UMG Q3 Revenue Hits $3.53B, Up 10.2%

Universal Music Group (UMG) has released its Q3 2025 results, highlighting revenues of €3.021 billion ($3.53bn) across all of its divisions, a 10.2% YoY bump in constant currency.

Topline Q3 Results:

• Recorded Music revenue grew 8.3% YoY in constant currency to €2,223 million.

• Recorded Music subscription revenue grew 8.7% in constant currency, driven primarily by the growth in global subscribers.

• Streaming revenue declined 4.8% YoY, as consumption continues to shift from better monetized video platforms to short-form platforms, which are not yet as well monetized.

• Physical revenue increased 23.1% YoY in constant currency, driven by initial shipments of Taylor Swift’s The Life of a Showgirl and strength in new releases, particularly in Japan.

• Music publishing revenue grew 13.6% YoY in constant currency to €543 million ($682 million).

• Downloads and other digital revenue declined 7.7% YoY, but was in line with the prior-year quarter in constant currency.

• Merchandising and Other revenue grew 15.6% in constant currency to €259 million ($300 million).

• Adjusted EBITDA of €664 million increased 11.6% in constant currency, driven by the revenue growth.

• Adjusted EBITDA margin expanded 0.4 percentage points to 22.0%, driven by operating leverage and cost savings, partially offset by revenue and repertoire mix.

Top Q3 sellers:

• Included the KPop Demon Hunters soundtrack, Mrs. GREEN APPLE, Taylor Swift, Sabrina Carpenter and Morgan Wallen.

What they said:

• Sir Lucian Grainge, UMG’s Chairman and CEO: “As we position the company for long-term value creation, we continued to achieve strong results this quarter. Importantly, we continued to drive progress on our strategic plans, including our artists’ and songwriters’ creative and commercial success, our global expansion, the industry’s embrace of our responsible AI initiatives and the continued implementation of Streaming 2.0.”