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Spotify Technology

SPOT Communication Services Internet Content & Information

Spotify Technology’s revenue for fiscal 2025 (year ended December 2025) was $19.4 billion, up 14.6% from fiscal 2024. In the quarter to June 2026, revenue grew 16.7%, EPS grew 741.7% and free cash flow grew 9.80%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

594.62 37.38 +6.71%

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Market cap: $114.7B
P/E: 31.4×
Fwd P/E: 45.1×
Dividend yield: —
F-score: 6/9
Altman Z: 11.36
Beneish M: −2.56
Dividend safety: n/a

Overview Business Profile Financial Analysis

Insider Decisions trades per month

Total sells 110.01

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	2	5	2	2	3	1	1

Insider Ownership 26.47%

Capital & Financial Ratios $m

Market Cap 114,730.00

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 31.43

Fwd P/E 45.10

P/S ratio 5.79

P/B ratio 12.55

Past 5Y EPS Growth —

This Y EPS Growth 12.02%

Next Y EPS Growth 27.82%

Next Y revenue growth 11.49%

Next 5Y EPS Growth 21.86%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 15.08%

10-year low 10-year high

P/S against its own 10 years 79.49%

10-year low 10-year high

P/B against its own 10 years 44.11%

10-year low 10-year high

EV/Sales against its own 10 years 76.80%

10-year low 10-year high

EV/FCF against its own 10 years 9.50%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	4,561	8,059	10,711	10,915
Receivables	950	865	1,039	1,014
Inventory	—	—	—	—
Other	182	143	126	135
	5,693	9,067	11,875	12,064

	2023	2024	2025	Q'26
Payables	1,058	1,452	1,351	1,541
ST’ Debt	—	—	—	—
Other	41	49	69	78
	4,427	4,815	6,885	5,714

Compound Annual Growth %

	10y	5y	3y
Sales	—	16.65%	16.32%
Cash Flow	—	62.17%	309.10%
Earnings	—	0.00%	0.00%
Book Value	—	24.08%	55.02%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 3.10 Actual 2.85

2.50 3.25 4.01 4.76 5.51

Dec 2025 Beat +2.00

Mar 2026 Beat +0.32

Jun 2026 Miss −0.24

Sep 2026 Miss −0.25

Dec 2026 — Feb 9

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Dec 2025	3.16	5.16	Beat by 2.00
Mar 2026	3.72	4.04	Beat by 0.32
Jun 2026	3.27	3.03	Miss by 0.24
Sep 2026	3.10	2.85	Miss by 0.25
Dec 2026	3.71	—	Reports 9 February 2027

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	0.75	(0.68)	(0.99)	(1.43)	(2.31)
’21	0.14	(0.12)	0.01	(0.24)	(0.21)
’20	0.01	(2.10)	(0.68)	(0.79)	(3.54)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	5,305	5,554	—	—	—
’25	4,414	4,760	4,994	5,277	19,444
’24	3,948	4,100	4,385	4,527	16,960
’23	3,265	3,464	3,654	3,954	14,337
’22	2,986	3,048	3,058	3,264	12,356
’21	2,588	2,809	2,949	3,092	11,438
’20	2,039	2,080	2,309	2,574	9,001

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	978	942	—	—	—
’25	568	849	1,011	891	3,318
’24	229	528	802	931	2,490
’23	63	15	230	428	736
’22	42	39	36	(68)	48
’21	78	65	142	142	427
’20	(10)	43	145	118	296

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	973	919	—	—	—
’25	562	837	984	867	3,249
’24	224	526	798	924	2,472
’23	61	13	228	427	729
’22	30	35	32	(75)	22
’21	49	41	114	123	327
’20	(23)	28	123	79	207

