NYSE : SPOT
Spotify Technology S.A. — Financial statements
Communication Services · Internet Content & Information · Sweden
Last price 593.44 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 121.97B
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Financial statements
Spotify Technology S.A. (SPOT) reported revenue of 18.81B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 18.81B | 17.19B | 15.67B | 13.25B | 11.73B | 9.67B |
| Cost of Revenue | 12.58B | 11.69B | 10.94B | 9.80B | 8.80B | 7.08B |
| Gross Profit | 6.23B | 5.50B | 4.74B | 3.45B | 2.93B | 2.59B |
| Selling, General & Admin | 2.04B | 1.91B | 1.87B | 2.04B | 2.20B | 1.58B |
| Research & Development | 1.44B | 1.39B | 1.49B | 1.61B | 1.39B | 912.00M |
| Operating Expenses | 3.49B | 3.30B | 3.36B | 3.65B | 3.58B | 2.50B |
| Operating Income | 2.74B | 2.20B | 1.38B | -199.00M | -659.00M | 94.00M |
| Interest Expense | -27.00M | -31.00M | -36.00M | -38.00M | -41.00M | -69.00M |
| Interest & Investment Income | 247.00M | 268.00M | 242.00M | 131.00M | 47.00M | 11.00M |
| Currency Exchange Gain (Loss) | -71.00M | -100.00M | 30.00M | -52.00M | 72.00M | 47.00M |
| Other Non Operating Income (Expenses) | 491.00M | -111.00M | -260.00M | -100.00M | 211.00M | 166.00M |
| EBT Excluding Unusual Items | 3.38B | 2.22B | 1.35B | -258.00M | -370.00M | 249.00M |
| Merger & Restructuring Charges | -241.00M | |||||
| Asset Writedown | -14.00M | -6.00M | ||||
| Pretax Income | 3.38B | 2.22B | 1.34B | -505.00M | -370.00M | 249.00M |
| Income Tax Expense | 425.00M | 12.00M | 203.00M | 27.00M | 60.00M | 283.00M |
| Net Income | 2.96B | 2.21B | 1.14B | -532.00M | -430.00M | -34.00M |
| Net Income to Common | 2.96B | 2.21B | 1.14B | -532.00M | -430.00M | -34.00M |
| Shares Outstanding (Basic) | 205.75M | 205.41M | 200.62M | 194.73M | 192.93M | 191.30M |
| Shares Outstanding (Diluted) | 209.22M | 210.51M | 206.99M | 194.73M | 195.85M | 193.94M |
| EPS (Basic) | 14.38 | 10.77 | 5.67 | -2.73 | -2.23 | -0.18 |
| EPS (Diluted) | 14.14 | 10.51 | 5.50 | -2.73 | -2.93 | -1.03 |
| Free Cash Flow | 3.19B | 2.87B | 2.28B | 674.00M | 21.00M | 276.00M |
| Free Cash Flow Per Share | 15.27 | 13.64 | 11.03 | 3.46 | 0.11 | 1.42 |
| Gross Margin | 33.12% | 31.98% | 30.23% | 26.02% | 24.95% | 26.80% |
| Operating Margin | 14.58% | 12.79% | 8.80% | -1.50% | -5.62% | 0.97% |
| Profit Margin | 15.73% | 12.87% | 7.26% | -4.02% | -3.67% | -0.35% |
| Free Cash Flow Margin | 16.99% | 16.71% | 14.57% | 5.09% | 0.18% | 2.85% |
| EBITDA | 2.77B | 2.25B | 1.45B | -41.00M | -488.00M | 221.00M |
| EBITDA Margin | 14.71% | 13.11% | 9.24% | -0.31% | -4.16% | 2.29% |
| D&A For EBITDA | 24.00M | 56.00M | 69.00M | 158.00M | 171.00M | 127.00M |
| EBIT | 2.74B | 2.20B | 1.38B | -199.00M | -659.00M | 94.00M |
| EBIT Margin | 14.58% | 12.79% | 8.80% | -1.50% | -5.62% | 0.97% |
