Spotify Technology S.A.(SPOT)Earnings, Financials & Key Ratios
SPOT•NYSE
$419.53
$86.35B mkt cap·34.0× P/E·Price updated May 6, 2026
AboutSpotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, marketing, contract research and development, and customer support services. As of December 31, 2021, its platform included 406 million monthly active users and 180 million premium subscribers in 184 countries and territories. The company was incorporated in 2006 and is based in Luxembourg, Luxembourg.Show more
- Revenue$17.19B+9.7%
- EBITDA$2.3B+54.8%
- Net Income$2.21B+94.4%
- EPS (Diluted)10.51+91.1%
- Gross Margin31.98%+6.1%
- EBITDA Margin13.38%+41.2%
- Operating Margin12.79%+46.9%
- Net Margin12.87%+77.3%
- ROE31.94%+13.1%
- ROIC40.52%-23.7%
- Debt/Equity0.28-23.0%
- Interest Coverage72.74+90.2%
SPOT Key Insights
Spotify Technology S.A. (SPOT) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FCF machine: 16.7% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 16.9%
- ✓Efficient asset utilization: 1.1x turnover
✗Weaknesses
- ✗Weak momentum: RS Rating 16 (bottom 16%)
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
SPOT Price & Volume
Spotify Technology S.A. (SPOT) stock price & volume — 10-year historical chart
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SPOT Growth Metrics
Spotify Technology S.A. (SPOT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years24.38%
5 Years16.88%
3 Years13.59%
TTM8.48%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM133.26%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM91.62%
Return on Capital
10 Years-8.62%
5 Years5.05%
3 Years13.03%
Last Year26.67%
SPOT Recent Earnings
Spotify Technology S.A. (SPOT) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 28, 2026EPS
$4.04
Est $3.41
+18.5%
Revenue
$5.2B
Est $5.2B
+0.2%
Q1 2026
Feb 10, 2026EPS
$5.16
Est $3.21
+60.7%
Revenue
$5.3B
Est $5.3B
+0.2%
Q4 2025
Nov 4, 2025EPS
$3.83
Est $2.29
+67.2%
Revenue
$5.0B
Est $5.0B
+0.7%
Q3 2025
Jul 29, 2025EPS
$0.48
Est $2.30
-120.9%
Revenue
$4.9B
Est $5.0B
-1.6%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $4.04vs $3.41+18.5% | $5.2Bvs $5.2B+0.2% |
| Q1 2026 | Feb 10, 2026 | $5.16vs $3.21+60.7% | $5.3Bvs $5.3B+0.2% |
| Q4 2025 | Nov 4, 2025 | $3.83vs $2.29+67.2% | $5.0Bvs $5.0B+0.7% |
| Q3 2025 | Jul 29, 2025 | $0.48vs $2.30-120.9% | $4.9Bvs $5.0B-1.6% |
Based on last 12 quarters of dataView full earnings history →
SPOT Peer Comparison
Spotify Technology S.A. (SPOT) competitors in Digital Media Publishers and Audio — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SIRI | 8.88B | 26.40 | 11.73 | -1.62% | 9.86% | 7.33% | 14.01% | 0.84 |
 IHRT | 974.57M | 6.28 | -2.06 | 0.27% | -12.23% | 1.12% | ||
 PTON | 2.19B | 5.16 | -17.20 | -7.77% | -2.09% | 14.76% | ||
 AAPL | 4.17T | 284.18 | 38.09 | 6.43% | 27.15% | 146.69% | 2.37% | 1.52 |
 AMZN | 2.94T | 273.52 | 38.15 | 12.38% | 12.22% | 23.34% | 0.26% | 0.37 |
 GOOGL | 4.7T | 388.47 | 35.94 | 15.13% | 37.91% | 38.98% | 1.56% | 0.14 |
