Spotify Technology S.A. (SPOT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$2.94	$3.45	+17.3%	—	$4.5B	—
Q4 25	$2.78	$4.43	+59.4%	—	$4.5B	—
Q3 25	$2.02	$3.28	+62.4%	—	$4.3B	—
Q2 25	$1.98	-$0.42	-121.2%	—	$4.2B	—
Q1 25	$2.21	$1.07	-51.6%	—	$4.2B	—
Q4 24	$2	$1.76	-12.0%	—	$5B	—
Q3 24	$1.67	$1.45	-13.2%	—	$4.6B	—
Q2 24	$1.01	$1.33	+31.7%	—	$3.8B	—
Q1 24	$0.63	$0.97	+54.0%	—	$3.6B	—
Q4 23	-$0.26	-$0.36	-38.5%	—	$3.7B	—
Q3 23	-$0.2	$0.33	+265.0%	—	$3.4B	—
Q2 23	-$0.57	-$1.55	-171.9%	—	$3.2B	—
Q1 23	-$0.82	-$1.16	-41.5%	—	$3B	—
Q4 22	-$1.28	-$1.4	-9.4%	—	$3.2B	—
Q3 22	-$0.84	-$0.99	-17.9%	—	$3B	—
Q2 22	-$0.64	-$0.65	-1.6%	—	$2.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.8	—	—	$17.2B	—
FY24	—	$5.67	—	—	$18.5B	—
FY23	—	-$2.73	—	—	$13.2B	—
FY22	—	-$2.23	—	—	$11.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3B	$4.1B	$5.3B	$6.8B	$7.9B	$9.7B	$11.7B	$13.2B	$18.5B	$17.2B
YoY change	+52.2%	+38.6%	+28.6%	+28.6%	+16.5%	+22.7%	+21.3%	+13%	+39.8%	-7.19%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3B	4.1B	5.3B	6.8B	7.9B	9.7B	11.7B	13.2B	18.5B	17.2B
Cost of revenue	2.6B	3.2B	3.9B	5B	5.9B	7.1B	8.8B	9.8B	12.9B	11.7B
Gross profit	401M	849M	1.4B	1.7B	2B	2.6B	2.9B	3.4B	5.6B	5.5B
Gross margin	13.6%	20.8%	25.7%	25.5%	25.6%	26.8%	25%	25.6%	30.1%	32%
Research & development	207M	396M	493M	615M	837M	912M	1.4B	1.7B	1.8B	1.4B
Selling, general & administrative	543M	831M	903M	1.2B	1.5B	1.6B	2.2B	2.1B	2.2B	1.9B
Operating expenses	750M	1.2B	1.4B	1.8B	2.3B	2.5B	3.6B	3.8B	4B	3.3B
Operating income	-349M	-378M	-43M	-73M	-293M	94M	-659M	-446M	1.6B	2.2B
Operating margin	-11.8%	-9.24%	-0.82%	-1.08%	-3.72%	0.97%	-5.62%	-3.37%	8.71%	12.8%
Non-operating income, net	-186M	-872M	-160M	-47M	-387M	207M	287M	-152M	-263.5M	-200M
Pretax income	-535M	-1.2B	-173M	-131M	-709M	249M	-370M	-505M	1.6B	2.2B
Income tax	4M	2M	-95M	55M	-128M	283M	60M	27M	239.8M	12M
Net income	-539M	-1.2B	-78M	-186M	-581M	-34M	-430M	-532M	1.3B	2.2B
Net margin	-18.3%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%	12.9%
EBITDA	-308M	-302M	24M	46M	-157M	220M	-428M	-146M	2B	2.6B
EPS	-3.21	-6.93	-0.44	-1.03	-3.1	-0.18	-2.23	-2.73	5.67	10.8
Diluted EPS	-3.21	-6.93	-0.51	-1.03	-3.1	-1.03	-2.93	-2.73	5.5	10.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.4B	3.7B	3.6B	3.8B	4.6B	5B	4.2B	4.2B	4.3B	4.5B	4.5B	4.8B
Cost of revenue	2.5B	2.7B	2.6B	2.7B	3.2B	3.4B	2.9B	2.9B	2.9B	3B	3B	3.2B
Gross profit	885M	980M	1B	1.1B	1.4B	1.6B	1.3B	1.3B	1.4B	1.5B	1.5B	1.6B
Gross margin	26.4%	26.7%	27.6%	29.2%	31.1%	32.2%	31.6%	31.5%	31.6%	33.1%	33%	33.4%
