Warner Music reported $783M of remaining performance obligations at 30 Jun 2026, down 44% from a year earlier and down 11% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.95.
Net new backlog added in the latest quarter: -$100M.
Over the last twelve months it turned about 518% of its opening backlog into revenue (12-month conversion).
The company reports 19% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 42.1% of the backlog.
Twelve-month book-to-bill: 0.91, i.e. 0.91 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -57 points — revenue is catching up with orders.
By backlog size it ranks 261st among US filers the cockpit tracks.
Warner Music backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Jun 2026
$783M
$7.30B
0.1 yrs
$330M
31 Mar 2026
$883M
$7.13B
0.1 yrs
$451M
31 Dec 2025
$694M
$6.88B
0.1 yrs
$246M
30 Sep 2025
$1.03B
$6.71B
0.2 yrs
$286M
30 Jun 2025
$1.41B
$6.47B
0.2 yrs
$278M
31 Mar 2025
$1.49B
$6.33B
0.2 yrs
$319M
31 Dec 2024
$488M
$6.34B
0.1 yrs
$312M
30 Sep 2024
$604M
$6.43B
0.1 yrs
$246M
30 Jun 2024
$493M
$6.38B
0.1 yrs
$168M
31 Mar 2024
$666M
$6.39B
0.1 yrs
$234M
31 Dec 2023
$722M
$6.30B
0.1 yrs
$305M
30 Sep 2023
$778M
$6.04B
0.1 yrs
$371M
Questions
What is Warner Music's backlog?
Warner Music reported $783M of remaining performance obligations at 30 Jun 2026, down 44% from a year earlier and down 11% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.95.
How fast does Warner Music's backlog turn into revenue?
Over the last twelve months Warner Music recognised revenue equal to about 518% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.