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Segment Information
 9 Months Ended
Jun. 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 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)
June 30, 2025    
Revenues$1,354 $336 $(1)$1,689 
Adjusted OIBDA
321 96 (44)373 
June 30, 2024
Revenues$1,251 $305 $(2)$1,554 
Adjusted OIBDA
281 79 (44)316 
Recorded
Music		Music
Publishing		Corporate
expenses and
eliminations		Total
Nine Months Ended(in millions)
June 30, 2025
Revenues$3,874 $969 $(4)$4,839 
Adjusted OIBDA
914 264 (139)1,039 
June 30, 2024
Revenues3,885 915 (4)4,796 
Adjusted OIBDA
965 247 (133)1,079 
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
June 30,		For the Nine Months Ended
June 30,
2025202420252024
Operating income$169 $207 $551 $680 
Amortization expense67 55 186 167 
Depreciation expense29 25 86 77 
Restructuring and impairments69 1 109 96 
Transformation initiative costs19 18 54 56 
Executive transition costs4 — 4 — 
Net gain on divestitures— (1)— (32)
Non-cash stock-based compensation and other related costs16 11 49 35 
Adjusted OIBDA$373 $316 $1,039 $1,079