Research & development	369M	468M	389M	379M	395.6M	444.2M	379M	415M	309M	290M	331M	403M
Selling, general & administrative	484M	587M	447M	467M	513.5M	608.4M	438M	499M	460M	508M	449M	538M
Operating expenses	853M	1.1B	836M	846M	909.1M	1.1B	817M	914M	769M	798M	780M	941M
Operating income	32M	-75M	168M	266M	525.1M	563.6M	509M	406M	582M	701M	715M	655M
Operating margin	0.95%	-2.04%	4.62%	6.99%	11.4%	11.2%	12.1%	9.68%	13.6%	15.5%	15.8%	13.7%
Non-operating income, net	14M	-89M	-35M	-43M	-128.4M	-40.2M	-238M	-414M	189M	263M	166M	16M
Pretax income	73M	-131M	174M	270M	460.3M	589.5M	328M	48M	827M	1B	937M	720M
Income tax	8M	-61M	-23M	-4M	113.3M	156M	103M	134M	-72M	-153M	216M	175M
Net income	65M	-70M	197M	274M	347M	433.6M	225M	-86M	899M	1.2B	721M	545M
Net margin	1.94%	-1.91%	5.42%	7.2%	7.52%	8.65%	5.37%	-2.05%	21%	25.9%	15.9%	11.4%
EBITDA	104M	12M	249M	352M	633.8M	675.8M	601M	496M	670M	790M	804M	741M
EPS	0.33	-0.36	0.99	1.37	1.49	1.81	1.1	-0.42	4.36	5.71	3.5	2.65
Diluted EPS	0.33	-0.36	0.97	1.33	1.45	1.76	1.07	-0.42	3.28	4.43	3.45	2.61

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	19.4B	26.1B	57B	43.2B	14.7B	35.2B	—	—	102.3B
Enterprise value	—	—	17.6B	25B	55.8B	41.5B	13B	32.7B	—	—	112.1B
Shares outstanding	161.9M	171.9M	171M	174.6M	181M	184.6M	186.2M	187.5M	237M	205.4M	205.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	28.2
P/S	—	—	3.69	3.86	7.23	4.47	1.25	2.66	—	—	5.79
P/B	—	—	9.27	12.8	20.3	20.4	6.12	14	—	—	10.7
EV/EBITDA	—	—	733.2	543.1	-355.3	188.6	-30.4	-224	—	—	36.6
EV/Sales	—	—	3.35	3.69	7.08	4.29	1.11	2.47	—	—	5.43
Earnings yield	—	—	—	—	—	—	—	—	—	—	3.55%
FCF yield	—	—	1.13%	1.68%	0.32%	0.64%	0.14%	1.91%	—	—	1.72%
PEG	—	—	—	—	—	—	—	—	—	—	-0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13.6%	20.8%	25.7%	25.5%	25.6%	26.8%	25%	25.6%	30.1%	32%	33.4%
Operating margin	-11.8%	-9.24%	-0.82%	-1.08%	-3.72%	0.97%	-5.62%	-3.37%	8.71%	12.8%	13.7%
Net margin	-18.3%	-30.2%	-1.48%	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.26%	12.9%	18.4%
ROE	224.6%	-518.9%	-3.72%	-9.13%	-20.7%	-1.6%	-17.9%	-21.1%	20.6%	26.6%	44.5%
ROA	-25.7%	-39.7%	-1.8%	-3.63%	-9.18%	-0.47%	-5.63%	-6.37%	9.48%	14.7%	12.2%
ROIC	48.9%	116%	-14.9%	-8.09%	-17.9%	0%	-89.8%	-8.9K%	1.5K%	267.3%	-470.6%
Return on tangible assets	-27.8%	-44.4%	-1.96%	-4.59%	-12.5%	-0.65%	-8.52%	-9.01%	12%	17.3%	29.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.56	1.02	1.05	0.91	0.82	1.36	1.24	1.29	1.88	1.72	2.11
Quick ratio	1.56	1.02	1.05	0.91	0.82	1.36	1.24	1.29	1.88	1.72	2.11
Debt / equity	-4.63	3.97	0	0.31	0.21	0.84	0.7	0.67	0.36	0.23	0.06
Debt / assets	0.53	0.3	0	0.12	0.09	0.25	0.22	0.2	0.17	0.13	0.03