 NFLX | 372.42B | 87.89 | 34.74 | 15.85% | 24.3% | 41.26% | 2.54% | 0.54 |
 WMG | 14.88B | 28.50 | 40.71 | 4.37% | 4.43% | 38.27% | 3.62% | 6.09 |
Compare SPOT vs Peers
Spotify Technology S.A. (SPOT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SPOT Income Statement
Spotify Technology S.A. (SPOT) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 4.09B | 5.26B | 6.76B | 7.88B | 9.67B | 11.73B | 13.25B | 15.67B | 17.19B | 17.6B |
| Revenue Growth % | 38.55% | 28.58% | 28.62% | 16.5% | 22.69% | 21.3% | 12.96% | 18.31% | 9.65% | 8.48% |
| Cost of Goods Sold | 3.24B | 3.91B | 5.04B | 5.87B | 7.08B | 8.8B | 9.85B | 10.95B | 11.69B | 11.92B |
| COGS % of Revenue | 79.24% | 74.27% | 74.54% | 74.43% | 73.2% | 75.05% | 74.36% | 69.86% | 68.02% | - |
| Gross Profit | 849M▲ 0% | 1.35B▲ 59.4% | 1.72B▲ 27.3% | 2.02B▲ 17.0% | 2.59B▲ 28.6% | 2.93B▲ 12.9% | 3.4B▲ 16.1% | 4.72B▲ 39.1% | 5.5B▲ 16.3% | 5.68B▲ 0% |
| Gross Margin % | 20.76% | 25.73% | 25.46% | 25.57% | 26.8% | 24.95% | 25.64% | 30.14% | 31.98% | 32.29% |
| Gross Profit Growth % | 111.72% | 59.36% | 27.27% | 17.02% | 28.59% | 12.93% | 16.1% | 39.06% | 16.34% | - |
| Operating Expenses | 1.23B | 1.4B | 1.79B | 2.31B | 2.5B | 3.58B | 3.84B | 3.36B | 3.3B | 3.27B |
| OpEx % of Revenue | 30% | 26.55% | 26.54% | 29.29% | 25.83% | 30.57% | 29.01% | 21.43% | 19.19% | - |
| Selling, General & Admin | 831M | 903M | 1.18B | 1.47B | 1.58B | 2.2B | 2.12B | 1.87B | 1.91B | 1.92B |
| SG&A % of Revenue | 20.32% | 17.17% | 17.45% | 18.67% | 16.39% | 18.74% | 15.99% | 11.95% | 11.08% | - |
| Research & Development | 396M | 493M | 615M | 837M | 912M | 1.39B | 1.73B | 1.49B | 1.39B | 1.35B |
| R&D % of Revenue | 9.68% | 9.37% | 9.09% | 10.62% | 9.43% | 11.83% | 13.02% | 9.48% | 8.11% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -378M▲ 0% | -43M▲ 88.6% | -73M▼ 69.8% | -293M▼ 301.4% | 94M▲ 132.1% | -659M▼ 801.1% | -446M▲ 32.3% | 1.36B▲ 406.1% | 2.2B▲ 61.0% | 2.42B▲ 0% |
| Operating Margin % | -9.24% | -0.82% | -1.08% | -3.72% | 0.97% | -5.62% | -3.37% | 8.71% | 12.79% | 13.72% |
| Operating Income Growth % | -8.31% | 88.62% | -69.77% | -301.37% | 132.08% | -801.06% | 32.32% | 406.05% | 61.03% | - |
| EBITDA | -324M | -11M | 14M | -182M | 221M | -488M | -288M | 1.49B | 2.3B | 2.52B |
| EBITDA Margin % | -7.92% | -0.21% | 0.21% | -2.31% | 2.29% | -4.16% | -2.17% | 9.48% | 13.38% | 14.3% |
| EBITDA Growth % | -4.18% | 96.6% | 227.27% | -1400% | 221.43% | -320.81% | 40.98% | 615.97% | 54.78% | 38.08% |
| D&A (Non-Cash Add-back) | 54M | 32M | 87M | 111M | 127M | 171M | 158M | 121M | 102M | 101.43M |
| EBIT | -1.23B | -167M | -88M | -655M | 289M | -329M | -467M | 1.38B | 2.25B | 2.65B |
| Net Interest Income | -490.51M | 19M | -11.83M | -34.43M | -29M | 6M | 93M | 187M | 214M | 201.76M |
| Interest Income | 18.31M | 25M | 30.56M | 15.82M | 11M | 47M | 131M | 223M | 245M | 232.89M |
| Interest Expense | 508.82M | 6M | 42.39M | 50.25M | 40M | 41M | 38M | 36M | 31M | 31.13M |
