Balance Sheet Universal Music Group N.V.

Stocks

UMG

NL0015000IY2

Entertainment Production

Market Closed - Euronext Amsterdam Other stock markets 16:55:00 11/06/2026 BST			5-day change	1st Jan Change
17.74 ^EUR	-0.06%		-2.88%	-20.22%

06-10	CIC Corporate & Institutional Banking Upgrades Universal Music Group to Buy	MT
06-08	Universal Music Group Mulls EUR1 Billion Bond Offering	MT

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Published financial data: UNIVERSAL MUSIC GROUP N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	8.5B	10.34B	11.11B	11.83B	12.51B
Total Revenues	8.5B	10.34B	11.11B	11.83B	12.51B
Cost of Goods Sold, Total	4.61B	5.75B	6.21B	6.75B	7.2B
Gross Profit	3.9B	4.59B	4.9B	5.09B	5.31B
Selling General & Admin Expenses, Total	2.46B	2.67B	3.18B	2.85B	2.98B
Amortization of Goodwill and Intangible Assets - (IS)	-	268M	276M	296M	328M
Other Operating Expenses, Total	2.46B	2.94B	3.45B	3.15B	3.31B
Operating Income	1.44B	1.65B	1.45B	1.94B	2B
Interest Expense, Total	-38M	-62M	-106M	-129M	-233M
Interest And Investment Income	6M	20M	17M	22M	339M
Net Interest Expenses	-32M	-42M	-89M	-107M	106M
Income (Loss) On Equity Invest.	5M	-2M	-	4M	-18M
Currency Exchange Gains (Loss)	11M	-1M	-11M	-3M	-
Other Non Operating Income (Expenses)	-309M	-652M	409M	1.14B	-
EBT, Excl. Unusual Items	1.11B	949M	1.76B	2.98B	2.09B
Restructuring Charges	-20M	-32M	-41M	-169M	-
Impairment of Goodwill	-	-7M	-	-	-
Gain (Loss) On Sale Of Investments	98M	-	-	-	-
Asset Writedown	-	-10M	7M	-2M	-3M
Other Unusual Items	-23M	-	-	62M	-
EBT, Incl. Unusual Items	1.16B	900M	1.72B	2.87B	2.09B
Income Tax Expense	277M	115M	458M	778M	546M
Earnings From Continuing Operations	888M	785M	1.26B	2.09B	1.54B
Net Income to Company	888M	785M	1.26B	2.09B	1.54B
Minority Interest	-2M	-3M	-4M	-7M	-7M
Net Income - (IS)	886M	782M	1.26B	2.09B	1.53B
Net Income to Common Incl Extra Items	886M	782M	1.26B	2.09B	1.53B
Net Income to Common Excl. Extra Items	886M	782M	1.26B	2.09B	1.53B
Per Share Items
Net EPS - Basic	0.49	0.43	0.69	1.14	0.84
Basic EPS - Continuing Operations	0.49	0.43	0.69	1.14	0.84
Basic Weighted Average Shares Outstanding	1.81B	1.81B	1.82B	1.83B	1.83B
Net EPS - Diluted	0.49	0.43	0.68	1.13	0.83
Diluted EPS - Continuing Operations	0.49	0.43	0.68	1.13	0.83
Diluted Weighted Average Shares Outstanding	1.81B	1.82B	1.84B	1.85B	1.85B
Normalized Basic EPS	0.38	0.33	0.6	1.02	0.71
Normalized Diluted EPS	0.38	0.32	0.59	1	0.7
Dividend Per Share	0.4	0.51	0.51	0.52	0.52
Payout Ratio	88.6	102.05	73.79	44.73	62.17
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.64B	1.95B	1.52B	2.03B	2.45B
EBITA	1.61B	1.91B	1.48B	1.99B	2.33B
EBIT	1.44B	1.65B	1.45B	1.94B	2B
EBITDAR	1.66B	1.97B	1.54B	2.04B	-
Effective Tax Rate - (Ratio)	23.78	12.78	26.61	27.1	26.17
Total Current Taxes	319M	347M	476M	478M	-
Total Deferred Taxes	-42M	-232M	-18M	300M	-
Normalized Net Income	692M	590M	1.09B	1.86B	1.3B
Interest on Long-Term Debt	16M	14M	14M	20M	-
Non-Cash Pension Expense	3M	3M	6M	5M	-
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Net Rental Expense, Total	13M	18M	19M	19M	-
