WARNER MUSIC GROUP CORP., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Mar. 31, 2026
May 04, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-32502  
Entity Registrant Name Warner Music Group Corp.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-4271875  
Entity Address, Address Line One 1633 Broadway  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10019  
City Area Code (212)  
Local Phone Number 275-2000  
Title of 12(b) Security Class A Common Stock, $0.001 par value per share  
Trading Symbol WMG  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001319161  
Current Fiscal Year End Date --09-30  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   146,235,215
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   375,380,313
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Current assets:    
Cash and equivalents $ 741 $ 532
Accounts receivable, net of allowances of $28 million and $27 million 1,505 1,340
Inventories 65 62
Royalty advances expected to be recouped within one year 649 581
Assets held for sale 68 89
Prepaid and other current assets 192 166
Total current assets 3,220 2,770
Royalty advances expected to be recouped after one year 1,082 1,079
Property, plant and equipment, net of accumulated depreciation of $749 million and $701 million 414 441
Operating lease right-of-use assets, net 168 189
Goodwill 2,054 2,061
Intangible assets subject to amortization, net 3,101 2,725
Intangible assets not subject to amortization 153 154
Deferred tax assets, net 90 111
Other assets 330 299
Total assets 10,612 9,829
Current liabilities:    
Accounts payable 452 257
Accrued royalties 2,834 2,740
Accrued liabilities 468 666
Accrued interest 27 31
Operating lease liabilities, current 48 43
Deferred revenue 451 286
Liabilities held for sale 38 49
Other current liabilities 103 129
Total current liabilities 4,421 4,201
Acquisition Corp. long-term debt 4,046 4,063
Other long-term debt 673 302
Operating lease liabilities, noncurrent 174 200
Deferred tax liabilities, net 180 164
Other noncurrent liabilities 146 142
Total liabilities 9,640 9,072
Redeemable noncontrolling interest 133 0
Equity:    
Additional paid-in capital 2,134 2,166
Accumulated deficit (1,172) (1,331)
Accumulated other comprehensive loss, net (225) (189)
Total Warner Music Group Corp. equity 738 647
Noncontrolling interest 101 110
Total equity 839 757
Total liabilities, redeemable noncontrolling interest and equity 10,612 9,829
Class A Common Stock    
Equity:    
Common stock 0 0
Class B Common Stock    
Equity:    
Common stock $ 1 $ 1
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Accounts receivable, allowances $ 28 $ 27
Accumulated depreciation $ 749 $ 701
Class A Common Stock    
Par value (in dollars per share) $ 0.001 $ 0.001
Shares authorized (in shares) 1,000,000,000 1,000,000,000
Shares issued (in shares) 146,235,000 146,906,000
Shares outstanding (in shares) 146,235,000 146,906,000
Class B Common Stock    
Par value (in dollars per share) $ 0.001 $ 0.001
Shares authorized (in shares) 1,000,000,000 1,000,000,000
Shares issued (in shares) 375,380,000 375,380,000
Shares outstanding (in shares) 375,380,000 375,380,000
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Revenue $ 1,732 $ 1,484 $ 3,572 $ 3,150
Costs and expenses:        
Cost of revenue (930) (791) (1,917) (1,685)
Selling, general and administrative expenses [1] (460) (450) (918) (924)
Restructuring and impairments (6) (13) (40) (40)
Amortization expense (72) (62) (140) (119)
Total costs and expenses (1,468) (1,316) (3,015) (2,768)
Net loss on divestitures 0 0 (5) 0
Operating income 264 168 552 382
Loss on extinguishment of debt (7) 0 (7) 0
Interest expense, net (41) (39) (86) (76)
Other income (expense) 38 (64) 41 89
Income before income taxes 254 65 500 395
Income tax expense (73) (29) (144) (118)
Net income 181 36 356 277
Less: (Income) loss attributable to noncontrolling interest 2 0 3 (5)
Net income attributable to Warner Music Group Corp. 183 36 359 272
Class A Common Stock        
Costs and expenses:        
Net income attributable to Warner Music Group Corp. $ 53 $ 10 $ 103 $ 78
Net income per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.35 $ 0.07 $ 0.68 $ 0.52
Diluted (in dollars per share) $ 0.34 $ 0.07 $ 0.67 $ 0.52
Weighted average common shares:        
Basic (in shares) 146,573,000 144,938,000 146,664,000 143,995,000
Diluted (in shares) 149,323,000 144,938,000 149,414,000 143,995,000
Class B Common Stock        
Costs and expenses:        
Net income attributable to Warner Music Group Corp. $ 130 $ 26 $ 256 $ 194
Net income per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.35 $ 0.07 $ 0.68 $ 0.52
Diluted (in dollars per share) $ 0.34 $ 0.07 $ 0.67 $ 0.52
Weighted average common shares:        
Basic (in shares) 375,380,000 375,380,000 375,380,000 375,380,000
Diluted (in shares) 375,380,000 375,380,000 375,380,000 375,380,000
[1]
Includes depreciation expense of $(31), $(28), for the three months ended March 31, 2026 and March 31, 2025, respectively, and $(62) and $(57) for the six months ended March 31, 2026 and March 31, 2025, respectively.
v3.26.1
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]        
Depreciation expense $ (31) $ (28) $ (62) $ (57)
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 181 $ 36 $ 356 $ 277
Other comprehensive (loss) income, net of tax:        
Foreign currency adjustment (45) 84 (36) (45)
Other comprehensive (loss) income, net of tax (45) 84 (36) (45)
Total comprehensive income 136 120 320 232
Less: (Income) loss attributable to noncontrolling interest 2 0 3 (5)
Comprehensive income attributable to Warner Music Group Corp. $ 138 $ 120 $ 323 $ 227
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 356 $ 277
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 202 176
Unrealized losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts (41) (40)
Deferred income taxes 39 24
Loss on extinguishment of debt 7 0
Net gain on investments 1 (27)
Net loss on divestitures 5 0
Non-cash interest expense 4 3
Non-cash stock-based compensation expense 31 27
Non-cash impairments 11 32
Remeasurement of share-settled liability 4 0
Changes in operating assets and liabilities:    
Accounts receivable, net (175) 34
Inventories 5 9
Royalty advances (72) (127)
Other noncurrent assets 8 2
Accounts payable and accrued liabilities (35) (119)
Royalty payables 112 83
Accrued interest (4) 13
Operating lease liabilities (1) (5)
Deferred revenue 166 69
Income taxes payable (23) (7)
Other balance sheet changes, net (34) (23)
Net cash provided by operating activities 566 401
Cash flows from investing activities    
Acquisition of music publishing rights and music catalogs (457) (120)
Capital expenditures (47) (72)
Investments and acquisitions of businesses, net of cash received (29) (46)
Proceeds from the sale of investments 0 36
Proceeds from divestitures 10 0
Net cash used in investing activities (523) (202)
Cash flows from financing activities    
Proceeds from Senior Term Loan A Facility 1,295 0
Repayment of Senior Term Loan B Facility (1,295) 0
Proceeds from Beethoven Credit Agreement 370 0
Deferred financing costs paid (12) 0
Distribution to noncontrolling interest holders (7) (8)
Contributions from redeemable noncontrolling interest holder 134 0
Dividends paid (200) (189)
Payment of deferred consideration (42) (23)
Taxes paid related to net share settlement of restricted stock units and common stock (26) (19)
Common stock repurchased and retired (48) (2)
Other financing activity 0 (7)
Net cash provided by (used in) financing activities 169 (248)
Effect of exchange rate changes on cash and equivalents (2) (8)
Effect of change in cash balances classified as assets held for sale (1) 0
Net increase (decrease) in cash and equivalents 209 (57)
Cash and equivalents at beginning of period 532 694
Cash and equivalents at end of period $ 741 $ 637
v3.26.1
Condensed Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Class A Common Stock
Class B Common Stock
Total Warner Music Group Corp. Equity
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Non-controlling Interest
Beginning balance (in shares) at Sep. 30, 2024         142,559,000 375,380,000        
Beginning balance at Sep. 30, 2024 $ 675     $ 518 $ 0 $ 1 $ 2,077 $ (1,313) $ (247) $ 157
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 277     272       272   5
Other comprehensive (loss) income, net of tax (45)     (45)         (45)  
Dividends (189)     (189)       (189)    
Stock-based compensation expense 34     34     34      
Distribution to noncontrolling interest holders (8)                 (8)
Acquisition of noncontrolling interests 74                 74
Vesting of restricted stock units, net of shares withheld for employee taxes (in shares)         795,000          
Vesting of restricted stock units, net of shares withheld for employee taxes (19)     (19)     (19)      
Shares issued under the Plan (in shares)         1,738,000          
Common shares repurchased and retired (in shares)         (60,000)          
Common shares repurchased and retired (2)     (2)     (2)      
Other (7)     (2)     (2)     (5)
Ending balance (in shares) at Mar. 31, 2025         145,032,000 375,380,000        
Ending balance at Mar. 31, 2025 790     567 $ 0 $ 1 2,088 (1,230) (292) 223
Beginning balance at Sep. 30, 2024 0                  
Ending balance at Mar. 31, 2025 0                  
Beginning balance (in shares) at Dec. 31, 2024         144,301,000 375,380,000        
Beginning balance at Dec. 31, 2024 697     545 $ 0 $ 1 2,091 (1,171) (376) 152
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 36     36       36   0
Other comprehensive (loss) income, net of tax 84     84         84  
Dividends (95)     (95)       (95)    
Stock-based compensation expense 14     14     14      
Acquisition of noncontrolling interests 74                 74
Vesting of restricted stock units, net of shares withheld for employee taxes (in shares)         731,000          
Vesting of restricted stock units, net of shares withheld for employee taxes (17)     (17)     (17)      
Other (3)     0     0     (3)
Ending balance (in shares) at Mar. 31, 2025         145,032,000 375,380,000        
Ending balance at Mar. 31, 2025 790     567 $ 0 $ 1 2,088 (1,230) (292) 223
Beginning balance at Dec. 31, 2024 0                  
Ending balance at Mar. 31, 2025 0                  
Beginning balance (in shares) at Sep. 30, 2025   146,906,000 375,380,000   146,906,000 375,380,000        
Beginning balance at Sep. 30, 2025 757     647 $ 0 $ 1 2,166 (1,331) (189) 110
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 356     359       359   (2)
Net income 357                  
Other comprehensive (loss) income, net of tax (36)     (36)         (36)  
Dividends (200)     (200)       (200)    
Stock-based compensation expense 31     31     31      
Distribution to noncontrolling interest holders (7)                 (7)
Vesting of restricted stock units, net of shares withheld for employee taxes (in shares)         999,000          
Vesting of restricted stock units, net of shares withheld for employee taxes (26)     (26)     (26)      
Common shares repurchased and retired (in shares)         (1,671,000)          
Common shares repurchased and retired (48)     (48)     (48)      
Redemption of noncontrolling interests 11     11     11      
Ending balance (in shares) at Mar. 31, 2026   146,235,000 375,380,000   146,235,000 375,380,000        
Ending balance at Mar. 31, 2026 839     738 $ 0 $ 1 2,134 (1,172) (225) 101
Beginning balance at Sep. 30, 2025 0                  
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Net income (1)                  
Contributions from redeemable non-controlling interest holders 134                  
Ending balance at Mar. 31, 2026 133                  
Beginning balance (in shares) at Dec. 31, 2025         146,146,000 375,380,000        
Beginning balance at Dec. 31, 2025 824     720 $ 0 $ 1 2,154 (1,255) (180) 104
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 181     183       183   (1)
Net income 182                  
Other comprehensive (loss) income, net of tax (45)     (45)         (45)  
Dividends (100)     (100)       (100)    
Stock-based compensation expense 12     12     12      
Distribution to noncontrolling interest holders (2)                 (2)
Vesting of restricted stock units, net of shares withheld for employee taxes (in shares)         840,000          
Vesting of restricted stock units, net of shares withheld for employee taxes (21)     (21)     (21)      
Common shares repurchased and retired (in shares)         (751,000)          
Common shares repurchased and retired (22)     (22)     (22)      
Redemption of noncontrolling interests 11     11     11      
Ending balance (in shares) at Mar. 31, 2026   146,235,000 375,380,000   146,235,000 375,380,000        
Ending balance at Mar. 31, 2026 839     $ 738 $ 0 $ 1 $ 2,134 $ (1,172) $ (225) $ 101
Beginning balance at Dec. 31, 2025 5                  
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Net income (1)                  
Contributions from redeemable non-controlling interest holders 129                  
Ending balance at Mar. 31, 2026 $ 133                  
v3.26.1
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]        
Dividends (in dollars per share) $ 0.19 $ 0.18 $ 0.38 $ 0.36
v3.26.1
Description of Business
 6 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Warner Music Group Corp. (the “Company”) was formed on November 21, 2003. The Company is the direct parent of WMG Holdings Corp. (“Holdings”), which is the direct parent of WMG Acquisition Corp. (“Acquisition Corp.”). Acquisition Corp. is one of the world’s major music entertainment companies. We classify our business interests into two fundamental operations: Recorded Music and Music Publishing.