| Other Income/Expense | -855M | -130M | -58M | -416M | 155M | 289M | -59M | -24M | 26M | 432.65M |
| Pretax Income | -1.23B▲ 0% | -173M▲ 86.0% | -131M▲ 24.3% | -709M▼ 441.2% | 249M▲ 135.1% | -370M▼ 248.6% | -505M▼ 36.5% | 1.34B▲ 365.5% | 2.22B▲ 65.8% | 2.85B▲ 0% |
| Pretax Margin % | -30.15% | -3.29% | -1.94% | -9% | 2.58% | -3.16% | -3.81% | 8.56% | 12.94% | 16.18% |
| Income Tax | 2M | -95M | 55M | -128M | 283M | 60M | 27M | 203M | 12M | 128.55M |
| Effective Tax Rate % | -0.16% | 54.91% | -41.98% | 18.05% | 113.65% | -16.22% | -5.35% | 15.14% | 0.54% | 4.51% |
| Net Income | -1.24B▲ 0% | -78M▲ 93.7% | -186M▼ 138.5% | -581M▼ 212.4% | -34M▲ 94.1% | -430M▼ 1164.7% | -532M▼ 23.7% | 1.14B▲ 313.9% | 2.21B▲ 94.4% | 2.72B▲ 0% |
| Net Margin % | -30.2% | -1.48% | -2.75% | -7.37% | -0.35% | -3.67% | -4.02% | 7.26% | 12.87% | 15.45% |
| Net Income Growth % | -129.13% | 93.68% | -138.46% | -212.37% | 94.15% | -1164.71% | -23.72% | 313.91% | 94.38% | 133.26% |
| Net Income (Continuing) | -1.24B | -78M | -186M | -581M | -34M | -430M | -532M | 1.14B | 2.21B | 2.72B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.93▲ 0% | -0.51▲ 92.6% | -1.03▼ 102.0% | -3.10▼ 201.0% | -1.03▲ 66.8% | -2.93▼ 184.5% | -2.73▲ 6.8% | 5.50▲ 301.5% | 10.51▲ 91.1% | 13.00▲ 0% |
| EPS Growth % | -115.89% | 92.64% | -101.96% | -200.97% | 66.77% | -184.47% | 6.83% | 301.47% | 91.09% | 91.62% |
| EPS (Basic) | -6.93 | -0.44 | -1.03 | -3.10 | -0.18 | -2.23 | -2.73 | 5.67 | 10.77 | - |
| Diluted Shares Outstanding | 178.11M | 181.21M | 180.96M | 187.58M | 193.94M | 195.85M | 194.73M | 206.99M | 210.51M | 209.28M |
| Basic Shares Outstanding | 178.11M | 177.15M | 180.96M | 187.58M | 191.3M | 192.93M | 194.73M | 200.62M | 205.41M | 205.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
SPOT Balance Sheet
Spotify Technology S.A. (SPOT) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 1.95B | 2.25B | 2.21B | 2.36B | 4.38B | 4.32B | 5.28B | 8.38B | 10.49B | 9.67B |
| Cash & Short-Term Investments | 1.55B | 1.81B | 1.74B | 1.74B | 3.51B | 3.32B | 4.23B | 7.45B | 9.46B | 8.76B |
| Cash Only | 489.37M | 584.48M | 1.05B | 1.15B | 2.75B | 2.46B | 3.13B | 4.78B | 5.26B | 5.26B |
| Short-Term Investments | 1.06B | 1.22B | 684.15M | 595.26M | 758.24M | 859.86M | 1.1B | 2.67B | 4.21B | 3.49B |
| Accounts Receivable | 369.33M | 402.33M | 401.4M | 467.42M | 627.86M | 689.28M | 881.33M | 798.99M | 917.61M | 777.81M |
| Days Sales Outstanding | 32.96 | 27.92 | 21.66 | 21.65 | 23.7 | 21.45 | 24.28 | 18.61 | 19.49 | 17.47 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 29.75M | 38.03M | 67.23M | 150.81M | 246.73M | 304.47M | 168.64M | 132M | 110.95M | 136.14M |
| Total Non-Current Assets | 1.24B | 2.09B | 2.86B | 3.96B | 2.81B | 3.26B | 3.1B | 3.63B | 4.52B | 3.47B |
| Property, Plant & Equipment | 74.89M | 197.16M | 771.16M | 756.06M | 811.4M | 758.7M | 549.08M | 413.99M | 421.82M | 409.43M |