Imputed Operating Lease Interest Expense	1.19M	3.1M	6.21M	6.87M	-
Imputed Operating Lease Depreciation	11.81M	14.9M	12.79M	12.13M	-
Stock-Based Comp., SG&A Exp. (Total)	-	-	561M	329M	-
Stock-Based Comp., Other (Total)	79M	128M	39M	31M	227M
Total Stock-Based Compensation	79M	128M	600M	360M	227M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	585M	439M	413M	553M	-
Short Term Investments	-	-	91M	27M	-
Total Cash And Short Term Investments	585M	439M	504M	580M	-
Accounts Receivable, Total	1.6B	1.76B	1.99B	2.24B	-
Other Receivables	208M	253M	296M	283M	-
Notes Receivable	-	-	-	-	-
Total Receivables	1.81B	2.02B	2.28B	2.53B	-
Inventory	99M	163M	210M	255M	-
Other Current Assets, Total	844M	984M	1.06B	1.21B	-
Total Current Assets	3.33B	3.6B	4.06B	4.57B	-
Gross Property Plant And Equipment	816M	776M	778M	965M	-
Accumulated Depreciation	-261M	-291M	-285M	-277M	-
Net Property Plant And Equipment	555M	485M	493M	688M	-
Long-term Investments	1.7B	846M	1.66B	3.82B	-
Goodwill	1.48B	1.58B	1.62B	1.9B	-
Other Intangibles, Total	96M	119M	180M	232M	-
Deferred Tax Assets Long-Term	404M	348M	479M	625M	-
Deferred Charges Long-Term	2.98B	3.06B	3.02B	3.39B	-
Other Long-Term Assets, Total	1.54B	1.6B	1.58B	2.09B	-
Total Assets	12.09B	11.64B	13.09B	17.32B	-
Liabilities
Accounts Payable, Total	146M	138M	118M	168M	-
Accrued Expenses, Total	3.42B	3.94B	4.35B	4.77B	-
Short-term Borrowings	13M	930M	223M	754M	-
Current Portion of Long-Term Debt	305M	207M	55M	119M	-
Current Portion of Leases	80M	77M	86M	66M	-
Current Income Taxes Payable	39M	53M	70M	96M	-
Unearned Revenue Current, Total	388M	377M	408M	412M	-
Other Current Liabilities	1B	800M	961M	1.24B	-
Total Current Liabilities	5.39B	6.52B	6.27B	7.62B	-
Long-Term Debt	2.28B	1.11B	1.83B	1.78B	-
Long-Term Leases	421M	346M	324M	475M	-
Pension & Other Post Retirement Benefits	205M	152M	153M	163M	-
Deferred Tax Liability Non Current	850M	580M	676M	1.17B	-
Other Non Current Liabilities	919M	576M	862M	1.56B	-
Total Liabilities	10.06B	9.29B	10.11B	12.77B	-
Common Stock, Total	18.13B	18.14B	18.22B	18.29B	-
Additional Paid In Capital	14.94B	14.94B	14.99B	15.04B	-
Retained Earnings	-30.77B	-30.71B	-30.24B	-28.8B	-
Treasury Stock	-12M	-5M	-5M	-5M	-
Comprehensive Income and Other	-263M	-	-	-	-
Total Common Equity	2.03B	2.35B	2.96B	4.53B	-
Minority Interest	-	1M	21M	25M	-
Total Equity	2.03B	2.35B	2.98B	4.55B	-
Total Liabilities And Equity	12.09B	11.64B	13.09B	17.32B	-
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.81B	1.81B	1.82B	1.83B	1.84B
ECS Total Common Shares Outstanding	1.81B	1.81B	1.82B	1.83B	1.84B
Book Value / Share	1.12	1.3	1.63	2.47	-
Tangible Book Value	454M	654M	1.16B	2.4B	-
Tangible Book Value Per Share	0.25	0.36	0.64	1.31	-
Total Debt	3.1B	2.67B	2.51B	3.19B	-
Net Debt	2.51B	2.23B	2.01B	2.61B	-
Debt Equivalent of Unfunded Proj. Benefit Obligation	208M	153M	156M	167M	-
Debt Equivalent Oper. Leases	104M	144M	152M	152M	-
Minority Interest, Total (Incl. Fin. Div)	-	1M	21M	25M	-
Equity Method Investments, Total	109M	156M	222M	578M	-
Account Code - Inventory Valuation	6	6	6	6	-
