SPOT

MKT CAP:$107B

Spotify Technology S.A.

Market Cap

$107B

Communication Services·Internet Content & Information·🇱🇺 Luxembourg·NYSE

Communication·Internet·🇱🇺·NYSE

Stock Price

$519.39-$55.61 (-9.67%)

Apr 24, 2026

Company Details

Spotify 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 cat...

CEO

Alex Norström

IPO Date

Apr 3, 2018

Website

www.spotify.com

Key Metrics TTM

Revenue

$20.1B

+9.7% YoY

Net Income

$2.6B

EPS (Diluted)

$9.73

Free Cash Flow

$3.4B

Revenue / Share

$94.56

Gross Margin

32.0%

Operating Margin

12.8%

Net Margin

12.9%

FCF Margin

16.7%

P/S

5.3x

P/E

41.3x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

Q4 2025

Feb 10, 2026

$5.3B+6.8%EPS $5.13

Q3 2025

Nov 4, 2025

$5.0B+7.1%EPS $3.83

Q2 2025

Jul 29, 2025

$4.9B+10.1%EPS -$0.49

Q1 2025

Apr 29, 2025

$4.9B+15.2%EPS $1.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3.1B	$785M	-$7M
Q2 22	$3.3B	$823M	-$227M
Q3 22	$3.5B	$877M	-$267M
Q4 22	$3.7B	$937M	-$270M
Q1 23	$3.6B	$896M	-$182M
Q2 23	$3.7B	$896M	-$289M
Q3 23	$3.9B	$1.0B	$37M
Q4 23	$4.3B	$1.1B	-$88M
Q1 24	$4.3B	$1.2B	$196M
Q2 24	$4.5B	$1.3B	$311M
Q3 24	$4.7B	$1.4B	$531M
Q4 24	$5.0B	$1.6B	$558M
Q1 25	$4.9B	$1.6B	$595M
Q2 25	$4.9B	$1.5B	$475M
Q3 25	$5.0B	$1.6B	$680M
Q4 25	$5.3B	$1.8B	$820M

Valuation

Quarter	P/S	P/E
Q1 22	2.4x	334.0x
Q2 22	1.6x	—
Q3 22	1.3x	—
Q4 22	1.2x	—
Q1 23	1.9x	—
Q2 23	2.2x	—
Q3 23	2.1x	—
Q4 23	2.5x	—
Q1 24	3.3x	—
Q2 24	3.7x	116.1x
Q3 24	4.2x	90.6x
Q4 24	5.0x	68.9x
Q1 25	6.0x	82.9x
Q2 25	8.1x	167.3x
Q3 25	7.6x	91.3x
Q4 25	6.0x	46.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$43M	$32M
Q2 22	$46M	$40M
Q3 22	$47M	$41M
Q4 22	-$82M	-$88M
Q1 23	$69M	$67M
Q2 23	$15M	$13M
Q3 23	$247M	$246M
Q4 23	$464M	$463M
Q1 24	$247M	$241M
Q2 24	$575M	$573M
Q3 24	$836M	$831M
Q4 24	$1.0B	$1.0B
Q1 25	$630M	$623M
Q2 25	$829M	$817M
Q3 25	$969M	$942M
Q4 25	$1.0B	$975M

