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Warner Music Group’s 83% Cash Flow Jump: A Quiet Advantage In Music?

Warner Music Group reported solid second quarter results ended March 31, 2026, demonstrating continued execution of its strategic pillars: growing market share, increasing the value of music, and improving operational efficiency. The company posted a 12% increase in total revenue, driven primarily by a 13% rise in Recorded Music revenue and 10% growth in Music Publishing. Recorded Music subscription streaming revenue accelerated to 15% adjusted growth, aided by price per stream metric (PSM) increases, market share gains, and favorable comp comparisons. Ad-supported streaming also grew 11%, while physical revenues were up 18%, supported by strong releases in the quarter. Artist services and expanded rights revenue surged 33%, mainly from concert promotion in France and merchandising growth. Adjusted operating income before depreciation and amortization (OIBDA) grew 24%, with a 230 basis points margin expansion surpassing the company’s full-year target range.