| Effective Tax Rate | 12.56% | 0.54% | 15.14% | 113.66% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.03B | 5.26B | 4.78B | 3.11B | 2.48B | 2.74B |
| Short-Term Investments | 1.05B | 2.46B | 1.97B | 859.00M | 867.00M | 689.00M |
| Cash & Short-Term Investments | 7.08B | 7.72B | 6.75B | 3.97B | 3.35B | 3.43B |
| Accounts Receivable | 561.00M | 536.00M | 540.00M | 602.00M | 502.00M | 437.00M |
| Other Receivables | 304.00M | 382.00M | 259.00M | 276.00M | 193.00M | 189.00M |
| Receivables | 865.00M | 918.00M | 799.00M | 878.00M | 695.00M | 626.00M |
| Prepaid Expenses | 107.00M | 75.00M | 71.00M | 64.00M | 89.00M | 74.00M |
| Other Current Assets | 2.84B | 1.79B | 756.00M | 345.00M | 218.00M | 239.00M |
| Total Current Assets | 10.90B | 10.50B | 8.38B | 5.26B | 4.35B | 4.37B |
| Property, Plant & Equipment | 408.00M | 422.00M | 414.00M | 547.00M | 765.00M | 809.00M |
| Long-Term Investments | 1.07B | 2.18B | 1.64B | 1.22B | 1.14B | 916.00M |
| Goodwill | 1.12B | 1.08B | 1.20B | 1.14B | 1.17B | 894.00M |
| Other Intangible Assets | 21.00M | 29.00M | 40.00M | 71.00M | 108.00M | 58.00M |
| Long-Term Accounts Receivable | 69.00M | 69.00M | 74.00M | |||
| Long-Term Deferred Tax Assets | 548.00M | 662.00M | 186.00M | 28.00M | 8.00M | 13.00M |
| Long-Term Deferred Charges | 9.00M | 12.00M | 8.00M | 13.00M | 19.00M | 31.00M |
| Other Long-Term Assets | 174.00M | 61.00M | 68.00M | 75.00M | 78.00M | 77.00M |
| Total Assets | 14.31B | 15.02B | 12.01B | 8.35B | 7.64B | 7.17B |
| Accounts Payable | 958.00M | 783.00M | 933.00M | 662.00M | 588.00M | 534.00M |
| Accrued Expenses | 3.00B | 2.90B | 2.61B | 2.67B | 2.29B | 2.03B |
| Current Portion of Long-Term Debt | 1.46B | |||||
| Current Portion of Leases | 61.00M | 65.00M | 75.00M | 65.00M | 58.00M | 44.00M |
| Current Income Taxes Payable | 192.00M | 72.00M | 33.00M | 12.00M | 11.00M | 23.00M |
| Current Unearned Revenue | 794.00M | 711.00M | 683.00M | 622.00M | 520.00M | 458.00M |
| Other Current Liabilities | 113.00M | 92.00M | 119.00M | 63.00M | 52.00M | 133.00M |
| Total Current Liabilities | 5.12B | 6.08B | 4.45B | 4.09B | 3.52B | 3.23B |
| Long-Term Debt | 1.54B | 1.20B | 1.13B | 1.20B | ||
| Long-Term Leases | 391.00M | 433.00M | 462.00M | 493.00M | 555.00M | 579.00M |
| Long-Term Deferred Tax Liabilities | 45.00M | 163.00M | 21.00M | 8.00M | 5.00M | |
| Other Long-Term Liabilities | 15.00M | 5.00M | 8.00M | 29.00M | 31.00M | 44.00M |
| Total Liabilities | 5.57B | 6.69B | 6.48B | 5.82B | 5.24B | 5.05B |
| Additional Paid-In Capital | 6.69B | 6.50B | 6.12B | 5.16B | 4.79B | 4.75B |
| Retained Earnings | 985.00M | -832.00M | -3.04B | -4.18B | -3.65B | -3.22B |
| Treasury Stock | -1.57B | -701.00M | -262.00M | -262.00M | -262.00M | -260.00M |
| Comprehensive Income & Other | 2.63B | 3.37B | 2.71B | 1.81B | 1.52B | 853.00M |
| Shareholders' Equity | 8.74B | 8.33B | 5.53B | 2.52B | 2.40B | 2.12B |
| Total Liabilities & Equity | 14.31B | 15.02B | 12.01B | 8.35B | 7.64B | 7.17B |
