• Warner Music Group average return on tangible equity for 2023 was -10.75, a 1.19% increase from 2022.
• Warner Music Group average return on tangible equity for 2022 was -10.88, a 164.08% decline from 2021.
• Warner Music Group average return on tangible equity for 2021 was -4.12, a 151.05% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.