Warner Music Group Corp.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $365.0M | $435.0M | $430.0M | $551.0M | $304.0M | $-475.0M | $256.0M | $307.0M |
| Depreciation & Amortization | $376.0M | $327.0M | $332.0M | $339.0M | $306.0M | $261.0M | $269.0M | $261.0M |
| Depreciation | $118.0M | $103.0M | $87.0M | $76.0M | $77.0M | $71.0M | $61.0M | $55.0M |
| Amortization | $258.0M | $224.0M | $245.0M | $263.0M | $229.0M | $190.0M | $208.0M | $206.0M |
| Stock-Based Compensation | — | — | $49.0M | $39.0M | $45.0M | $608.0M | $50.0M | $62.0M |
| Net Cash from Operating Activities | $678.0M | $754.0M | $687.0M | $742.0M | $638.0M | $463.0M | $400.0M | $425.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $139.0M | $116.0M | $127.0M | $135.0M | $93.0M | $85.0M | $104.0M | $74.0M |
| Business Acquisitions | $46.0M | $40.0M | $126.0M | $509.0M | $64.0M | $94.0M | $231.0M | $23.0M |
| Net Cash from Investing Activities | $-340.0M | $-311.0M | $-300.0M | $-824.0M | $-638.0M | $-219.0M | $-376.0M | $405.0M |
| Financing Activities | ||||||||
| Dividends Paid | $383.0M | $361.0M | $340.0M | $318.0M | $265.0M | $344.0M | $94.0M | $925.0M |
| Stock Repurchases | $16.0M | $0 | $0 | — | — | — | — | — |
| Net Cash from Financing Activities | $-497.0M | $-396.0M | $-325.0M | $188.0M | $-61.0M | $-316.0M | $88.0M | $-955.0M |
| Net Change in Cash | $-162.0M | $53.0M | $57.0M | $85.0M | $-54.0M | $-66.0M | $105.0M | $-133.0M |
| Free Cash Flow | $539.0M | $638.0M | $560.0M | $607.0M | $545.0M | $378.0M | $296.0M | $351.0M |