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Segment Information | 12 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Based on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations and further description of these segments is set forth below and can be found in Note 1. The Company’s CODM, which is our Chief Executive Officer, allocates resources and evaluates performance based on several factors, including operating income (loss) and other financial measures. The accounting policies of the Company’s business segments are the same as those described in the summary of significant accounting policies included elsewhere herein. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.
| Recorded Music |  | Music Publishing |  | Corporate expenses and eliminations |  | Total
| (in millions)
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 |
Total assets | 5,328 |  |  | 3,463 |  |  | 1,038 |  |  | 9,829 |
Capital expenditures | 22 |  |  | 3 |  |  | 114 |  |  | 139 |
Depreciation expense (a) | 53 |  |  | 5 |  |  | 60 |  |  | 118 |
2024 |  |  |  |  |  |  |
Revenues | $ | 5,223 |  |  | $ | 1,210 |  |  | $ | (7) |  |  | $ | 6,426 |
Cost of revenue | 2,599 |  |  | 763 |  |  | (7) |  |  | 3,355 |
Selling and marketing expense | 663 |  |  | 2 |  |  | 20 |  |  | 685 |
Distribution expense | 105 |  |  | — |  |  | — |  |  | 105 |
General and administrative expense | 664 |  |  | 123 |  |  | 302 |  |  | 1,089 |
Restructuring & Impairment | 166 |  |  | — |  |  | 11 |  |  | 177 |
Amortization expense | 127 |  |  | 98 |  |  | (1) |  |  | 224 |
Net gain on divestitures | (17) |  |  | (14) |  |  | (1) |  |  | (32) |
Operating income (loss) | 916 |  |  | 238 |  |  | (331) |  |  | 823 |
Total assets | 4,945 |  |  | 3,017 |  |  | 1,193 |  |  | 9,155 |
Capital expenditures | 28 |  |  | 1 |  |  | 87 |  |  | 116 |
Depreciation expense (a) | 52 |  |  | 4 |  |  | 47 |  |  | 103 |
2023 |  |  |  |  |  |  |
Revenues | $ | 4,955 |  |  | $ | 1,088 |  |  | $ | (6) |  |  | $ | 6,037 |
Cost of revenue | 2,502 |  |  | 681 |  |  | (6) |  |  | 3,177 |
Selling and marketing expense | 695 |  |  | 3 |  |  | 12 |  |  | 710 |
Distribution expense | 125 |  |  | — |  |  | — |  |  | 125 |
General and administrative expense | 604 |  |  | 114 |  |  | 273 |  |  | 991 |
Restructuring & Impairment | 40 |  |  | — |  |  | — |  |  | 40 |
Amortization expense | 155 |  |  | 90 |  |  | — |  |  | 245 |
Net gain on divestitures | (41) |  |  | — |  |  | — |  |  | (41) |
Operating income (loss) | 875 |  |  | 200 |  |  | (285) |  |  | 790 |
Capital expenditures | 39 |  |  | 1 |  |  | 87 |  |  | 127 |
Depreciation expense (a) | 50 |  |  | 3 |  |  | 34 |  |  | 87 |
(a) Depreciation expense is a component of general and administrative expense Revenues relating to operations in different geographical areas are set forth below for the fiscal years ended September 30, 2025, September 30, 2024 and September 30, 2023. Total long-lived assets relating to operations in different geographical areas, which consist of property, plant and equipment, net and operating lease right-of-use assets, net, are set forth below as of September 30, 2025 and September 30, 2024.
| 2025 |  | 2024 |  | 2023
| Revenues |  | Long-lived Assets |  | Revenues |  | Long-lived Assets |  | Revenues
| (in millions)
United States | $ | 2,874 |  |  | $ | 450 |  |  | $ | 2,870 |  |  | $ | 460 |  |  | $ | 2,766 |
United Kingdom | 857 |  |  | 34 |  |  | 774 |  |  | 39 |  |  | 726 |
Germany | 515 |  |  | 46 |  |  | 513 |  |  | 99 |  |  | 535 |
All other territories | 2,461 |  |  | 121 |  |  | 2,269 |  |  | 108 |  |  | 2,010 |
Total | $ | 6,707 |  |  | $ | 651 |  |  | $ | 6,426 |  |  | $ | 706 |  |  | $ | 6,037 |
Customer Concentration In the fiscal year ended September 30, 2025, the Company had three customers, Spotify, YouTube and Apple, that individually represented 10% or more of total revenues, whereby Spotify AB represented 20%, YouTube represented 12% and Apple represented 11% of total revenues. In the fiscal year ended September 30, 2024, the Company had three customers, Spotify, YouTube, and Apple, that individually represented 10% or more of total revenues, whereby Spotify represented 18%, YouTube represented 12% and Apple represented 11% of total revenues. In the fiscal year ended September 30, 2023, the Company had three customers, Spotify, YouTube and Apple that individually represented 10% or more of total revenues, whereby Spotify represented 18%, YouTube represented 12% and Apple represented 11% of total revenues. These customers’ revenues are included in both the Company’s Recorded Music and Music Publishing segments and the Company expects that the Company’s license agreements with these customers will be renewed in the normal course of business.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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