The company has significantly strengthened its financial position by reducing its debt-to-equity ratio from 0.67 in 2023Q4 to 0.06 in 2026Q1.
| Total Current Assets | 9.67B | 10.49B | 8.38B | 5.28B | 4.32B | 4.38B | 2.36B | 2.21B | 2.25B | 1.95B | 1.92B | 868.37M |
| Cash & Short-Term Investments | 8.76B | 9.46B | 7.45B | 4.23B | 3.32B | 3.51B | 1.74B | 1.74B | 1.81B | 1.55B | 1.59B | 595.2M |
| Cash Only | 5.26B | 5.26B | 4.78B | 3.13B | 2.46B | 2.75B | 1.15B | 1.05B | 584.48M | 489.37M | 758.83M | 595.2M |
| Short-Term Investments | 3.49B | 4.21B | 2.67B | 1.1B | 859.86M | 758.24M | 595.26M | 684.15M | 1.22B | 1.06B | 834.21M | 0 |
| Accounts Receivable | 777.81M | 917.61M | 798.99M | 881.33M | 689.28M | 627.86M | 467.42M | 401.4M | 402.33M | 369.33M | 307.55M | 246.25M |
| Days Sales Outstanding | 17.47 | 19.49 | 18.61 | 24.28 | 21.45 | 23.7 | 21.65 | 21.66 | 27.92 | 32.96 | 38.03 | 46.33 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 136.14M | 110.95M | 132M | 168.64M | 304.47M | 246.73M | 150.81M | 67.23M | 38.03M | 29.75M | 18.09M | 26.92M |
| Total Non-Current Assets | 3.47B | 4.52B | 3.63B | 3.1B | 3.26B | 2.81B | 3.96B | 2.86B | 2.09B | 1.24B | 191.97M | 179.46M |
| Property, Plant & Equipment | 409.43M | 421.82M | 413.99M | 549.08M | 758.7M | 811.4M | 756.06M | 771.16M | 197.16M | 74.89M | 85.43M | 80.76M |
| Fixed Asset Turnover | 42.25x | 40.74x | 37.86x | 24.13x | 15.46x | 11.92x | 10.42x | 8.77x | 26.67x | 54.61x | 34.55x | 24.02x |
| Goodwill | 1.1B | 1.08B | 1.2B | 1.14B | 1.16B | 896.65M | 735.08M | 472.58M | 146.12M | 138.5M | 73.37M | 64.8M |
| Intangible Assets | 41.04M | 40.98M | 48M | 84.32M | 125.95M | 89.26M | 96.88M | 57.34M | 28.02M | 27.7M | 7.04M | 7.98M |
| Long-Term Investments | 9.1B | 2.25B | 1.76B | 1.27B | 1.13B | 918.72M | 2.27B | 1.48B | 1.65B | 977.71M | 21.11M | 20.94M |
| Other Non-Current Assets | 16.02M | 60.97M | 16M | 24.09M | 77.36M | 77.23M | 77.9M | 68.22M | 65.05M | 12.31M | 2.01M | 996.98K |
| Total Assets | 13.14B | 15.01B | 12B | 8.38B | 7.57B | 7.19B | 6.32B | 5.06B | 4.34B | 3.19B | 2.11B | 1.05B |
| Asset Turnover | 1.25x | 1.15x | 1.31x | 1.58x | 1.55x | 1.34x | 1.25x | 1.34x | 1.21x | 1.28x | 1.40x | 1.85x |
| Asset Growth % | 101.73% | 25.02% | 43.3% | 10.62% | 5.31% | 13.82% | 24.77% | 16.69% | 36.14% | 51.02% | 101.43% | - |
| Total Current Liabilities | 4.69B | 6.08B | 4.45B | 4.11B | 3.49B | 3.24B | 2.9B | 2.41B | 2.15B | 1.91B | 1.23B | 795.59M |
| Accounts Payable | 821.86M | 1.19B | 932.98M | 664.51M | 583.16M | 535.58M | 433.46M | 372.73M | 295.24M | 248.27M | 139.7M | 75.77M |
| Days Payables Outstanding | 27.73 | 37.26 | 31.1 | 24.62 | 24.18 | 27.62 | 26.98 | 26.98 | 27.59 | 27.96 | 19.99 | 16.14 |
| Short-Term Debt | 62.06M | 1.46B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M | 5.03M | 5.98M |
| Deferred Revenue (Current) | 2.82B | 710.7M | 682.99M | 624.36M | 515.72M | 459.36M | 379.53M | 315.38M | 258.21M | 221.6M | 149.76M | 91.72M |
| Other Current Liabilities | 2.64B | 2.65B | 2.68B | 2.53B | 2.26B | 2.13B | 2.01B | 1.66B | 1.43B | 1.39B | 905.57M | 594.2M |
| Current Ratio | 2.06x | 1.72x | 1.88x | 1.29x | 1.24x | 1.36x | 0.82x | 0.91x | 1.05x | 1.02x | 1.56x | 1.09x |
| Quick Ratio | 2.06x | 1.72x | 1.88x | 1.29x | 1.24x | 1.36x | 0.82x | 0.91x | 1.05x | 1.02x | 1.56x | 1.09x |
| Cash Conversion Cycle | -10.26 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 430.45M | 597.75M | 2.03B | 1.74B | 1.7B | 1.83B | 620.23M | 638.68M | 95.08M | 1.04B | 1.13B | 23.93M |
| Long-Term Debt | 0 | 432.82M | 1.54B | 1.21B | 1.12B | 1.21B | 0 | 0 | 0 | 968.48M | 1.11B | 0 |
| Capital Lease Obligations | 1.75B | 432.82M | 461.99M | 494.87M | 550.43M | 580.72M | 576.28M | 614.95M | 0 | 0 | 1.01M | 4.98M |
| Deferred Tax Liabilities | 463.07M | 162.93M | 21M | 8.03M | 4.96M | 0 | 0 | 1.98M | 2M | 3.08M | 0 | 0 |
| Other Non-Current Liabilities | 5.01M | -430.82M | 8M | 29.11M | 30.74M | 44.13M | 43.95M | 21.75M | 8.01M | 7.18M | 4.02M | 9.97M |
| Total Liabilities | 5.12B | 6.68B | 6.48B | 5.85B | 5.19B | 5.07B | 3.52B | 3.05B | 2.24B | 2.94B | 2.35B | 819.52M |
| Total Debt | 476.5M | 2.32B | 2B | 1.7B | 1.67B | 1.79B | 576.28M | 614.95M | 0 | 969.5M | 1.12B | 10.97M |
| Net Debt | -4.78B | -2.93B | -2.78B | -1.42B | -793.41M | -965.86M | -573.28M | -437.98M | -584.48M | 480.13M | 358.81M | -584.23M |
