Spotify Technology (SPOT) Financial Statements & Analysis

Spotify Technology (SPOT) Income Statement

Spotify Technology reported revenue of EUR 17.19B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 9.7% from EUR 15.67B a year earlier. Net income was EUR 2.21B, up 94.4% year over year, a net margin of 12.9%. Gross margin was 32.0% and operating margin 12.8%. In the most recent quarter, Q3 fiscal 2026 (ended Sep 30, 2026), revenue was EUR 4.97B, up 16.3% from the same quarter a year earlier.

Spotify Technology Income Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Spotify Technology S.A. income statement - Annual data in billions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	17.19	15.67	13.25	11.73	9.67	7.88	6.76	5.26	4.09
Cost of Revenue	11.69	10.95	9.85	8.80	7.08	5.87	5.04	3.91	3.24
Gross Profit	5.50	4.72	3.40	2.93	2.59	2.02	1.72	1.35	0.85
Operating Expenses
Research & Development	1.39	1.49	1.73	1.39	0.91	0.84	0.62	0.49	0.40
Selling, General & Administrative	1.91	1.87	2.12	2.20	1.59	1.47	1.18	0.90	0.83
Operating Expenses	3.30	3.36	3.84	3.59	2.50	2.31	1.80	1.40	1.23
Operating Income	2.20	1.37	-0.45	-0.66	0.09	-0.29	-0.07	-0.04	-0.38
Other Income/Expense
Interest Income	0.25	0.22	0.13	0.05	0.01	0.02	0.03	0.03	0.02
Interest Expense	0.03	0.04	0.04	0.04	0.04	0.05	0.04	0.01	0.51
Other Income/Expense	-0.20	-0.02	-0.15	0.29	0.16	-0.42	-0.06	-0.13	-0.86
Income
Income Before Tax	2.22	1.34	-0.51	-0.37	0.25	-0.71	-0.13	-0.17	-1.23
Income Tax Expense	0.01	0.20	0.03	0.06	0.28	-0.13	0.06	-0.10	0.00
Net Income	2.21	1.14	-0.53	-0.43	-0.03	-0.58	-0.19	-0.08	-1.24
Net Income - Continuous Operations	2.21	1.14	-0.53	-0.43	-0.03	-0.58	-0.19	-0.08	-1.24
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	2.36	1.50	-0.31	-0.16	0.42	-0.54	0.00	-0.14	-1.18
EBIT	2.26	1.38	-0.47	-0.33	0.09	-	-	-	-
Depreciation & Amortization	0.10	0.12	0.16	0.17	0.13	0.11	0.09	0.03	0.05
Earnings Per Share
Basic EPS	11.00	6.00	-3.00	-2.00	-	-3.00	-1.00	-	-7.00
Diluted EPS	11.00	6.00	-3.00	-3.00	-1.00	-3.00	-1.00	-1.00	-7.00
Basic Shares Outstanding	0.21	0.20	0.19	0.19	0.19	0.19	0.18	0.18	0.18
Diluted Shares Outstanding	0.21	0.21	0.19	0.20	0.19	0.19	0.18	0.18	0.18

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About Spotify Technology Financial Statements

What was Spotify Technology's revenue in fiscal 2025?

Spotify Technology reported revenue of EUR 17.19B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 9.7% from EUR 15.67B a year earlier.

Is Spotify Technology profitable?

Yes. Spotify Technology earned net income of EUR 2.21B in fiscal 2025, a net margin of 12.9%. In fiscal 2024 it earned EUR 1.14B.

What is Spotify Technology's operating margin?

Spotify Technology's operating income was EUR 2.20B on revenue of EUR 17.19B in fiscal 2025, an operating margin of 12.8%, compared with 8.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition