For fiscal 2025 (ended Dec 31, 2025), Spotify Technology S.A. reported €17.19B of revenue and €2.21B of net income. Figures are in EUR, the currency of its SEC filings.
SPOT revenue was €17.19B for fiscal 2025 (ended Dec 31, 2025), up 9.7% from fiscal 2024. Compound annual growth was +16.9% over 5 years. It rose in each of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.
SPOT net income was €2.21B for fiscal 2025 (ended Dec 31, 2025), up 94.4% from fiscal 2024. Fiscal 2025 is the highest of the 10 fiscal years on file.
SPOT diluted EPS was €10.51 for fiscal 2025 (ended Dec 31, 2025), up 91.1% from fiscal 2024.
SPOT free cash flow was €2.87B for fiscal 2025 (ended Dec 31, 2025), up 25.7% from fiscal 2024. Compound annual growth was +73.8% over 5 years. It rose in 7 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €17.19B | €15.67B | €13.25B | €11.73B | €9.67B | €7.88B | €6.76B | €5.26B | €4.09B | €2.95B |
| Cost of revenue | €11.69B | €10.95B | €9.85B | €8.80B | €7.08B | €5.87B | €5.04B | €3.91B | €3.24B | €2.55B |
| Gross profit | €5.50B | €4.72B | €3.40B | €2.93B | €2.59B | €2.02B | €1.72B | €1.35B | €849.00M | €401.00M |
| Research and development | €1.39B | €1.49B | €1.73B | €1.39B | €912.00M | €837.00M | €615.00M | €493.00M | €396.00M | €207.00M |
| Selling, general and admin | €479.00M | €481.00M | €585.00M | €626.00M | €450.00M | €442.00M | €354.00M | €283.00M | €264.00M | €175.00M |
| Operating income | €2.20B | €1.36B | -€446.00M | -€659.00M | €94.00M | -€293.00M | -€73.00M | -€43.00M | -€378.00M | -€349.00M |
| Interest expense | €266.00M | €352.00M | €220.00M | €132.00M | €91.00M | €510.00M | €333.00M | €584.00M | €974.00M | €336.00M |
| Pre-tax income | €2.22B | €1.34B | -€505.00M | -€370.00M | €249.00M | -€709.00M | -€131.00M | -€173.00M | -€1.23B | -€535.00M |
| Income tax | €12.00M | €203.00M | €27.00M | €60.00M | €283.00M | -€128.00M | €55.00M | -€95.00M | €2.00M | €4.00M |
| Net income | €2.21B | €1.14B | -€532.00M | -€430.00M | -€34.00M | -€581.00M | -€186.00M | -€78.00M | -€1.24B | -€539.00M |
| EPS, basic | €10.77 | €5.67 | -€2.73 | -€2.23 | -€0.18 | -€3.10 | -€1.03 | -€0.44 | -€8.14 | -€3.63 |
| EPS, diluted | €10.51 | €5.50 | -€2.73 | -€2.93 | -€1.03 | -€3.10 | -€1.03 | -€0.51 | -€8.14 | -€3.63 |
| Diluted shares | 210.5M | 207.0M | 194.7M | 195.8M | 193.9M | 187.6M | 181.0M | 181.2M | 151.7M | 148.4M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | €5.26B | €4.78B | €3.11B | €2.48B | €2.74B | €1.15B | €1.06B | €891.00M | €477.00M | €755.00M |
| Receivables | €802.00M | €771.00M | €858.00M | €690.00M | €621.00M | €464.00M | €402.00M | €400.00M | €360.00M | - |
| Current assets | €10.50B | €8.38B | €5.26B | €4.35B | €4.37B | €2.37B | €2.23B | €2.25B | €1.90B | - |
| Goodwill | €1.08B | €1.20B | €1.14B | €1.17B | €894.00M | €736.00M | €478.00M | €146.00M | - | - |
| Total assets | €15.02B | €12.01B | €8.35B | €7.64B | €7.17B | €6.33B | €5.12B | €4.34B | €3.11B | - |
| Current liabilities | €6.08B | €4.45B | €4.09B | €3.52B | €3.23B | €2.90B | €2.44B | €2.15B | €1.86B | - |
