For the quarter ending 2025-12-31, WMG had $216M increase in cash & cash equivalents over the period. $420M in free cash flow.
| Cash Flow | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|
| Net income | 175 | 109 | 261 |
| Depreciation and amortization | 99 | 104 | 272 |
| Unrealized losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts | -3 | 14 | -84 |
| Deferred income taxes | 25 | -97 | 7 |
| Loss on extinguishment of debt | - | 0 | - |
| Net gain on investments | -1 | 0 | 27 |
| Net loss (gain) on divestitures | - | 0 | - |
| Net loss on divestitures | -5 | - | 0 |
| Non-cash interest expense | 1 | 3 | 4 |
| Non-cash stock-based compensation expense | 19 | 11 | 43 |
| Non-cash impairments and restructuring | - | 139 | - |
| Non-cash impairments | -93 | - | 102 |
| Accounts receivable, net | 33 | 40 | 21 |
| Inventories | -12 | 11 | 0 |
| Royalty advances | 7 | 17 | 295 |
| Other noncurrent assets | -7 | -4 | 0 |
| Accounts payable and accrued liabilities | -34 | 163 | -191 |
| Royalty payables | 195 | -79 | 246 |
| Accrued interest | 8 | -8 | 15 |
| Operating lease liabilities | 2 | -3 | -12 |
| Deferred revenue | -44 | 16 | 24 |
| Other balance sheet changes, net | 3 | -53 | 65 |
| Net cash provided by operating activities | 440 | 231 | 447 |
| Acquisition of music publishing rights and music catalogs | 30 | 43 | 152 |
| Capital expenditures | 20 | 28 | 111 |
| Investments and acquisitions of businesses, net of cash received | 12 | 0 | 46 |
| Proceeds from the sale of investments | 0 | 4 | 36 |
| Proceeds from divestitures | 10 | 0 | 0 |
| Net cash used in investing activities | -52 | -67 | -273 |
| Proceeds from issuance of secured note-Senior Term Loan Facility | - | 0 | - |
| Repayment of senior secured notes-Senior Term Loan Facility | - | 0 | 0 |
| Proceeds from issuance of secured note-Term Loan Mortgage | - | 0 | - |
| Repayment of senior secured notes-Term Loan Mortgage | - | 0 | 1 |
| Proceeds from beethoven credit agreement | 4 | - | - |
| Partial proceeds from senior term loan facility refinancing | - | - | 0 |
| Deferred financing costs paid | 8 | 2 | 0 |
| Distribution to noncontrolling interest holders | 4 | 7 | 8 |
| Contributions from redeemable noncontrolling interest holder | 5 | - | - |
| Dividends paid | 100 | 100 | 283 |
| Payment of deferred consideration | 25 | 0 | 23 |
| Taxes paid related to net share settlement of restricted stock units and common stock | 5 | 1 | 19 |
| Common stock repurchased and retired | 26 | 13 | 3 |
| Redemption of noncontrolling interests | - | 37 | - |
| Other financing activity | 7 | - | -7 |
| Net cash used in financing activities | -159 | -153 | -344 |
| Effect of exchange rate changes on cash and equivalents | 3 | -3 | 3 |
| Cash balances classified as assets held for sale | -16 | -3 | - |
| Net increase in cash and equivalents | 216 | 5 | -167 |
| Cash and cash equivalents at beginning of period | 535 | 694 | - |
| Cash and cash equivalents at end of period | 751 | 532 | - |
Warner Music Group Corp. (WMG)
Warner Music Group Corp. (WMG)