Warner Music Group Corp. (WMG) – Company response
2026-03-11 · Re: Form 10-K for Fiscal Year Ended September 30, 2025 · Accession 0001193125-26-101198 · Agreed to revise
Responds to staff letter of 2026-03-02.
Non-GAAP: Reconciliation & UsefulnessSegment Reporting (ASC 280)
2026-03-02 · Form 10-K for Fiscal Year Ended September 30, 2025 · Comment 1 · Business Segment Results, page 57 Agreed to revise
Staff comment: We note that you have presented adjusted OIBDA on a segment basis. This measure appears to be an additional profit/(loss) measure that is not calculated in accordance with GAAP. Please reconcile this measure to the most directly comparable GAAP measure in accordance with Item 10(e) of Regulation S-K and Regulation G. letter →
Company response: The Company will provide the requested reconciliations for adjusted OIBDA on a segment basis in its periodic reports on Form 10-K and Form 10-Q in future filings. The reconciliations for each of the Recorded Music and Music Publishing segments and Corporate for the fiscal years ended September 30, 2025, 2024 and 2023 and for the three months ended December 31, 2025 and 2024 are presented in the table below. Three Months Ended December 31, Fiscal Year Ended September 30, 2025 2024 2025 2024 2023 Recorded Music Recorded Music operating income 329 238 850 916 875 Depreciation and amortization expense 46 45 189 179 205 Restructuring and impairments 22 28 198 166 40 Executive transition costs —… response letter →
2026-03-02 · Form 10-K for Fiscal Year Ended September 30, 2025 · Comment 2 · 17. Segment Information, page 115 Agreed to revise
Staff comment: Please revise your disclosure to provide a reconciliation of your total segment profit/(loss) measure to your consolidated income before taxes for each reporting period presented as required by ASC 280-10-50-30. letter →
Company response: The Company will revise its segment footnote disclosure in future periodic reports on Form 10-K and Form 10-Q as set forth below. Corporate Recorded Music expenses and Music Publishing eliminations Total (in millions) September 30, 2025 Revenues 5,408 1,306 (7 ) 6,707 Cost of revenue 2,818 821 (7 ) 3,632 Selling and marketing expense 615 3 24 642 Distribution expense 112 — — 112 General and administrative expense 679 131 325 1,135 Restructuring & Impairment 198 5 31 234 Amortization expense 136 122 — 258 Operating income (loss) 850 224 (380 ) 694 Interest expense, net 162 Other expense, net 42 Income before income taxes 490 Total assets 5,328 3,463 1,038 9,829 Capital expenditures 22 3 114… response letter →
Full letter on EDGAR → · Filing index · All Warner Music Group Corp. (WMG) correspondence
Non-GAAP: Reconciliation & Usefulness – what to check: Reconcile every non-GAAP measure (including segment-level measures presented outside the ASC 280 note) to the most directly comparable GAAP measure, and explain why it is useful.
Segment Reporting (ASC 280) – what to check: Check ASU 2023-07 significant segment expense disclosure, CODM identification, and that MD&A segment discussion matches the ASC 280 note.
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