Recorded Music Operations
Our Recorded Music business primarily consists of the discovery and development of recording artists and the related marketing, promotion, distribution, sale and licensing of music created by such recording artists. We play an integral role in virtually all aspects of the recorded music value chain from discovering and developing talent to producing, distributing and selling music to marketing and promoting recording artists and their music.
Music Publishing Operations
While Recorded Music is focused on marketing, promoting, distributing and licensing a particular recording of a musical composition, Music Publishing is an intellectual property business focused on generating revenue from uses of the musical composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter, or engaging in those activities for other rightsholders, our Music Publishing business shares the revenues generated from use of the musical compositions with the songwriter or other rightsholders.
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Interim Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2026.
The consolidated balance sheet at September 30, 2025 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements.
For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (File No. 001-32502).
Basis of Consolidation
The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling financial interest required to be consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated.
As of March 31, 2026 and September 30, 2025, there were approximately $59 million and $65 million of assets, respectively, related to variable interest entities (“VIEs”) included in our condensed consolidated balance sheets. As of both March 31, 2026 and September 30, 2025, there was approximately $2 million of liabilities related to VIEs included in our condensed consolidated balance sheets.
The Company has performed a review of all subsequent events through the date the financial statements were issued and has determined that no additional disclosures are necessary.
Noncontrolling Interests
Interests held by third parties in consolidated subsidiaries are presented as noncontrolling interests, which represent the noncontrolling shareholders’ interests in the underlying net assets of the Company’s consolidated subsidiaries. Noncontrolling interests that are not redeemable are reported in the equity section of the Consolidated Balance Sheets.
Noncontrolling interests, where the Company may be required to redeem the noncontrolling interest under contractual redemption requirements that are not solely within the control of the Company, are reported in the Consolidated Balance Sheets between liabilities and equity, as redeemable noncontrolling interests. The Company adjusts the redeemable noncontrolling interests to the higher of the current redemption value or the carrying value of the interests, the capital contributed by the third party adjusted for the noncontrolling interest’s share of net income (loss) and distributions, on each balance sheet date with changes in redemption value recognized as an adjustment to retained earnings attributable to common shareholders.
Income Taxes
The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including those deemed to be unusual and infrequent, are excluded from the estimated annual effective tax rate. In such cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions, and are recorded in the period in which the change occurs.
Global Intangible Low-Taxed Income (“GILTI”) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. The Company made an election to recognize GILTI tax in the specific period in which it occurs.
New Accounting Pronouncements
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements by requiring enhanced disclosures on the income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company will include the required disclosures in its Annual Report on Form 10-K for the fiscal year ending September 30, 2026.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for our fiscal year ending September 30, 2028, and interim periods within our fiscal year ending September 30, 2029. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendment aligns internal use software capitalization practices with agile development methodologies and an external use software model by introducing updated capitalization criteria and removing existing project staging guidance. The amendments in this ASU are effective for our fiscal year ending September 30, 2029. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.
v3.26.1
Earnings per Share
 6 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The Company utilizes the two-class method to report earnings per share. Basic earnings per share is computed by dividing net income available to each class of stock, less earnings available to participating securities, divided by the weighted average number of outstanding common shares for each class of stock. Diluted earnings per share is computed by dividing net income available to each class of stock, less earnings available to participating securities, divided by the weighted average number of outstanding common shares, plus potentially dilutive common shares, which is calculated using the treasury-stock method. The potentially dilutive common shares had a dilutive effect on the Company’s EPS calculation for the three and six months ended March 31, 2026 and 2025.
The following table sets forth the calculation of basic and diluted net income per common share under the two-class method for the three and six months ended March 31, 2026 and 2025 (in millions, except share amounts, which are reflected in thousands, and per share data):
Three Months Ended March 31,
20262025
Class AClass BClass AClass B
Numerator
Net income (loss) attributable to Warner Music Group Corp.$53 $130 $10 $26 
Less: Net loss (income) attributable to participating securities (a)
(2)— — — 
Net income (loss) attributable to common stockholders - Basic
$51 $130 $10 $26 
Less: Net loss (income) attributable to shares to be issued on redemption of noncontrolling interests
(1)(1)— — 
Net income (loss) attributable to common stockholders - Diluted
$50 $129 $10 $26 
Denominator
Weighted average shares outstanding - Basic
146,573 375,380 144,938 375,380 
Shares to be issued on redemption of noncontrolling interests
2,750 — — — 
Weighted average shares outstanding - Diluted
149,323 375,380 144,938 375,380 
Earnings Per Share - Basic
$0.35 $0.35 $0.07 $0.07 
Earnings Per Share - Diluted
$0.34 $0.34 $0.07 $0.07 
Six Months Ended March 31,
20262025
Class AClass BClass AClass B
Numerator
Net income (loss) attributable to Warner Music Group Corp.$103 $256 $78 $194 
Less: Net loss (income) attributable to participating securities (a)
(4)— (3)— 
Net income (loss) attributable to common stockholders - Basic
$99 $256 $75 $194 
Less: Net loss (income) attributable to shares to be issued on redemption of noncontrolling interests
(1)(3)— — 
Net income (loss) attributable to common stockholders - Diluted
$98 $253 $75 $194 
Denominator
Weighted average shares outstanding - Basic
146,664 375,380 143,995 375,380 
Shares to be issued on redemption of noncontrolling interests
2,750 — — — 
Weighted average shares outstanding - Diluted
149,414 375,380 143,995 375,380 
Earnings Per Share - Basic
$0.68 $0.68 $0.52 $0.52 
Earnings Per Share - Diluted
$0.67 $0.67 $0.52 $0.52 
______________________________________
(a)Participating securities include unvested restricted stock units, which include the right to receive non-forfeitable dividend equivalents. Participating securities are not contractually obligated to share in losses.
v3.26.1
Revenue Recognition
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:
Three Months Ended
March 31,		Six Months Ended
March 31,
2026202520262025
(in millions)
Revenue by Type
Digital$975 $841 $1,951 $1,714 
Physical137 112 289 278 
Total digital and physical
1,112 953 2,240 1,992 
Artist services and expanded-rights164 117 395 313 
Licensing104 105 225 215 
Total Recorded Music1,380 1,175 2,860 2,520 
Performance58 53 122 109 
Digital224 188 439 395 
Mechanical17 16 35 30 
Synchronization50 49 110 88 
Other4 4 9 11 
Total Music Publishing353 310 715 633 
Intersegment eliminations(1)(1)(3)(3)
Total revenues
$1,732 $1,484 $3,572 $3,150 
Revenue by geographical location
U.S. Recorded Music$565 $497 $1,142 $1,029 
U.S. Music Publishing178 161 368 334 
Total U.S.743 658 1,510 1,363 
International Recorded Music815 678 1,718 1,491 
International Music Publishing175 149 347 299 
Total international
990 827 2,065 1,790 
Intersegment eliminations(1)(1)(3)(3)
Total revenues
$1,732 $1,484 $3,572 $3,150 
Sales Returns and Uncollectible Accounts
Based on management’s analysis of sales returns, refund liabilities of $16 million and $17 million were established at March 31, 2026 and September 30, 2025, respectively.
Based on management’s analysis of estimated credit losses, reserves of $28 million and $27 million were established at March 31, 2026 and September 30, 2025, respectively.
Deferred Revenue
Deferred revenue increased by $540 million during the six months ended March 31, 2026 related to cash received from customers for fixed fees and minimum guarantees in advance of performance, including amounts recognized in the period. Revenues of $186 million were recognized during the six months ended March 31, 2026 related to the balance of deferred revenue at September 30, 2025. There were no other significant changes to deferred revenue during the reporting period.
Performance Obligations
For the three months ended March 31, 2026 and March 31, 2025, the Company recognized revenue of $20 million and $17 million, respectively, from performance obligations satisfied in previous periods. For the six months ended March 31, 2026 and March 31, 2025, the Company recognized revenue of $38 million and $57 million, respectively, from performance obligations satisfied in previous periods.
Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2026 are as follows:
Rest of FY26FY27FY28ThereafterTotal
(in millions)
Remaining performance obligations$270 $399 $171 $43 $883 
Total$270 $399 $171 $43 $883 
v3.26.1
Comprehensive Income
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Comprehensive Income Comprehensive Income
Comprehensive income, which is reported in the accompanying condensed consolidated statements of equity, consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. For the Company, the components of other comprehensive income primarily consist of foreign currency translation gains and losses, minimum pension liabilities, and deferred gains and losses on financial instruments designated as hedges under ASC 815, Derivatives and Hedging. The following summary sets forth the changes in the components of accumulated other comprehensive loss.
Foreign Currency Translation Loss (a)Minimum Pension Liability AdjustmentAccumulated Other Comprehensive Loss, net
 
(in millions)
Balances at September 30, 2024$(244)$(3)$(247)
Other comprehensive loss(45)— (45)
Balances at March 31, 2025$(289)$(3)$(292)
Balances at September 30, 2025$(188)$(1)$(189)
Other comprehensive loss(36)— (36)
Balances at March 31, 2026$(224)$(1)$(225)
______________________________________
(a)Includes historical foreign currency translation related to certain intra-entity transactions.
v3.26.1
Goodwill and Intangible Assets
 6 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following analysis details the changes in goodwill for each reportable segment:
Recorded
Music		Music
Publishing		Total
(in millions)
Balances at September 30, 2025$1,597 $464 $2,061 
Acquisitions4 — 4 
Other adjustments (a)(11)— (11)
Balances at March 31, 2026$1,590 $464 $2,054 
______________________________________
(a)Other adjustments during the six months ended March 31, 2026 represent foreign currency movements.
The Company performs its annual goodwill impairment test in accordance with ASC 350, Intangibles—Goodwill and Other, during the fourth quarter of each fiscal year as of July 1. The Company may conduct an earlier review if events or circumstances occur that would suggest the carrying value of the Company’s goodwill may not be recoverable. No indicators of impairment were identified during the current period that required the Company to perform an interim assessment or recoverability test.
Intangible Assets
Intangible assets consist of the following:
Weighted-Average Useful LifeMarch 31,
2026		September 30,
2025
(in millions)
Intangible assets subject to amortization:
Recorded music catalog14 years$2,216 $1,799 
Music publishing copyrights23 years2,769 2,692 
Artist and songwriter contracts13 years1,127 1,137 
Trademarks16 years30 29 
Other intangible assets6 years55 58 
Total gross intangible assets subject to amortization6,197 5,715 
Accumulated amortization(3,096)(2,990)
Total net intangible assets subject to amortization3,101 2,725 
Intangible assets not subject to amortization:
Trademarks and tradenamesIndefinite153 154 
Total net intangible assets$3,254 $2,879 
The increase in net intangible assets during the six months ended March 31, 2026 is primarily related to the acquisitions of recorded music catalogs and music publishing copyrights for approximately $401 million through the Beethoven joint venture. See Note 7 and Note 11 for additional information regarding the structure and activities of the joint venture.
v3.26.1
Debt
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt Capitalization
As of March 31, 2026, our long-term debt consists of the following:
March 31,
2026		September 30,
2025
(in millions)
Revolving Credit Facility (a)$— $— 
Senior Term Loan A Facility due 2031 (b)
1,295 — 
Senior Term Loan B Facility due 2031 (b)
— 1,295 
2.750% Senior Secured Notes due 2028
372 381 
3.750% Senior Secured Notes due 2029
540 540 
3.875% Senior Secured Notes due 2030
535 535 
2.250% Senior Secured Notes due 2031
509 522 
3.000% Senior Secured Notes due 2031
800 800 
Mortgage Term Loan due 203317 17 
Total debt, including the current portion4,068 4,090 
Premium less unamortized discount and unamortized DFCs(22)(27)
Total Acquisition Corp. long-term debt, including the current portion, net$4,046 $4,063 
Beethoven Credit Agreement (c)
370 — 
Tempo Asset-Based Notes due 2050 (d)
311 311 
Unamortized discount
(8)(9)
Total other long-term debt, including the current portion, net
$673 $302 
Total long-term debt, including the current portion, net$4,719 $4,365 
______________________________________
(a)Reflects $350 million of commitments under the Revolving Credit Facility with no letters of credit outstanding at March 31, 2026 and September 30, 2025. There were no loans outstanding under the Revolving Credit Facility as of March 31, 2026 and September 30, 2025.
