Universal Music Group has reported its financial results for Q4 and the full year ended December 31, 2025.
Full year revenue increased 8.7% year-on-year in constant currency to €12.5 billion (all figures will be stated in constant currency). The performance was driven by growth across the recorded music and publishing segments.
Recorded music subscription revenue grew 8.6% year-on-year, while streaming (non-subscription) revenue grew 4.7%. Physical revenue increased 11.4%.
Adjusted EBITDA increased 8.6% to €2.81 billion.
Top sellers for the year included Taylor Swift, the KPop Demon Hunters soundtrack, Morgan Wallen, Lady Gaga and Sabrina Carpenter.
During Q4, UMG’s revenue increased 10.6% year-on-year to €3.6 billion. The performance was driven by strong growth in the recorded music segment. Excluding items impacting comparability, revenue grew 11.2%.
Recorded music subscription revenue increased 7.7% year-on-year, while streaming revenue (non-subscription) grew 9.3%. Excluding an item impacting comparability in the prior year, subscription revenue grew 9.6%.
Adjusted EBITDA increased 6.4% year-on-year to €810m (8.6% when excluding items impacting comparability).
Top sellers in the quarter included Taylor Swift, the KPop Demon Hunters soundtrack, Olivia Dean, Stray Kids and Morgan Wallen.
Global artist success included nine of the Top 10 on the IFPI Global Artist Chart for the third consecutive year.
2025 was another standout year for UMG; creatively, commercially, and strategically
Sir Lucian Grainge
UMG also had four of the Top 5 global artists on Spotify, with Universal Music Publishing Group representing seven of the Top 10; seven of the Top 10 most-streamed songs globally on Apple Music, with UMPG representing eight of the Top 10; seven of the Top 10 US songs on YouTube; and all of the Top 5 albums and seven of the Top 10 artists on Amazon Music.
“2025 was another standout year for UMG; creatively, commercially, and strategically,” said Sir Lucian Grainge, UMG’s chairman and CEO. "We delivered real, measurable progress across our plan: advancing Streaming 2.0, scaling artist and label services, accelerating superfan initiatives, expanding in high-growth markets, and leading on responsible AI. The result is a stronger, more connected and growing ecosystem, creating greater opportunities for our artists and songwriters, and delivering long-term value for shareholders.”
Matt Ellis, UMG’s CFO, said: “Our strong top- and bottom-line growth in 2025 reflects disciplined execution against our strategic priorities and continued investment in our artists, songwriters, and global organisation. We’re encouraged by the start to 2026, having completed our acquisition of Downtown Music and investment in Excel Entertainment and broadened our partnerships across established platforms and emerging innovators, as we focus on delivering sustainable returns for all our stakeholders.”
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