Universal Music Group Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2,604	2,086	1,259	782	886	1,366
Depreciation & Amortization	184	164	146	141	277	236
Other Amortization	245	245	236	236	-	-
Loss (Gain) From Sale of Assets	-27	-23	-26	2	-2	1
Asset Writedown & Restructuring Costs	4	2	-7	17	-	-
Loss (Gain) on Equity Investments	-	-	-	-	-	9
Stock-Based Compensation	169	131	429	107	-	-
Other Operating Activities	-1,356	-845	-316	480	-106	-973
Change in Accounts Receivable	-110	-110	-309	-203	-126	-133
Change in Inventory	-32	-32	-52	-62	-17	6
Change in Accounts Payable	137	137	527	226	226	413
Change in Other Net Operating Assets	-48	-	-2	6	2	1
Operating Cash Flow	1,770	1,755	1,885	1,732	1,140	926
Operating Cash Flow Growth	8.79%	-6.90%	8.83%	51.93%	23.11%	35.18%
Capital Expenditures	-86	-91	-47	-33	-13	-29
Sale of Property, Plant & Equipment	29	2	-	-	6	-
Cash Acquisitions	-89	-163	-97	-22	-11	-4
Divestitures	-	-	1	-	117	11
Sale (Purchase) of Intangibles	-107	-92	-74	-60	-48	-37
Investment in Securities	-196	-456	-234	-49	-57	-918
Other Investing Activities	-309	-251	-171	-356	-385	2
Investing Cash Flow	-758	-1,051	-622	-520	-391	-975
Long-Term Debt Issued	-	4,321	6,647	5,938	3,176	2,294
Total Debt Issued	4,236	4,321	6,647	5,938	3,176	2,294
Long-Term Debt Repaid	-	-3,836	-6,895	-6,445	-3,694	-1,760
Total Debt Repaid	-4,104	-3,836	-6,895	-6,445	-3,694	-1,760
Net Debt Issued (Repaid)	132	485	-248	-507	-518	534
Common Dividends Paid	-936	-933	-929	-798	-785	-283
Other Financing Activities	-140	-104	-103	-42	-43	-34
Financing Cash Flow	-944	-552	-1,280	-1,347	-1,346	217
Foreign Exchange Rate Adjustments	-14	6	-34	1	32	-35
Net Cash Flow	54	158	-51	-134	-565	133
Free Cash Flow	1,684	1,664	1,838	1,699	1,127	897
Free Cash Flow Growth	6.99%	-9.47%	8.18%	50.75%	25.64%	47.05%
Free Cash Flow Margin	13.82%	14.06%	16.55%	16.43%	13.25%	12.07%
Free Cash Flow Per Share	0.91	0.90	1.00	0.94	0.62	0.49
Cash Interest Paid	22	21	14	14	16	-
Cash Income Tax Paid	386	349	393	255	255	207
Levered Free Cash Flow	1,632	2,060	1,909	1,298	1,521	1,205
Unlevered Free Cash Flow	1,713	2,140	1,975	1,337	1,545	1,232
Change in Working Capital	-53	-5	164	-33	85	287

Source: S&P Global Market Intelligence. Standard template. Financial Sources.