Spotify Technology SA (SPOT) financial statements

Communication Services · Internet Content & Information · Market cap $111.5B

Spotify Technology SA reported revenue of 17.2B EUR in fiscal 2025, up 21.6% a year over 9 years.

Net income was 2.2B EUR and the operating margin 12.8%, against -11.8% in 2016.

Free cash flow was 2.9B EUR, and the company returned 439M EUR in net buybacks.

The diluted share count rose 42% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (EUR).

051015202016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, in EUR, from Spotify Technology SA's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue3.0B EUR4.1B EUR5.3B EUR6.8B EUR7.9B EUR9.7B EUR11.7B EUR13.2B EUR15.7B EUR17.2B EUR
Cost of revenue2.6B EUR3.2B EUR3.9B EUR5.0B EUR5.9B EUR7.1B EUR8.8B EUR9.8B EUR10.9B EUR11.7B EUR
Gross profit401M EUR849M EUR1.4B EUR1.7B EUR2.0B EUR2.6B EUR2.9B EUR3.4B EUR4.7B EUR5.5B EUR
Research and development207M EUR396M EUR493M EUR615M EUR837M EUR912M EUR1.4B EUR1.7B EUR1.5B EUR1.4B EUR
Selling, general and admin175M EUR264M EUR283M EUR354M EUR442M EUR450M EUR626M EUR585M EUR481M EUR479M EUR
Operating income-349M EUR-378M EUR-43M EUR-73M EUR-293M EUR94M EUR-659M EUR-446M EUR1.4B EUR2.2B EUR
Interest expense336M EUR974M EUR584M EUR333M EUR510M EUR91M EUR132M EUR220M EUR352M EUR266M EUR
Pre-tax income-535M EUR-1.2B EUR-173M EUR-131M EUR-709M EUR249M EUR-370M EUR-505M EUR1.3B EUR2.2B EUR
Income tax4M EUR2M EUR-95M EUR55M EUR-128M EUR283M EUR60M EUR27M EUR203M EUR12M EUR
Net income-539M EUR-1.2B EUR-78M EUR-186M EUR-581M EUR-34M EUR-430M EUR-532M EUR1.1B EUR2.2B EUR
EPS (diluted)-3.63 EUR-8.14 EUR-0.51 EUR-1.03 EUR-3.10 EUR-1.03 EUR-2.93 EUR-2.73 EUR5.50 EUR10.51 EUR
Diluted shares148M152M181M181M188M194M196M195M207M211M
Gross margin13.6%20.8%25.7%25.5%25.6%26.8%25.0%25.6%30.1%32.0%
Operating margin-11.8%-9.2%-0.8%-1.1%-3.7%1.0%-5.6%-3.4%8.7%12.8%
Net margin-18.3%-30.2%-1.5%-2.7%-7.4%-0.4%-3.7%-4.0%7.3%12.9%

Balance sheet

Fiscal years, in EUR, from Spotify Technology SA's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments755M EUR1.5B EUR1.8B EUR1.8B EUR1.7B EUR3.5B EUR3.4B EUR4.2B EUR7.4B EUR9.5B EUR
Receivables—360M EUR400M EUR402M EUR464M EUR621M EUR690M EUR858M EUR771M EUR802M EUR
Total current assets—1.9B EUR2.2B EUR2.2B EUR2.4B EUR4.4B EUR4.4B EUR5.3B EUR8.4B EUR10.5B EUR
Property, plant and equipment—73M EUR197M EUR291M EUR313M EUR372M EUR348M EUR247M EUR188M EUR188M EUR
Goodwill——146M EUR478M EUR736M EUR894M EUR1.2B EUR1.1B EUR1.2B EUR1.1B EUR
Total assets—3.1B EUR4.3B EUR5.1B EUR6.3B EUR7.2B EUR7.6B EUR8.3B EUR12.0B EUR15.0B EUR
Total current liabilities—1.9B EUR2.1B EUR2.4B EUR2.9B EUR3.2B EUR3.5B EUR4.1B EUR4.5B EUR6.1B EUR
Long-term debt————0 EUR1.2B EUR1.1B EUR1.2B EUR1.5B EUR0 EUR
Total liabilities—2.9B EUR2.2B EUR3.1B EUR3.5B EUR5.1B EUR5.2B EUR5.8B EUR6.5B EUR6.7B EUR
Shareholders' equity-240M EUR238M EUR2.1B EUR2.0B EUR2.8B EUR2.1B EUR2.4B EUR2.5B EUR5.5B EUR8.3B EUR
Net debt-755M EUR-477M EUR-891M EUR-1.1B EUR-1.2B EUR-1.5B EUR-1.4B EUR-1.9B EUR-3.2B EUR-3.8B EUR

Cash flow

Fiscal years, in EUR, from Spotify Technology SA's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow101M EUR179M EUR344M EUR573M EUR259M EUR361M EUR46M EUR680M EUR2.3B EUR2.9B EUR
Capital spending27M EUR36M EUR125M EUR135M EUR78M EUR85M EUR25M EUR6M EUR17M EUR61M EUR
Free cash flow74M EUR143M EUR219M EUR438M EUR181M EUR276M EUR21M EUR674M EUR2.3B EUR2.9B EUR
Stock-based compensation53M EUR65M EUR88M EUR122M EUR176M EUR223M EUR381M EUR321M EUR267M EUR247M EUR
Dividends paid——0 EUR0 EUR——————
Share buybacks (net)0 EUR0 EUR-72M EUR-438M EUR0 EUR-89M EUR-2M EUR0 EUR0 EUR-439M EUR
Net borrowing———0 EUR0 EUR1.2B EUR0 EUR0 EUR——
Free cash flow margin2.5%3.5%4.2%6.5%2.3%2.9%0.2%5.1%14.6%16.7%
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for SPOT.
Open SPOT in Investingly

Questions

What was Spotify Technology SA's revenue in 2025?

17.2B EUR in fiscal 2025, from its 10-K filing.

How much free cash flow does Spotify Technology SA generate?

2.9B EUR in fiscal 2025 (operating cash flow minus capital spending).

From Spotify Technology SA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.