Revenue Recognition (Tables)

9 Months Ended

Jun. 30, 2025

The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Revenue by Type
Digital	$	929	$	882	$	2,643	$	2,638
Physical	119		120		397		385
Total digital and physical	1,048		1,002		3,040		3,023
Artist services and expanded-rights	195		159		508		489
Licensing	111		90		326		373
Total Recorded Music	1,354		1,251		3,874		3,885
Performance	58		52		167		155
Digital	204		194		599		577
Mechanical	16		13		46		43
Synchronization	54		42		142		129
Other	4		4		15		11
Total Music Publishing	336		305		969		915
Intersegment eliminations	(1)		(2)		(4)		(4)
Total revenues	$	1,689	$	1,554	$	4,839	$	4,796
Revenue by geographical location
U.S. Recorded Music	$	536	$	517	$	1,565	$	1,652
U.S. Music Publishing	186		161		520		503
Total U.S.	722		678		2,085		2,155
International Recorded Music	818		734		2,309		2,233
International Music Publishing	150		144		449		412
Total international	968		878		2,758		2,645
Intersegment eliminations	(1)		(2)		(4)		(4)
Total revenues	$	1,689	$	1,554	$	4,839	$	4,796

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at June 30, 2025 are as follows:


	Rest of FY25		FY26		FY27		Thereafter		Total
	(in millions)
Remaining performance obligations	$	422	$	647	$	171	$	169	$	1,409
Total	$	422	$	647	$	171	$	169	$	1,409