Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-03

Warner Music Group (WMG)

CEO Robert Kyncl was paid $15,909,250 in fiscal year 2025, ↓ down 14.6% from fiscal year 2024, the 20th percentile of its disclosed peer group (SEC filing 0001140361-26-001664 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$15,909,250 ↓
Robert Kyncl total, FY2025
20th
CEO pay percentile vs peers
191:1
CEO-to-median pay ratio
99.69%
Say-on-pay support, latest vote

Track this company's pay every filing: join the Pro seat waitlist

Velarion Pro: every company page, peer tools and exports, one seat — $1,200/year

A confirmation now and one email when Pro opens, and nothing else. Privacy

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Robert Kyncl (Chief Executive Officer), FY2025 total compensation $15,909,250 (base salary $2,000,000) [exec_comp, SEC accession 0001140361-26-001664, filed 2026-01-20]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

WMG's next annual pay disclosure, estimated January 19, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robert Kyncl$2,000,000$3,202,480$10,675,719$0$0$0$31,051$15,909,250
Chief Executive Officer
Armin Zerza484,6151,847,64810,000,0100008,30812,340,581
Executive Vice President and Chief Financial Officer
Guy Moot2,187,5002,287,5001,510,70500018,2166,003,921
Co-Chair and Chief Executive Officer, Warner Chappell Music
Carianne Marshall1,562,5002,287,5001,510,70500011,7505,372,455
Co-Chair and Chief Operating Officer, Warner Chappell Music
Carletta Higginson1,137,5001,982,3991,655,1960007,8754,782,970
Executive Vice President and Chief Digital Officer
Bryan Castellani1,100,0001,119,2432,384,10400093,4664,696,813
Former Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Robert Kyncl$15,909,250$18,632,606$20,426,385↓ −2,723,356
Armin Zerza12,340,581———
Guy Moot6,003,9216,118,8394,922,006↓ −114,918
Carianne Marshall5,372,4555,492,0734,409,709↓ −119,618
Carletta Higginson4,782,970———
Bryan Castellani4,696,8135,893,705—↓ −1,196,892

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

You have just read Warner Music Group's Summary Compensation Table. The whole free brief as a PDF, emailed now, with every figure cited — then a few short notes on the deeper WMG reports.

We send the PDF right away, then up to three short notes. Reply “unsubscribe” to any of them, any time.

