billion, up 9.1% year-over-year; for FY2025 (ended Sep 30, 2025), it was $6.01 billion, up 6.7% from FY2024.
- Operating Expenses has increased for four consecutive fiscal years, with a five-year compound annual growth rate of 5.1% (FY2020 to FY2025).
- By fiscal year, Operating Expenses came in at $5.64 billion in FY2024 (+6.6%), $5.29 billion in FY2023 (+1.6%), $5.21 billion in FY2022 (+10.9%) and $4.69 billion in FY2021 (unchanged).
- Five-year quarterly Operating Expenses spans a low of $1.21 billion in fiscal Q2 2022 and a high of $1.73 billion in fiscal Q4 2025.
- Year over year, Operating Expenses has now increased in each of the last five quarters, with growth averaging 6.9% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was fiscal Q4 2021 (growth of 22.9%); the low point was fiscal Q1 2023 (a decline of 8.1%).
- Per Business Quant data, the three fiscal quarters before Q3 2026 came in at $1.47 billion (Q2 2026), $1.55 billion (Q1 2026) and $1.73 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Walt Disney | 182.51 Bn | 167.08 Bn | 11.57 Bn | 20.49 Bn |
| 2 | Warner Music | 14.20 Bn | 11.69 Bn | 854.00 Mn | 1.56 Bn |
| 3 | Lionsgate Studios | 3.27 Bn | 2.23 Bn | - | 751.00 Mn |
| 4 | Angel Studios | 841.96 Mn | 647.45 Mn | 59.96 Mn | 130.22 Mn |
| 5 | Reservoir Media | 629.64 Mn | 541.95 Mn | 26.69 Mn | 36.10 Mn |
| 6 | Kartoon Studios | 35.46 Mn | 18.33 Mn | - | -10.04 Mn |
| 7 | American Picture House | 5.69 Mn | 5.69 Mn | - | 58,685.00 |
| 8 | Nexus Advanced Technologies | 2.46 Mn | -16.15 Mn | - | - |
| 9 | AI Era | 696,201.70 | 45,968.70 | - | -2.78 Mn |
| 10 | Sony | 143.48 Bn | 93.86 Bn | 6.53 Bn | 14.83 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.56 Bn |
| Mar 31, 2026 | 1.47 Bn |
| Dec 31, 2025 | 1.55 Bn |
| Sep 30, 2025 | 1.73 Bn |
| Jun 30, 2025 | 1.52 Bn |
| Mar 31, 2025 | 1.32 Bn |
| Dec 31, 2024 | 1.45 Bn |
| Sep 30, 2024 | 1.49 Bn |
| Jun 30, 2024 | 1.35 Bn |
| Mar 31, 2024 | 1.39 Bn |
| Dec 31, 2023 | 1.41 Bn |
| Sep 30, 2023 | 1.37 Bn |
| Jun 30, 2023 | 1.38 Bn |
| Mar 31, 2023 | 1.28 Bn |
| Dec 31, 2022 | 1.26 Bn |
| Sep 30, 2022 | 1.33 Bn |
| Jun 30, 2022 | 1.29 Bn |
| Mar 31, 2022 | 1.21 Bn |
| Dec 31, 2021 | 1.38 Bn |
| Sep 30, 2021 | 1.28 Bn |
API Access
Warner Music Operating Expenses 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=operating-expenses&ticker=WMG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=WMG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();