1973年的巡演结束后，Led Zeppelin度过了一个平静的1974年，没有发行新专辑，也没有举行演出。但有一件事是非常重要的，他们建立了自己的唱片公司Swan Song，他们此后的专辑全由自己发行；另外在该唱片公司发行专辑的乐队还有DAVE EDMUNDS、BAD COMPANY、the PRETTY THINGS及其他几支。《Physical Graffiti》，一张双唱片专辑，于1975年的2月发行，这也是Led Zeppelin在Swan Song发行的第一张专辑。专辑发行后马上取得了成功，在美国和英国排行榜上双双登上首位。正当Led Zeppelin准备于75年夏末在美国举行一次大的巡演时，Robert Plant却和他的妻子在希腊度假时发生了一起严重的车祸。巡演被迫取消，Plant本年余下的时间都用来康复。

这张专辑在滚石杂志选出的500张历代最强专辑中排名第70位。

Led Zeppelin returned from a nearly two-year hiatus in 1975 with Physical Graffiti, a sprawling, ambitious double album. Zeppelin treat many of the songs on Physical Graffiti as forays into individual styles, only occasionally synthesizing sounds, notably on the tense, Eastern-influenced "Kashmir." With John Paul Jones' galloping keyboard, "Trampled Underfoot" ranks as their funkiest metallic grind, while "Houses of the Holy" is as effervescent as pre-Beatles pop and "Down by the Seaside" is the closest they've come to country. Even the heavier blues -- the 11-minute "In My Time of Dying," the tightly wound "Custard Pie," and the monstrous epic "The Rover" -- are subtly shaded, even if they're thunderously loud. Most of these heavy rockers are isolated on the first album, with the second half of Physical Graffiti sounding a little like a scrap heap of experiments, jams, acoustic workouts, and neo-covers. This may not be as consistent as the first platter, but its quirks are entirely welcome, not just because they encompass the mean, decadent "Sick Again," but the heartbreaking "Ten Years Gone" and the utterly charming acoustic rock & roll of "Boogie With Stu" and "Black Country Woman." Yes, some of this could be labeled as filler, but like any great double album, its appeal lies in its great sprawl, since it captures elements of the band's personality rarely showcased elsewhere -- and even at its worst, Physical Graffiti towers above its hard rock peers of the mid-'70s.