U 
Universal Music Group UMG.AS · EUR
Communication Services · Entertainment · Euronext Amsterdam · 🇳🇱 Netherlands
17.16
+0.38%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€12.51bn
FY2018FY2025
Net income
€1.53bn
FY2018FY2025
Free cash flow
€1.61bn
FY2018FY2025
Shareholders' equity
€4.54bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €12.51bn | €11.83bn | €11.11bn | €10.34bn | €8.50bn | €7.43bn | €7.16bn | €6.02bn |
| Gross profit | €4.87bn | €5.09bn | €4.90bn | €4.59bn | €3.90bn | €3.52bn | €3.34bn | €2.91bn |
| Operating income | €2.14bn | €1.77bn | €1.45bn | €1.66bn | €1.39bn | €1.28bn | €1.09bn | €896.0m |
| Net income | €1.53bn | €2.09bn | €1.26bn | €782.0m | €886.0m | €1.37bn | €972.0m | €897.0m |
| Diluted earnings per share | 0.84 | 1.12 | 0.68 | 0.43 | 0.49 | 0.51 | 0.54 | 0.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | €17.46bn | €17.86bn | €13.09bn | €11.64bn | €12.09bn | €11.54bn | €8.83bn | €8.45bn |
| Cash and short-term investments | €82.0m | €580.0m | €504.0m | €439.0m | €585.0m | €1.14bn | €363.0m | €306.0m |
| Total liabilities | €12.89bn | €13.31bn | €10.11bn | €9.29bn | €10.06bn | €9.91bn | €5.84bn | €5.45bn |
| Debt | €2.93bn | €3.19bn | €2.51bn | €2.67bn | €3.10bn | €3.53bn | €612.0m | €18.0m |
| Shareholders' equity | €4.54bn | €4.53bn | €2.96bn | €2.35bn | €2.03bn | €1.43bn | €2.98bn | €3.00bn |
| Shares outstanding | 1,833m | 1,855m | 1,861m | 1,819m | 1,813m | 2,700m | 1,813m | 1,813m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.68bn | €1.75bn | €1.89bn | €1.73bn | €1.14bn | −€3.0m | €685.0m | €747.0m |
| Capital spending | −€70.0m | −€449.0m | −€299.0m | −€93.0m | −€61.0m | −€66.0m | −€75.0m | −€110.0m |
| Free cash flow | €1.61bn | €1.31bn | €1.59bn | €1.64bn | €1.08bn | −€69.0m | €610.0m | €637.0m |
| Dividends paid | −€953.0m | −€933.0m | −€929.0m | −€798.0m | −€785.0m | −€283.0m | −€1.00bn | −€981.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €6.19bn | €6.63bn | €3.02bn | €5.88bn | €6.31bn | €3.15bn | €5.53bn | €2.76bn |
| Gross profit | €2.32bn | €2.54bn | — | €2.32bn | €2.46bn | €1.34bn | €2.41bn | €1.21bn |
| Operating income | €951.0m | €1.10bn | €3.02bn | €1.01bn | €1.07bn | €509.5m | −€484.0m | €432.5m |
| Net income | €222.0m | €101.0m | €3.02bn | €1.43bn | €1.17bn | €586.0m | €914.0m | €457.0m |
| Diluted earnings per share | 0.12 | 0.06 | 1.65 | 0.78 | 0.63 | 0.32 | 0.49 | 0.25 |
| Cash from operations | €99.0m | €1.49bn | — | €384.0m | €1.48bn | €759.0m | €213.0m | €118.0m |
| Capital spending | −€44.0m | −€47.0m | — | −€23.0m | −€63.0m | −€31.0m | −€14.0m | −€14.0m |
| Free cash flow | €55.0m | €1.44bn | — | €361.0m | €1.41bn | €728.0m | €199.0m | €104.0m |
| Total assets | €18.38bn | €17.46bn | — | €18.30bn | €17.86bn | €17.32bn | €15.16bn | €15.16bn |
| Cash and short-term investments | €485.0m | €82.0m | — | €525.0m | €580.0m | €580.0m | €457.0m | €457.0m |
| Debt | €1.90bn | €2.93bn | — | €3.31bn | €2.84bn | €939.0m | €3.12bn | €1.23bn |
| Shareholders' equity | €3.63bn | €4.54bn | — | €4.88bn | €4.53bn | €4.53bn | €3.43bn | €3.43bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 38.9% | 43.0% | 44.1% | 44.4% | 45.8% | 47.3% |
| Operating margin | 17.1% | 15.0% | 13.0% | 16.0% | 16.4% | 17.2% |
| Net margin | 12.3% | 17.6% | 11.3% | 7.6% | 10.4% | 18.4% |
| Return on equity | 33.7% | 46.1% | 42.5% | 33.3% | 43.6% | 95.4% |
| Return on assets | 8.8% | 11.7% | 9.6% | 6.7% | 7.3% | 11.8% |
| Free cash flow yield | 6.5% | 8.1% | 8.0% | 6.9% | 4.5% | 0.2% |
| Revenue growth | 5.7% | 6.5% | 7.4% | 21.6% | 14.4% | 3.8% |
| Earnings growth | -26.5% | 65.7% | 61.0% | -11.7% | -35.1% | 40.5% |
| Current ratio | 0.63x | 0.60x | 0.65x | 0.55x | 0.62x | 0.71x |
| Debt to equity | 0.64x | 0.63x | 0.74x | 0.99x | 1.32x | 2.16x |
| Equity ratio | 26.0% | 25.3% | 22.6% | 20.2% | 16.8% | 12.4% |
| Interest coverage | 9.19x | 9.49x | 12.25x | 22.68x | 27.33x | 29.07x |
| Buybacks as a share of market value | 1.2% | 0.3% | -2.3% | -0.3% | 32.9% | -48.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.1% | 10.7% | — |
| Operating income | 8.9% | 10.9% | — |
| Net income | 25.2% | 2.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.9% | 42.5% | 43.5% | — |
| Operating margin | 16.1% | 15.3% | 15.7% | — |
| Net margin | 14.9% | 12.4% | 12.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 26.6 | 22.0 | 38.1 | 52.4 | 50.7 |
| Price to sales | 3.3 | 3.9 | 4.4 | 4.0 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 20 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.28 | 0.52 | 0.51 | 0.51 | 0.44 | 0.20 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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