Universal Music Group (UMG) reported third-quarter revenue of €3.02 billion on October 30, 2025, up 5.3% year-over-year and beating analyst expectations of €2.95 billion, driven by a surge in physical album sales from Taylor Swift’s latest release and strong contributions from its global artist roster.
The world’s largest music label saw adjusted EBITDA rise 7% to €594 million, with margins improving to 19.7%. Growth was broad-based: recorded music revenue climbed 8.3% at constant currency, fueled by a 23.1% jump in physical sales to €341 million—largely due to Taylor Swift’s The Life of a Showgirl—and 8.7% growth in subscription streaming. Music publishing soared 13.6% at constant currency, boosted by digital and K-pop-related gains.
Key performers included Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan, and catalog acts like BTS.
Year-to-date revenue reached €8.7 billion, up 6.1%. Despite streaming slowdowns in ad-supported tiers, UMG reaffirmed its 8–10% annual growth target for subscription streaming. Shares rose ~2% in after-hours trading.
Physical formats are seeing a revival, particularly in Japan and among high-value collectors, while publishing and merchandising provide diversification. UMG continues to outpace the industry, reinforcing its leadership in a maturing global music market.