Segment Information (Tables)

3 Months Ended

Dec. 31, 2024

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)
December 31, 2024
Revenues	$	1,345	$	323	$	(2)	$	1,666
Adjusted OIBDA	323		83		(43)		363

December 31, 2023
Revenues	$	1,445	$	304	$	(1)	$	1,748
Adjusted OIBDA	412		86		(47)		451

Schedule of Components of Adjusted OIBDA to Operating Income

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 December 31,
	2025		2023
Operating income	$	214	$	354
Amortization expense	57		55
Depreciation expense	29		26
Restructuring and impairments	27		—
Transformation initiative costs	17		19

Net gain on divestitures	—		(17)
Non-cash stock-based compensation and other related costs	19		14
Adjusted OIBDA	$	363	$	451