(b)On March 11, 2026, Acquisition Corp. borrowed all of the Term Loan A Facility to repay all of the outstanding loans under the Term Loan B Facility.
(c)Reflects $500 million of commitments under the Beethoven Credit Agreement with the ability, subject to the consent of the Lenders (as defined below), to increase the size of the facility to $700 million. There were $370 million in loans outstanding under the Beethoven Credit Agreement at March 31, 2026. Loans outstanding under the Beethoven Credit Agreement are secured only by certain music rights owned by Beethoven JV 1, LLC, a Delaware limited liability company (“Beethoven”), and are nonrecourse to the Company and its subsidiaries, other than Beethoven.
(d)The Tempo Asset-Based Notes due 2050 are secured only by certain music rights owned by Tempo Music Holdings, LLC (“Tempo Music”) and are nonrecourse to the Company and its subsidiaries, other than Tempo Music.
Acquisition Corp. Long-Term Debt
The Company is the direct parent of Holdings, which is the direct parent of Acquisition Corp. Acquisition Corp. is party to and the borrower under a $1,295 million term loan A facility and a $350 million revolving facility, pursuant to an amended and restated credit agreement dated March 11, 2026 (the “Credit Agreement”), with JPMorgan Chase Bank NA, as administrative agent, and the other financial institutions and lenders from time to time party thereto. Additionally, as of March 31, 2026, Acquisition Corp. had issued and outstanding the 2.750% Senior Secured Notes due 2028, the 3.750% Senior Secured Notes due 2029, the 3.875% Senior Secured Notes due 2030, the 2.250% Senior Secured Notes due 2031 and the 3.000% Senior Secured Notes due 2031 (together, the “Acquisition Corp. Notes”).
All of the Acquisition Corp. Notes are guaranteed by all of Acquisition Corp.’s domestic wholly-owned subsidiaries. The guarantee of the Acquisition Corp. Notes by Acquisition Corp.’s domestic wholly-owned subsidiaries is full, unconditional and joint and several. The secured notes are guaranteed on a senior secured basis.
The Company and Holdings are holding companies that conduct substantially all of their business operations through Acquisition Corp. Acquisition Corp. and its subsidiaries are not currently restricted from distributing funds to the Company and Holdings under the indentures for the Acquisition Corp. Notes or the Credit Agreement for the Acquisition Corp. credit facilities, including the Revolving Credit Facility (as defined below) and the Tranche A Term Loans (as defined below).
The Company was in compliance with its covenants under its outstanding notes, the Revolving Credit Facility and the Tranche A Term Loans as of March 31, 2026.
Other Long-Term Debt
The Company holds approximately $311 million of asset-based securities due November 2050 (“Asset-Based Notes”) issued by a subsidiary of Tempo Music secured only by certain music rights owned by Tempo Music and is nonrecourse to the Company and its subsidiaries, other than Tempo Music. These notes, which consist of multiple fixed rate tranches, will accrue at a fixed weighted average rate of 4.62% until November 30, 2027, with higher interest rates thereafter. Principal and interest are payable in equal semi-annual installments. As of March 31, 2026, Tempo Music is in compliance with the covenants under the Asset-Based Notes.
Additionally, WMG BC Holdco LLC (“WMGCo”), a wholly-owned indirect subsidiary of the Company, and BCSS W JV Investments (B), L.P. (“BainCo”), a wholly-owned indirect subsidiary of Bain Capital Special Situations, LP, operate Beethoven, which is party to a Credit and Security Agreement (the “Beethoven Credit Agreement”), dated as of June 29, 2025, with the Bank of New York Mellon, as administrative agent for the Lenders and as collateral agent for the Secured Parties (in each case, as defined in the Beethoven Credit Agreement) pursuant to which the Lenders have agreed to extend up to $500 million in commitment amounts to Beethoven Financing 1, LLC, a Delaware limited liability company and wholly-owned indirect subsidiary of Beethoven, as the initial borrower (the “Initial Borrower” and, together with each additional borrower from time to time party thereto, the “Borrowers”) (the “Beethoven Credit Facility”). The obligations of the Borrowers under the Beethoven Credit Agreement are (a) secured by the Borrowers with a first priority security interest in all of their respective assets and (b) guaranteed by Beethoven Holdings 1 LLC, a Delaware limited liability company and a wholly-owned direct subsidiary of Beethoven and the direct parent of the Initial Borrower, as the initial guarantor (together with the additional guarantors from time to time party thereto, the “Guarantors”) with a first priority security interest in all of the Guarantors’ respective assets. The advances under the Beethoven Credit Agreement shall bear interest at the rates described below under “—Interest Rates.” The Beethoven Credit Agreement contains customary affirmative and negative covenants for this type of facility, and the ability, subject to the consent of the Lenders, to increase the size of the facility to $700 million. There were $370 million of loans outstanding under the Beethoven Credit Agreement at March 31, 2026. As of March 31, 2026, the Initial Borrower is in compliance with the covenants under the Beethoven Credit Agreement. On May 5, 2026, the Lenders, pursuant to an amendment to the Beethoven Credit Agreement (the “Credit Agreement Amendment”) agreed to increase the aggregate commitments under the Beethoven Credit Agreement from $500 million to $750 million. The Credit Agreement Amendment also provides that, subject to the consent of the Lenders, the Borrowers may further increase the size of the facility up to an aggregate commitment of $950 million.
On February 4, 2026, WMGCo entered into an amendment (the “Amendment”) to a Master Operations and Economics Agreement, dated as of June 29, 2025 (as amended from time to time, the “Master Operations and Economics Agreement”), by and among WMGCo, BainCo, and certain affiliates of the foregoing parties. Pursuant to the Amendment, WMGCo and BainCo have committed to increase their respective initial equity commitment amounts by $100 million each.
Fiscal 2026 Transactions
March 2026 Credit Agreement Amendment
On March 11, 2026, Acquisition Corp. entered into the Credit Agreement among Acquisition Corp., as borrower, the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Credit Agreement amends and restates in its entirety the Credit Agreement, dated as of November 1, 2012, among Acquisition Corp., JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto, and incorporates, as amended and restated, the revolving credit facility provided under the Credit Agreement, dated as of January 31, 2018, among Acquisition Corp., JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto.
The Credit Agreement provides for a $350 million revolving credit facility (the “Revolving Credit Facility”) and a $1,295 million term loan A facility (the “Tranche A Term Loans”). Subject to certain conditions, Acquisition Corp. may obtain increases in the commitments under the Revolving Credit Facility and incur incremental term loans. As of March 31, 2026, Acquisition Corp. had borrowed all of the Tranche A Term Loans to repay Acquisition Corp.’s term loan B facility. No amounts were drawn under the Revolving Credit Facility as of March 31, 2026.
In connection with the Credit Agreement, the Company recorded a loss on extinguishment of debt of approximately $7 million for the three months ended March 31, 2026, which represents the unamortized balances of original issuance discounts and deferred financing costs. The use of proceeds from the $1,295 million Tranche A Term Loans has been presented in the accompanying consolidated statement of cash flows. The Company recognized deferred financing costs of $4 million associated with the amendment.
Interest Rates
The loans under the Credit Agreement bear interest at Acquisition Corp.’s election at a rate equal to (i) a forward-looking term rate based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable interest period (“SOFR”), subject to a zero floor, plus the applicable margin, or (ii) an alternative base rate (“ABR”), which is the highest of (x) the corporate base rate established by the administrative agent from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) one-month Term SOFR (as defined in the Credit Agreement) plus 1.0% per annum, in each case, subject to a 1.00% floor plus the applicable margin. The applicable margin for the Tranche A Term Loans range from 1.250% to 1.625% per annum for SOFR loans and from 0.250% to 0.625% per annum for ABR loans, in each case based upon Acquisition Corp.’s issuer credit ratings. The applicable margin for borrowings under the Revolving Credit Facility ranges from 1.125% to 1.750% per annum for SOFR loans and 0.125% to 0.750% per annum for ABR loans, in each case based upon Acquisition Corp.’s issuer credit ratings.
Based on the Applicable Debt Rating of BBB- at March 31, 2026, the applicable margin for SOFR loans and risk-free rate loans would be 1.250% instead of 1.750% and the applicable margin for ABR loans would be 0.250% instead of 0.750% in the case of Initial Revolving Loans, and the applicable margin for SOFR loans and risk-free rate loans would be 1.375% instead of 1.625% and the applicable margin for ABR loans would be 0.375% instead of 0.625% in the case of the Tranche A Term Loan. If there is a payment default at any time, then the interest rate applicable to overdue principal will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.
The term loan entered into on January 27, 2023 (the “Term Loan Mortgage”) bears interest at a rate of 30-day SOFR plus the applicable margin of 1.40%, subject to a zero floor.
Interest on the Asset-Based Notes, which consist of multiple fixed rate tranches, will accrue at a fixed weighted average rate of 4.62% until November 30, 2027. Following November 30, 2027, if the Asset-Based Notes remain outstanding, the interest rate on the outstanding Asset-Based Notes will increase by a per annum rate equal to the greater of: (i) 5.0% and (ii) the amount, if any, by which the sum of the following exceeds the interest rate otherwise payable with respect to such Asset-Based Notes: (A) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on November 30, 2027 of the U.S. treasury security having a term closest to seven years plus (B) 5.0%, plus (C) with respect to class A notes, 3.53% and, with respect to class B notes, 4.28%.
The advances under the Beethoven Credit Agreement shall bear interest (a) in the case of a base rate advance, at a rate equal to the base rate, which means, for any day, the highest of (i) the prime rate in effect on such day; (ii) the federal funds rate in effect on such day plus 0.50%; and (iii) Term SOFR for a one-month tenor in effect on such day plus 1.00% per annum, plus the applicable margin of 1.00% and (b) in the case of a Term SOFR advance, the Term SOFR for the interest accrual period plus the applicable margin of 2.00%.
The Company has entered into, and in the future may enter into, interest rate swaps to manage interest rate risk. As of March 31, 2026, there are no interest rate swaps outstanding.
Maturity of Tranche A Term Loans
The loans outstanding under the Tranche A Term Loans mature on March 11, 2031.
Maturity of Revolving Credit Facility
The maturity date of the Revolving Credit Facility is March 11, 2031.
Maturities of Senior Secured Notes
As of March 31, 2026, there are no scheduled maturities of notes until 2028, when $372 million is scheduled to mature. Thereafter, $2.384 billion is scheduled to mature.
Maturity of Term Loan Mortgage
The maturity date of the Term Loan Mortgage is January 27, 2033, subject to a call option exercisable by Truist Bank at any time after January 27, 2028 if certain criteria relating to the Company’s creditworthiness are met.
Maturity of Tempo Asset-Based Notes
The maturity date of the Asset-Based Notes is November 30, 2050.
Maturity of Beethoven Credit Agreement
The maturity date of the Beethoven Credit Facility is June 29, 2030.
Interest Expense, net
Total interest expense, net was $41 million and $39 million for the three months ended March 31, 2026 and 2025, respectively, and $86 million and $76 million for the six months ended March 31, 2026 and 2025, respectively. Interest expense, net includes interest expense related to our outstanding indebtedness of $44 million for both the three months ended March 31, 2026 and 2025, and $90 million and $87 million for the six months ended March 31, 2026 and 2025, respectively. The weighted-average interest rate of the Company’s total debt was 4.0% at March 31, 2026, 4.1% at September 30, 2025, and 4.1% at March 31, 2025.
v3.26.1
Restructuring and Impairments
 6 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Impairments Restructuring and Impairments
2025 Restructuring Plan
On July 1, 2025, the Company announced a strategic restructuring plan (the “2025 Restructuring Plan”) designed to free up funds to invest in music and to accelerate the Company’s long-term growth. The 2025 Restructuring Plan is expected to be fully implemented by the end of calendar year 2026. The Company expects to incur total charges of approximately $200 million on a pre-tax basis or approximately $150 million on an after-tax basis. Approximately $170 million of the charges will be for severance payments and other related termination costs and approximately $30 million of certain other charges. The Company anticipates that the Plan will result in cash expenditures of approximately $200 million, of which $170 million is expected to be paid by the end of fiscal year 2026.
