Spotify Technology revenue and financials
$481.32Change from previous close: +1.78%Absolute change: +$8.43
In the fiscal year ended December 2025, Spotify Technology reported revenue of €17.19B (+9.65% year over year). Net income was €2.21B, a net margin of 12.9%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +9.65%
- 2025 vs 2024
- Net income growth
- +94.38%
- 2025 vs 2024
- Net margin
- 12.9%
- 2024: 7.3%
Financial data
Amounts in millions of EUR; per-share values in EUR; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total revenue | 17,186 | 15,673 | 13,247 | 11,727 | 9,668 | 7,880 | 6,764 | 5,259 | 4,090 | 2,952 |
| Cost of revenue | 11,690 | 10,949 | 9,850 | 8,801 | 7,077 | 5,865 | 5,042 | 3,906 | 3,241 | 2,551 |
| Gross profit | 5,496 | 4,724 | 3,397 | 2,926 | 2,591 | 2,015 | 1,722 | 1,353 | 849 | 401 |
| Selling, general and administrative | 1,905 | 1,873 | 2,118 | 2,198 | — | — | — | — | — | — |
| Research and development | 1,393 | 1,486 | 1,725 | 1,387 | 912 | 837 | 615 | 493 | 396 | 207 |
| Operating income | 2,198 | 1,365 | -446 | -659 | 94.0 | -293 | -73.0 | -43.0 | -378 | -349 |
| EBIT | 2,255 | 1,377 | -467 | -329 | — | — | — | — | — | — |
| EBITDA | 2,357 | 1,498 | -309 | -158 | — | — | — | — | — | — |
| Interest expense | 266 | 352 | 220 | 132 | 91.0 | 510 | 333 | 584 | 974 | 336 |
| Pre-tax income | 2,224 | 1,341 | -505 | -370 | — | — | — | — | — | — |
| Income tax | 12.0 | 203 | 27.0 | 60.0 | 283 | -128 | 55.0 | -95.0 | 2.0 | 4.0 |
| Net income | 2,212 | 1,138 | -532 | -430 | -34.0 | -581 | -186 | -78.0 | -1,235 | -539 |
| Net income to common shareholders | 2,212 | 1,138 | -532 | -430 | — | — | — | — | — | — |
| Basic EPS | 10.77 | 5.67 | -2.73 | -2.23 | -0.18 | -3.10 | -1.03 | -0.44 | -8.14 | -3.63 |
| Diluted EPS | 10.51 | 5.50 | -2.73 | -2.93 | -1.03 | -3.10 | -1.03 | -0.51 | -8.14 | -3.63 |
| Average shares (basic) | 205 | 201 | 195 | 193 | — | — | — | — | — | — |
| Average shares (diluted) | 211 | 207 | 195 | 196 | — | — | — | — | — | — |