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Spotify Technology SPOT

Communication Services — Internet Content & Information
Cash Flow Champion (3y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
98.92
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — 2 5 2 2 3 1
Insider Ownership
26.47%

Capital & Financial Ratios

Market Cap
109,850.00
Revenue
21,129.82
Net Income
3,816.84
Free Cash Flow
3,742.53
Net Debt
(10,915.43)
Current Ratio
2.11
Debt/Equity
0.00
P/E ratio
26.93
P/S ratio
4.96
P/B ratio
10.75
Past 5Y EPS Growth
(41.57%)
This Y EPS Growth
17.15%
Next Y EPS Growth
25.42%
Next 5Y EPS Growth
22.69%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2025 ‡‡‡
2024 ‡‡‡
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 4,560.81 8,059.48 10,710.96 10,915.43
Receivables 950.26 864.60 1,038.63 1,013.87
Inventory — — — —
Other 181.83 142.84 125.59 134.87
5,692.90 9,066.92 11,875.17 12,064.17
2023 2024 2025 Q'26
Payables 1,058.49 1,452.18 1,350.89 1,540.58
ST’ Debt — — — —
Other 41.13 48.69 69.02 77.90
4,426.61 4,815.35 6,884.57 5,713.51
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow — ‡‡‡‡‡ ‡‡‡‡‡
Earnings — ‡‡‡ ‡‡‡
Book Value — ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 5,305.42 5,554.22 — —
—
’25 4,414.17 4,759.89 4,993.54 5,276.64
19,444.24
’24 3,947.61 4,099.76 4,385.21 4,527.19
16,959.75
’23 3,265.28 3,464.20 3,653.76 3,953.99
14,337.23
’22 2,986.17 3,047.87 3,057.86 3,263.67
12,355.57
’21 2,588.42 2,808.62 2,949.18 3,091.99
11,438.21
’20 2,038.71 2,079.98 2,308.78 2,573.86
9,001.32
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 978.45 942.33 — —
—
’25 567.84 848.89 1,011.08 890.59
3,318.40
’24 229.08 527.98 802.17 930.68
2,489.91
’23 63.33 15.18 229.51 427.95
735.96
’22 41.52 39.36 35.96 (68.37)
48.47
’21 78.36 65.02 141.98 141.73
427.10
’20 (9.93) 42.96 144.66 118.17
295.86
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 972.60 919.11 — —
—
’25 561.52 837.05 983.65 867.16
3,249.38
’24 223.65 525.87 797.62 924.38
2,471.52
’23 61.18 12.96 228.43 426.90
729.47
’22 30.30 34.62 31.78 (74.57)
22.13
’21 49.43 40.94 113.63 122.53
326.54
’20 (23.17) 27.57 123.02 79.34
206.76
in millions of $

EPS

Mar Jun Sep Dec Year
’26 4.04 3.03 — —
—
’25 1.13 (0.48) 3.83 5.16
11.89
’24 1.05 1.43 1.59 1.88
5.95
’23 (1.24) (1.69) 0.36 (0.39)
(2.95)
’22 0.24 (0.91) (0.99) (1.43)
(3.09)
’21 (0.30) (0.23) (0.48) (0.24)
(1.22)
’20 (0.22) (2.10) (0.68) (0.79)
(3.54)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.6
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 69.29 79.14 185.37 443.21 — — —
Low Price
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 247.20 202.88 506.47 785.00 — — —
High Price
— ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8,359 9,123 7,691 7,287 — — —
Employees
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.48 1.57 2.21 2.67 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,355.57 14,337.23 16,959.75 19,444.24 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.95% 25.64% 30.14% 31.98% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (389.83) (546.56) 1,451.10 2,516.23 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.16%) (3.81%) 8.56% 12.94% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (453.05) (575.78) 1,231.43 2,502.66 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 180.17 171.00 130.93 115.40 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 64.04 73.63 84.54 94.66 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2.35) (2.95) 6.14 12.18 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.25 3.78 12.41 16.15 — — —
Cash Flow/Sh
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.14) (0.03) (0.09) (0.34) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.11 3.75 12.32 15.82 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.11 14.02 29.80 45.88 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 192.94 194.73 200.62 205.41 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 73.22 46.76 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.28 2.56 5.29 6.13 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.25 13.46 15.01 12.66 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.14 2.34 4.90 5.66 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 635.86 45.95 33.63 33.85 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 48.47 735.96 2,489.91 3,318.40 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (26.34) (6.49) (18.40) (69.02) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.13 729.47 2,471.52 3,249.38 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 880.81 1,266.29 4,251.57 4,990.60 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ — — — — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3,529.56) (4,560.81) (8,059.48) (10,710.96) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,529.69 2,730.64 5,978.60 9,423.43 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5.48%) (6.74%) 11.18% 16.70% — — —
ROA
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.00% 0.00% 0.00% 0.00% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (17.99%) (21.89%) 28.28% 32.50% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Spotify Technology S.A. (SPOT) has transformed from a loss-making streaming pioneer into a profitable juggernaut, with revenue surging at a 26% CAGR from $3.27 billion in 2016 to $16.96 billion in 2023, fueled by premium subscriptions, ad tiers, and audiobook bundles. The stock trades just 10% above the lowest analyst target but 38% below the average and 68% under the high, reflecting monetization breakthroughs amid competition and cost cuts. Employee efficiency has rebounded, with revenue per employee at $2.21 million in 2023 post-layoffs, driving gross margins to 30.14% and projected 31.98% in 2024.