For the three months ended March 31, 2026, total severance and other termination costs recorded in connection with the 2025 Strategic Restructuring Plan were $5 million, all of which was recognized in our Recorded Music segment. For the six months ended March 31, 2026, total severance and other termination costs recorded in connection with the 2025 Strategic Restructuring Plan were $30 million, of which $18 million of expense was recognized in our Recorded Music segment and $12 million was recognized in Corporate. As of March 31, 2026, total cumulative restructuring and impairment charges recognized in connection with the 2025 Strategic Restructuring Plan were $148 million with $98 million of costs recognized in our Recorded Music segment, $5 million of costs recognized in our Music Publishing segment, and $45 million recognized in Corporate. These costs are composed of $120 million of severance costs and $28 million of non-cash impairment charges primarily related to impairments of operating lease right-of-use assets that are no longer in use and royalty advances based on operational changes in the intended use of these assets.
The following table sets forth the activity for the six months ended March 31, 2026 in the restructuring accrual associated with the 2025 Restructuring Plan included within accrued liabilities in the accompanying consolidated balance sheets:
Severance Costs
(in millions)
Balance at September 30, 2025$85 
Restructuring charges30 
Cash payments(61)
Balance at March 31, 2026$54 
2024 Strategic Restructuring Plan
In 2024, the Company announced a strategic restructuring plan (the “2024 Strategic Restructuring Plan”) designed to free up additional funds to invest in music and accelerate the Company’s growth for the next decade. The 2024 Strategic Restructuring Plan is complete and the remaining associated cash payments are expected to be made by the end of fiscal year 2026.
As of March 31, 2026, total cumulative restructuring and impairment charges recognized in connection with the 2024 Strategic Restructuring Plan were $215 million with $206 million of costs recognized in our Recorded Music segment and $9 million recognized in Corporate. These costs are composed of $133 million of severance and other contract termination costs, of which $7 million was non-cash, and $82 million of non-cash impairment charges. There was a $1 million benefit recognized for the three and six months ended March 31, 2026 related to the 2024 Strategic Restructuring Plan.
The below table sets forth the activity for the six months ended March 31, 2026 in the restructuring accrual associated with the 2024 Strategic Restructuring Plan included within accrued liabilities in the accompanying condensed consolidated balance sheets.
Severance CostsContract Termination CostsTotal
(in millions)
Balance at September 30, 2025$23 $7 $30 
Restructuring charges(1)— (1)
Cash payments(16)(4)(20)
Balance at March 31, 2026$6 $3 $9 
Other Impairments
For the three and six months ended March 31, 2026, the Company recognized an impairment charge of $2 million and $11 million, respectively, within the Recorded Music segment for long-lived assets associated with EMP Merchandising (“EMP”), which was the result of remeasuring the carrying value to fair value as it has been classified as held for sale since September 30, 2025. Please refer to Note 15 for further discussion.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
From time to time, the Company is involved in claims and legal proceedings that arise in the ordinary course of business. The Company is currently subject to several such claims and legal proceedings. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows or results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company’s defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company’s business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company, whether meritorious or not, can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity and other factors.
v3.26.1
Equity
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
Stock-Based Compensation
The Company’s stock-based compensation plans are described in Note 13, “Equity,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. Stock-based compensation consists primarily of common stock, restricted stock units (“RSUs”), deferred share units, stock options, and market-based performance share units (“PSUs”) granted to eligible employees and executives under the Omnibus Incentive Plan. The Company recognized $12 million and $14 million of non-cash stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively, all of which was recorded to additional paid-in capital. The Company recognized $31 million and $27 million of non-cash stock-based compensation expense for the six months ended March 31, 2026 and 2025, respectively, all of which was recorded to additional paid-in capital.
Common Stock
During the three and six months ended March 31, 2026, the Company satisfied the vesting of PSUs and RSUs by issuing 839,801 and 999,381 shares, respectively, of Class A Common Stock under the Omnibus Incentive Plan, which is net of shares used to settle employee income tax obligations.
Share Repurchase Program
On November 14, 2024, the Company’s board of directors authorized a new $100 million share repurchase program (the “Share Repurchase Program”), which is intended to offset dilution from the Omnibus Incentive Plan. Under this authorization, the Company may, from time to time, purchase shares of its Class A Common Stock through open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions, tender offers or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act. The $100 million share repurchase authorization does not obligate the Company to purchase any shares and the Share Repurchase Program does not have a fixed expiration date. The Company may enter into a pre-arranged stock trading plan in accordance with the guidelines specified under Rule 10b5-1 to effectuate all or a portion of the Share Repurchase Program. The Company expects to finance any repurchases from a combination of cash on hand and cash provided by operating activities. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to our results of operations, financial condition, liquidity and other factors. The authorization for the Share Repurchase Program may be suspended, terminated, increased or decreased by the Company’s board of directors at any time.
The following table summarizes our total share repurchases and retirement under the Share Repurchase Program during the three and six months ended March 31, 2026 and 2025:
Three Months Ended
March 31,		Six Months Ended
March 31,
Share Repurchase Type
2026202520262025
Number of shares repurchased
750,500 — 1,670,500 60,383 
Amount (in millions)
$22 $— $48 $2 
v3.26.1
Redeemable Noncontrolling Interest
 6 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest
As of March 31, 2026, the redeemable noncontrolling interests (“RNCI”) consist of interests in Beethoven, a consolidated subsidiary. The Company consolidates Beethoven based on its controlling financial interest of the joint venture through the Company's majority representation on the board. The noncontrolling interest holder in Beethoven, which is BainCo as described in Note 7, has a 50% ownership share and is entitled to receive 50% of the required quarterly distributions made by the joint venture from available cash. For distributions resulting from a liquidity event, including the sale of the joint venture, an initial public offering, or other liquidity event as defined in the Master Operations and Economics Agreement, the noncontrolling interest holder is entitled to proceeds from such event until its contributed capital is returned with an annualized return of 8%, subject to certain adjustments, after which the Company will receive distributions for an equal amount, with any additional amounts distributed equally.
Beginning on the sixth anniversary of formation, the noncontrolling interest holder has an exit right, that upon providing notice, the Company has the option to acquire the noncontrolling interest holder’s interest for a price negotiated with the noncontrolling interest holder or otherwise determined by an independent fair market valuation, subject to certain adjustments, if elected. If not acquired by the Company, the noncontrolling interest holder can initiate and complete a sale of Beethoven or an initial public offering that include the interests held by the Company. Beginning on the eighth anniversary, the Company will also have a similar exit right, that provides similar rights to negotiate the sale of the Company’s interests to the noncontrolling interest holder.
Given the exit rights held by the noncontrolling interest holder may result in the interests being redeemed by the Company based on events that are not solely in its control, the noncontrolling interest is presented in the Consolidated Balance Sheets at the greater of the current estimated redemption value or carrying value of the interests including adjustments for the attribution of income to the noncontrolling interest holder. The Company adjusts the redeemable noncontrolling interest to the greater of the current estimated redemption value or carrying value at the end of each reporting period, with changes recognized as adjustments to retained earnings. The Company recognized $133 million as the redeemable noncontrolling interest balance as of March 31, 2026.
In the second quarter of fiscal year 2026, the Company sold recorded music catalog rights to Beethoven for consideration of $233 million, receiving $182 million of cash in return, net of the Company’s portion of contributions to the joint venture for the acquisition. Given the Company consolidates Beethoven, no gain was recognized, and the cash received is recognized as contributions from redeemable noncontrolling interest holder and issuance of debt under the Beethoven Credit Facility.
v3.26.1
Income Taxes
 6 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three and six months ended March 31, 2026, the Company recorded an income tax expense of $73 million and $144 million, respectively. The income tax expense for the three and six months ended March 31, 2026 is higher than the expected tax expense at the statutory rate of 21% primarily due to foreign income taxed at rates higher than in the United States, including withholding taxes, U.S. state and local taxes, taxable gain on contribution to Beethoven JV, and non-deductible executive compensation under IRC Section 162(m). These charges were partially offset by tax benefit associated with partial release of valuation allowance on EMP.
For the three and six months ended March 31, 2025, the Company recorded an income tax expense of $29 million and $118 million, respectively. The income tax expense for the three and six months ended March 31, 2025 is higher than the expected tax expense at the statutory rate of 21% primarily due to foreign income taxed at rates higher than the United States, including withholding taxes, and U.S. state and local taxes, unrecognized tax benefit related to uncertain tax positions, and non-deductible executive compensation under IRC Section 162(m). These charges were partially offset by tax benefits associated with R&D credits, and the net impact of GILTI and FDII.
The Company has determined that it is reasonably possible that the gross unrecognized tax benefits as of March 31, 2026 could decrease by up to approximately $1 million related to various ongoing audits and settlement discussions in various jurisdictions during the next twelve months.
The Organization for Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted legislation as of January 1, 2025 and others are expected to enact legislation in the next few years. The Company has evaluated the potential impact of the rules based on the most recently available information. For the fiscal year ended September 30, 2026, the impact on the Company is expected to be immaterial. The Company will continue to monitor legislative developments to determine if there are significant changes to Pillar 2 rules that could lead to a material impact.
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, which introduces a wide-ranging set of tax reform provisions. In fiscal year 2026, the Company is benefitting from the changes to the business interest expense deduction limitation, allowing for an accelerated deduction, and restored expensing for domestic research and development costs.
v3.26.1
Derivative Financial Instruments
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments, primarily foreign currency forward exchange contracts, for the purposes of managing foreign currency exchange rate risk on expected future cash flows.
As of March 31, 2026, the Company had outstanding foreign currency forward exchange contracts for the sale of $591 million and the purchase of $327 million of foreign currencies at fixed rates. As of September 30, 2025, the Company had outstanding foreign currency forward exchange contracts for the sale of $460 million and the purchase of $170 million of foreign currencies at fixed rates.
The Company recorded realized pre-tax losses of $2 million and unrealized pre-tax gains of $2 million related to its foreign currency forward exchange contracts in the condensed consolidated statement of operations as other expense for the six months ended March 31, 2026. The Company recorded realized pre-tax gains of $7 million and unrealized pre-tax gains of $3 million related to its foreign currency forward exchange contracts in the condensed consolidated statement of operations as other expense for the six months ended March 31, 2025.
The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at March 31, 2026 and September 30, 2025:
March 31,
2026		September 30,
2025
(in millions)
Other Current Assets:
Foreign currency forward exchange contracts (a)$3 $— 
Other Current Liabilities:
Foreign currency forward exchange contracts (a)$(2)$(3)
______________________________________
(a)For March 31, 2026 includes $13 million and $12 million of foreign exchange derivative contracts in asset and liability positions, respectively, which net to $3 million of current assets and $2 million of current liabilities, respectively. For September 30, 2025 includes $3 million and $6 million of foreign exchange derivative contracts in asset and liability positions, respectively, which net to $0 million of current assets and $3 million of current liabilities, respectively.
v3.26.1
Segment Information
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Based on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations and further description of these segments is set forth below and can be found in Note 1. The Company’s Chief Operating Decision Maker, which is our Chief Executive Officer, allocates resources and evaluates performance based on several factors, including operating income (loss) and other financial measures.
The accounting policies of the Company’s business segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.
Recorded
Music		Music
Publishing		Corporate
expenses and
eliminations		Total
Three Months Ended(in millions)
March 31, 2026    
Revenues$1,380 $353 $(1)$1,732 
Cost of revenue707 224 (1)930 
Selling and marketing expense159 1 7 167 
Distribution expense30 — — 30 
General and administrative expense153 32 78 263 
Restructuring & Impairment6 — — 6 
Amortization expense37 35 — 72 
Net loss on divestitures
— — — — 
Operating income (loss)$288 $61 $(85)$264 
Loss on extinguishment of debt7 
Interest expense, net
41 
Other expense, net
(38)
Income before income taxes
254 
Depreciation expense (a)10 — 21 31 
March 31, 2025
Revenues$1,175 $310 $(1)$1,484 
Cost of revenue599 194 (2)791 
Selling and marketing expense149 1 7 157 
Distribution expense17 — — 17 
General and administrative expense161 34 81 276 
Restructuring & Impairment13 — — 13 
Amortization expense33 29 — 62 
Operating income (loss)$203 $52 $(87)$168 
Interest expense, net39 
Other expense, net64 
Income before income taxes65 
Depreciation expense (a)13 2 13 28 
Recorded
Music		Music
Publishing		Corporate
expenses and
eliminations		Total
Six Months Ended(in millions)
March 31, 2026
Revenues$2,860 $715 $(3)$3,572 
Cost of revenue1,467 452 (2)1,917 
Selling and marketing expense309 2 11 322 
Distribution expense61 — — 61 
General and administrative expense307 66 162 535 
Restructuring & Impairment28 — 12 40 
Amortization expense71 69 — 140 
Net loss on divestitures
— — 5 5 
Operating income (loss)$617 $126 $(191)$552 
Loss on extinguishment of debt7 
Interest expense, net
86 
Other expense, net
(41)
Income before income taxes
500 
Depreciation expense (a)22 1 39 62 
March 31, 2025
Revenues$2,520 $633 $(3)$3,150 
Cost of revenue1,285 404 (4)1,685 
Selling and marketing expense300 2 13 315 
Distribution expense49 — — 49 
General and administrative expense341 65 154 560 
Restructuring & Impairment41 — (1)40 
Amortization expense63 55 1 119 
Operating income (loss)$441 $107 $(166)$382 
Interest expense, net
76 
Other expense, net
(89)
Income before income taxes
395 
Depreciation expense (a)28 3 26 57 
(a) Depreciation expense is a component of general and administrative expense
v3.26.1
Additional Financial Information
 6 Months Ended
Mar. 31, 2026
Additional Financial Information [Abstract]  
Additional Financial Information Additional Financial Information
Supplemental Cash Flow Disclosures
The Company made interest payments of approximately $54 million and $53 million during the three months ended March 31, 2026 and 2025, respectively, and approximately $92 million and $71 million during the six months ended March 31, 2026 and 2025, respectively. The Company paid approximately $58 million of income and withholding taxes, net of refunds, for each of the three months ended March 31, 2026 and 2025, and approximately $126 million and $101 million of income and withholding taxes, net of refunds, for the six months ended March 31, 2026 and 2025, respectively. Non-cash investing activities were approximately $73 million and are primarily related to the acquisition of music publishing rights and music catalogs and the receipt of noncash consideration during the six months ended March 31, 2026 and $34 million related to business combinations and the acquisition of music catalogs during the six months ended March 31, 2025.
