Universal Music Group Income Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	12,507	11,834	11,108	10,340	8,504
Revenue Growth (YoY)	5.69%	6.54%	7.43%	21.59%	14.42%
Cost of Revenue	7,196	6,746	6,208	5,753	4,608
Gross Profit	5,311	5,088	4,900	4,587	3,896
Selling, General & Admin	2,982	3,015	3,178	2,673	2,286
Amortization of Goodwill & Intangibles	328	296	276	268	175
Operating Expenses	3,310	3,311	3,454	2,941	2,461
Operating Income	2,001	1,777	1,446	1,646	1,435
Interest Expense	-233	-187	-106	-62	-38
Interest & Investment Income	339	1,279	17	21	6
Earnings From Equity Investments	-18	4	-	-2	5
Currency Exchange Gain (Loss)	-	-	-11	-1	11
Other Non Operating Income (Expenses)	-	-	409	-653	-309
EBT Excluding Unusual Items	2,089	2,873	1,755	949	1,110
Merger & Restructuring Charges	-	-	-41	-32	-20
Impairment of Goodwill	-	-	-	-7	-
Gain (Loss) on Sale of Assets	-	-	-	-	98
Asset Writedown	-3	-2	7	-10	-
Other Unusual Items	-	-	-	-	-23
Pretax Income	2,086	2,871	1,721	900	1,165
Income Tax Expense	546	778	458	115	277
Earnings From Continuing Operations	1,540	2,093	1,263	785	888
Minority Interest in Earnings	-7	-7	-4	-3	-2
Net Income	1,533	2,086	1,259	782	886
Net Income to Common	1,533	2,086	1,259	782	886
Net Income Growth	-26.51%	65.69%	61.00%	-11.74%	-35.14%
Shares Outstanding (Basic)	1,833	1,827	1,819	1,813	1,813
Shares Outstanding (Diluted)	1,847	1,846	1,842	1,816	1,814
Shares Change (YoY)	0.05%	0.22%	1.43%	0.11%	0.06%
EPS (Basic)	0.84	1.14	0.69	0.43	0.49
EPS (Diluted)	0.83	1.13	0.68	0.43	0.49
EPS Growth	-26.55%	66.18%	58.14%	-12.01%	-34.84%
Free Cash Flow	1,669	1,664	1,838	1,699	1,127
Free Cash Flow Per Share	0.90	0.90	1.00	0.94	0.62
Dividend Per Share	0.520	0.520	0.510	0.510	0.400
Dividend Growth	-	1.96%	-	27.50%	-
Gross Margin	42.46%	42.99%	44.11%	44.36%	45.81%
Operating Margin	16.00%	15.02%	13.02%	15.92%	16.87%
Profit Margin	12.26%	17.63%	11.33%	7.56%	10.42%
Free Cash Flow Margin	13.35%	14.06%	16.55%	16.43%	13.25%
EBITDA	2,447	2,186	1,520	1,713	1,644
EBITDA Margin	19.56%	18.47%	13.68%	16.57%	19.33%
D&A For EBITDA	446	409	74	67	209
EBIT	2,001	1,777	1,446	1,646	1,435
EBIT Margin	16.00%	15.02%	13.02%	15.92%	16.87%
Effective Tax Rate	26.17%	27.10%	26.61%	12.78%	23.78%

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