Universal Music Group posted 3.394 billion euros (about $3.78 billion) in revenue in its third quarter, the world’s largest record company said in its quarterly earnings report published Thursday, a nearly 12 percent increase from 2025.

Recorded revenue grew just over 7 percent excluding revenue from its acquisition of Downtown Music and nearly 15 percent overall, up to 2.55 billion euros or $2.84 billion. Music publishing revenue grew 7.5 percent, or about 1.5 percent when excluding the Downtown revenue, up to 590 million euros or about $659 million. On the company’s earnings call Thursday, Chairman and CEO Lucian Grainge called the Downtown acquisition “the most important acquisition UMG has made since EMI.”

UMG cited releases from Mrs. Green Apple, Olivia Rodrigo, Stray Kids, Ariana Grande and The Beatles as among the biggest performers this quarter. Subscription revenue grew to about $2 billion, an 18 percent jump from last year, with an eight percent growth when excluding downtown.…