| Fixed Asset Turnover | 54.61x | 26.67x | 8.77x | 10.42x | 11.92x | 15.46x | 24.13x | 37.86x | 40.74x | 42.25x |
| Goodwill | 138.5M | 146.12M | 472.58M | 735.08M | 896.65M | 1.16B | 1.14B | 1.2B | 1.08B | 1.1B |
| Intangible Assets | 27.7M | 28.02M | 57.34M | 96.88M | 89.26M | 125.95M | 84.32M | 48M | 40.98M | 41.04M |
| Long-Term Investments | 977.71M | 1.65B | 1.48B | 2.27B | 918.72M | 1.13B | 1.27B | 1.76B | 2.25B | 9.1B |
| Other Non-Current Assets | 12.31M | 65.05M | 68.22M | 77.9M | 77.23M | 77.36M | 24.09M | 16M | 60.97M | 110.08M |
| Total Assets | 3.19B▲ 0% | 4.34B▲ 36.1% | 5.06B▲ 16.7% | 6.32B▲ 24.8% | 7.19B▲ 13.8% | 7.57B▲ 5.3% | 8.38B▲ 10.6% | 12B▲ 43.3% | 15.01B▲ 25.0% | 13.14B▲ 0% |
| Asset Turnover | 1.28x | 1.21x | 1.34x | 1.25x | 1.34x | 1.55x | 1.58x | 1.31x | 1.15x | 1.25x |
| Asset Growth % | 51.02% | 36.14% | 16.69% | 24.77% | 13.82% | 5.31% | 10.62% | 43.3% | 25.02% | 101.73% |
| Total Current Liabilities | 1.91B | 2.15B | 2.41B | 2.9B | 3.24B | 3.49B | 4.11B | 4.45B | 6.08B | 4.69B |
| Accounts Payable | 248.27M | 295.24M | 372.73M | 433.46M | 535.58M | 583.16M | 664.51M | 932.98M | 1.19B | 821.86M |
| Days Payables Outstanding | 27.96 | 27.59 | 26.98 | 26.98 | 27.62 | 24.18 | 24.62 | 31.1 | 37.26 | 27.73 |
| Short-Term Debt | 1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.46B | 62.06M |
| Deferred Revenue (Current) | 221.6M | 258.21M | 315.38M | 379.53M | 459.36M | 515.72M | 624.36M | 682.99M | 710.7M | 2.82B |
| Other Current Liabilities | 1.39B | 1.43B | 1.66B | 2.01B | 2.13B | 2.26B | 2.53B | 2.68B | 2.65B | 2.64B |
| Current Ratio | 1.02x | 1.05x | 0.91x | 0.82x | 1.36x | 1.24x | 1.29x | 1.88x | 1.72x | 1.72x |
| Quick Ratio | 1.02x | 1.05x | 0.91x | 0.82x | 1.36x | 1.24x | 1.29x | 1.88x | 1.72x | 1.72x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | -10.26 |
| Total Non-Current Liabilities | 1.04B | 95.08M | 638.68M | 620.23M | 1.83B | 1.7B | 1.74B | 2.03B | 597.75M | 430.45M |
| Long-Term Debt | 968.48M | 0 | 0 | 0 | 1.21B | 1.12B | 1.21B | 1.54B | 432.82M | 0 |
| Capital Lease Obligations | 0 | 0 | 614.95M | 576.28M | 580.72M | 550.43M | 494.87M | 461.99M | 432.82M | 1.75B |
| Deferred Tax Liabilities | 3.08M | 2M | 1.98M | 0 | 0 | 4.96M | 8.03M | 21M | 162.93M | 463.07M |
| Other Non-Current Liabilities | 7.18M | 8.01M | 21.75M | 43.95M | 44.13M | 30.74M | 29.11M | 8M | -430.82M | -414.8M |
| Total Liabilities | 2.94B | 2.24B | 3.05B | 3.52B | 5.07B | 5.19B | 5.85B | 6.48B | 6.68B | 5.12B |
| Total Debt | 969.5M | 0 | 614.95M | 576.28M | 1.79B | 1.67B | 1.7B | 2B | 2.32B | 476.5M |
| Net Debt | 480.13M | -584.48M | -437.98M | -573.28M | -965.86M | -793.41M | -1.42B | -2.78B | -2.93B | -4.78B |
| Debt / Equity | 3.97x | - | 0.31x | 0.21x | 0.84x | 0.70x | 0.67x | 0.36x | 0.28x | 0.28x |
| Debt / EBITDA | - | - | 43.92x | - | 8.08x | - | - | 1.35x | 1.01x | 0.19x |
| Net Debt / EBITDA | - | - | -31.28x | - | -4.37x | - | - | -1.87x | -1.28x | -1.28x |