How we handle your data → Privacy

Companies that benchmark against WMG
7 companies name WMG as a compensation peer

Each company listed discloses WMG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named WMG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Ceci KurzmanIndependent Director$288,874
Donald A. WagnerIndependent Director—
Len BlavatnikDirector—
Lincoln BenetIndependent Director—
Mathias DöpfnerIndependent Director$283,874
Michael LyntonChair of the Board$425,617
Nancy DubucIndependent Director$298,874
Noreena HertzIndependent Director$288,874
Valentin BlavatnikDirector—
Ynon KreizIndependent Director$288,874
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Hannah Jasmine KarpEVP, Chief Comm. Officer2026-02-12A19,225$0$0CommonForm 4 ↗
Ceci KurzmanDirector2026-03-04A6,18600CommonForm 4 ↗
Ynon KreizDirector2026-03-04A6,18600CommonForm 4 ↗
Nancy DubucDirector2026-03-04A6,18600CommonForm 4 ↗
Mathias DopfnerDirector2026-03-04D1,6292846,084CommonForm 4 ↗
Noreena HertzDirector2026-03-04D1,6292846,084CommonForm 4 ↗
Michael LyntonDirector2026-03-04A9,01400CommonForm 4 ↗
Mathias DopfnerDirector2026-03-04A6,18600CommonForm 4 ↗
Noreena HertzDirector2026-03-04A6,18600CommonForm 4 ↗
Valentin BlavatnikDirector2026-04-16A280,000——Derivative, Class A CommonForm 4 ↗
AI Entertainment Holdings LLCGreater-than-10% holder2026-04-16D280,000——Derivative, Class A CommonForm 4 ↗
Armin ZerzaCOO & CFO2026-05-12D27,06434909,350CommonForm 4 ↗
Armin ZerzaCOO & CFO2026-05-12A209,13200CommonForm 4 ↗
Armin ZerzaCOO & CFO2026-05-21D27,52100CommonForm 4 ↗
Mathias DopfnerDirector2026-06-02A3800CommonForm 4 ↗
Ceci KurzmanDirector2026-06-02A3800CommonForm 4 ↗
Noreena HertzDirector2026-06-02A3800CommonForm 4 ↗
Ynon KreizDirector2026-06-02A3800CommonForm 4 ↗
Nancy DubucDirector2026-06-02A3800CommonForm 4 ↗
Michael LyntonDirector2026-06-02A5600CommonForm 4 ↗
Ceci KurzmanDirector2026-09-01A8400CommonForm 4 ↗
Michael LyntonDirector2026-09-01A12200CommonForm 4 ↗
Mathias DopfnerDirector2026-09-01A4500CommonForm 4 ↗
Noreena HertzDirector2026-09-01A4500CommonForm 4 ↗
Ynon KreizDirector2026-09-01A4500CommonForm 4 ↗
Nancy DubucDirector2026-09-01A4500CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Carianne MarshallRSU2025-01-04——48,701—$1,510,705
Armin ZerzaRSU2025-05-12——218,341—6,000,010
Bryan CastellaniRSU2025-01-04——76,857—2,384,104
Robert KynclRSU2025-01-04——344,156—10,675,719
Carletta HigginsonRSU2025-01-04——53,359—1,655,196
Guy MootRSU2025-01-04——48,701—1,510,705
Armin ZerzaOPTION2025-05-12——471,698—4,000,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Carianne Marshall$1,510,705$0$00.0%
Armin Zerza6,000,01004,000,0000.0%
Bryan Castellani2,384,104000.0%
Robert Kyncl10,675,719000.0%
Carletta Higginson1,655,196000.0%
Guy Moot1,510,705000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Carletta HigginsonRSU53,359—$1,817,408
Guy MootRSU34,970—1,191,078
Carianne MarshallRSU34,970—1,191,078
Bryan CastellaniRSU76,857—2,617,749
Carletta HigginsonRSU34,970—1,191,078
Bryan CastellaniRSU33,411—1,137,979
Carianne MarshallRSU48,701—1,658,756
Carianne MarshallRSU21,834—743,666
Guy MootRSU11,843—403,373
Robert KynclPSU155,424—5,293,752
Guy MootRSU48,701—1,658,756
Carianne MarshallRSU11,843—403,373
Guy MootRSU21,834—743,666
Robert KynclRSU344,156—11,721,953
Armin ZerzaRSU218,341—7,436,694
Bryan CastellaniRSU51,290—1,746,937
Armin ZerzaOption471,69827.48—
05

Incentive-plan design — the Compensation Discussion & Analysis

We design our executive compensation programs to attract talented executives to join the Company and to motivate them to position us for long-term success, achieve superior operating results and increase stockholder value

CEO STI target (% of salary)150%
CEO LTI target (% of salary)—
Independent consultantFrederic W. Cook & Co.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-03-057,617,925,25223,598,7444,058,14299.69%Passed
20212021-03-028,131,475,6842,024,3531,179,82099.98%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-03-0599.69%a
20212021-03-0299.98%b

a. Approved under the standard stated in the filing — “Effect of Abstentions: No effect.”.

b. Approved under the standard stated in the filing — “Effect of Abstentions: No effect.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)191 : 1
CEO total compensation$15,909,250
Median employee compensation$83,212
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Michael LyntonNot independent · Board Chair · Executive (Chair) · Finance$165,000$260,617$0$0$0$425,617
Nancy DubucIndependent · Audit (Chair) · Executive120,000178,874000298,874
Noreena HertzIndependent · Audit · Nominating and Corporate Governance110,000178,874000288,874
Ynon KreizIndependent · Nominating and Corporate Governance110,000178,874000288,874
Ceci KurzmanIndependent · Audit · Compensation · Nominating and Corporate Governance110,000178,874000288,874
Mathias DöpfnerIndependent · Compensation105,000178,874000283,874
Len BlavatnikNot independent · Executive000000
Donald A. WagnerIndependent · Executive · Finance (Chair) · Nominating and Corporate Governance000000
Lincoln BenetIndependent · Compensation (Chair) · Executive · Nominating and Corporate Governance (Chair)000000
Robert KynclEmployee director · Finance000000
Valentin BlavatnikNot independent · Compensation · Executive000000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$175,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$400,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$720,000
Equity awards (grant-date value)$1,154,987
All other compensation$0
Total cost of the board$1,874,987

