Spotify Technology S.A.

NYSE•SPOT

CEO: Mr. Daniel G. Ek

Sector: Communication Services

Industry: Internet Content & Information

Listing Date: 2018-04-03

Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. This segment sells directly to the end users. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its users on their computers, tablets, and compatible mobile devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is based in Luxembourg City, Luxembourg.

Contact Information

5, Place de la Gare, Luxembourg, 1616, Luxembourg

N/A

www.spotify.com

Market Cap

$105.91B

P/E (TTM)

41.4

81.1

Dividend Yield

52W High

$785.00

52W Low

$405.00

52W Range

29%

Rank53Top 76.1%

2.8

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 2.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$5.28B+0.00%

4-Quarter Trend

EPS

$6.65+0.00%

4-Quarter Trend

FCF

$992.07M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Strong Net Income Growth Net income reached €2,212M, a substantial increase from €1,138M in 2024, driven by Premium segment strength.

Total Revenue Rises 10% Total revenue hit €17,186M in 2025, growing 10% compared to 2024, supported by 11% Premium revenue growth.

User Base Expansion Continues MAUs grew 11% to 751 million, while Premium Subscribers increased 10% to 290 million by year-end 2025.

Free Cash Flow Improvement Free Cash Flow increased by €589M to €2,874M in 2025, reflecting strong operating cash flow generation.

Risk Factors

Content Licensing Dependency Risks Reliance on third-party licenses means adverse rate changes or disputes, like the MLC lawsuit, could materially harm operations.

Intense Platform Competition Competition from Apple, Alphabet, and Amazon leveraging broader ecosystems creates significant competitive disadvantages.

Evolving Regulatory Environment New laws regarding AI, privacy, and digital services increase compliance costs and operational uncertainty globally.

Currency Fluctuation Exposure Significant foreign exchange volatility, especially involving the USD, negatively impacts reported margins and cost structures.

Outlook

AI Integration and Innovation Continued investment in AI initiatives, including launching new features like AI Playlist, to enhance user discovery and personalization.

Content Monetization Diversification Actively expanding monetization efforts across audiobooks and podcasts to offset reliance solely on music streaming revenue.

Optimizing Real Estate Footprint Strategic review resulted in reducing real estate footprint via subleases, funded by current cash flow and assets.

Long-Term Engagement Focus Culture prioritizes long-term user engagement over maximizing short-term revenue or immediate profitability metrics.

Peer Comparison

Revenue (TTM)

$138.19B

+2.5%

$125.65B

+2.7%

CMCSA

$123.71B

-0.0%

Gross Margin (Latest Quarter)

178.7%

+139.3pp

80.5%

+36.6pp

CMCSA

60.6%

+4.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
VZ	$213.75B	12.5	16.6%	49.6%
T	$192.55B	8.9	20.3%	41.4%
CMCSA	$111.39B	5.6	21.0%	40.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

6.2%

Steady Growth

4Q Net Income CAGR

79.4%

Profitability Improved

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 5, 2026

EPS:$3.68

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data