10:34 AM EST, 11/21/2025 (MT Newswires) -- Warner Music Group's ( WMG ) fiscal Q4 revenue beat was driven by growth in recorded music revenue, music publishing revenue, as well as artist services and expanded rights, BofA Securities said in a Friday research report.

Warner Music ( WMG ) is expected to see the benefit of per sub minimum increases from renewed deals with multiple digital service providers. The company has a robust pipeline of artist releases, while AI licensing deals offer scope for incremental revenue, according to the note.

The brokerage said the outlook is balanced, with muted trends in ad-supported streaming partly offset by potential improvement as emerging streaming deals come up later in fiscal 2026.

The firm said it raised its fiscal 2026 revenue guidance to $6.91 billion from $6.86 billion, while the adjusted operating income before depreciation and amortization forecast was $1.62 billion from $1.61 billion earlier, analysts wrote.

BofA reiterated its neutral rating on the stock and lowered its price objective to $33 per share from $36.

Shares of Warner Music ( WMG ) were up 4.5% in recent trading.

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