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Warner Music Group2025Robert Kyncl$2,000,000$10,675,719$0$0$15,909,250

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at Warner Music Group in fiscal 2025?
As disclosed, Robert Kyncl (Chief Executive Officer) was the highest-paid executive at Warner Music Group in fiscal 2025, with total compensation of $15,909,250.
How does Warner Music Group's chief executive pay compare to its disclosed peer group?
As disclosed, Robert Kyncl's total compensation ranked at the 20th percentile of Warner Music Group's disclosed peer group.
What is Warner Music Group's CEO-to-median employee pay ratio?
As disclosed, Warner Music Group's CEO-to-median employee pay ratio was 191:1.
How did shareholders vote on Warner Music Group's executive compensation?
As disclosed, 99.69% of shareholders supported Warner Music Group's executive compensation in the latest say-on-pay vote.
How much does Warner Music Group spend in total on board compensation for fiscal 2025?
As disclosed, Warner Music Group reported total board compensation of $1,874,987 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Robert KynclDEF 14A2026-01-200001140361-26-001664Section “Summary Compensation Table”. As printed: 15,909,250. Filing ↗machine: r2 · c24 · span 494670–494681
2Section 01, Armin ZerzaDEF 14A2026-01-200001140361-26-001664Section “Summary Compensation Table”. As printed: 12,340,581. Filing ↗machine: r5 · c24 · span 507676–507687
3Section 01, Guy MootDEF 14A2026-01-200001140361-26-001664Section “Summary Compensation Table”. As printed: 6,003,921. Filing ↗machine: r12 · c24 · span 540982–540991
4Section 01, Carianne MarshallDEF 14A2026-01-200001140361-26-001664Section “Summary Compensation Table”. As printed: 5,372,455. Filing ↗machine: r9 · c24 · span 527216–527225
5Section 01, Carletta HigginsonDEF 14A2026-01-200001140361-26-001664Section “Summary Compensation Table”. As printed: 4,782,970. Filing ↗machine: r8 · c24 · span 521664–521673
6Section 01, Bryan CastellaniDEF 14A2026-01-200001140361-26-001664Section “Summary Compensation Table”. As printed: 4,696,813. Filing ↗machine: r6 · c24 · span 512904–512913
7Section 03, Carianne Marshall RSUDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r8 · c21 · span 594372–594381
8Section 03, Armin Zerza RSUDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r3 · c21 · span 574125–574134
9Section 03, Bryan Castellani RSUDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r6 · c21 · span 586295–586304
10Section 03, Robert Kyncl RSUDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r2 · c21 · span 570432–570442
11Section 03, Carletta Higginson RSUDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r7 · c21 · span 590037–590046
12Section 03, Guy Moot RSUDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t75 · r7 · c6 · span 448905–448914
13Section 03, Armin Zerza OPTIONDEF 14A2026-01-200001140361-26-001664Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r4 · c21 · span 578278–578287
14Section 07, pay ratioDEF 14A2026-01-200001140361-26-001664Section “CEO Pay Ratio”. As printed: 191 : 1. Filing ↗
15Section 08, Michael LyntonDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 425,617. Filing ↗machine: t118 · r2 · c21 · span 894783–894963
16Section 08, Nancy DubucDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 298,874. Filing ↗machine: t118 · r8 · c21 · span 918476–918656
17Section 08, Noreena HertzDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 288,874. Filing ↗machine: t118 · r7 · c21 · span 914464–914644
18Section 08, Ynon KreizDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 288,874. Filing ↗machine: t119 · r2 · c21 · span 935207–935390
19Section 08, Ceci KurzmanDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 288,874. Filing ↗machine: t119 · r3 · c21 · span 938824–939007
20Section 08, Mathias DöpfnerDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 283,874. Filing ↗machine: t118 · r6 · c21 · span 910809–910989
21Section 08, Len BlavatnikDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 0. Filing ↗machine: t118 · r4 · c21 · span 902933–902935
22Section 08, Donald A. WagnerDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 0. Filing ↗machine: t119 · r4 · c21 · span 943051–943053