| Interest Coverage | -2.42x | -27.83x | -2.08x | -13.04x | 7.23x | -8.02x | -12.29x | 38.25x | 72.74x | 84.99x |
| Total Equity | 244.17M▲ 0% | 2.1B▲ 758.3% | 2.01B▼ 3.9% | 2.8B▲ 39.1% | 2.13B▼ 24.1% | 2.38B▲ 12.0% | 2.53B▲ 6.4% | 5.52B▲ 118.2% | 8.33B▲ 50.7% | 8.02B▲ 0% |
| Equity Growth % | 201.22% | 758.31% | -3.9% | 39.11% | -24.14% | 12.04% | 6.36% | 118.15% | 50.69% | 204.01% |
| Book Value per Share | 1.37 | 11.57 | 11.13 | 14.93 | 10.96 | 12.16 | 13.01 | 26.69 | 39.55 | 38.31 |
| Total Shareholders' Equity | 244.17M | 2.1B | 2.01B | 2.8B | 2.13B | 2.38B | 2.53B | 5.52B | 8.33B | 8.02B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -2.49B | -2.51B | -2.68B | -3.29B | -3.23B | -3.62B | -4.2B | -3.04B | -831.65M | -124.13M |
| Treasury Stock | 0 | -77.06M | -365.81M | -174.78M | -260.77M | -259.84M | -262.99M | -262M | -700.7M | -1.01B |
| Accumulated OCI | 181.59M | 875.73M | 913.52M | 1.68B | 855.53M | 1.51B | 1.82B | 2.71B | 0 | 2.58B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
SPOT Cash Flow Statement
Spotify Technology S.A. (SPOT) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 179M | 344M | 573M | 259M | 361M | 46M | 680M | 2.3B | 2.93B | 2.93B |
| Operating CF Margin % | 4.38% | 6.54% | 8.47% | 3.29% | 3.73% | 0.39% | 5.13% | 14.68% | 17.07% | - |
| Operating CF Growth % | 77.23% | 92.18% | 66.57% | -54.8% | 39.38% | -87.26% | 1378.26% | 238.38% | 27.47% | 114.64% |
| Net Income | -1.24B | -78M | -186M | -581M | -34M | -430M | -532M | 1.14B | 2.21B | 2.72B |
| Depreciation & Amortization | 54M | 32M | 87M | 111M | 127M | 171M | 158M | 121M | 102M | 101.43M |
| Stock-Based Compensation | 65M | 88M | 122M | 176M | 223M | 381M | 321M | 267M | 247M | 205M |
| Deferred Taxes | 2M | -95M | 55M | -128M | 283M | 60M | 27M | 203M | 12M | -91M |
| Other Non-Cash Items | 873M | 146M | 44M | 364M | -202M | -327M | 242M | 196M | 112M | -48.01M |
| Working Capital Changes | 420M | 251M | 451M | 317M | -36M | 191M | 464M | 376M | 248M | 356.48M |
| Change in Receivables | -112M | -61M | -27M | -187M | -245M | -84M | -145M | 145M | -115M | -18.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 447M | 291M | 454M | 425M | 137M | 226M | 501M | 183M | 281M | 275.45M |
| Cash from Investing | -435M | -22M | -218M | -372M | -187M | -423M | -217M | -1.49B | -1.78B | -726.96M |
| Capital Expenditures | -46M | -125M | -135M | -78M | -85M | -25M | -6M | -17M | -61M | -60.08M |
| CapEx % of Revenue | 1.12% | 2.38% | 2% | 0.99% | 0.88% | 0.21% | 0.05% | 0.11% | 0.35% | - |
| Acquisitions | -49M | -9M | -331M | -336M | -115M | -306M | -7M | -10M | -18M | -11M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -34M | -45M | -14M | -25M | -9M | -3M | 7M | 12M | 20M | 13.87M |
| Cash from Financing | 34M | 92M | -203M | 285M | 1.25B | -40M | 234M | 729M | -381M | -2.14B |
| Debt Issued (Net) | 0 | 0 | -17M | -24M | 1.2B | -43M | -66M | -69M | -73M | -1.38B |