Land - (BS)	234M	241M	242M	272M	-
Machinery, Total	111M	119M	122M	125M	-
Full Time Employees	9.22K	9.71K	9.97K	9.64K	-
Part Time Employees	290	283	318	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	886M	782M	1.26B	2.09B	1.53B
Depreciation & Amortization - CF	102M	109M	114M	113M	118M
Amortization of Goodwill and Intangible Assets - (CF)	175M	268M	35M	51M	328M
Depreciation & Amortization, Total	277M	377M	149M	164M	446M
Amortization of Deferred Charges, Total - (CF)	-	-	233M	245M	-
(Gain) Loss From Sale Of Asset	-2M	2M	-26M	-23M	-4M
Asset Writedown & Restructuring Costs	-	17M	-7M	2M	3M
(Income) Loss On Equity Investments - (CF)	-5M	-	-	-	-
Stock-Based Compensation (CF)	-	-	429M	131M	111M
Other Operating Activities, Total	-101M	480M	-316M	-845M	-388M
Change In Accounts Receivable	-126M	-203M	-309M	-110M	-
Change In Inventories	-17M	-62M	-52M	-32M	-
Change In Accounts Payable	226M	333M	527M	137M	-
Change in Other Net Operating Assets	2M	6M	-2M	-	38M
Cash from Operations	1.14B	1.73B	1.88B	1.76B	1.74B
Capital Expenditure	-13M	-33M	-47M	-91M	-70M
Sale of Property, Plant, and Equipment	6M	-	-	2M	65M
Cash Acquisitions	-11M	-22M	-97M	-163M	-62M
Divestitures	117M	-	1M	-	-
Sale (Purchase) of Intangible assets	-48M	-60M	-74M	-92M	-125M
Investment in Marketable and Equity Securities, Total	-445M	-49M	-234M	-456M	-337M
Other Investing Activities, Total	3M	-356M	-371M	-251M	-325M
Cash from Investing	-391M	-520M	-822M	-1.05B	-854M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	3.18B	5.94B	6.65B	4.32B	4.52B
Total Debt Issued	3.18B	5.94B	6.65B	4.32B	4.52B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-3.71B	-6.44B	-6.9B	-3.84B	-4.44B
Total Debt Repaid	-3.71B	-6.44B	-6.9B	-3.84B	-4.44B
Common Dividends Paid	-785M	-798M	-929M	-933M	-953M
Common & Preferred Stock Dividends Paid	-785M	-798M	-929M	-933M	-953M
Other Financing Activities, Total	-27M	-42M	-103M	-104M	-117M
Cash from Financing	-1.34B	-1.35B	-1.28B	-552M	-988M
Foreign Exchange Rate Adjustments	32M	1M	-34M	6M	-65M
Miscellaneous Cash Flow Adjustments	-	-	200M	-	-
Net Change in Cash	-556M	-134M	-51M	158M	-168M
Supplemental Items
Cash Interest Paid	-	14M	14M	21M	21M
Cash Income Tax Paid (Refund)	255M	255M	393M	349M	403M
Levered Free Cash Flow	1.52B	1.3B	1.91B	2.06B	-
Unlevered Free Cash Flow	1.54B	1.34B	1.97B	2.14B	-
Change In Net Working Capital	-353M	104M	-210M	-341M	-
Net Debt Issued / Repaid	-525M	-507M	-248M	485M	82M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.59	8.67	7.31	7.98	-
Return on Total Capital	17.43	20.27	17.18	18.33	-
Return On Equity %	48.47	35.83	47.35	55.56	-
Return on Common Equity	48.36	35.7	47.39	55.72	-
Margin Analysis
Gross Profit Margin %	45.81	44.36	44.11	42.99	42.46
SG&A Margin	28.94	25.85	28.61	24.09	23.84
EBITDA Margin %	19.33	18.85	13.71	17.12	19.56
EBITA Margin %	18.93	18.51	13.33	16.83	18.62
EBIT Margin %	16.87	15.92	13.02	16.4	16
Income From Continuing Operations Margin %	10.44	7.59	11.37	17.69	12.31
Net Income Margin %	10.42	7.56	11.33	17.63	12.26
Net Avail. For Common Margin %	10.42	7.56	11.33	17.63	12.26