Net debt / EBITDA	1.54	1.87	-75.3	-24.7	7.45	-7.81	3.89	17.2	-3.17	-2.94	-2.97
Interest coverage	-106	-307.3	-27.8	-2.05	-12.1	5.88	-5.38	-9.31	38.3	72.7	117.8
Effective tax rate	0%	0%	0%	0%	0%	100%	0%	0%	15.1%	0.54%	4.74%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.2	23.8	30.8	38.7	43.5	52.4	63	70.7	78.1	83.7	88
EPS (basic)	-3.21	-6.93	-0.44	-1.03	-3.1	-0.18	-2.23	-2.73	5.67	10.8	10.8
EPS (diluted)	-3.21	-6.93	-0.51	-1.03	-3.1	-1.03	-2.93	-2.73	5.5	10.5	18.1
Book value per share	-1.48	1.38	12.2	11.7	15.5	11.5	12.9	13.5	27.5	40.5	47.6
FCF per share	0.46	0.83	1.28	2.51	1	1.5	0.11	3.6	11.4	14	15.6
Cash per share	9.79	8.78	10.6	10.1	9.65	19	18	22.5	37.1	46.1	34
Capex per share	0.17	0.21	0.73	0.77	0.43	0.46	0.13	0.03	0.08	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.91%	0.88%	2.38%	2%	0.99%	0.88%	0.21%	0.05%	0.11%	—	—
Capex / operating cash flow	27.6%	22.8%	37.3%	22.5%	24.5%	18.6%	21.6%	1.36%	0.79%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.4B	$3.7B	$3.6B	$3.8B	$4.6B	$5B	$4.2B	$4.2B	$4.3B	$4.5B	$4.5B	$4.8B
YoY change	+10.6%	+16%	+19.5%	+19.8%	+37.4%	+36.5%	+15.2%	+10.1%	-7.38%	-9.59%	+8.19%	+13.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.6B	1.5B	1.8B	1.8B	1.7B	3.5B	3.4B	4.2B	8.8B	9.5B
Receivables	223M	272M	273M	297M	319M	437M	502M	602M	638M	536M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.9B	1.9B	2.2B	2.2B	2.4B	4.4B	4.4B	5.3B	9.9B	10.5B
Property, plant & equipment	85M	73M	197M	780M	757M	809M	90M	-137M	-216.2M	-157M
Goodwill & intangibles	160M	324M	348M	1.1B	1.7B	2B	2.6B	2.4B	3B	2.2B
Total assets	2.1B	3.1B	4.3B	5.1B	6.3B	7.2B	7.6B	8.3B	14.2B	15B
Accounts payable	139M	242M	295M	377M	434M	534M	588M	662M	1.1B	783M
Short-term debt	5M	1M	—	—	—	—	—	—	—	1.5B
Total current liabilities	1.2B	1.9B	2.1B	2.4B	2.9B	3.2B	3.5B	4.1B	5.3B	6.1B
Long-term debt	1.1B	944M	0	622M	577M	1.8B	1.7B	1.7B	2.4B	433M
Total liabilities	2.3B	2.9B	2.2B	3.1B	3.5B	5.1B	5.2B	5.8B	7.7B	6.7B
Shareholders' equity	-240M	238M	2.1B	2B	2.8B	2.1B	2.4B	2.5B	6.5B	8.3B
Total debt	1.1B	945M	0	622M	577M	1.8B	1.7B	1.7B	2.4B	2B
Net debt	357M	468M	-891M	-443M	-574M	-963M	-800M	-1.4B	-3.3B	-3.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.7B	4.2B	4.7B	5.4B	7B	8.8B	7.9B	8.3B	9.1B	9.5B	8.7B	9.4B
Receivables	516M	602M	559M	545M	621.1M	638M	531M	509M	511M	536M	463M	543M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.7B	5.3B	5.6B	6.3B	8.1B	9.9B	8.9B	9.3B	10.1B	10.5B	9.7B	10.4B
Property, plant & equipment	618M	-137M	-75M	465M	497.3M	-216.2M	-187M	417M	416M	-157M	-173M	-167M