Capital Expenditures

Quarter	CapEx
Q1 22	$12M
Q2 22	$6M
Q3 22	$6M
Q4 22	$6M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$1M
Q1 24	$6M
Q2 24	$2M
Q3 24	$5M
Q4 24	$7M
Q1 25	$7M
Q2 25	$12M
Q3 25	$27M
Q4 25	$26M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+23.9%	+25.0%
Q2 22	+22.9%	+31.9%
Q3 22	+21.4%	+34.5%
Q4 22	+17.7%	+26.0%
Q1 23	+14.3%	+19.9%
Q2 23	+10.9%	+12.0%
Q3 23	+10.6%	+1.9%
Q4 23	+16.0%	+10.3%
Q1 24	+19.5%	+8.4%
Q2 24	+19.8%	+3.4%
Q3 24	+18.8%	+6.3%
Q4 24	+15.6%	+0.5%
Q1 25	+15.2%	+6.1%
Q2 25	+10.1%	+6.9%
Q3 25	+7.1%	+4.4%
Q4 25	+6.8%	+1.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$80M	2.6%
Q2 22	$123M	3.7%
Q3 22	$126M	3.6%
Q4 22	$117M	3.2%
Q1 23	$123M	3.5%
Q2 23	$113M	3.1%
Q3 23	$99M	2.5%
Q4 23	$40M	0.9%
Q1 24	$81M	1.9%
Q2 24	$95M	2.1%
Q3 24	$74M	1.6%
Q4 24	$63M	1.3%
Q1 25	$49M	1.0%
Q2 25	$85M	1.7%
Q3 25	$88M	1.8%
Q4 25	$67M	1.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$292M	$153M	$346M
Q2 22	$393M	$200M	$457M
Q3 22	$451M	$187M	$505M
Q4 22	$485M	$192M	$530M
Q1 23	$509M	$164M	$406M
Q2 23	$530M	$188M	$467M
Q3 23	$431M	$151M	$415M
Q4 23	$547M	$181M	$505M
Q1 24	$455M	$144M	$379M
Q2 24	$443M	$145M	$401M
Q3 24	$400M	$131M	$388M
Q4 24	$440M	$143M	$459M
Q1 25	$443M	$145M	$367M
Q2 25	$485M	$158M	$426M
Q3 25	$361M	$130M	$408M
Q4 25	$339M	$127M	$467M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3.2B	$959M	$4.2B
Q2 22	$3.3B	$914M	$4.2B
Q3 22	$3.3B	$956M	$4.3B
Q4 22	$2.9B	$1.0B	$3.9B
Q1 23	$2.9B	$1.2B	$4.0B
Q2 23	$3.0B	$1.0B	$4.0B
Q3 23	$3.1B	$1.3B	$4.4B
Q4 23	$3.7B	$1.3B	$4.9B
Q1 24	$4.1B	$1.4B	$5.5B
Q2 24	$4.7B	$1.6B	$6.3B
Q3 24	$5.5B	$1.6B	$7.1B
Q4 24	$5.6B	$3.1B	$8.7B
Q1 25	$5.9B	$3.4B	$9.2B
Q2 25	$6.0B	$3.7B	$9.8B
Q3 25	$6.4B	$4.2B	$10.6B
Q4 25	$6.1B	$4.9B	$11.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	197M	+2.6%	+2.7%
Q2 22	196M	-0.6%	+0.9%
Q3 22	196M	+0.1%	+0.7%
Q4 22	193M	-1.4%	+0.6%
Q1 23	194M	+0.1%	-1.8%
Q2 23	194M	+0.4%	-0.7%
Q3 23	198M	+1.8%	+1.0%
Q4 23	196M	-1.0%	+1.4%
Q1 24	204M	+3.9%	+5.3%
Q2 24	206M	+1.2%	+6.0%
Q3 24	207M	+0.6%	+4.7%
Q4 24	209M	+0.8%	+6.6%
Q1 25	210M	+0.6%	+3.2%
Q2 25	205M	-2.3%	-0.3%
Q3 25	214M	+4.1%	+3.1%
Q4 25	212M	-0.6%	+1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$470.2K	7K
Q2 22	$506.0K	7K
Q3 22	$536.4K	7K
Q4 22	$442.8K	8K
Q1 23	$425.5K	8K
Q2 23	$444.4K	8K
Q3 23	$469.5K	8K
Q4 23	$470.5K	9K
Q1 24	$466.0K	9K
Q2 24	$487.9K	9K
Q3 24	$511.1K	9K
Q4 24	$644.9K	8K
Q1 25	$637.0K	8K
Q2 25	$637.4K	8K
Q3 25	$649.4K	8K
Q4 25	$756.8K	7K

Revenue / Employee