Warner Music Group Corp. (NASDAQ:WMG) announced its financial results for the fourth quarter and full year ending September 30, 2024, today.
The global music and entertainment company reported a 6% increase in total annual revenue, reaching $6.43 billion, driven by sustained growth in subscription streaming.
Fourth-quarter revenue grew by 3% year-over-year to $1.63 billion.
Despite the revenue uptick, net income for the fourth quarter fell sharply to $48 million, compared to $154 million in the same period last year.
The decline was primarily attributed to restructuring and transformation costs as the company navigates strategic shifts to enhance future profitability.
However, full-year net income rose to $478 million, up from $439 million in fiscal 2023, underscoring Warner Music’s ability to maintain annual growth momentum.
During the quarter, Warner Music achieved a 53% operating cash flow conversion, aligning with its prior guidance.
As of September 30, the company held a cash balance of $694 million, with a total debt of $4.014 billion and a net debt of $3.320 billion.