Normalized Net Income Margin	8.13	5.71	9.84	15.68	10.38
Levered Free Cash Flow Margin	17.89	12.55	17.18	17.4	-
Unlevered Free Cash Flow Margin	18.17	12.93	17.78	18.08	-
Asset Turnover
Asset Turnover	0.72	0.87	0.9	0.78	-
Fixed Assets Turnover	14.83	19.88	22.72	20.04	-
Receivables Turnover (Average Receivables)	5.52	6.15	5.92	5.6	-
Inventory Turnover (Average Inventory)	51.78	43.92	33.29	29.02	-
Short Term Liquidity
Current Ratio	0.62	0.55	0.65	0.6	-
Quick Ratio	0.44	0.38	0.44	0.41	-
Operating Cash Flow to Current Liabilities	0.21	0.27	0.3	0.23	-
Days Sales Outstanding (Average Receivables)	66.1	59.36	61.63	65.41	-
Days Outstanding Inventory (Average Inventory)	7.05	8.31	10.96	12.61	-
Average Days Payable Outstanding	10.53	8.91	7.5	7.71	-
Cash Conversion Cycle (Average Days)	62.62	58.76	65.09	70.32	-
Long Term Solvency
Total Debt/Equity	152.51	113.65	84.28	70.14	-
Total Debt / Total Capital	60.4	53.19	45.73	41.22	-
LT Debt/Equity	132.91	62.03	72.08	49.51	-
Long-Term Debt / Total Capital	52.63	29.03	39.11	29.1	-
Total Liabilities / Total Assets	83.21	79.79	77.21	73.72	-
EBIT / Interest Expense	37.76	26.55	13.64	15.05	8.59
EBITDA / Interest Expense	45.05	32.63	15.05	16.32	10.5
(EBITDA - Capex) / Interest Expense	44.71	32.1	14.6	15.61	10.2
Total Debt / EBITDA	1.81	1.32	1.58	1.52	-
Net Debt / EBITDA	1.47	1.1	1.26	1.24	-
Total Debt / (EBITDA - Capex)	1.82	1.34	1.62	1.58	-
Net Debt / (EBITDA - Capex)	1.48	1.12	1.3	1.3	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.42	21.59	7.43	6.54	5.69
Gross Profit, 1 Yr. Growth %	10.84	17.74	6.82	3.84	4.38
EBITDA, 1 Yr. Growth %	16.18	18.55	-11.09	33.29	11.94
EBITA, 1 Yr. Growth %	16.16	18.88	-12.16	34.05	12.35
EBIT, 1 Yr. Growth %	14.98	14.7	-12.15	34.23	12.61
Earnings From Cont. Operations, 1 Yr. Growth %	-35.14	-11.6	60.89	65.72	-26.42
Net Income, 1 Yr. Growth %	-35.14	-11.74	61	65.69	-26.51
Normalized Net Income, 1 Yr. Growth %	-38.38	-14.69	85.19	69.78	-27.4
Diluted EPS Before Extra, 1 Yr. Growth %	-34.84	-12.01	58.14	66.18	-26.55
Accounts Receivable, 1 Yr. Growth %	7.83	10.45	12.52	12.99	-
Inventory, 1 Yr. Growth %	25.32	64.65	28.83	21.43	-
Net Property, Plant and Equip., 1 Yr. Growth %	-6.25	-12.61	1.65	39.55	-
Total Assets, 1 Yr. Growth %	4.8	-3.76	12.48	32.3	-
Tangible Book Value, 1 Yr. Growth %	144.09	44.05	77.06	107.17	-
Common Equity, 1 Yr. Growth %	24.24	15.81	25.99	52.8	-
Cash From Operations, 1 Yr. Growth %	23.11	51.93	8.83	-6.9	-0.91
Capital Expenditures, 1 Yr. Growth %	-55.17	153.85	42.42	93.62	-23.08
Levered Free Cash Flow, 1 Yr. Growth %	26.29	-14.67	47.03	7.91	-
Unlevered Free Cash Flow, 1 Yr. Growth %	25.4	-13.47	47.73	8.37	-
Dividend Per Share, 1 Yr. Growth %	-	27.5	0	1.96	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.99	17.95	14.29	6.98	6.11
Gross Profit, 2 Yr. CAGR %	7.99	14.24	12.15	5.32	4.11
EBITDA, 2 Yr. CAGR %	17.05	17.36	-3.75	8.75	26.88
EBITA, 2 Yr. CAGR %	18.48	17.51	-4.09	8.7	25.19
EBIT, 2 Yr. CAGR %	16.24	14.84	0.38	8.59	17.64
Earnings From Cont. Operations, 2 Yr. CAGR %	-4.57	-24.28	19.26	63.29	10.42