| Total Debt | 452.00M | 1.96B | 2.08B | 1.76B | 1.74B | 1.82B |
| Net Cash (Debt) | 6.63B | 5.76B | 4.68B | 2.21B | 1.61B | 1.61B |
| Net Cash Per Share | 31.69 | 27.36 | 22.60 | 11.36 | 8.22 | 8.29 |
| Filing Date Shares Outstanding | 205.53M | 205.83M | 203.84M | 197.14M | 193.29M | 192.15M |
| Total Common Shares Outstanding | 205.53M | 205.83M | 203.84M | 197.14M | 193.29M | 192.15M |
| Working Capital | 5.78B | 4.41B | 3.93B | 1.17B | 836.00M | 1.15B |
| Book Value Per Share | 42.53 | 40.46 | 27.10 | 12.80 | 12.42 | 11.03 |
| Tangible Book Value | 7.60B | 7.22B | 4.28B | 1.31B | 1.12B | 1.17B |
| Tangible Book Value Per Share | 36.99 | 35.06 | 21.02 | 6.67 | 5.82 | 6.07 |
| Leasehold Improvements | 355.00M | 348.00M | 394.00M | 444.00M | 448.00M | 422.00M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.96B | 2.21B | 1.14B | -532.00M | -430.00M | -34.00M |
| Depreciation & Amortization | 104.00M | 98.00M | 113.00M | 158.00M | 171.00M | 127.00M |
| Other Amortization | 9.00M | 4.00M | 8.00M | 18.00M | ||
| Asset Writedown & Restructuring Costs | 3.00M | 8.00M | 43.00M | 152.00M | ||
| Stock-Based Compensation | 286.00M | 247.00M | 267.00M | 321.00M | 381.00M | 223.00M |
| Other Operating Activities | -227.00M | 116.00M | 356.00M | 117.00M | -267.00M | 63.00M |
| Change in Accounts Receivable | -249.00M | -115.00M | 145.00M | -145.00M | -84.00M | -245.00M |
| Change in Accounts Payable | 278.00M | 281.00M | 183.00M | 501.00M | 226.00M | 137.00M |
| Change in Unearned Revenue | 94.00M | 60.00M | 45.00M | 113.00M | 52.00M | 67.00M |
| Change in Other Net Operating Assets | -8.00M | 22.00M | 3.00M | -5.00M | -3.00M | 5.00M |
| Operating Cash Flow | 3.25B | 2.93B | 2.30B | 680.00M | 46.00M | 361.00M |
| Capital Expenditures | -53.00M | -61.00M | -17.00M | -6.00M | -25.00M | -85.00M |
| Cash Acquisitions | -9.00M | -18.00M | -10.00M | -7.00M | -306.00M | -115.00M |
| Investment in Securities | -154.00M | -1.73B | -1.47B | -211.00M | -89.00M | 22.00M |
| Other Investing Activities | 27.00M | 20.00M | 12.00M | 7.00M | -3.00M | -9.00M |
| Investing Cash Flow | -189.00M | -1.78B | -1.49B | -217.00M | -423.00M | -187.00M |
| Long-Term Debt Issued | 1.22B | |||||
| Long-Term Debt Repaid | -73.00M | -69.00M | -66.00M | -43.00M | -35.00M | |
| Lease Payments | -70.00M | -73.00M | -69.00M | -66.00M | -43.00M | -35.00M |
| Net Debt Issued (Repaid) | -1.37B | -73.00M | -69.00M | -66.00M | -43.00M | 1.19B |
| Issuance of Common Stock | 233.00M | 372.00M | 933.00M | 366.00M | 43.00M | 167.00M |
| Repurchase of Common Stock | -1.41B | -680.00M | -135.00M | -68.00M | -42.00M | -143.00M |
| Other Financing Activities | 1.00M | 2.00M | 2.00M | 38.00M | ||
| Financing Cash Flow | -2.55B | -381.00M | 729.00M | 234.00M | -40.00M | 1.25B |
| Foreign Exchange Rate Adjustments | 69.00M | -290.00M | 123.00M | -66.00M | 156.00M | 169.00M |
