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Segment Information
 6 Months Ended
Mar. 31, 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 is set forth below. The Company evaluates performance based on several factors, of which the primary financial measure is operating income (loss) before non-cash depreciation of tangible assets and non-cash amortization of intangible assets adjusted to exclude the impact of non-cash stock-based compensation and other related expenses and certain items that affect comparability including but not limited to gains or losses on divestitures and expenses related to restructuring and transformation initiatives, which includes costs associated with the Company’s financial transformation initiative to design and implement new information technology and upgrade our finance infrastructure (“Adjusted OIBDA”). Items excluded are not viewed to contribute directly to management’s evaluation of operating results.
The accounting policies of the Company’s business segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. 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
Three Months Ended(in millions)
March 31, 2025    
Revenues$1,175 $310 $(1)$1,484 
Adjusted OIBDA
270 85 (52)303 
March 31, 2024
Revenues$1,189 $306 $(1)$1,494 
Adjusted OIBDA
272 82 (42)312 
Recorded
Music		Music
Publishing		Corporate
expenses and
eliminations		Total
Six Months Ended(in millions)
March 31, 2025
Revenues$2,520 $633 $(3)$3,150 
Adjusted OIBDA
593 168 (95)666 
March 31, 2024
Revenues2,634 610 (2)3,242 
Adjusted OIBDA
684 168 (89)763 
Adjusted OIBDA is not a measure defined by U.S. GAAP but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of the Company’s Adjusted OIBDA to operating income is presented below.
For the Three Months Ended
March 31,		For the Six Months Ended
March 31,
2025202420252024
Operating income$168 $119 $382 $473 
Amortization expense62 57 119 112 
Depreciation expense28 26 57 52 
Restructuring and impairments13 95 40 95 
Transformation initiative costs18 19 35 38 
Net gain on divestitures— (14)— (31)
Non-cash stock-based compensation and other related costs14 10 33 24 
Adjusted OIBDA$303 $312 $666 $763