| Debt / Equity | 0.06x | 0.28x | 0.36x | 0.67x | 0.70x | 0.84x | 0.21x | 0.31x | - | 3.97x | - | 0.05x |
| Debt / EBITDA | 0.19x | 1.01x | 1.35x | - | - | 8.08x | - | 43.92x | - | - | - | - |
| Net Debt / EBITDA | -1.90x | -1.28x | -1.87x | - | - | -4.37x | - | -31.28x | - | - | - | - |
| Interest Coverage | 84.99x | 72.74x | 38.25x | -12.29x | -8.02x | 7.23x | -13.04x | -2.08x | -27.83x | -2.42x | -106.00x | -224.00x |
| Total Equity | 8.02B | 8.33B | 5.52B | 2.53B | 2.38B | 2.13B | 2.8B | 2.01B | 2.1B | 244.17M | -241.22M | 228.31M |
| Equity Growth % | 204.01% | 50.69% | 118.15% | 6.36% | 12.04% | -24.14% | 39.11% | -3.9% | 758.31% | 201.22% | -205.65% | - |
| Book Value per Share | 38.31 | 39.55 | 26.69 | 13.01 | 12.16 | 10.96 | 14.93 | 11.13 | 11.57 | 1.37 | -1.44 | 1.36 |
| Total Shareholders' Equity | 8.02B | 8.33B | 5.52B | 2.53B | 2.38B | 2.13B | 2.8B | 2.01B | 2.1B | 244.17M | -241.22M | 228.31M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -124.13M | -831.65M | -3.04B | -4.2B | -3.62B | -3.23B | -3.29B | -2.68B | -2.51B | -2.49B | -1.2B | -651.03M |
| Treasury Stock | -1.01B | -700.7M | -262M | -262.99M | -259.84M | -260.77M | -174.78M | -365.81M | -77.06M | 0 | 0 | 0 |
| Accumulated OCI | 2.58B | 0 | 2.71B | 1.82B | 1.51B | 855.53M | 1.68B | 913.52M | 875.73M | 181.59M | 122.62M | 84.74M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Royalty cost structure rigidity
According to quarterly balance sheet data, Spotify has significantly improved its financial trajectory, with total equity expanding from $2.5 billion in 2023Q4 to $8.0 billion in 2026Q1, driven by a consistent reduction in accumulated deficits and a disciplined approach to capital management.
The transition from a negative retained earnings position of $4.2 billion to $124.1 million in the most recent quarter suggests a fundamental shift toward sustainable profitability. This trajectory indicates that the company is successfully moving past its heavy investment phase, allowing for a more robust balance sheet that can support future strategic initiatives.
As reported in financial statements, Spotify has aggressively reduced its debt-to-equity ratio from 0.67 in 2023Q4 to 0.06 in 2026Q1, reflecting a deliberate strategy to minimize interest-bearing obligations as the company achieves consistent operational cash flow generation.
The reduction of total debt to $476.5 million provides the company with significant financial flexibility in a volatile interest rate environment. This low leverage profile suggests that management is prioritizing balance sheet health, which may reduce the cost of capital and provide a buffer against potential sector-specific downturns.
Based on the latest reported figures, Spotify maintains a strong liquidity position with $5.3 billion in cash and a current ratio of 2.06, indicating a substantial buffer to meet short-term obligations and fund ongoing content acquisition or platform development needs.
The improvement in the current ratio from 1.29 in 2023Q4 to 2.06 in 2026Q1 highlights a significant enhancement in the company's ability to cover its short-term liabilities. This liquidity profile appears sufficient to navigate potential market volatility without the need for external financing, reinforcing the company's operational independence.
As indicated by the company's recent filings, the equity base has more than tripled over the last ten quarters, primarily driven by the narrowing of retained earnings losses and a transition toward positive net income generation.
The rapid improvement in equity quality suggests that the business model is finally scaling effectively, allowing for the accumulation of retained earnings. Investors should monitor whether this trend continues, as it serves as a primary indicator of the company's ability to generate long-term value for shareholders.
Quick answers to the most common questions about buying SPOT stock.
As of 2025, Spotify Technology S.A. (SPOT) had total assets of $15.01B including $10.49B in current assets.
Spotify Technology S.A. (SPOT) carries total debt of $2.32B, offset by $9.46B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spotify Technology S.A. (SPOT) has total shareholders' equity (book value) of $8.33B ($39.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spotify Technology S.A. (SPOT) reported a current ratio of 1.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.