Universal Music Logs Strong Subscriptions, Streaming Revenue Growth

By Mauro Orru

Universal Music Group posted robust revenue growth from subscriptions and streaming for the first quarter and increased the size of its share buyback program.

The music company behind Lady Gaga and Taylor Swift said revenue for the three months to the end of March grew 8.1% on year at constant currency to 2.90 billion euros, equivalent to $3.40 billion. Analysts had forecast 2.94 billion euros in revenue, according to Visible Alpha.

Revenue from subscriptions and streaming grew 10.9% at constant currency to 1.64 billion euros, above analysts' forecast of 9.4% growth. That marked an acceleration from 8.1% growth that the company recorded for the fourth quarter.

Meanwhile, the company said it had increased the size of its 500 million-euro share buyback to 1 billion euros when it completes its current program. The record label also said it had authorized the monetization of half of its equity stake in Spotify, with Universal's share being directed toward its buyback program.

Adjusted earnings before interest, taxes, depreciation and amortization--Universal's preferred measure of profitability--slipped to 636 million euros from 661 million euros a year earlier, generating a 21.9% adjusted margin. Analysts had forecast adjusted Ebitda of 667 million euros, according to Visible Alpha.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

April 29, 2026 12:32 ET (16:32 GMT)