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	1,998	1,775	1,418	1,600	1,394
Depreciation & Amortization	446	409	-	377	-
Stock-Based Compensation	111	131	-	107	-
Other Adjustments	459	500	796	1,220	280
Changes in Income Taxes Payable	-403	-349	-393	-255	-255
Changes in Other Operating Activities	-364	-191	64	-181	-279
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%	-
Capital Expenditures	-70	-91	-47	-33	-13
Sale of Property, Plant & Equipment	65	2	-	-	6
Purchases of Intangible Assets	-470	-358	-252	-419	-436
Purchases of Investments	-1,302	-1,682	-866	-590	-602
Proceeds from Sale of Investments	13	79	1	9	14
Payments for Business Acquisitions	-62	-163	-97	-22	-11
Proceeds from Business Divestments	78	81	3	9	254
Other Investing Activities	20	15	7	3	3
Investing Cash Flow	-854	-1,051	-622	-520	-391
Long-Term Debt Issued	4,587	4,808	6,392	5,491	2,703
Long-Term Debt Repaid	-4,369	-3,755	-6,815	-6,359	-3,624
Net Long-Term Debt Issued (Repaid)	218	1,053	-423	-868	-921
Common Dividends Paid	-1,912	-1,870	-1,860	-1,598	-1,572
Other Financing Activities	-189	-185	-183	-128	-113
Financing Cash Flow	-988	-552	-1,280	-1,347	-1,346
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-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%	-
FCF Margin	13.34%	14.06%	16.55%	16.43%	13.25%
Free Cash Flow Per Share	0.90	0.90	1.00	0.94	0.62
Levered Free Cash Flow	1,360	2,917	460	-178	-582
Unlevered Free Cash Flow	1,084	1,072	664.64	1,304	515.55

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.