v3.26.1
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)