[1]	Includes depreciation expense of $(33), and $(29), for the three months ended June 30, 2026 and June 30, 2025, respectively, and $(95) and $(86) for the six months ended June 30, 2026 and June 30, 2025, respectively.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 556	$ 261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	313	272
Unrealized losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	(41)	84
Deferred income taxes	70	7
Loss on extinguishment of debt	7	0
Net loss (gain) on investments	(2)	(27)
Net loss on divestitures	5	0
Non-cash interest expense	6	4
Non-cash stock-based compensation expense	33	43
Non-cash impairments	14	102
Remeasurement of share-settled liability	5	0
Remeasurement of redeemable noncontrolling interest	1	0
Changes in operating assets and liabilities:
Accounts receivable, net	(268)	(21)
Inventories	2	0
Royalty advances	(129)	(295)
Accounts payable and accrued liabilities	(126)	(191)
Royalty payables	298	246
Accrued interest	8	15
Operating lease liabilities	(8)	(12)
Deferred revenue	43	24
Income taxes payable	(42)	(37)
Other balance sheet changes, net	(37)	(28)
Net cash provided by operating activities	708	447
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs	(505)	(152)
Capital expenditures	(75)	(111)
Investments and acquisitions of businesses, net of cash received	(106)	(46)
Proceeds from the sale of investments	2	36
Proceeds from divestitures	10	0
Net cash used in investing activities	(674)	(273)
Cash flows from financing activities
Proceeds from Senior Term Loan A Facility	1,295	0
Proceeds from Beethoven Credit Agreement	370	0
Deferred financing costs paid	(14)	0
Distribution to noncontrolling interest holders	(9)	(8)
Contributions from redeemable noncontrolling interest holder	135	0
Dividends paid	(300)	(283)
Payment of deferred consideration	(47)	(23)
Taxes paid related to net share settlement of restricted stock units and common stock	(27)	(19)
Common stock repurchased and retired	(48)	(3)
Other financing activity	0	(7)
Net cash provided by (used in) financing activities	59	(344)
Effect of exchange rate changes on cash and equivalents	(1)	3
Effect of change in cash balances classified as assets held for sale	(6)	0
Net increase (decrease) in cash and equivalents	86	(167)
Cash and equivalents at beginning of period	532	694
Cash and equivalents at end of period	618	527
Senior Term Loan Facility
Cash flows from financing activities
Repayments of secured debt	(1,295)	0
Mortgage Term Loan due 2033
Cash flows from financing activities
Repayments of secured debt	$ (1)	$ (1)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and equivalents	$ 618	$ 532
Accounts receivable, net of allowances of $27 million and $27 million	1,607	1,340
Inventories	69	62
Royalty advances expected to be recouped within one year	671	581
Assets held for sale	68	89
Prepaid and other current assets	227	166
Total current assets	3,260	2,770
Royalty advances expected to be recouped after one year	1,118	1,079
Property, plant and equipment, net of accumulated depreciation of $777 million and $701 million	416	441
Operating lease right-of-use assets, net	163	189
Goodwill	2,126	2,061
Intangible assets subject to amortization, net	3,098	2,725
Intangible assets not subject to amortization	153	154
Deferred tax assets, net	58	111
Other assets	335	299
Total assets	10,727	9,829
Current liabilities:
Accounts payable	354	257
Accrued royalties	3,030	2,740
Accrued liabilities	494	666
Accrued interest	40	31
Operating lease liabilities, current	44	43
Deferred revenue	330	286
Liabilities held for sale	39	49
Other current liabilities	112	129
Total current liabilities	4,443	4,201
Acquisition Corp. long-term debt	4,044	4,063
Other long-term debt	666	302
Operating lease liabilities, noncurrent	165	200
Deferred tax liabilities, net	184	164
Other noncurrent liabilities	139	142
Total liabilities	9,641	9,072
Redeemable noncontrolling interest	133	0
Equity:
Additional paid-in capital	2,141	2,166
Accumulated deficit	(1,068)	(1,331)
Accumulated other comprehensive loss, net	(220)	(189)
Total Warner Music Group Corp. equity	854	647
Noncontrolling interest	99	110
Total equity	953	757
Total liabilities, redeemable noncontrolling interest and equity	10,727	9,829
Class A Common Stock
Equity:
Common stock	0	0
Class B Common Stock
Equity:
Common stock	$ 1	$ 1