Assets and Liabilities Held for Sale
In the fourth quarter of fiscal year 2025, the Company signed a non-binding letter of intent to sell its EMP business within our Recorded Music segment and was classified as held for sale. The sale is expected to be completed by the end of the current fiscal year. Upon classification as held for sale, the business was measured at the lower of its carrying amount or its estimated fair value less costs to sell. For the three and six months ended March 31, 2026, the Company recognized an impairment charge of $2 million and $11 million, respectively, within the Recorded Music segment for long-lived assets associated with EMP, which was the result of remeasuring the carrying value to fair value as it has been classified as held for sale since September 30, 2025. The recoverable fair value was determined based on current market indicators.
The major classes of assets and liabilities of the business held for sale as of March 31, 2026 are as follows:
March 31, 2026September 30, 2025
(in millions)(in millions)
Cash$4 $3 
Inventories40 50 
Property, plant and equipment, net13 20 
Intangible assets subject to amortization, net7 10 
Other assets4 6 
Assets of business held for sale$68 $89 
Accounts payable and accrued liabilities$26 $34 
Other liabilities12 15 
Liabilities of business held for sale$38 $49 
Net Gain (Loss) on Divestitures
The Company recognized a pre-tax loss of $5 million during the six months ended March 31, 2026 in connection with the divestiture of certain assets which have been reflected as a net loss (gain) on divestiture in the accompanying condensed consolidated statement of operations.
Net Gain on Sale of Investments
The Company recognized a pre-tax realized net gain of $29 million during the six months ended March 31, 2025 in connection with the sale of an investment that has been presented within the Other income (expense) line of the accompanying condensed consolidated statement of operations.
Dividends
The Company has been paying quarterly cash dividends to holders of its Class A Common Stock and Class B Common Stock. The declaration of each dividend will continue to be at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, earnings, liquidity and capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by Delaware law, general business conditions and any other factors that the Company’s board of directors deems relevant in making such a determination. Therefore, there can be no assurance that the Company will pay any dividends to holders of the Company’s common stock, or as to the amount of any such dividends.
On February 5, 2026, the Company’s board of directors declared a cash dividend of $0.19 per share on the Company’s Class A Common Stock and Class B Common Stock, as well as related payments under certain stock-based compensation plans, which was paid to stockholders on March 3, 2026. The Company paid an aggregate of approximately $100 million and $200 million, or $0.19 and $0.38 per share, in cash dividends to stockholders and participating security holders for the three and six months ended March 31, 2026, respectively.
On May 7, 2026, the Company’s board of directors declared a cash dividend of $0.19 per share on the Company’s Class A Common Stock and Class B Common Stock, as well as related payments under certain stock-based compensation plans, payable on June 2, 2026, to stockholders of record as of the close of business on May 26, 2026.
v3.26.1
Fair Value Measurements
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of March 31, 2026 and September 30, 2025.
Fair Value Measurements as of March 31, 2026
(Level 1)(Level 2)(Level 3)Total
(in millions)
Other Current Assets:
Foreign currency forward exchange contracts (a)$— $3 $— $3 
Other current liabilities:
Foreign currency forward exchange contracts (a)$— $(2)$— $(2)
Other noncurrent assets:
Equity investments with readily determinable fair value (b)$7 $— $— $7 

Fair Value Measurements as of September 30, 2025
(Level 1)(Level 2)(Level 3)Total
(in millions)
Other current liabilities:
Foreign currency forward exchange contracts (a)
$— $(3)$— $(3)
Other noncurrent assets:
Equity investment with readily determinable fair value (b)
$8 $— $— $8 
______________________________________
(a)The fair value of foreign currency forward exchange contracts is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay at their maturity dates for contracts involving the same currencies and maturity dates.
(b)These represent equity investments with a readily determinable fair value. The Company has measured its investments to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets.
The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the asset is written down to its fair value. In addition, an impairment analysis is performed at least annually for goodwill and indefinite-lived intangible assets. Furthermore, assets classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. When the Company determines that the fair value of an asset group held for sale is less than its carrying value, a non-recurring fair value adjustment is recognized as a loss in the period the held-for-sale criteria are met. The Company estimated the fair value of the assets held for sale based on current market indicators.
Equity Investments Without Readily Determinable Fair Value
The Company evaluates its equity investments without readily determinable fair values for impairment if factors indicate that a significant decrease in value has occurred. The Company has elected to use the measurement alternative to fair value that will allow these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company did not record any impairment charges on these investments during the three and six months ended March 31, 2026 and recorded approximately $2 million and $3 million of impairment charges on these investments during the three and six months ended March 31, 2025, respectively. In addition, there were no observable price changes events that were completed during the three and six months ended March 31, 2026 and 2025.
Fair Value of Debt
Based on the level of interest rates prevailing at March 31, 2026, the fair value of the Company’s debt was $4.574 billion. Based on the level of interest rates prevailing at September 30, 2025, the fair value of the Company’s debt was $4.270 billion. The fair value of the Company’s debt instruments is determined using quoted market prices from less active markets or by using quoted market prices for instruments with identical terms and maturities; both approaches are considered a Level 2 measurement.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Interim Financial Statements
Interim Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2026.
The consolidated balance sheet at September 30, 2025 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by U.S. GAAP for complete financial statements.
For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (File No. 001-32502).
Basis of Consolidation
Basis of Consolidation
The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling financial interest required to be consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated.
Noncontrolling Interests
Noncontrolling Interests
Interests held by third parties in consolidated subsidiaries are presented as noncontrolling interests, which represent the noncontrolling shareholders’ interests in the underlying net assets of the Company’s consolidated subsidiaries. Noncontrolling interests that are not redeemable are reported in the equity section of the Consolidated Balance Sheets.
Noncontrolling interests, where the Company may be required to redeem the noncontrolling interest under contractual redemption requirements that are not solely within the control of the Company, are reported in the Consolidated Balance Sheets between liabilities and equity, as redeemable noncontrolling interests. The Company adjusts the redeemable noncontrolling interests to the higher of the current redemption value or the carrying value of the interests, the capital contributed by the third party adjusted for the noncontrolling interest’s share of net income (loss) and distributions, on each balance sheet date with changes in redemption value recognized as an adjustment to retained earnings attributable to common shareholders.
Income Taxes
Income Taxes
The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including those deemed to be unusual and infrequent, are excluded from the estimated annual effective tax rate. In such cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions, and are recorded in the period in which the change occurs.
Global Intangible Low-Taxed Income (“GILTI”) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. The Company made an election to recognize GILTI tax in the specific period in which it occurs.
New Accounting Pronouncements
New Accounting Pronouncements
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements by requiring enhanced disclosures on the income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company will include the required disclosures in its Annual Report on Form 10-K for the fiscal year ending September 30, 2026.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for our fiscal year ending September 30, 2028, and interim periods within our fiscal year ending September 30, 2029. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendment aligns internal use software capitalization practices with agile development methodologies and an external use software model by introducing updated capitalization criteria and removing existing project staging guidance. The amendments in this ASU are effective for our fiscal year ending September 30, 2029. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.
v3.26.1
Earnings per Share (Tables)
 6 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following table sets forth the calculation of basic and diluted net income per common share under the two-class method for the three and six months ended March 31, 2026 and 2025 (in millions, except share amounts, which are reflected in thousands, and per share data):
Three Months Ended March 31,
20262025
Class AClass BClass AClass B
Numerator
Net income (loss) attributable to Warner Music Group Corp.$53 $130 $10 $26 
Less: Net loss (income) attributable to participating securities (a)
(2)— — — 
Net income (loss) attributable to common stockholders - Basic
$51 $130 $10 $26 
Less: Net loss (income) attributable to shares to be issued on redemption of noncontrolling interests
(1)(1)— — 
Net income (loss) attributable to common stockholders - Diluted
$50 $129 $10 $26 
Denominator
Weighted average shares outstanding - Basic
146,573 375,380 144,938 375,380 
Shares to be issued on redemption of noncontrolling interests
2,750 — — — 
Weighted average shares outstanding - Diluted
149,323 375,380 144,938 375,380 
Earnings Per Share - Basic
$0.35 $0.35 $0.07 $0.07 
Earnings Per Share - Diluted
$0.34 $0.34 $0.07 $0.07 
Six Months Ended March 31,
20262025
Class AClass BClass AClass B
Numerator
Net income (loss) attributable to Warner Music Group Corp.$103 $256 $78 $194 
Less: Net loss (income) attributable to participating securities (a)
(4)— (3)— 
Net income (loss) attributable to common stockholders - Basic
$99 $256 $75 $194 
Less: Net loss (income) attributable to shares to be issued on redemption of noncontrolling interests
(1)(3)— — 
Net income (loss) attributable to common stockholders - Diluted
$98 $253 $75 $194 
Denominator
Weighted average shares outstanding - Basic
146,664 375,380 143,995 375,380 
Shares to be issued on redemption of noncontrolling interests
2,750 — — — 
Weighted average shares outstanding - Diluted
149,414 375,380 143,995 375,380 
Earnings Per Share - Basic
$0.68 $0.68 $0.52 $0.52 
Earnings Per Share - Diluted
$0.67 $0.67 $0.52 $0.52 
______________________________________
(a)Participating securities include unvested restricted stock units, which include the right to receive non-forfeitable dividend equivalents. Participating securities are not contractually obligated to share in losses.
v3.26.1
Revenue Recognition (Tables)
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:
Three Months Ended
March 31,		Six Months Ended
March 31,
2026202520262025
(in millions)
Revenue by Type
Digital$975 $841 $1,951 $1,714 
Physical137 112 289 278 
Total digital and physical
1,112 953 2,240 1,992 
Artist services and expanded-rights164 117 395 313 
Licensing104 105 225 215 
Total Recorded Music1,380 1,175 2,860 2,520 
Performance58 53 122 109 
Digital224 188 439 395 
Mechanical17 16 35 30 
Synchronization50 49 110 88 
Other4 4 9 11 
Total Music Publishing353 310 715 633 
Intersegment eliminations(1)(1)(3)(3)
Total revenues
$1,732 $1,484 $3,572 $3,150 
Revenue by geographical location
U.S. Recorded Music$565 $497 $1,142 $1,029 
U.S. Music Publishing178 161 368 334 
Total U.S.743 658 1,510 1,363 
International Recorded Music815 678 1,718 1,491 
International Music Publishing175 149 347 299 
Total international
990 827 2,065 1,790 
Intersegment eliminations(1)(1)(3)(3)
Total revenues
$1,732 $1,484 $3,572 $3,150 
Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations
Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2026 are as follows:
Rest of FY26FY27FY28ThereafterTotal
(in millions)
Remaining performance obligations$270 $399 $171 $43 $883 
Total$270 $399 $171 $43 $883 
v3.26.1
Comprehensive Income (Tables)
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss The following summary sets forth the changes in the components of accumulated other comprehensive loss.