Goodwill & intangibles	2.6B	2.4B	2.5B	2.5B	2.7B	3B	2.4B	2.2B	2.2B	2.2B	2.3B	2.3B
Total assets	7.6B	8.3B	9.1B	10.1B	12.2B	14.2B	12.7B	13.5B	14.7B	15B	13.1B	13.7B
Accounts payable	655M	662M	715M	750M	853.6M	1.1B	693M	803M	802M	783M	821M	888M
Short-term debt	—	—	—	—	—	—	1.7B	1.9B	1.8B	1.5B	62M	62M
Total current liabilities	3.7B	4.1B	4B	4.1B	4.7B	5.3B	6B	6.3B	6.2B	6.1B	4.7B	4.9B
Long-term debt	1.7B	1.7B	1.8B	1.8B	2.1B	2.4B	448M	453M	444M	433M	414M	404M
Total liabilities	5.5B	5.8B	5.8B	5.9B	6.8B	7.7B	6.4B	6.8B	6.9B	6.7B	5.1B	5.4B
Shareholders' equity	2.1B	2.5B	3.3B	4.3B	5.4B	6.5B	6.2B	6.6B	7.8B	8.3B	8B	8.4B
Total debt	1.7B	1.7B	1.8B	1.8B	2.1B	2.4B	2.1B	2.4B	2.2B	2B	476M	466M
Net debt	-889M	-1.4B	-1.7B	-2.3B	-3.4B	-3.3B	-2.9B	-2.8B	-3.2B	-3.3B	-4.8B	-5.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-539M	-1.2B	-78M	-186M	-581M	-34M	-430M	-532M	1.3B	2.2B
Depreciation & amortization	38M	54M	32M	87M	111M	127M	171M	158M	143M	102M
Stock-based compensation	53M	65M	88M	122M	176M	223M	381M	321M	315.4M	247M
Change in working capital	300M	420M	251M	451M	317M	-36M	191M	464M	444.2M	248M
Operating cash flow	98M	158M	335M	600M	318M	456M	116M	441M	2.5B	2.9B
Capital expenditure	-27M	-36M	-125M	-135M	-78M	-85M	-25M	-6M	-20.1M	—
Investing cash flow	-827M	-435M	-22M	-218M	-372M	-187M	-423M	-217M	-1.8B	-1.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-72M	-438M	0	-89M	-2M	0	0	-439M
Financing cash flow	883M	-4M	-71M	-446M	-34M	1.1B	-83M	-132M	-241M	-753M
Net change in cash	154M	-281M	242M	-64M	-88M	1.3B	-390M	92M	517.5M	433M
Free cash flow	74M	143M	219M	438M	181M	276M	21M	674M	2.7B	2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	65M	-70M	197M	274M	347M	433.6M	225M	-86M	899M	1.2B	721M	545M
Depreciation & amortization	36M	34M	31M	30M	34.7M	35.4M	27M	26M	24M	25M	26M	29M
Stock-based compensation	85M	34M	69M	81M	72.9M	63.8M	42M	73M	75M	57M	56M	86M
Change in working capital	47M	353M	-84M	93M	133M	297.7M	-79M	202M	101M	24M	29M	89M
Operating cash flow	217M	305M	184M	469M	714.8M	1B	441M	709M	829M	856M	836M	816M
Capital expenditure	-1M	-1M	-5M	-2M	-4.6M	-7.1M	-6M	—	—	—	—	—
Investing cash flow	-203M	-5M	-114M	-110M	-94.8M	-1.4B	-314M	-416M	-416M	-607M	737M	53M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	-58M	-381M	-306M	-232M
Financing cash flow	-33M	-30M	-40M	-56M	-61.3M	-65M	-78M	-81M	-139M	-455M	-1.7B	-282M
Net change in cash	-19M	270M	30M	303M	558.6M	-446.6M	49M	212M	274M	-206M	-102M	587M
Free cash flow	210M	396M	206M	490M	822.3M	1B	533M	699M	806M	834M	831M	796M

Spotify Technology S.A. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement