SPOT FY 2024 Earnings Report — Spotify Technology S.A. Revenue & Financial Results | Market Cap Arena

Spotify Technology S.A.SPOT

FY 2024 Earnings

Reported February 5, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2024	Prior Q	FY 2023	QoQ Change	YoY Change
Revenue	$18.3B	—	$15.5B	—	18.3%
Op. Income	$1.6B	—	-$521M	—	406.1%
Gross Margin	30.1%	—	25.6%	—	4.5pp
Net Margin	7.3%	—	-4.0%	—	11.3pp
EPS (Diluted)	$6.43	—	$-3.19	—	301.5%
Free Cash Flow	$2.7B	—	$788M	—	238.9%

Revenue Flow

Item	Amount
REVENUE	$18.3B
Cost of Revenue	$12.8B
GROSS PROFIT	$5.5B
R&D Expenses	$1.7B
Selling & Marketing	$1.6B
General & Administrative	$562M
SG&A Expenses	$2.2B
Other Expenses	$0
Operating Expenses	$3.9B
Cost & Expenses	$16.7B
OPERATING INCOME	$1.6B
Interest Income	$261M
Interest Expense	$42M
Other Income/Expenses	-$28M
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$237M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$141M
EBIT	$1.6B
EBITDA	$1.8B
EPS	$7
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$18.3B
Cost of Revenue	$12.8B
GROSS PROFIT	$5.5B
R&D Expenses	$1.7B
Selling & Marketing	$1.6B
General & Administrative	$562M
SG&A Expenses	$2.2B
Other Expenses	$0
Operating Expenses	$3.9B
Cost & Expenses	$16.7B
OPERATING INCOME	$1.6B
Interest Income	$261M
Interest Expense	$42M
Other Income/Expenses	-$28M
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$237M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$141M
EBIT	$1.6B
EBITDA	$1.8B
EPS	$7
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$141M
Stock-Based Compensation	$312M
Deferred Income Tax	$237M
Other Non-Cash Items	$229M
Change in Working Capital	$440M
OPERATING CASH FLOW	$2.7B
Capital Expenditure	-$20M
Acquisitions (Net)	-$12M
Purchases of Investments	-$8.5B
Sales/Maturities of Investments	$6.8B
Other Investing Activities	$14M
NET CASH FROM INVESTING	-$1.7B
Net Debt Issuance	-$81M
Common Stock Repurchased	-$158M
Common Dividends Paid	$0
Other Financing Activities	$1.1B
NET CASH FROM FINANCING	$852M
FREE CASH FLOW	$2.7B
Net Change in Cash	$1.9B

Balance Sheet

Item	Amount
Cash & Equivalents	$5.6B
Short-Term Investments	$3.1B
Net Receivables	$934M
Inventory	$0
Other Current Assets	$154M
TOTAL CURRENT ASSETS	$9.8B
PP&E (Net)	$484M
Goodwill	$1.4B
Intangible Assets	$56M
Long-Term Investments	$2.1B
Tax Assets	$217M
Other Non-Current Assets	$19M
TOTAL NON-CURRENT ASSETS	$4.2B
TOTAL ASSETS	$14.0B
Account Payables	$1.1B
Short-Term Debt	$0
Deferred Revenue	$799M
Other Current Liabilities	$3.1B
TOTAL CURRENT LIABILITIES	$5.2B
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$25M
Other Non-Current Liabilities	$9M
TOTAL NON-CURRENT LIABILITIES	$2.4B
TOTAL LIABILITIES	$7.6B
Common Stock	$0
Additional Paid-In Capital	$7.2B
Retained Earnings	-$3.6B
Treasury Stock	-$306M
Accum. Other Comp. Income	$3.2B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.5B
Minority Interest	$0
TOTAL EQUITY	$6.5B
TOTAL LIABILITIES & EQUITY	$14.0B
Total Debt	$2.3B
Net Debt	-$3.3B