Revenue Recognition (Tables)

9 Months Ended

Jun. 30, 2026

The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
	(in millions)
Revenue by Type
Digital	$	1,016	$	929	$	2,967	$	2,643
Physical	137		119		426		397
Total digital and physical	1,153		1,048		3,393		3,040
Artist services and expanded-rights	224		195		619		508
Licensing	111		111		336		326
Total Recorded Music	1,488		1,354		4,348		3,874
Performance	59		58		181		167
Digital	235		204		674		599
Mechanical	19		16		54		46
Synchronization	60		54		170		142
Other	4		4		13		15
Total Music Publishing	377		336		1,092		969
Intersegment eliminations	(1)		(1)		(4)		(4)
Total revenues	$	1,864	$	1,689	$	5,436	$	4,839
Revenue by geographical location
U.S. Recorded Music	$	587	$	536	$	1,729	$	1,565
U.S. Music Publishing	194		186		562		520
Total U.S.	781		722		2,291		2,085
International Recorded Music	901		818		2,619		2,309
International Music Publishing	183		150		530		449
Total international	1,084		968		3,149		2,758
Intersegment eliminations	(1)		(1)		(4)		(4)
Total revenues	$	1,864	$	1,689	$	5,436	$	4,839

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at June 30, 2026 are as follows:


	Rest of FY26		FY27		FY28		Thereafter		Total
	(in millions)
Remaining performance obligations	$	148	$	420	$	172	$	43	$	783
Total	$	148	$	420	$	172	$	43	$	783