Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.25B | $3.58B | $4.00B | $4.47B | $4.46B | $5.30B | $5.92B | $6.04B | $6.43B | $6.71B |
| Revenue growth | — | 10.2% | 12.0% | 11.7% | -0.3% | 18.8% | 11.7% | 2.0% | 6.4% | 4.4% |
| Operating income | $214M | $222M | $217M | $356M | -$229M | $609M | $714M | $790M | $823M | $694M |
| Operating margin | 6.6% | 6.2% | 5.4% | 8.0% | -5.1% | 11.5% | 12.1% | 13.1% | 12.8% | 10.3% |
| Net income | $25.0M | $143M | $307M | $256M | -$475M | $304M | $551M | $430M | $435M | $365M |
| Net margin | 0.8% | 4.0% | 7.7% | 5.7% | -10.6% | 5.7% | 9.3% | 7.1% | 6.8% | 5.4% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $342M | $535M | $425M | $400M | $463M | $638M | $742M | $687M | $754M | $678M |
| Capital expenditures | $42.0M | $44.0M | $74.0M | $104M | $85.0M | $93.0M | $135M | $127M | $116M | $139M |
| Free cash flow | $300M | $491M | $351M | $296M | $378M | $545M | $607M | $560M | $638M | $539M |
| Share buybacks | — | — | — | — | — | — | — | $0.00 | $0.00 | $16.0M |
| Dividends paid | — | $84.0M | $925M | $94.0M | $344M | $265M | $318M | $340M | $361M | $383M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $359M | $647M | $514M | $619M | $553M | $499M | $584M | $641M | $694M | $532M |
| Total assets | $5.33B | $5.72B | $5.34B | $6.02B | $6.41B | $7.21B | $7.83B | $8.54B | $9.15B | $9.83B |
| Total liabilities | $5.13B | $5.41B | $5.66B | $6.29B | $6.46B | $7.17B | $7.66B | $8.12B | $8.48B | $9.07B |
| Long-term debt | $2.78B | $2.81B | $2.82B | $2.97B | $3.10B | $3.35B | $3.73B | $3.96B | $4.01B | $4.06B |
| Shareholders' equity | $195M | $293M | -$334M | -$289M | -$63.0M | $31.0M | $152M | $307M | $518M | $647M |
| Retained earnings | -$715M | -$654M | -$1.27B | -$1.18B | -$1.75B | -$1.71B | -$1.48B | -$1.39B | -$1.31B | -$1.33B |
| Shares (wtd avg diluted) | 1.05B | 1.05B | 1.05B | 1.06B | — | — | — | — | — | — |
Every figure is extracted from Warner Music Group Corp.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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