Foreign Currency Translation Loss (a)Minimum Pension Liability AdjustmentAccumulated Other Comprehensive Loss, net
 
(in millions)
Balances at September 30, 2024$(244)$(3)$(247)
Other comprehensive loss(45)— (45)
Balances at March 31, 2025$(289)$(3)$(292)
Balances at September 30, 2025$(188)$(1)$(189)
Other comprehensive loss(36)— (36)
Balances at March 31, 2026$(224)$(1)$(225)
______________________________________
(a)Includes historical foreign currency translation related to certain intra-entity transactions.
v3.26.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill for Each Reportable Segment
The following analysis details the changes in goodwill for each reportable segment:
Recorded
Music		Music
Publishing		Total
(in millions)
Balances at September 30, 2025$1,597 $464 $2,061 
Acquisitions4 — 4 
Other adjustments (a)(11)— (11)
Balances at March 31, 2026$1,590 $464 $2,054 
______________________________________
(a)Other adjustments during the six months ended March 31, 2026 represent foreign currency movements.
Schedule of Indefinite Intangible Assets
Intangible assets consist of the following:
Weighted-Average Useful LifeMarch 31,
2026		September 30,
2025
(in millions)
Intangible assets subject to amortization:
Recorded music catalog14 years$2,216 $1,799 
Music publishing copyrights23 years2,769 2,692 
Artist and songwriter contracts13 years1,127 1,137 
Trademarks16 years30 29 
Other intangible assets6 years55 58 
Total gross intangible assets subject to amortization6,197 5,715 
Accumulated amortization(3,096)(2,990)
Total net intangible assets subject to amortization3,101 2,725 
Intangible assets not subject to amortization:
Trademarks and tradenamesIndefinite153 154 
Total net intangible assets$3,254 $2,879 
Schedule of Finite-Lived Intangible Assets
Intangible assets consist of the following:
Weighted-Average Useful LifeMarch 31,
2026		September 30,
2025
(in millions)
Intangible assets subject to amortization:
Recorded music catalog14 years$2,216 $1,799 
Music publishing copyrights23 years2,769 2,692 
Artist and songwriter contracts13 years1,127 1,137 
Trademarks16 years30 29 
Other intangible assets6 years55 58 
Total gross intangible assets subject to amortization6,197 5,715 
Accumulated amortization(3,096)(2,990)
Total net intangible assets subject to amortization3,101 2,725 
Intangible assets not subject to amortization:
Trademarks and tradenamesIndefinite153 154 
Total net intangible assets$3,254 $2,879 
v3.26.1
Debt (Tables)
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of March 31, 2026, our long-term debt consists of the following:
March 31,
2026		September 30,
2025
(in millions)
Revolving Credit Facility (a)$— $— 
Senior Term Loan A Facility due 2031 (b)
1,295 — 
Senior Term Loan B Facility due 2031 (b)
— 1,295 
2.750% Senior Secured Notes due 2028
372 381 
3.750% Senior Secured Notes due 2029
540 540 
3.875% Senior Secured Notes due 2030
535 535 
2.250% Senior Secured Notes due 2031
509 522 
3.000% Senior Secured Notes due 2031
800 800 
Mortgage Term Loan due 203317 17 
Total debt, including the current portion4,068 4,090 
Premium less unamortized discount and unamortized DFCs(22)(27)
Total Acquisition Corp. long-term debt, including the current portion, net$4,046 $4,063 
Beethoven Credit Agreement (c)
370 — 
Tempo Asset-Based Notes due 2050 (d)
311 311 
Unamortized discount
(8)(9)
Total other long-term debt, including the current portion, net
$673 $302 
Total long-term debt, including the current portion, net$4,719 $4,365 
______________________________________
(a)Reflects $350 million of commitments under the Revolving Credit Facility with no letters of credit outstanding at March 31, 2026 and September 30, 2025. There were no loans outstanding under the Revolving Credit Facility as of March 31, 2026 and September 30, 2025.
(b)On March 11, 2026, Acquisition Corp. borrowed all of the Term Loan A Facility to repay all of the outstanding loans under the Term Loan B Facility.
(c)Reflects $500 million of commitments under the Beethoven Credit Agreement with the ability, subject to the consent of the Lenders (as defined below), to increase the size of the facility to $700 million. There were $370 million in loans outstanding under the Beethoven Credit Agreement at March 31, 2026. Loans outstanding under the Beethoven Credit Agreement are secured only by certain music rights owned by Beethoven JV 1, LLC, a Delaware limited liability company (“Beethoven”), and are nonrecourse to the Company and its subsidiaries, other than Beethoven.
(d)The Tempo Asset-Based Notes due 2050 are secured only by certain music rights owned by Tempo Music Holdings, LLC (“Tempo Music”) and are nonrecourse to the Company and its subsidiaries, other than Tempo Music.
v3.26.1
Restructuring and Impairments (Tables)
 6 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Accrual Activity
The following table sets forth the activity for the six months ended March 31, 2026 in the restructuring accrual associated with the 2025 Restructuring Plan included within accrued liabilities in the accompanying consolidated balance sheets:
Severance Costs
(in millions)
Balance at September 30, 2025$85 
Restructuring charges30 
Cash payments(61)
Balance at March 31, 2026$54 
The below table sets forth the activity for the six months ended March 31, 2026 in the restructuring accrual associated with the 2024 Strategic Restructuring Plan included within accrued liabilities in the accompanying condensed consolidated balance sheets.
Severance CostsContract Termination CostsTotal
(in millions)
Balance at September 30, 2025$23 $7 $30 
Restructuring charges(1)— (1)
Cash payments(16)(4)(20)
Balance at March 31, 2026$6 $3 $9 
v3.26.1
Equity (Tables)
 6 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Share Repurchased under Share Repurchase Program
The following table summarizes our total share repurchases and retirement under the Share Repurchase Program during the three and six months ended March 31, 2026 and 2025:
Three Months Ended
March 31,		Six Months Ended
March 31,
Share Repurchase Type
2026202520262025
Number of shares repurchased
750,500 — 1,670,500 60,383 
Amount (in millions)
$22 $— $48 $2 
v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Amounts Recorded in Consolidated Balance Sheets
The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at March 31, 2026 and September 30, 2025:
March 31,
2026		September 30,
2025
(in millions)
Other Current Assets:
Foreign currency forward exchange contracts (a)$3 $— 
Other Current Liabilities:
Foreign currency forward exchange contracts (a)$(2)$(3)
______________________________________
(a)For March 31, 2026 includes $13 million and $12 million of foreign exchange derivative contracts in asset and liability positions, respectively, which net to $3 million of current assets and $2 million of current liabilities, respectively. For September 30, 2025 includes $3 million and $6 million of foreign exchange derivative contracts in asset and liability positions, respectively, which net to $0 million of current assets and $3 million of current liabilities, respectively.
v3.26.1
Segment Information (Tables)
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.
Recorded
Music		Music
Publishing		Corporate
expenses and
eliminations		Total
Three Months Ended(in millions)
March 31, 2026    
Revenues$1,380 $353 $(1)$1,732 
Cost of revenue707 224 (1)930 
Selling and marketing expense159 1 7 167 
Distribution expense30 — — 30 
General and administrative expense153 32 78 263 
Restructuring & Impairment6 — — 6 
Amortization expense37 35 — 72 
Net loss on divestitures
— — — — 
Operating income (loss)$288 $61 $(85)$264 
Loss on extinguishment of debt7 
Interest expense, net
41 
Other expense, net
(38)
Income before income taxes
254 
Depreciation expense (a)10 — 21 31 
March 31, 2025
Revenues$1,175 $310 $(1)$1,484 
Cost of revenue599 194 (2)791 
Selling and marketing expense149 1 7 157 
Distribution expense17 — — 17 
General and administrative expense161 34 81 276 
Restructuring & Impairment13 — — 13 
Amortization expense33 29 — 62 
Operating income (loss)$203 $52 $(87)$168 
Interest expense, net39 
Other expense, net64 
Income before income taxes65 
Depreciation expense (a)13 2 13 28 
Recorded
Music		Music
Publishing		Corporate
expenses and
eliminations		Total
Six Months Ended(in millions)
March 31, 2026
Revenues$2,860 $715 $(3)$3,572 
Cost of revenue1,467 452 (2)1,917 
Selling and marketing expense309 2 11 322 
Distribution expense61 — — 61 
General and administrative expense307 66 162 535 
Restructuring & Impairment28 — 12 40 
Amortization expense71 69 — 140 
Net loss on divestitures
— — 5 5 
Operating income (loss)$617 $126 $(191)$552 
Loss on extinguishment of debt7 
Interest expense, net
86 
Other expense, net
(41)
Income before income taxes
500 
Depreciation expense (a)22 1 39 62 
March 31, 2025
Revenues$2,520 $633 $(3)$3,150 
Cost of revenue1,285 404 (4)1,685 
Selling and marketing expense300 2 13 315 
Distribution expense49 — — 49 
General and administrative expense341 65 154 560 
Restructuring & Impairment41 — (1)40 
Amortization expense63 55 1 119 
Operating income (loss)$441 $107 $(166)$382 
Interest expense, net
76 
Other expense, net
(89)
Income before income taxes
395 
Depreciation expense (a)28 3 26 57 
(a) Depreciation expense is a component of general and administrative expense
v3.26.1
Additional Financial Information (Tables)
 6 Months Ended
Mar. 31, 2026
Additional Financial Information [Abstract]  
Schedule of Classes of Assets and Liabilities of Business Held for Sale
The major classes of assets and liabilities of the business held for sale as of March 31, 2026 are as follows:
March 31, 2026September 30, 2025
(in millions)(in millions)
Cash$4 $3 
Inventories40 50 
Property, plant and equipment, net13 20 
Intangible assets subject to amortization, net7 10 
Other assets4 6 
Assets of business held for sale$68 $89 
Accounts payable and accrued liabilities$26 $34 
Other liabilities12 15 
Liabilities of business held for sale$38 $49 
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments
The following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of March 31, 2026 and September 30, 2025.
Fair Value Measurements as of March 31, 2026
(Level 1)(Level 2)(Level 3)Total
(in millions)
Other Current Assets:
Foreign currency forward exchange contracts (a)$— $3 $— $3 
Other current liabilities:
Foreign currency forward exchange contracts (a)$— $(2)$— $(2)
Other noncurrent assets:
Equity investments with readily determinable fair value (b)$7 $— $— $7 

Fair Value Measurements as of September 30, 2025
(Level 1)(Level 2)(Level 3)Total
(in millions)
Other current liabilities:
Foreign currency forward exchange contracts (a)
$— $(3)$— $(3)
Other noncurrent assets:
Equity investment with readily determinable fair value (b)
$8 $— $— $8 
______________________________________
(a)The fair value of foreign currency forward exchange contracts is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay at their maturity dates for contracts involving the same currencies and maturity dates.
(b)These represent equity investments with a readily determinable fair value. The Company has measured its investments to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets.
v3.26.1
Description of Business (Details)
 6 Months Ended
Mar. 31, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of fundamental operations 2
v3.26.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Variable Interest Entity [Line Items]    
Assets $ 10,612 $ 9,829
Liabilities 9,640 9,072
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Assets 59 65
Liabilities $ 2 $ 2
v3.26.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Numerator        
Net income (loss) attributable to Warner Music Group Corp. $ 183 $ 36 $ 359 $ 272
Class A Common Stock        
Numerator        
Net income (loss) attributable to Warner Music Group Corp. 53 10 103 78
Less: Net loss (income) attributable to participating securities (2) 0 (4) (3)
Net income (loss) attributable to common stockholders - Basic 51 10 99 75
Less: Net loss (income) attributable to shares to be issued on redemption of noncontrolling interests (1) 0 (1) 0
Net income (loss) attributable to common stockholders - Diluted $ 50 $ 10 $ 98 $ 75
Denominator        
Weighted average shares outstanding - basic (in shares) 146,573,000 144,938,000 146,664,000 143,995,000
Shares to be issued on redemption of noncontrolling interests (in shares) 2,750,000 0 2,750,000 0
Weighted average shares outstanding - diluted (in shares) 149,323,000 144,938,000 149,414,000 143,995,000
Earnings Per Share - Basic (in dollars per share) $ 0.35 $ 0.07 $ 0.68 $ 0.52
Earnings Per Share - Diluted (in dollars per share) $ 0.34 $ 0.07 $ 0.67 $ 0.52
Class B Common Stock        
Numerator        
Net income (loss) attributable to Warner Music Group Corp. $ 130 $ 26 $ 256 $ 194
Less: Net loss (income) attributable to participating securities 0 0 0 0
Net income (loss) attributable to common stockholders - Basic 130 26 256 194
Less: Net loss (income) attributable to shares to be issued on redemption of noncontrolling interests (1) 0 (3) 0
Net income (loss) attributable to common stockholders - Diluted $ 129 $ 26 $ 253 $ 194
Denominator        
Weighted average shares outstanding - basic (in shares) 375,380,000 375,380,000 375,380,000 375,380,000
Shares to be issued on redemption of noncontrolling interests (in shares) 0 0 0 0
Weighted average shares outstanding - diluted (in shares) 375,380,000 375,380,000 375,380,000 375,380,000
Earnings Per Share - Basic (in dollars per share) $ 0.35 $ 0.07 $ 0.68 $ 0.52
Earnings Per Share - Diluted (in dollars per share) $ 0.34 $ 0.07 $ 0.67 $ 0.52
v3.26.1
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]        
Total revenues $ 1,732 $ 1,484 $ 3,572 $ 3,150
Operating Segments | U.S.        
