Universal Music Group N.V. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2025

31 October 2025 - Press release

 

Summary Q3 2025 Results

• Revenue of €3,021 million increased 5.3% year-over-year, or 10.2% in constant currency, with growth in all segments.
• Recorded Music revenue grew 3.6% year-over-year, or 8.3% in constant currency, Music Publishing revenue grew 8.6% year-over-year, or 13.6% in constant currency and Merchandising and Other revenue grew 9.3% year-over-year, or 15.6% in constant currency.
• Recorded Music subscription revenue grew 3.6% year-over-year, or 8.7% in constant currency, while streaming revenue declined 4.8% year-over-year, but was in line with the prior-year quarter in constant currency.
• Adjusted EBITDA of €664 million increased 6.9% year-over-year, or 11.6% in constant currency, and Adjusted EBITDA margin expanded 0.4 percentage points to 22.0%.
• Top sellers included the KPop Demon Hunters soundtrack, Mrs. GREEN APPLE, Taylor Swift, Sabrina Carpenter and Morgan Wallen.

 

Summary YTD Results

• Revenue of €8,902 million increased 6.0% year-over-year, or 8.0% in constant currency, driven by strong growth in the Recorded Music and Music Publishing segments.
• Recorded Music subscription revenue grew 6.8% year-over-year, or 8.9% in constant currency and streaming revenue grew 0.9% year-over-year, or 3.0% in constant currency.
• Adjusted EBITDA of €2,000 million increased 7.4% year-over-year, or 9.5% in constant currency, and Adjusted EBITDA margin expanded 0.3 percentage points to 22.5%.
• Top sellers included Morgan Wallen, Lady Gaga, Sabrina Carpenter, Kendrick Lamar and Mrs. GREEN APPLE.