| Short-term debt | €1.46B | €0 | - | - | - | - | - | - | - | - |
| Long-term debt | €0 | €1.54B | €1.20B | €1.13B | €1.20B | €0 | - | - | - | - |
| Total debt | €1.46B | €1.54B | €1.20B | €1.13B | €1.20B | €0 | - | - | - | - |
| Total liabilities | €6.69B | €6.48B | €5.82B | €5.24B | €5.05B | €3.52B | €3.08B | €2.24B | €2.87B | - |
| Shareholders' equity | €8.33B | €5.53B | €2.52B | €2.40B | €2.12B | €2.81B | €2.04B | €2.09B | €238.00M | -€240.00M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | €2.93B | €2.30B | €680.00M | €46.00M | €361.00M | €259.00M | €573.00M | €344.00M | €179.00M | €101.00M |
| Capital expenditures | €61.00M | €17.00M | €6.00M | €25.00M | €85.00M | €78.00M | €135.00M | €125.00M | €36.00M | €27.00M |
| Free cash flow | €2.87B | €2.28B | €674.00M | €21.00M | €276.00M | €181.00M | €438.00M | €219.00M | €143.00M | €74.00M |
| Investing cash flow | -€1.78B | -€1.49B | -€217.00M | -€423.00M | -€187.00M | -€372.00M | -€218.00M | -€22.00M | -€435.00M | -€827.00M |
| Financing cash flow | -€381.00M | €729.00M | €234.00M | -€40.00M | €1.25B | €285.00M | -€203.00M | €92.00M | €34.00M | €916.00M |
| Share repurchases | €439.00M | €0 | €0 | €2.00M | €89.00M | €0 | €438.00M | €72.00M | €0 | €0 |
| Stock-based compensation | €247.00M | €267.00M | €321.00M | €381.00M | €223.00M | €176.00M | €122.00M | €88.00M | €65.00M | €53.00M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 9.7% | 18.3% | 13.0% | 21.3% | 22.7% | 16.5% | 28.6% | 28.6% | 38.6% | - |
| Net income growth, YoY | 94.4% | - | - | - | - | - | - | - | - | - |
| EPS growth, YoY | 91.1% | - | - | - | - | - | - | - | - | - |
| Gross margin | 32.0% | 30.1% | 25.6% | 25.0% | 26.8% | 25.6% | 25.5% | 25.7% | 20.8% | 13.6% |
| Operating margin | 12.8% | 8.7% | -3.4% | -5.6% | 1.0% | -3.7% | -1.1% | -0.8% | -9.2% | -11.8% |
| Net margin | 12.9% | 7.3% | -4.0% | -3.7% | -0.4% | -7.4% | -2.7% | -1.5% | -30.2% | -18.3% |
| Free cash flow margin | 16.7% | 14.6% | 5.1% | 0.2% | 2.9% | 2.3% | 6.5% | 4.2% | 3.5% | 2.5% |
| Return on equity | 26.6% | 20.6% | -21.1% | -17.9% | -1.6% | -20.7% | -9.1% | -3.7% | -518.9% | - |
| Return on assets | 14.7% | 9.5% | -6.4% | -5.6% | -0.5% | -9.2% | -3.6% | -1.8% | -39.7% | - |
| Current ratio | 1.72 | 1.88 | 1.29 | 1.24 | 1.36 | 0.82 | 0.91 | 1.05 | 1.02 | - |
| Debt to equity | 0.18 | 0.28 | 0.48 | 0.47 | 0.57 | 0.00 | - | - | - | - |
Source: XBRL data Spotify Technology S.A. files with the SEC, latest filing dated Feb 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| SPOT | €17.19B | +9.7% | €2.21B | 12.9% | $127.08B |
| SKYD | $28.76B | - | -$14.00M | -0.0% | $40.41B |
| FOXA | $17.96B | +9.0% | $2.03B | 11.3% | $28.11B |
| FWONK | $4.48B | +10.9% | $558.00M | 12.5% | $26.66B |
| FWONA | $4.48B | +10.9% | $558.00M | 12.5% | $25.32B |
| FOX | $17.96B | +9.0% | $2.03B | 11.3% | $25.10B |
| TME | CN¥32.90B | +15.8% | CN¥11.06B | 33.6% | $15.05B |
| SIRI | $8.60B | +0.5% | $900.00M | 10.5% | $10.90B |
| NXST | $6.81B | +32.3% | $373.00M | 5.5% | $5.85B |