Warner Music Group (WMG)
Connects record labels, song rights, and artist services across the global music economy.
Something off on this page? Send us feedback.
Markets and licenses recordings through Warner, Atlantic, and Elektra while Warner Chappell administers composition rights. Streaming anchors a global, label-led model supported by distribution and artist services; earnings depend on retaining talent and catalogs, licensing rights across digital platforms, and copyright and royalty frameworks.
Markets, promotes, distributes, and licenses recordings through Recorded Music, anchored by Warner Records, Atlantic, and Elektra. Music Publishing, led by Warner Chappell, acquires and administers composition rights, collecting digital, performance, mechanical, and synchronization income.
Combines label and local-market creative work with centralized distribution, catalog, marketing, and direct-to-fan services across a global footprint. Streaming sits at the center of the model, while physical formats, licensing, merchandise, ticketing, touring participation, and other artist services broaden monetization.
Execution rests on signing and retaining artists and songwriters, developing catalogs, and placing rights across digital platforms and royalty channels. Access Industries retains voting control, while copyright rules, negotiated licenses, royalty structures, and relationships with digital services shape how the business earns.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $39 | Target: $36 |
| May 8, 2026 | UBS | Reiterate | Rating: —Target: $39 | Target: $42 |
| May 8, 2026 | Morgan Stanley | Target | Target: $43 | Target: $39 |
| May 8, 2026 | Evercore ISI | Target | Target: — | Target: $43 |
| May 8, 2026 | Guggenheim | Reiterate | Rating: —Target: $45 | Target: $36 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $618.0M · Total debt $4.92B · Total assets $10.73B · Shareholders' equity $854.0M
- Revenue
- $1.86B
- Operating income
- $305.0M
- Net income
- $204.0M
HistoryDividendAnnual yield
| Institutions | 30.64% | 160.30M shares | |
|---|---|---|---|
| 347 holders · as of Jun 30, 2026 | |||
| Insiders | 0.65% | 3.42M shares | |
| 21 holders · as of Sep 3, 2026 | |||
| Strategic holders | 120.30% | 629.29M shares | |
| 3 holders · as of Apr 20, 2026 | |||
| Adds to | 151.59% | ||
523.11M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 151.59%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Access Industries Holdings LLCStrategic | 71.23% | 372.60M | filed Feb 14, 2025 |
AI Entertainment Holdings LLC1Strategic10 percent owner | 47.78% | 247.60M B · 2.34M A | filed Apr 20, 2026 |
Independent Franchise Partners LLPInstitution | 2.48% | 13.00M A | as of Jun 30, 2026 |
Darsana Capital Partners LPInstitution | 2.28% | 11.94M A | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 2.14% | 11.19M A | as of Jun 30, 2026 |
- AI Entertainment Holdings LLC reports a block also reported by another filer; it is counted once, under that filer.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 11, 2025 | Armin Zerza | officer: Chief Financial Officer | +35,778 | $28.12 |
| Dec 2, 2025 | Valentin Blavatnik | director | +71,620 | $27.88 |
- Sony (ADR)
Second-largest global rival in recordings and largest music publisher
- Reservoir Media
Independent rights owner across publishing, recordings, and catalogs
- Live Nation Entertainment
Artist-services rival in touring, ticketing, sponsorship, and management
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Warner Music Group | $27.40 | +0.04% | $14.29B | 21.2 | 16.4 | 2.0 | +10.4% |
| Sony (ADR) | $23.27 | −0.66% | $137.53B | — | 27.4 | 1.7 | +0.3% |
| Reservoir Media | $9.52 | −0.48% | $629.8M | 69.8 | 70.6 | 3.5 | +11.6% |
| Live Nation Entertainment | $170.01 | +0.10% | $39.52B | — | 141.8 | 1.5 | +9.4% |
| Median | 69.8 | 70.6 | 1.7 | +9.4% |