Warner Music Group Cash Flow Statement

Financials in millions USD. Fiscal year is October - September.

Millions USD. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Net Income	305	365	435	430	551	304
Depreciation & Amortization	389	376	327	332	339	306
Loss (Gain) From Sale of Assets	5	-	-32	-42	-	-
Asset Writedown & Restructuring Costs	122	139	57	-	-	-
Loss (Gain) From Sale of Investments	2	-27	-6	-3	46	4
Stock-Based Compensation	60	54	52	49	39	45
Other Operating Activities	110	-8	69	40	-146	60
Change in Accounts Receivable	-118	-61	-110	-113	-195	-58
Change in Inventory	-9	-11	30	-12	-22	-19
Change in Accounts Payable	121	-28	86	77	-21	91
Change in Unearned Revenue	-70	40	-133	-58	86	47
Change in Other Net Operating Assets	-131	-161	-21	-13	65	-142
Operating Cash Flow	786	678	754	687	742	638
Operating Cash Flow Growth	-0.88%	-10.08%	9.75%	-7.41%	16.30%	37.80%
Capital Expenditures	-123	-139	-116	-127	-135	-93
Divestitures	10	-	19	45	-	-
Sale (Purchase) of Intangibles	-184	-195	-187	-114	-191	-481
Investment in Securities	-14	-6	-27	-104	-498	-64
Investing Cash Flow	-311	-340	-311	-300	-824	-638
Long-Term Debt Issued	-	-	104	165	535	1,093
Total Debt Issued	4	-	104	165	535	1,093
Long-Term Debt Repaid	-	-1	-104	-1	-	-849
Total Debt Repaid	-1	-1	-104	-1	-	-849
Net Debt Issued (Repaid)	3	-1	-	164	535	244
Repurchase of Common Stock	-63	-36	-5	-	-6	-
Common Dividends Paid	-389	-383	-361	-340	-318	-265
Other Financing Activities	-80	-77	-30	-149	-23	-40
Financing Cash Flow	-529	-497	-396	-325	188	-61
Foreign Exchange Rate Adjustments	19	-	6	-5	-21	7
Miscellaneous Cash Flow Adjustments	-19	-3	-	-	-	-
Net Cash Flow	-54	-162	53	57	85	-54
Free Cash Flow	663	539	638	560	607	545
Free Cash Flow Growth	-1.04%	-15.52%	13.93%	-7.74%	11.38%	44.18%
Free Cash Flow Margin	9.63%	8.04%	9.93%	9.28%	10.26%	10.28%
Free Cash Flow Per Share	1.27	1.04	1.23	1.09	1.18	1.06
Cash Interest Paid	187	167	183	157	122	137
Cash Income Tax Paid	206	181	135	219	141	124
Levered Free Cash Flow	731	631.13	778.75	499	513.88	235.38
Unlevered Free Cash Flow	843.5	741.75	892.5	597.13	592	311.63
Change in Working Capital	-207	-221	-148	-119	-87	-81

Source: S&P Global Market Intelligence. Standard template. Financial Sources.