Profitability exploded in 2023: EBT swung from a $547 million loss to $1.45 billion profit, EPS from -$2.95 to $6.14, and FCF from $22 million to $2.47 billion, building a $10.71 billion net cash fortress. Forward multiples are compelling—30x 2025 P/E, tightening EV/FCF at 34x—versus peers, with ROE at 28.28% signaling efficient capital returns. Share price rocketed 149% in 2024 to $506 highs, tracking revenue beats and catalysts like price hikes, podcast deals, and regulatory wins.

Analysts forecast 18% revenue CAGR through 2028 to $29.77 billion, EPS to $23.17, and 20-30% annual returns, with 38% average upside. Yet risks like 70% music royalty costs, TikTok rivalry, and regulations loom. Dive into the full analysis for quantitative models unpacking this momentum and risk/reward skew.

Read full commentary →

Spotify Technology (SPOT) Latest News

News by impact score

Fine-tune

18 Sep

3 www.proactiveinvestors.com, 12:43 PM
BofA projects Spotify growth from new monetization tools. Analyst-highlighted monetization tools can lift Spotify revenue trajectory and sentiment.

17 Sep

4 www.tikr.com, 10:31 AM
Spotify stock trades 25% below its high as the company advances video initiatives expected to drive user growth and revenue gains. Video expansion is a major strategic move that can significantly alter Spotify's growth trajectory and investor sentiment.

4 247wallst.com, 10:30 AM
Netflix could gain its next $100 billion in value from Spotify, projecting 98% upside for SPOT. Direct tie to Netflix value growth signals major upside potential altering SPOT trajectory.

15 Sep

3 , 4:11 AM
Spotify Technology explores AI add-ons and new verticals strategy, questioning potential changes to its bull case. Spotify's AI add-ons and new verticals strategy may moderately affect key areas like product innovation and competitive positioning.

13 Sep

4 www.marketbeat.com, 6:02 PM
Spotify Technology is pitching AI add-ons, video features and expansion into new verticals to drive growth. AI add-ons, video rollout and new verticals represent major strategic initiatives that can reshape Spotify's product offerings and competitive stance.

12 Sep

3 247wallst.com, 10:30 AM
Spotify is favored over Netflix as the stronger streaming stock investment for the next five years based on growth prospects and market positioning. Positive comparison to Netflix may moderately lift SPOT investor sentiment without altering core operations.

2 Sep

4 , 9:16 AM
Spotify Technology S.A. advances AI integration for improved personalization and user engagement while executing targeted strategies to expand revenue through premium tiers, advertising, and new markets. Spotify's AI initiatives combined with revenue expansion plans represent major strategic moves likely to reshape its market position and investor outlook.

29 Aug

4 , 3:05 PM
Spotify Technology boosts share buybacks amid shifting streaming economics. Buyback increase represents major capital allocation move that can lift share price and investor sentiment.

3 , 12:16 PM
Spotify Technology reported 15% streaming growth, with analysis questioning whether the stock remains undervalued. Spotify's 15% streaming growth indicates moderate effects on financial performance and valuation perceptions.

3 , 11:07 AM
Spotify stock has risen 247% yet may still offer value as a bargain based on current valuation levels. Positive valuation commentary on SPOT shares can lift near-term investor sentiment and trading activity.

