Universal Music Group Cash Flow 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
Net Income	1,533	2,086	1,259	782	886
Depreciation & Amortization	446	409	146	141	277
Other Amortization	-	-	236	236	-
Loss (Gain) From Sale of Assets	-4	-23	-26	2	-2
Asset Writedown & Restructuring Costs	3	2	-7	17	-
Stock-Based Compensation	111	131	429	107	-
Other Operating Activities	-388	-845	-316	480	-106
Change in Accounts Receivable	-	-	-309	-203	-126
Change in Inventory	-	-	-52	-62	-17
Change in Accounts Payable	-	-	527	226	226
Change in Other Net Operating Assets	38	-5	-2	6	2
Operating Cash Flow	1,739	1,755	1,885	1,732	1,140
Operating Cash Flow Growth	-0.91%	-6.90%	8.83%	51.93%	23.11%
Capital Expenditures	-70	-91	-47	-33	-13
Sale of Property, Plant & Equipment	65	2	-	-	6
Cash Acquisitions	-62	-163	-97	-22	-11
Divestitures	-	-	1	-	117
Sale (Purchase) of Intangibles	-125	-92	-74	-60	-48
Investment in Securities	-337	-456	-234	-49	-57
Other Investing Activities	-325	-251	-171	-356	-385
Investing Cash Flow	-854	-1,051	-622	-520	-391
Long-Term Debt Issued	4,523	4,321	6,647	5,938	3,176
Total Debt Issued	4,523	4,321	6,647	5,938	3,176
Long-Term Debt Repaid	-4,441	-3,836	-6,895	-6,445	-3,694
Total Debt Repaid	-4,441	-3,836	-6,895	-6,445	-3,694
Net Debt Issued (Repaid)	82	485	-248	-507	-518
Common Dividends Paid	-953	-933	-929	-798	-785
Other Financing Activities	-117	-104	-103	-42	-43
Financing Cash Flow	-988	-552	-1,280	-1,347	-1,346
Foreign Exchange Rate Adjustments	-65	6	-34	1	32
Net Cash Flow	-168	158	-51	-134	-565
Free Cash Flow	1,669	1,664	1,838	1,699	1,127
Free Cash Flow Growth	0.30%	-9.47%	8.18%	50.75%	25.64%
Free Cash Flow Margin	13.35%	14.06%	16.55%	16.43%	13.25%
Free Cash Flow Per Share	0.90	0.90	1.00	0.94	0.62
Cash Interest Paid	21	21	14	14	16
Cash Income Tax Paid	403	349	393	255	255
Levered Free Cash Flow	-	1,890	1,909	1,298	1,521
Unlevered Free Cash Flow	-	2,007	1,975	1,337	1,545
Change in Working Capital	38	-5	164	-33	85

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