Spotify Technology revenue and financials
$487.35Change from previous close: +0.89%Absolute change: +$4.30
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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total revenue | 4,777 | 4,533 | 4,531 | 4,272 | 4,193 | 4,190 | 4,242 | 3,988 | 3,807 | 3,636 | 3,671 | 3,357 |
| Cost of revenue | 3,187 | 3,038 | 3,032 | 2,921 | 2,873 | 2,864 | 2,860 | 2,748 | 2,695 | 2,632 | 2,686 | 2,472 |
| Gross profit | 1,590 | 1,495 | 1,499 | 1,351 | 1,320 | 1,326 | 1,382 | 1,240 | 1,112 | 1,004 | 985 | 885 |
| Selling, general and administrative | 538 | 449 | 508 | 460 | 499 | 438 | 515 | 444 | 467 | 447 | 468 | 484 |
| Research and development | 403 | 331 | 290 | 309 | 415 | 379 | 376 | 342 | 379 | 389 | 274 | 369 |
| Operating income | 655 | 715 | 701 | 582 | 406 | 509 | 491 | 454 | 266 | 168 | 243 | 32.0 |
| EBIT | 655 | 715 | 701 | 582 | 406 | 509 | 491 | 454 | 266 | 168 | 243 | 32.0 |
| EBITDA | 669 | 728 | 714 | 596 | 432 | 536 | 508 | 484 | 296 | 199 | 266 | 68.0 |
| Interest expense | 8.0 | 7.0 | 7.0 | 8.0 | 8.0 | 8.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 |
| Pre-tax income | 720 | 937 | 1,021 | 827 | 48.0 | 328 | 499 | 398 | 270 | 174 | -131 | 73.0 |
| Income tax | 175 | 216 | -153 | -72.0 | 134 | 103 | 132 | 98.0 | -4.0 | -23.0 | -61.0 | 8.0 |
| Net income | 545 | 721 | 1,174 | 899 | -86.0 | 225 | 367 | 300 | 274 | 197 | -70.0 | 65.0 |
| Net income to common shareholders | 545 | 721 | 1,174 | 899 | -86.0 | 225 | 367 | 300 | 274 | 197 | -70.0 | 65.0 |
| Basic EPS | 2.65 | 3.50 | 5.71 | 4.36 | -0.42 | 1.10 | 1.81 | 1.49 | 1.37 | 0.99 | -0.36 | 0.33 |
| Diluted EPS | 2.61 | 3.45 | 5.52 | 3.28 | -0.42 | 1.07 | 1.76 | 1.45 | 1.33 | 0.97 | -0.36 | 0.33 |
| Average shares (basic) | 206 | 206 | 206 | 206 | 205 | 204 | 203 | 202 | 200 | 198 | 196 | 195 |
| Average shares (diluted) | 209 | 209 | 212 | 214 | 205 | 210 | 209 | 207 | 206 | 204 | 196 | 198 |