Warner Music Group Reports a $1.86 Billion Quarter

Warner Music Group reported $1.864 billion in quarterly revenue, led by continued streaming growth.

Warner Music Group reported $1.864 billion in revenue for its fiscal third quarter, a 9.3 percent increase from the comparable period on a constant-currency basis. The period corresponds to the three months ending June 30, 2026.

Recorded-music revenue reached $1.488 billion, up 8.9 percent at constant currency. Within that division, streaming generated $1.001 billion, with subscription-streaming revenue at $758 million. Those figures rose 10.1 percent and 10.8 percent, respectively.

The results show that paid streaming remains the company’s main engine, but not its only one. Artist services and expanded-rights revenue rose 14.9 percent to $224 million, while physical revenue increased 17.1 percent to $137 million. That mix matters because labels continue to look for growth beyond a single royalty channel.

Warner Chappell Music, the company’s publishing operation, generated $377 million, up 10.9 percent at constant currency. Publishing-streaming revenue rose 13.8 percent to $231 million, underscoring the separate value of songs and compositions after the recording itself enters the market.

Profitability also improved. Warner reported net income of $200 million, compared with a $16 million net loss in the prior-year quarter. Operating income rose to $305 million from $169 million, and adjusted OIBDA increased to $433 million from $373 million.

For artists and writers, earnings reports are not abstract Wall Street exercises. They show where companies are collecting money, what kinds of rights they value and how much leverage may exist when catalog, publishing, touring support and expanded-rights deals are negotiated. The topline message is strong growth; the next question is how that performance changes investment and deal economics at the creator level.