23Section 08, Lincoln BenetDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 0. Filing ↗machine: t118 · r3 · c21 · span 898601–898603
24Section 08, Robert KynclDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 0. Filing ↗
25Section 08, Valentin BlavatnikDEF 14A2026-01-200001140361-26-001664Section “Director Compensation”. As printed: 0. Filing ↗machine: t118 · r5 · c21 · span 906676–906678
26Section 02, Hannah Jasmine Karp 2026-02-12Form 42026-02-130001193125-26-051978Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Ceci Kurzman 2026-03-04Form 42026-03-060001193125-26-097029Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Ynon Kreiz 2026-03-04Form 42026-03-060001193125-26-097031Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Nancy Dubuc 2026-03-04Form 42026-03-060001193125-26-097037Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Mathias Dopfner 2026-03-04Form 42026-03-060001193125-26-097040Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Noreena Hertz 2026-03-04Form 42026-03-060001193125-26-097041Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Michael Lynton 2026-03-04Form 42026-03-060001193125-26-097039Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Mathias Dopfner 2026-03-04Form 42026-03-060001193125-26-097040Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Noreena Hertz 2026-03-04Form 42026-03-060001193125-26-097041Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Valentin Blavatnik 2026-04-16Form 42026-04-200001193125-26-164223Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, AI Entertainment Holdings LLC 2026-04-16Form 42026-04-200001193125-26-164378Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Armin Zerza 2026-05-12Form 42026-05-180001193125-26-229111Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Armin Zerza 2026-05-12Form 42026-05-180001193125-26-229111Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Armin Zerza 2026-05-21Form 42026-05-260001193125-26-239584Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Mathias Dopfner 2026-06-02Form 42026-06-040001193125-26-257677Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Ceci Kurzman 2026-06-02Form 42026-06-040001193125-26-257678Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Noreena Hertz 2026-06-02Form 42026-06-040001193125-26-257681Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Ynon Kreiz 2026-06-02Form 42026-06-040001193125-26-257682Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Nancy Dubuc 2026-06-02Form 42026-06-040001193125-26-257676Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Michael Lynton 2026-06-02Form 42026-06-040001193125-26-257679Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Ceci Kurzman 2026-09-01Form 42026-09-030001193125-26-382045Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Michael Lynton 2026-09-01Form 42026-09-030001193125-26-382042Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Mathias Dopfner 2026-09-01Form 42026-09-030001193125-26-382044Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Noreena Hertz 2026-09-01Form 42026-09-030001193125-26-382048Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Ynon Kreiz 2026-09-01Form 42026-09-030001193125-26-382047Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Nancy Dubuc 2026-09-01Form 42026-09-030001193125-26-382046Insider equity transaction reported since the proxy statement. Filing ↗
52Section 06, 2024 voteForm 8-K2024-03-080001193125-24-062816Item 5.07 · say-on-pay result. As reported: 99.69% (votes for as printed: 7,617,925,252). Filing ↗
53Section 06, 2021 voteForm 8-K2021-03-030001193125-21-066638Item 5.07 · say-on-pay result. As reported: 99.98%. Filing ↗
54Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
55Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
56Section 09b board cost (computed)Computed——Cash 720,000 + equity 1,154,987 + all other 0 = 1,874,987, summed across the director compensation table rows.machine: formula: Σ = 1,874,987
57Warner Music Group (subject), Section 10b CEO totalDEF 14A2026-01-200001140361-26-001664CEO total compensation as printed in Warner Music Group's own proxy. As printed: 15,909,250. Filing ↗machine: r2 · c24 · span 494670–494681

The Pay Desk — the free weekly executive pay briefing, one company at a time, every number traceable to a public filing.

You'll confirm on The Pay Desk's sign-up page.