| Equity Issued (Net) | 0 | -72M | -438M | -30M | -143M | -2M | -68M | -135M | -67M | -458.98M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -72M | -438M | -30M | -143M | -2M | -68M | -135M | -439M | -692.03M |
| Other Financing | 34M | 164M | 252M | 339M | 198M | 5M | 368M | 933M | -241M | -309.07M |
| Net Change in Cash | -278M▲ 0% | 414M▲ 248.9% | 174M▼ 58.0% | 86M▼ 50.6% | 1.59B▲ 1752.3% | -261M▼ 116.4% | 631M▲ 341.8% | 1.67B▲ 164.2% | 477M▼ 71.4% | 134.35M▲ 0% |
| Free Cash Flow | 133M▲ 0% | 219M▲ 64.7% | 438M▲ 100.0% | 181M▼ 58.7% | 276M▲ 52.5% | 21M▼ 92.4% | 674M▲ 3109.5% | 2.28B▲ 238.9% | 2.87B▲ 25.7% | 3.18B▲ 0% |
| FCF Margin % | 3.25% | 4.16% | 6.48% | 2.3% | 2.85% | 0.18% | 5.09% | 14.57% | 16.71% | 18.09% |
| FCF Growth % | 79.73% | 64.66% | 100% | -58.68% | 52.49% | -92.39% | 3109.52% | 238.87% | 25.74% | 21.93% |
| FCF per Share | 0.75 | 1.21 | 2.42 | 0.96 | 1.42 | 0.11 | 3.46 | 11.03 | 13.64 | 13.64 |
| FCF Conversion (FCF/Net Income) | -0.14x | -4.41x | -3.08x | -0.45x | -10.62x | -0.11x | -1.28x | 2.02x | 1.33x | 1.17x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
SPOT Key Ratios
Spotify Technology S.A. (SPOT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -83614.13% | -6.67% | -9.05% | -24.13% | -1.38% | -19.08% | -21.65% | 28.25% | 31.94% | 35.34% |
| Return on Invested Capital (ROIC) | -67.35% | -2.89% | -3.55% | -11.55% | 4.16% | -35.98% | -24.81% | 53.12% | 40.52% | 40.52% |
| Gross Margin | 20.76% | 25.73% | 25.46% | 25.57% | 26.8% | 24.95% | 25.64% | 30.14% | 31.98% | 32.29% |
| Net Margin | -30.2% | -1.48% | -2.75% | -7.37% | -0.35% | -3.67% | -4.02% | 7.26% | 12.87% | 15.45% |
| Debt / Equity | 3.97x | - | 0.31x | 0.21x | 0.84x | 0.70x | 0.67x | 0.36x | 0.28x | 0.28x |
| Interest Coverage | -2.42x | -27.83x | -2.08x | -13.04x | 7.23x | -8.02x | -12.29x | 38.25x | 72.74x | 84.99x |
| FCF Conversion | -0.14x | -4.41x | -3.08x | -0.45x | -10.62x | -0.11x | -1.28x | 2.02x | 1.33x | 1.17x |
| Revenue Growth | 38.55% | 28.58% | 28.62% | 16.5% | 22.69% | 21.3% | 12.96% | 18.31% | 9.65% | 8.48% |
SPOT Frequently Asked Questions
Spotify Technology S.A. (SPOT) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Spotify Technology S.A. (SPOT) reported $17.60B in revenue for fiscal year 2025. This represents a 807% increase from $1.94B in 2015.
Spotify Technology S.A. (SPOT) grew revenue by 9.7% over the past year. This is steady growth.
Yes, Spotify Technology S.A. (SPOT) is profitable, generating $2.72B in net income for fiscal year 2025 (12.9% net margin).
Dividend & Returns
Spotify Technology S.A. (SPOT) has a return on equity (ROE) of 31.9%. This is excellent, indicating efficient use of shareholder capital.
Spotify Technology S.A. (SPOT) generated $3.18B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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Spotify Technology S.A. (SPOT) financial analysis — history, returns, DCA and operating performance tools
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