Reservoir Media has published its fiscal Q4 (calendar Q1) and full-year financial results for its fiscal 2026, ended March 31, 2026.
The New York-headquartered company reported revenue of $175.7 million for its fiscal 2026, which represents an increase of 6% YoY on an organic basis or 11% YoY when including acquisitions throughout the fiscal year.
That’s up from the $158.7 million in revenue Reservoir generated in the prior fiscal year.
Reservoir‘s Operating Income grew 9% YoY to reach $38.2 million during its fiscal 2026 (the 12 months ending March 31).
The company’s Adjusted EBITDA was up 12% YoY to $73.6 million in its fiscal 2026 (see below).
For fiscal Q4 (calendar Q1), Reservoir reported revenues of $47.5 million, marking an increase of 12% YoY on an organic basis, or 15% YoY including acquisitions YoY.
The company’s Operating Income reached $11.8 million in calendar Q1, up 13% YoY.
Adjusted EBITDA increased 16% YoY to $21.2 million in calendar Q1.
Reservoir highlighted several deals executed during its full fiscal 2026, including the acquisition of the publishing catalog of Miles Davis, and a worldwide publishing administration deal with film composer Hans Zimmer and his company, Remote Control Publishing, extending a relationship that began in 2015.
The company also extended publishing deals with Joni Mitchell and songwriter/producer Khris Riddick-Tynes, and struck a multi-faceted deal with independent record label Fool’s Gold Records, including acquiring catalog master rights of several of the label’s artists and an exclusive partnership to market and distribute all other recordings on Fool’s Gold via the Reservoir label platform.
“Fiscal 2026 was a milestone year as we deployed approximately $120 million across acquisitions and advances for both publishing and recorded rights.”
Golnar Khosrowshahi, Reservoir
In a note to investors on Thursday (May 28), Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media, said: “Fiscal 2026 was another standout year for Reservoir, marked by strong growth and continued strategic investment.
“We expanded our catalog across publishing and recorded music, scaled our presence in high-growth international markets, and reinforced our reputation as the partner of choice for leading creators.
“This momentum is reflected in our partnerships with iconic talent and catalogs, including Miles Davis, Hans Zimmer, Joni Mitchell, and many more.”
“Our full-year 2026 results underscore the strength and resilience of our portfolio, with growth driven by a disciplined approach to both investments and cost.”
Jim Heindlmeyer, Reservoir
Khosrowshahi revealed on the company’s earnings call on Thursday (May 28) that Reservoir deployed approximately $120 million across acquisitions and advances in fiscal 2026.
“Fiscal 2026 was a milestone year as we deployed approximately $120 million across acquisitions and advances for both publishing and recorded rights,” said Khosrowshahi on the call. “This enabled us to retain exceptional creators, sign leading contemporary hitmakers, and further expand and diversify our catalog by genre, by era, and geographic representation.”
Reservoir also expanded its international footprint during the fiscal year with the launch of PopIndia, a Mumbai-based subsidiary, signing singer, songwriter, and YouTube star Yohani and acquiring the publishing and master rights to the entire Musicraft Entertainment catalog.
The company’s subsidiary PopArabia acquired indie label and digital distribution company Viral Wave in April.
Reservoir also announced new publishing deals with country/pop songwriter Allison Veltz Cruz, songwriter-producer Britten Newbill, U.K. singer-songwriter Benjamin Francis Leftwich, and Nashville singer-songwriter Sam Tinnesz.
In the note to investors, Khosrowshahi continued: “Looking ahead, the outlook for the music industry remains highly compelling.
“With a robust deal pipeline and a financial profile that supports both organic growth and disciplined capital deployment, we are well positioned to extend our track record of growth.
“As we enter Fiscal 2027, we remain focused on delivering for our creators and generating long-term value for shareholders.”
Music Publishing
Reservoir‘s Music Publishing Revenue increased 11% YoY to $30.9 million in calendar Q1.
The company reported that the increase was “largely driven by higher Digital revenue and Synchronization revenue, which was partially offset by lower Performance revenue.”
Digital revenues grew 24% YoY to $16.9 million in calendar Q1.
Elsewhere within Music Publishing, in calendar Q1, Reservoir generated Synchronization revenues of $5.8 million, which was up 6% YoY.
Performance revenues reached $5.5 million in calendar Q1, down 16% YoY, while Mechanical revenues reached $1.3 million, up 16% YoY.
Reservoir‘s Music Publishing Revenue in its full fiscal 2026 was $116.8 million, representing an increase of 9% YoY compared to $107.4 million in fiscal 2025.
Growth for the full fiscal year was driven by Digital revenue as well as double-digit gains in Performance and Other revenue, while all other revenue types grew but to a lesser extent.
Recorded Music
In Reservoir‘s Recorded Music segment, in calendar Q1, revenues increased 27% YoY to reach $15.2 million.
Recorded Music Revenue in Reservoir‘s full fiscal 2026 was $51.5 million, an increase of 16% YoY compared to $44.3 million in the prior year.
According to Reservoir, growth in both periods was driven by “a double-digit improvement within Digital revenues and strong growth in Synchronization revenues, which were partially offset by lower Physical revenue in fiscal 2026.”
The results arrive at a critical juncture for the company, which in March disclosed competing unsolicited takeover proposals from Irenic Capital Management – at $10 to $11 per share – and from existing shareholders Wesbild Inc. and Richmond Hill Investments, at $10.50 per share.
A Special Committee of independent directors was formed to evaluate both proposals, and on May 1 announced it had retained Morgan Stanley as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel.
On the earnings call, Khosrowshahi said the company had “no additional updates to share” on the proposals and would “provide further information as appropriate.”
In terms of guidance, Reservoir‘s forecast for the company’s fiscal 2027, ending March 31, 2027, projects revenues of between $186 million and $191 million.
Reservoir also forecasts Adjusted EBITDA of between $75 million and $79 million.
Jim Heindlmeyer, Chief Financial Officer of Reservoir, said: “Our full-year 2026 results underscore the strength and resilience of our portfolio, with growth driven by a disciplined approach to both investments and cost.
“Looking ahead to fiscal 2027, we are well positioned for continued growth due to the strength of our catalog and our proven ability to unlock additional value.
“This is reflected in our guidance for 7% Revenue growth and 5% Adjusted EBITDA growth at the midpoints.”Music Business Worldwide
