Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net income	$ 175,000	$ 241,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,000	86,000
Unrealized losses and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	3,000	(120,000)
Deferred income taxes	25,000	23,000
Net gain on investments	1,000	(28,000)
Net loss on divestitures	5,000	0
Non-cash interest expense	1,000	2,000
Non-cash stock-based compensation expense	19,000	13,000
Non-cash impairments	9,000	26,000
Changes in operating assets and liabilities:
Accounts receivable, net	(33,000)	24,000
Inventories	12,000	10,000
Royalty advances	(7,000)	(42,000)
Other noncurrent assets	7,000	3,000
Accounts payable and accrued liabilities	(34,000)	(183,000)
Royalty payables	195,000	173,000
Accrued interest	8,000	24,000
Operating lease liabilities	2,000	(2,000)
Deferred revenue	(44,000)	66,000
Other balance sheet changes, net	(3,000)	16,000
Net cash provided by operating activities	440,000	332,000
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs	(30,000)	(41,000)
Capital expenditures	(20,000)	(36,000)
Investments and acquisitions of businesses, net of cash received	(12,000)	(40,000)
Proceeds from the sale of investments	0	36,000
Proceeds from divestitures	10,000	0
Net cash used in investing activities	(52,000)	(81,000)
Cash flows from financing activities
Proceeds from Beethoven Credit Agreement	4,000	0
Deferred financing costs paid	(8,000)	0
Distribution to noncontrolling interest holders	(4,000)	(7,000)
Contributions from redeemable noncontrolling interest holder	5,000	0
Dividends paid	(100,000)	(94,000)
Payment of deferred consideration	(25,000)	(17,000)
Taxes paid related to net share settlement of restricted stock units and common stock	(5,000)	(2,000)
Common stock repurchased and retired	(26,000)	(2,000)
Other financing activity	0	(5,000)
Net cash used in financing activities	(159,000)	(127,000)
Effect of exchange rate changes on cash and equivalents	3,000	(16,000)
Cash balances classified as assets held for sale	(16,000)	0
Net increase in cash and equivalents	216,000	108,000
Cash and equivalents at beginning of period	535,000	694,000
Cash and equivalents at end of period	$ 751,000	$ 802,000

Warner Music Group Corp. 10-Q