Disaggregation of Revenue [Line Items]        
Total revenues 743 658 1,510 1,363
Operating Segments | International        
Disaggregation of Revenue [Line Items]        
Total revenues 990 827 2,065 1,790
Intersegment eliminations        
Disaggregation of Revenue [Line Items]        
Total revenues (1) (1) (3) (3)
Recorded Music | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 1,380 1,175 2,860 2,520
Recorded Music | Operating Segments | U.S.        
Disaggregation of Revenue [Line Items]        
Total revenues 565 497 1,142 1,029
Recorded Music | Operating Segments | International        
Disaggregation of Revenue [Line Items]        
Total revenues 815 678 1,718 1,491
Recorded Music | Total digital and physical | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 1,112 953 2,240 1,992
Recorded Music | Digital | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 975 841 1,951 1,714
Recorded Music | Physical | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 137 112 289 278
Recorded Music | Artist services and expanded-rights | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 164 117 395 313
Recorded Music | Licensing | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 104 105 225 215
Music Publishing | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 353 310 715 633
Music Publishing | Operating Segments | U.S.        
Disaggregation of Revenue [Line Items]        
Total revenues 178 161 368 334
Music Publishing | Operating Segments | International        
Disaggregation of Revenue [Line Items]        
Total revenues 175 149 347 299
Music Publishing | Digital | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 224 188 439 395
Music Publishing | Performance | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 58 53 122 109
Music Publishing | Mechanical | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 17 16 35 30
Music Publishing | Synchronization | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 50 49 110 88
Music Publishing | Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues $ 4 $ 4 $ 9 $ 11
v3.26.1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]          
Refund liabilities $ 16   $ 16   $ 17
Uncollectible accounts, reserves 28   28   $ 27
Deferred revenue increased related to cash received from customers     540    
Revenue recognized related to deferred revenue     186    
Revenue recognized from performance obligations satisfied in previous periods $ 20 $ 17 $ 38 $ 57  
v3.26.1
Revenue Recognition - Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 883
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 270
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 399
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 171
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 43
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.26.1
Comprehensive Income - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 824 $ 697 $ 757 $ 675
Other comprehensive loss (45) 84 (36) (45)
Ending balance 839 790 839 790
Accumulated Other Comprehensive Loss, net        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (180) (376) (189) (247)
Other comprehensive loss (45) 84 (36) (45)
Ending balance (225) (292) (225) (292)
Foreign Currency Translation Loss        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (188) (244)
Other comprehensive loss     (36) (45)
Ending balance (224) (289) (224) (289)
Minimum Pension Liability Adjustment        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (1) (3)
Other comprehensive loss     0 0
Ending balance $ (1) $ (3) $ (1) $ (3)
v3.26.1
Goodwill and Intangible Assets - Schedule of Changes in Goodwill for Each Reportable Segment (Details)
$ in Millions
 6 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 2,061
Acquisitions 4
Other adjustments (11)
Ending balance 2,054
Recorded Music  
Goodwill [Roll Forward]  
Beginning balance 1,597
Acquisitions 4
Other adjustments (11)
Ending balance 1,590
Music Publishing  
Goodwill [Roll Forward]  
Beginning balance 464
Acquisitions 0
Other adjustments 0
Ending balance $ 464
v3.26.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Total gross intangible assets subject to amortization $ 6,197 $ 5,715
Accumulated amortization (3,096) (2,990)
Total net intangible assets subject to amortization 3,101 2,725
Intangible assets not subject to amortization:    
Trademarks and tradenames 153 154
Total net intangible assets 3,254 2,879
Trademarks and tradenames    
Intangible assets not subject to amortization:    
Trademarks and tradenames $ 153 154
Recorded music catalog    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Weighted-Average Useful Life 14 years  
Total gross intangible assets subject to amortization $ 2,216 1,799
Music publishing copyrights    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Weighted-Average Useful Life 23 years  
Total gross intangible assets subject to amortization $ 2,769 2,692
Artist and songwriter contracts    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Weighted-Average Useful Life 13 years  
Total gross intangible assets subject to amortization $ 1,127 1,137
Trademarks    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Weighted-Average Useful Life 16 years  
Total gross intangible assets subject to amortization $ 30 29
Other intangible assets    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Weighted-Average Useful Life 6 years  
Total gross intangible assets subject to amortization $ 55 $ 58
v3.26.1
Goodwill and Intangible Assets - Additional Information (Details)
$ in Millions
 6 Months Ended
Mar. 31, 2026
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, assets acquired $ 401
v3.26.1
Debt - Schedule of Long-term Debt (Details) - USD ($)
Mar. 31, 2026
Mar. 11, 2026
Sep. 30, 2025
Jun. 29, 2025
Debt Instrument [Line Items]        
Premium less unamortized discount and unamortized DFCs $ (22,000,000)   $ (27,000,000)  
Total long-term debt, including the current portion, net 4,719,000,000   4,365,000,000  
Unamortized discount (8,000,000)   (9,000,000)  
Revolving Credit Facility | Beethoven Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Revolving credit facility outstanding 370,000,000      
Line of credit facility, maximum borrowing capacity       $ 500,000,000
Acquisition Corp.        
Debt Instrument [Line Items]        
Total debt, including the current portion 4,068,000,000   4,090,000,000  
Total long-term debt, including the current portion, net 4,046,000,000   4,063,000,000  
Acquisition Corp. | Senior Term Loan A Facility due 2031        
Debt Instrument [Line Items]        
Total debt, including the current portion 1,295,000,000 $ 1,295,000,000 0  
Acquisition Corp. | Senior Term Loan B Facility due 2031        
Debt Instrument [Line Items]        
Total debt, including the current portion $ 0   1,295,000,000  
Acquisition Corp. | 2.750% Senior Secured Notes due 2028        
Debt Instrument [Line Items]        
Interest rate 2.75%      
Total debt, including the current portion $ 372,000,000   381,000,000  
Acquisition Corp. | 3.750% Senior Secured Notes due 2029        
Debt Instrument [Line Items]        
Interest rate 3.75%      
Total debt, including the current portion $ 540,000,000   540,000,000  
Acquisition Corp. | 3.875% Senior Secured Notes due 2030        
Debt Instrument [Line Items]        
Interest rate 3.875%      
Total debt, including the current portion $ 535,000,000   535,000,000  
Acquisition Corp. | 2.250% Senior Secured Notes due 2031        
Debt Instrument [Line Items]        
Interest rate 2.25%      
Total debt, including the current portion $ 509,000,000   522,000,000  
Acquisition Corp. | 3.000% Senior Secured Notes due 2031        
Debt Instrument [Line Items]        
Interest rate 3.00%      
Total debt, including the current portion $ 800,000,000   800,000,000  
Acquisition Corp. | Mortgage Term Loan due 2033        
Debt Instrument [Line Items]        
Total debt, including the current portion 17,000,000   17,000,000  
Acquisition Corp. | Revolving Credit Facility        
Debt Instrument [Line Items]        
Total debt, including the current portion 0   0  
Line of credit facility, current borrowing capacity 350,000,000 $ 350,000,000 350,000,000  
Letters of credit outstanding 0   0  
Revolving credit facility outstanding 0   0  
Acquisition Corp. | Revolving Credit Facility | Beethoven Credit Agreement        
Debt Instrument [Line Items]        
Total debt, including the current portion 370,000,000   0  
Line of credit facility, maximum borrowing capacity       $ 700,000,000
Tempo        
Debt Instrument [Line Items]        
Total long-term debt, including the current portion, net 673,000,000   302,000,000  
Tempo | Tempo Asset-Based Notes due 2050        
Debt Instrument [Line Items]        
Total debt, including the current portion $ 311,000,000   $ 311,000,000  
v3.26.1
Debt - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 30, 2026
Jan. 27, 2023
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
May 05, 2026
Mar. 11, 2026
Feb. 04, 2026
Sep. 30, 2025
Jun. 29, 2025
Feb. 05, 2025
Debt Instrument [Line Items]                          
Weighted-average interest rate of total debt 4.00%     4.00% 4.10% 4.00% 4.10%       4.10%    
Loss on extinguishment of debt       $ 7,000,000 $ 0 $ 7,000,000 $ 0            
Interest expense, net       41,000,000 39,000,000 86,000,000 76,000,000            
Interest expense, debt       44,000,000 $ 44,000,000 90,000,000 $ 87,000,000            
Senior Notes                          
Debt Instrument [Line Items]                          
Long-term debt, maturities, repayments of principal until 2028 $ 0     0   0              
Long-term debt, maturities, repayments of principal in rolling year five 372,000,000     372,000,000   372,000,000              
Long term debt maturities repayments of principal in rolling after year five 2,384,000,000     2,384,000,000   2,384,000,000              
Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion 4,068,000,000     4,068,000,000   $ 4,068,000,000         $ 4,090,000,000    
Acquisition Corp. | Base Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           1.00%              
Acquisition Corp. | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Total debt, including the current portion 0     0   $ 0         0    
Line of credit facility, current borrowing capacity 350,000,000     350,000,000   350,000,000     $ 350,000,000   350,000,000    
Revolving credit facility outstanding 0     0   $ 0         0    
Interest rate applicable to overdue principal           2.00%              
Acquisition Corp. | Revolving Credit Facility | SOFR Applicable Margin Rate | Minimum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           1.125%              
Acquisition Corp. | Revolving Credit Facility | SOFR Applicable Margin Rate | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           1.75%              
Acquisition Corp. | Revolving Credit Facility | ABR Applicable Margin Rate | Minimum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           0.125%              
Acquisition Corp. | Revolving Credit Facility | ABR Applicable Margin Rate | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           0.75%              
Acquisition Corp. | Term Loan Facility | SOFR Applicable Margin Rate | Minimum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           1.25%              
Acquisition Corp. | Term Loan Facility | SOFR Applicable Margin Rate | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           1.625%              
Acquisition Corp. | Term Loan Facility | ABR Applicable Margin Rate | Minimum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           0.25%              
Acquisition Corp. | Term Loan Facility | ABR Applicable Margin Rate | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           0.625%              
Senior Term Loan A Facility due 2031 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion 1,295,000,000     1,295,000,000   $ 1,295,000,000     $ 1,295,000,000   0    
Deferred financing costs $ 4,000,000     4,000,000   4,000,000              
Senior Term Loan A Facility due 2031 | Acquisition Corp. | SOFR Applicable Margin Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate 1.375% 1.625%                      
Senior Term Loan A Facility due 2031 | Acquisition Corp. | ABR Applicable Margin Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate 0.375% 0.625%                      
2.750% Senior Secured Notes due 2028 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 372,000,000     $ 372,000,000   $ 372,000,000         381,000,000    
Interest rate 2.75%     2.75%   2.75%              
3.750% Senior Secured Notes due 2029 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 540,000,000     $ 540,000,000   $ 540,000,000         540,000,000    
Interest rate 3.75%     3.75%   3.75%              
3.875% Senior Secured Notes due 2030 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 535,000,000     $ 535,000,000   $ 535,000,000         535,000,000    
Interest rate 3.875%     3.875%   3.875%              
2.250% Senior Secured Notes due 2031 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 509,000,000     $ 509,000,000   $ 509,000,000         522,000,000    
Interest rate 2.25%     2.25%   2.25%              
3.000% Senior Secured Notes due 2031 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 800,000,000     $ 800,000,000   $ 800,000,000         800,000,000    
Interest rate 3.00%     3.00%   3.00%              
Tempo Asset-Based Notes due 2050 | Tempo                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 311,000,000     $ 311,000,000   $ 311,000,000         311,000,000    
Weighted-average interest rate of total debt 4.62%     4.62%   4.62%             4.62%
Debt instrument, marginal interest rate           5.00%              
Beethoven Credit Agreement | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           1.00%              
Term loan base rate plus election rate 1.00%     1.00%   1.00%              
Beethoven Credit Agreement | Revolving Credit Facility | Federal Funds Effective Swap Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           0.50%              
Beethoven Credit Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           2.00%              
Beethoven Credit Agreement | Revolving Credit Facility | Line of Credit                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity                       $ 500,000,000  
Revolving credit facility outstanding $ 370,000,000     $ 370,000,000   $ 370,000,000              
Beethoven Credit Agreement | Revolving Credit Facility | Line of Credit | Subsequent Event                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity               $ 750,000,000          
Line of credit facility, accordion feature, increase limit               $ 950,000,000          
Beethoven Credit Agreement | Acquisition Corp. | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 370,000,000     370,000,000   $ 370,000,000         0    
Line of credit facility, maximum borrowing capacity                       $ 700,000,000  
Master Operations and Economics Agreement                          
Debt Instrument [Line Items]                          
Increase in initial equity investment                   $ 100,000,000      
Credit Agreement | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Loss on extinguishment of debt       $ 7,000,000                  
Term loan base rate plus election rate 1.00%     1.00%   1.00%              
Credit Agreement | Acquisition Corp. | Federal Funds Effective Swap Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           0.50%              
Initial Revolving Loans | Acquisition Corp. | Revolving Credit Facility | SOFR Applicable Margin Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate 1.25% 1.75%                      
Initial Revolving Loans | Acquisition Corp. | Revolving Credit Facility | ABR Applicable Margin Rate                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate 0.25% 0.75%                      
Mortgage Term Loan due 2033 | Acquisition Corp.                          