| Net Cash Flow | 576.00M | 477.00M | 1.67B | 631.00M | -261.00M | 1.59B |
| Free Cash Flow | 3.19B | 2.87B | 2.28B | 674.00M | 21.00M | 276.00M |
| Free Cash Flow Margin | 16.99% | 16.71% | 14.57% | 5.09% | 0.18% | 2.85% |
| Free Cash Flow Per Share | 15.27 | 13.64 | 11.03 | 3.46 | 0.11 | 1.42 |
| Levered Free Cash Flow | 1.42B | 675.38M | 1.22B | 606.88M | 302.50M | 567.62M |
| Unlevered Free Cash Flow | 1.44B | 694.75M | 1.24B | 630.62M | 328.12M | 592.75M |
| Free Cash Flow After Leases | 3.12B | 2.80B | 2.21B | 608.00M | -22.00M | 241.00M |
| Cash Interest Paid | 26.00M | 36.00M | 36.00M | 38.00M | 53.00M | 50.00M |
| Cash Income Tax Paid | 200.00M | 86.00M | 53.00M | 43.00M | 43.00M | 6.00M |
| Change in Working Capital | 115.00M | 248.00M | 376.00M | 464.00M | 191.00M | -36.00M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 123.17B | 119.67B | 90.41B | 36.67B | 15.25B | 44.83B |
| Enterprise Value | 115.64B | 113.53B | 86.25B | 34.89B | 13.48B | 43.24B |
| Last Close Price | 593.44 | 580.71 | 447.38 | 187.91 | 78.95 | 234.03 |
| PE Ratio | 37.33 | 46.08 | 76.73 | |||
| Forward PE | 36.93 | 44.52 | 52.59 | 114.59 | ||
| PS Ratio | 5.73 | 5.93 | 5.57 | 2.50 | 1.22 | 4.08 |
| PB Ratio | 12.29 | 12.24 | 15.80 | 13.15 | 5.94 | 18.60 |
| P/TBV Ratio | 14.18 | 14.12 | 20.38 | 25.23 | 12.68 | 33.78 |
| P/FCF Ratio | 34.21 | 35.49 | 38.23 | 49.22 | 679.39 | 142.82 |
| P/OCF Ratio | 33.65 | 34.75 | 37.95 | 48.78 | 310.16 | 109.19 |
| PEG Ratio | 1.41 | 1.42 | 1.42 | 0.27 | ||
| EV/Sales Ratio | 5.38 | 5.63 | 5.32 | 2.38 | 1.08 | 3.93 |
| EV/EBITDA Ratio | 36.57 | 42.90 | 57.53 | 172.05 | ||
| EV/EBIT Ratio | 36.89 | 43.99 | 60.41 | 404.49 | ||
| EV/FCF Ratio | 32.11 | 33.67 | 36.47 | 46.83 | 600.61 | 137.76 |
| Debt / Equity Ratio | 0.05 | 0.23 | 0.38 | 0.70 | 0.72 | 0.86 |
| Debt / EBITDA Ratio | 0.16 | 0.85 | 1.39 | 8.26 | ||
| Debt / FCF Ratio | 0.14 | 0.68 | 0.91 | 2.61 | 82.91 | 6.61 |
| Net Debt / Equity Ratio | -0.76 | -0.69 | -0.85 | -0.88 | -0.67 | -0.76 |
| Net Debt / EBITDA Ratio | -2.40 | -2.56 | -3.23 | 53.95 | 3.30 | -7.28 |
| Net Debt / FCF Ratio | -2.08 | -2.01 | -2.05 | -3.28 | -76.62 | -5.83 |
| Asset Turnover | 1.30 | 1.27 | 1.54 | 1.66 | 1.58 | 1.43 |
| Quick Ratio | 1.55 | 1.42 | 1.70 | 1.19 | 1.15 | 1.26 |
| Current Ratio | 2.13 | 1.73 | 1.88 | 1.29 | 1.24 | 1.35 |
| Return on Equity (ROE) | 35.81% | 31.93% | 28.28% | -21.61% | -19.03% | -1.38% |
| Return on Assets (ROA) | 11.82% | 10.17% | 8.47% | -1.56% | -5.56% | 0.87% |
| Return on Invested Capital (ROIC) | 120.64% | 127.96% | 201.94% | -36.08% | -101.15% | -1.05% |
| Return on Capital Employed (ROCE) | 29.80% | 24.60% | 18.30% | -4.70% | -16.00% | 2.40% |
| Earnings Yield | 2.68% | 2.17% | 1.30% | -1.60% | -3.01% | -0.09% |
| FCF Yield | 2.92% | 2.82% | 2.62% | 2.03% | 0.15% | 0.70% |
| Buyback Yield / Dilution | 0.58% | -1.70% | -6.30% | 0.57% | -0.98% | -3.39% |