Net Income, 2 Yr. CAGR %	-4.53	-24.34	19.21	63.33	10.35
Normalized Net Income, 2 Yr. CAGR %	2.81	-27.5	25.69	77.32	9.01
Diluted EPS Before Extra, 2 Yr. CAGR %	-4.53	-24.28	17.96	62.11	10.48
Accounts Receivable, 2 Yr. CAGR %	23.01	9.13	11.48	12.76	-
Inventory, 2 Yr. CAGR %	4.88	43.64	45.64	25.08	-
Net Property, Plant and Equip., 2 Yr. CAGR %	-13.34	-9.49	-5.75	19.1	-
Total Assets, 2 Yr. CAGR %	17.03	0.43	4.04	21.99	-
Tangible Book Value, 2 Yr. CAGR %	-44.86	87.51	59.71	91.53	-
Common Equity, 2 Yr. CAGR %	-17.49	19.95	20.79	38.75	-
Cash From Operations, 2 Yr. CAGR %	29.01	36.76	28.59	0.66	-3.95
Capital Expenditures, 2 Yr. CAGR %	-58.37	6.67	90.14	66.06	22.04
Levered Free Cash Flow, 2 Yr. CAGR %	-2.58	3.81	12.01	25.96	-
Unlevered Free Cash Flow, 2 Yr. CAGR %	-2.19	4.16	13.06	26.53	-
Dividend Per Share, 2 Yr. CAGR %	-	-	12.92	0.98	0.98
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	12.19	13.04	14.33	11.64	6.55
Gross Profit, 3 Yr. CAGR %	10.18	11.14	11.71	9.31	5.01
EBITDA, 3 Yr. CAGR %	19.1	17.55	2.48	7.21	12.62
EBITA, 3 Yr. CAGR %	20.2	18.61	2.23	7.35	11.37
EBIT, 3 Yr. CAGR %	19.21	15.73	5.03	10.59	6.73
Earnings From Cont. Operations, 3 Yr. CAGR %	-0.52	-6.97	-2.65	33.08	25.18
Net Income, 3 Yr. CAGR %	-0.41	-6.99	-2.68	33.03	25.15
Normalized Net Income, 3 Yr. CAGR %	8.65	-3.39	-0.89	38.94	30.07
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.09	-7.09	-3.21	32.24	24.51
Accounts Receivable, 3 Yr. CAGR %	13.36	18.68	10.25	11.98	-
Inventory, 3 Yr. CAGR %	5.63	21.89	38.53	37.08	-
Net Property, Plant and Equip., 3 Yr. CAGR %	-7.31	-13.1	-5.92	7.42	-
Total Assets, 3 Yr. CAGR %	12.69	9.64	4.29	12.72	-
Tangible Book Value, 3 Yr. CAGR %	-34.56	-24.05	83.96	74.18	-
Common Equity, 3 Yr. CAGR %	-12.2	-7.62	21.93	30.64	-
Cash From Operations, 3 Yr. CAGR %	15.13	36.23	26.74	15.47	0.13
Capital Expenditures, 3 Yr. CAGR %	-50.93	-23.94	17.46	91.29	28.49
Levered Free Cash Flow, 3 Yr. CAGR %	-	-6.79	16.58	10.63	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-6.1	17.03	11.48	-
Dividend Per Share, 3 Yr. CAGR %	-	-	-	9.14	0.65
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	13.02	10.57	10.97
Gross Profit, 5 Yr. CAGR %	-	-	10.96	8.78	8.61
EBITDA, 5 Yr. CAGR %	-	-	9.37	11.04	11.58
EBITA, 5 Yr. CAGR %	-	-	9.82	11.67	10.94
EBIT, 5 Yr. CAGR %	-	-	11.29	12.82	9.9
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	6.96	16.51	2.38
Net Income, 5 Yr. CAGR %	-	-	7.02	16.5	2.33
Normalized Net Income, 5 Yr. CAGR %	-	-	15.17	23.17	2.96
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	6.77	16.08	2.05
Accounts Receivable, 5 Yr. CAGR %	-	-	12.6	16.27	-
Inventory, 5 Yr. CAGR %	-	-	20.11	23.16	-
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-6.69	-1.42	-
Total Assets, 5 Yr. CAGR %	-	-	9.14	14.42	-
Tangible Book Value, 5 Yr. CAGR %	-	-	-6.49	9.95	-
Common Equity, 5 Yr. CAGR %	-	-	-0.25	8.7	-
Cash From Operations, 5 Yr. CAGR %	-	-	20.34	20.7	13.43
Capital Expenditures, 5 Yr. CAGR %	-	-	-15.64	3.94	19.27
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	5.14	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	5.8	-