Debt Instrument [Line Items]                          
Total debt, including the current portion $ 17,000,000     $ 17,000,000   $ 17,000,000         $ 17,000,000    
Mortgage Term Loan due 2033 | Acquisition Corp. | Secured Overnight Financing Rate (SOFR)                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate     1.40%                    
Asset-Based Class A Notes | Tempo                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           3.53%              
Asset-Based Class B Notes | Tempo                          
Debt Instrument [Line Items]                          
Debt instrument, marginal interest rate           4.28%              
v3.26.1
Restructuring and Impairments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 01, 2025
Mar. 31, 2026
Mar. 31, 2026
Sep. 30, 2026
Recorded Music        
Restructuring Cost and Reserve [Line Items]        
Other impairments   $ 2 $ 11  
2025 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Pre-tax basis $ 200      
After-tax basis 150      
Cash expenditures 200      
Cumulative restructuring and impairment charges   148 148  
2025 Restructuring Plan | Forecast        
Restructuring Cost and Reserve [Line Items]        
Payment for restructuring       $ 170
2025 Restructuring Plan | Operating Segments | Recorded Music        
Restructuring Cost and Reserve [Line Items]        
Cumulative restructuring and impairment charges   98 98  
2025 Restructuring Plan | Operating Segments | Music Publishing        
Restructuring Cost and Reserve [Line Items]        
Cumulative restructuring and impairment charges   5 5  
2025 Restructuring Plan | Corporate expenses and eliminations        
Restructuring Cost and Reserve [Line Items]        
Cumulative restructuring and impairment charges   45 45  
2025 Restructuring Plan | Severance Costs        
Restructuring Cost and Reserve [Line Items]        
Pre-tax basis 170      
Payment for restructuring     61  
Severance and other terminated costs     120  
Restructuring charges     $ 30  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]     Restructuring & Impairment  
2025 Restructuring Plan | Other Non-cash Charges        
Restructuring Cost and Reserve [Line Items]        
Pre-tax basis $ 30      
2025 Restructuring Plan | Severance And Other Termination Costs        
Restructuring Cost and Reserve [Line Items]        
Severance and other terminated costs   5 $ 30  
2025 Restructuring Plan | Severance And Other Termination Costs | Operating Segments | Recorded Music        
Restructuring Cost and Reserve [Line Items]        
Severance and other terminated costs     18  
2025 Restructuring Plan | Severance And Other Termination Costs | Corporate expenses and eliminations        
Restructuring Cost and Reserve [Line Items]        
Severance and other terminated costs     12  
2025 Restructuring Plan | Property Wind Down        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     28  
2024 Strategic Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Payment for restructuring     20  
Cumulative restructuring and impairment charges   215 215  
Restructuring charges     (1)  
2024 Strategic Restructuring Plan | Operating Segments | Recorded Music        
Restructuring Cost and Reserve [Line Items]        
Cumulative restructuring and impairment charges   206 206  
2024 Strategic Restructuring Plan | Corporate expenses and eliminations        
Restructuring Cost and Reserve [Line Items]        
Cumulative restructuring and impairment charges   $ 9 9  
2024 Strategic Restructuring Plan | Severance Costs        
Restructuring Cost and Reserve [Line Items]        
Payment for restructuring     16  
Restructuring charges     (1)  
2024 Strategic Restructuring Plan | Other Non-cash Charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     7  
2024 Strategic Restructuring Plan | Severance And Other Termination Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 133  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]     Restructuring & Impairment  
2024 Strategic Restructuring Plan | Property Wind Down        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 82  
v3.26.1
Restructuring and Impairments - Schedule of Restructuring Accrual Activity (Details)
$ in Millions
 6 Months Ended
Mar. 31, 2026
USD ($)
2025 Restructuring Plan | Severance Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance $ 85
Restructuring charges 30
Cash payments (61)
Ending balance 54
2024 Strategic Restructuring Plan  
Restructuring Reserve [Roll Forward]  
Beginning balance 30
Restructuring charges (1)
Cash payments (20)
Ending balance 9
2024 Strategic Restructuring Plan | Severance Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 23
Restructuring charges (1)
Cash payments (16)
Ending balance 6
2024 Strategic Restructuring Plan | Contract Termination Costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 7
Restructuring charges 0
Cash payments (4)
Ending balance $ 3
v3.26.1
Equity - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Nov. 14, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Non-cash stock-based compensation expense $ 12 $ 14 $ 31 $ 27  
Omnibus Incentive Plan          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Share repurchase authorized, amount         $ 100
Class A Common Stock | Omnibus Incentive Plan          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Share repurchase authorized, amount         $ 100
Class A Common Stock | Common Stock          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Shares issued under omnibus incentive plan (in shares) 839,801   999,381    
v3.26.1
Equity - Schedule of Share Repurchased under Share Repurchase Program (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]        
Number of shares repurchased (in shares) 750,500 0 1,670,500 60,383
Amount $ 22 $ 0 $ 48 $ 2
v3.26.1
Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Noncontrolling Interest [Line Items]            
Redeemable noncontrolling interest $ 133 $ 5 $ 0 $ 0 $ 0 $ 0
Consideration for sale of music catalog rights 233          
Proceeds from sale of music catalog rights $ 182          
Beethoven JV Credit Agreement            
Noncontrolling Interest [Line Items]            
Quarterly cash distributions from joint ventures, percentage 50.00%          
Annualized return on contributed capital, percentage 8.00%          
Beethoven JV Credit Agreement | Beethoven JV 1, LLC            
Noncontrolling Interest [Line Items]            
Noncontrolling percentage 50.00%          
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]        
Income tax expense $ 73 $ 29 $ 144 $ 118
Reasonably possible decrease in gross unrecognized tax benefits from ongoing audits and settlement $ 1   $ 1  
v3.26.1
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Foreign Exchange Contract | Other Income (Expense)      
Derivatives, Fair Value [Line Items]      
Realized foreign currency forward exchange contracts pre-tax (losses) gains $ (2) $ 7  
Unrealized foreign currency forward exchange contracts pre tax gains 2 $ 3  
Sale      
Derivatives, Fair Value [Line Items]      
Outstanding hedge contracts 591   $ 460
Purchase      
Derivatives, Fair Value [Line Items]      
Outstanding hedge contracts $ 327   $ 170
v3.26.1
Derivative Financial Instruments - Schedule of Amounts Recorded in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Derivatives, Fair Value [Line Items]    
Foreign exchange derivative contracts in asset $ 13 $ 3
Foreign exchange derivative contracts in liability 12 6
Foreign currency forward exchange contracts    
Derivatives, Fair Value [Line Items]    
Other current assets 3 0
Other current liabilities $ (2) $ (3)
v3.26.1
Segment Information - Additional Information (Details)
 6 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of fundamental operations 2
Number of reportable segments 2
v3.26.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]        
Revenue $ 1,732 $ 1,484 $ 3,572 $ 3,150
Cost of revenue 930 791 1,917 1,685
Selling and marketing expense 167 157 322 315
Distribution expense 30 17 61 49
General and administrative expense 263 276 535 560
Restructuring & Impairment 6 13 40 40
Amortization expense 72 62 140 119
Net loss on divestitures 0 0 5 0
Operating income (loss) 264 168 552 382
Loss on extinguishment of debt 7 0 7 0
Interest expense, net 41 39 86 76
Other expense, net (38) 64 (41) (89)
Income before income taxes 254 65 500 395
Depreciation expense 31 28 62 57
Operating Segments | Recorded Music        
Segment Reporting Information [Line Items]        
Revenue 1,380 1,175 2,860 2,520
Cost of revenue 707 599 1,467 1,285
Selling and marketing expense 159 149 309 300
Distribution expense 30 17 61 49
General and administrative expense 153 161 307 341
Restructuring & Impairment 6 13 28 41
Amortization expense 37 33 71 63
Net loss on divestitures 0   0  
Operating income (loss) 288 203 617 441
Depreciation expense 10 13 22 28
Operating Segments | Music Publishing        
Segment Reporting Information [Line Items]        
Revenue 353 310 715 633
Cost of revenue 224 194 452 404
Selling and marketing expense 1 1 2 2
Distribution expense 0 0 0 0
General and administrative expense 32 34 66 65
Restructuring & Impairment 0 0 0 0
Amortization expense 35 29 69 55
Net loss on divestitures 0   0  
Operating income (loss) 61 52 126 107
Depreciation expense 0 2 1 3
Corporate expenses and eliminations        
Segment Reporting Information [Line Items]        
Revenue (1) (1) (3) (3)
Cost of revenue (1) (2) (2) (4)
Selling and marketing expense 7 7 11 13
Distribution expense 0 0 0 0
General and administrative expense 78 81 162 154
Restructuring & Impairment 0 0 12 (1)
Amortization expense 0 0 0 1
Net loss on divestitures 0   5  
Operating income (loss) (85) (87) (191) (166)
Depreciation expense $ 21 $ 13 $ 39 $ 26
v3.26.1
Additional Financial Information - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
May 07, 2026
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dividends Payable [Line Items]          
Interest payments   $ 54 $ 53 $ 92 $ 71
Income and withholding taxes paid   58 58 126 101
Noncash investing activities related to acquisition of music publishing rights and music catalogs       73 34
Net loss on divestitures   $ 0 $ 0 $ 5 0
Pre-tax realized net gain on sale of an investment         $ 29
Dividends (in dollars per share)   $ 0.19 $ 0.18 $ 0.38 $ 0.36
Dividends paid   $ 100   $ 200 $ 189
Recorded Music          
Dividends Payable [Line Items]          
Impairment expense   $ 2   $ 11  
Class A Common Stock          
Dividends Payable [Line Items]          
Dividends (in dollars per share)   $ 0.19      
Dividends paid (in dollars per share)   0.19   $ 0.38  
Class A Common Stock | Subsequent Event          
Dividends Payable [Line Items]          
Dividends (in dollars per share) $ 0.19        
Class B Common Stock          
Dividends Payable [Line Items]          
Dividends (in dollars per share)   0.19      
Dividends paid (in dollars per share)   $ 0.19   $ 0.38  
Class B Common Stock | Subsequent Event          
Dividends Payable [Line Items]          
Dividends (in dollars per share) $ 0.19        
v3.26.1
Additional Financial Information - Schedule of Classes of Assets and Liabilities of Business Held for Sale (Details) - Discontinued Operations, Held-for-Sale - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash $ 4 $ 3
Inventories 40 50
Property, plant and equipment, net 13 20
Intangible assets subject to amortization, net 7 10
Other assets 4 6
Assets of business held for sale 68 89
Accounts payable and accrued liabilities 26 34
Other liabilities 12 15
Liabilities of business held for sale $ 38 $ 49
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investment with readily determinable fair value $ 7 $ 8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]   Other assets
(Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investment with readily determinable fair value 7 $ 8
(Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investment with readily determinable fair value 0 0
(Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity investment with readily determinable fair value 0 0
Foreign currency forward exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 3  
Other current liabilities (2) (3)
Foreign currency forward exchange contracts | (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0  
Other current liabilities 0 0
Foreign currency forward exchange contracts | (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 3  
Other current liabilities (2) (3)
Foreign currency forward exchange contracts | (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0  
Other current liabilities $ 0 $ 0
v3.26.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment charges $ 0 $ 2,000,000 $ 0 $ 3,000,000  
Level 2 measurement          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Fair value of debt $ 4,574,000,000   $ 4,574,000,000   $ 4,270,000,000