Spotify Technology S.A.
Financial Performance
Spotify Revenue & Financials
Revenue
~$19.4B (FY2025)
Market Cap
$102B
Net Income
~$2.5B
Employees
7,302
What is Spotify's revenue?
Spotify had ~$19.4B in revenue for fiscal year 2025, up 9.7% from 2024. Net income was ~$2.5B.
- Latest revenue
- ~$19.4B (FY2025)
- Year-over-year
- +9.7%
- Growth rate (CAGR)
- 21.6% over 9 years
- Peak revenue
- ~$19.4B (FY2025)
- Years of data
- 10
- Employees
- 7,302
- What is Spotify's operating income?
- Spotify reported operating income of ~$2.5B for fiscal year 2025. sec.gov
- How much profit does Spotify make?
- Spotify reported net income of ~$2.5B for fiscal year 2025. sec.gov
- How many employees does Spotify have?
- Spotify has about 7,302 employees.
- What was Spotify's revenue in 2024?
- Spotify reported ~$17.7B in revenue for fiscal year 2024.
Financial Analysis
Spotify's 2025 Form 20-F reports EUR17.186 billion in revenue, EUR2.198 billion in operating income and EUR2.212 billion in net income, compared with EUR15.673 billion, EUR1.365 billion and EUR1.138 billion, respectively, in 2024. Operating cash flow was EUR2.933 billion in 2025; Spotify's separately defined, non-IFRS free cash flow was EUR2.874 billion after capital expenditure and restricted-cash adjustments. The latest quarterly release, for Q3 2026, reported approximately EUR5.0 billion in revenue, EUR672 million in operating income and a 33.0% gross margin. Spotify had 306 million Premium subscribers and 788 million monthly active users at quarter end. These quarterly figures are not a full-year 2026 result. The company reports in euros; its market capitalization changes with the share price and is not a measure of annual revenue or profit.
Revenue Trend Analysis
YoY Change
+9.7%
9-Year CAGR
+21.6%
Peak Year
2025
Trend
Consistent Growth
Spotify Technology S.A. has 10 full fiscal year figures on this page, compounding at +21.6% annually over 9 years. The most recent year saw a 9.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at ~$19.4B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Spotify Technology S.A. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | ~$3.3B | ~$68.9M | ~$17B | ~$7.6B | ~$9.4B | ~$3.2B | Form 20-F |
| FY2024ended Dec 31, 2024 | ~$2.6B | ~$19.2M | ~$13.6B | ~$7.3B | ~$6.2B | ~$2.6B | Form 20-F |
| FY2023ended Dec 31, 2023 | ~$768.4M | ~$6.8M | ~$9.4B | ~$6.6B | ~$2.9B | ~$761.6M | Form 20-F |
| FY2022ended Dec 31, 2022 | ~$52M | ~$28.2M | ~$8.6B | ~$5.9B | ~$2.7B | ~$23.7M | Form 20-F |
| FY2021ended Dec 31, 2021 | ~$407.9M | ~$96M | ~$8.1B | ~$5.7B | ~$2.4B | ~$311.9M | Form 20-F |
| FY2020ended Dec 31, 2020 | ~$292.7M | ~$88.1M | ~$7.1B | ~$4B | ~$3.2B | ~$204.5M | Form 20-F |
| FY2019ended Dec 31, 2019 | ~$647.5M | ~$152.6M | ~$5.8B | ~$3.5B | ~$2.3B | ~$494.9M | Form 20-F |
| FY2018ended Dec 31, 2018 | ~$388.7M | ~$141.3M | ~$4.9B | ~$2.5B | ~$2.4B | ~$247.5M | Form 20-F |
| FY2017ended Dec 31, 2017 | ~$202.3M | ~$40.7M | ~$3.5B | ~$3.2B | ~$268.9M | ~$161.6M | Form 20-F |
Keep researching Spotify
Spotify Revenue and Financial FAQ
What do Spotify's FY2025 financial statements show?
Spotify's 2025 Form 20-F reports EUR17.186 billion in revenue, EUR2.198 billion in operating income and EUR2.212 billion in net income attributable to shareholders. These are full-year figures in euros, not U.S. dollars.
How did Spotify's FY2025 revenue and profit compare with FY2024?
Revenue rose from EUR15.673 billion in 2024 to EUR17.186 billion in 2025, an increase of about 9.7%. Operating income rose from EUR1.365 billion to EUR2.198 billion, while net income rose from EUR1.138 billion to EUR2.212 billion.
What were Spotify's latest quarterly earnings in 2026?
In Q3 2026, Spotify reported approximately EUR5.0 billion in revenue, EUR672 million in operating income and a 33.0% gross margin. It ended the quarter with 306 million Premium subscribers and 788 million monthly active users. A single quarter is not a full-year 2026 total.
How much free cash flow did Spotify report for 2025?
Spotify reported EUR2.933 billion of net cash from operating activities and EUR2.874 billion of free cash flow for FY2025. Its free cash flow measure subtracts capital expenditures and adjusts for restricted cash; it is a non-IFRS supplemental measure.
What is Spotify's reporting currency and stock ticker?
Spotify reports its consolidated financial statements in euros. Spotify Technology S.A. trades on the New York Stock Exchange under the ticker SPOT.
What financial targets did Spotify set at its 2026 Investor Day?
In May 2026, management said it expected a 35%-40% gross margin and an operating margin above 20% by 2030. These are forward-looking targets, not reported results or guaranteed outcomes.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Spotify Revenue & Financials." CorpDigest, https://corpdigest.com/company/spotify/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Spotify reported ~$19.4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/spotify/financials" target="_blank" rel="noopener">CorpDigest — Spotify financials</a></div>Related Financial Audits
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