28 Aug

3 , 11:51 PM
Barclays analysis shows major record labels narrowing the streaming growth gap with Spotify. Record labels closing streaming growth gap with Spotify signals moderate competitive pressure on its market position.

3 247wallst.com, 11:30 AM
Spotify Technology stock is predicted to deliver major gains and emerge as a top performer by 2030. Long-term bullish stock forecasts can moderately lift investor sentiment without altering near-term operations.

20 Aug

3 , 10:51 AM
SPOT stock rose 12.5% over the past month on strong growth yet faces valuation risk concerns. Growth momentum lifts near-term sentiment but valuation risks cap broader trajectory shifts.

11 Aug

3 transcript www.fool.com, 12:28 PM
Spotify (SPOT) held its Q2 2026 earnings call, covering quarterly financial results, user metrics, revenue trends and forward guidance. Quarterly earnings updates and guidance influence near-term stock sentiment and valuation but rarely alter long-term trajectory.

10 Aug

4 www.forbes.com, 12:29 PM
Spotify is testing an ad-skip button for podcasts that may disrupt existing podcast advertising models and revenue structures. Ad-skip button test could substantially alter podcast ad revenues and competitive positioning.

9 Aug

4 www.semafor.com, 7:27 PM
Spotify develops a skip button feature allowing users to bypass podcast segments, potentially disrupting traditional podcast formats, listener engagement, and advertising models across the industry. New skip button may reshape podcast consumption patterns and Spotify's content investments.

3 transcript www.marketbeat.com, 3:03 AM
Spotify reported Q2 user growth and revenue gains, with executives outlining podcast investments, cost controls, and expansion amid streaming competition. Q2 results and outlook provide financial metrics that can shift near-term investor views without signaling major strategic shifts.

7 Aug

3 247wallst.com, 1:30 PM
Spotify and Pinterest reported user and revenue growth but missed investor expectations, pressuring stock prices. Reported growth short of expectations influences Spotify short-term stock sentiment without altering core trajectory.

5 Aug

3 , 1:08 PM
Spotify missed Q2 earnings expectations due to higher marketing and AI costs. Earnings miss tied to elevated costs points to profitability pressure that can affect stock sentiment and operations.

3 , 10:38 AM
Spotify reached 300 million subscribers while its stock fell 4.9%. Milestone subscriber count signals growth yet stock drop points to market concerns over margins or outlook.

3 , 10:00 AM
Spotify Technology's Q2 earnings call emphasized monetization strategies and AI-related cost pressures. Earnings call focus on monetization and AI costs highlights factors that can shift near-term profitability expectations.

3 , 9:20 AM
Spotify explores AI integration for playlist generation and personalization features. AI playlist tools may moderately shape Spotify product innovation without altering core trajectory.

4 Aug

4 www.fool.com, 6:13 PM
Spotify reaches 300 million paying subscribers, a record no other audio streaming service has achieved. 300 million paying subscribers confirms dominant market position and supports sustained revenue expansion.

4 www.ce-sphere.com, 4:05 PM
Spotify Technology reaches 300 million premium subscribers. Milestone of 300 million premium subscribers indicates major user growth and revenue potential for Spotify.

4 , 3:10 PM
Spotify reports surging profits and reaches 300 million subscribers, strengthening its market position and supporting higher investor returns. Profit surge combined with 300 million subscribers indicates major growth that can shift company trajectory and investor sentiment.

4 transcript , 3:01 PM
Spotify reported record gross margins alongside 300 million users in its Q2 2026 earnings call. Record gross margin and user milestone signal stronger profitability and growth trajectory for Spotify.

4 , 1:39 PM
Spotify attains record 300 million premium subscribers. Record subscriber milestone signals major growth in core revenue base and strengthens competitive standing.

3 transcript app.moby.co, 4:57 PM
Spotify Technology S.A. held its Q2 2026 earnings call, covering financial results, subscriber metrics, and strategic outlook for the streaming business. Quarterly earnings data typically moves near-term stock sentiment but rarely shifts long-term company trajectory on its own.

3 , 2:25 PM
Spotify reaches 300 million subscribers as its stock falls 6%. Milestone subscriber count shows user expansion yet stock drop signals market concerns over profitability.

3 , 11:50 AM
Spotify expands its AI remix and covers project through a partnership with Merlin. Partnership adds AI music tools that may boost innovation but remain limited in scale for overall performance.
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