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	—	—	103.29	108.59	109.18	201.68	69.29	79.14	185.37	443.21		+23.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	—	—	198.99	161.38	346.44	387.44	247.20	202.88	506.47	785.00		+21.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	—	2,960	3,651	4,405	3,651	6,617	8,359	9,123	7,691	7,287		+11.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.00	1.56	1.70	1.72	2.47	1.73	1.48	1.57	2.21	2.67		n/m	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	3,265	4,623	6,211	7,576	9,001	11,438	12,356	14,337	16,960	19,444		+21.9%	21,678	24,909	28,376	+13.4%
	Gross margin, %	13.38	20.76	25.73	25.46	25.57	26.80	24.95	25.64	30.14	31.98		+18.6 pt	Powerpack Spotify Technology’s next three years, line by line Analysts expect revenue to grow 13.4% a year to 2028 — slower than the 21.9% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(590)	(1,394)	(204)	(147)	(810)	295	(390)	(547)	1,451	2,516		n/m
	EBT margin, %	(18.07)	(30.15)	(3.29)	(1.94)	(9.00)	2.58	(3.16)	(3.81)	8.56	12.94		+31.0 pt
	Net income	(596)	(1,396)	(92)	(208)	(664)	(40)	(453)	(576)	1,231	2,503		n/m
	Depreciation	42	61	38	97	127	150	180	171	131	115		+11.9%
Per share, $
Per share, $	Revenue	17.74	30.48	35.06	41.86	47.99	59.79	64.04	73.63	84.54	94.66		+20.4%
	Earnings	(3.24)	(9.20)	(0.52)	(1.15)	(3.54)	(0.21)	(2.35)	(2.95)	6.14	12.18		n/m
	Cash flow	0.61	1.33	2.29	3.55	1.58	2.23	0.25	3.78	12.41	16.15		+44.0%
	Capex	0.00	(0.34)	(0.83)	(0.84)	(0.47)	(0.53)	(0.14)	(0.03)	(0.09)	(0.34)		n/m
	Free cash flow	0.61	0.99	1.46	2.71	1.10	1.71	0.11	3.75	12.32	15.82		+43.7%
	Book value	(1.37)	1.77	13.96	12.61	17.08	13.11	13.11	14.02	29.80	45.88		n/m
	Shares, m	184	152	177	181	188	191	193	195	201	205		+1.2%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	73.22	46.76		12.0
	P/S	0.00	0.00	3.24	3.57	6.56	3.91	1.28	2.56	5.29	6.13		3.3
	P/B	126.33	126.33	8.13	11.86	18.42	17.86	6.25	13.46	15.01	12.66		35.6
	EV/Sales	0.00	0.00	3.10	3.40	6.41	3.73	1.14	2.34	4.90	5.66		3.1
	EV/FCF	0.00	0.00	74.35	52.56	279.24	130.62	635.86	45.95	33.63	33.85		128.6
Cash, $m
Cash, $m	Operating cash flow	112	202	406	642	296	427	48	736	2,490	3,318		+45.8%
	Capex	(33)	(52)	(148)	(151)	(89)	(101)	(26)	(6)	(18)	(69)		+8.5%
	Free cash flow	112	150	259	491	207	327	22	729	2,472	3,249		+45.4%
Balance, $m
Balance, $m	Working capital	727	43	117	(233)	(610)	1,356	881	1,266	4,252	4,991		+23.9%
	Total debt	1,173	1,067	—	698	706	2,025	—	—	—	—		+11.5%
	Net debt	(499)	(639)	(2,133)	(1,968)	(1,996)	(4,141)	(3,530)	(4,561)	(8,059)	(10,711)		+40.6%
	Shareholders’ equity	(253)	269	2,473	2,281	3,204	2,507	2,530	2,731	5,979	9,423		n/m
Returns, %
Returns, %	ROA	(20.05)	(48.75)	(2.13)	(3.84)	(10.24)	(0.51)	(5.48)	(6.74)	11.18	16.70		+36.8 pt
	ROIC	0.00	0.00	(9.33)	(16.29)	(17.31)	0.00	0.00	0.00	0.00	0.00		0.0 pt
	ROE	(3,612.12)	(17,436.59)	(6.72)	(8.76)	(24.20)	(1.41)	(17.99)	(21.89)	28.28	32.50		+3,644.6 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
META Meta Platforms, Inc.	$1.60T	22.9×	21.1×	+27.96% (above 0%: growing)	−14.42% (below 0%: shrinking)	−80.65% (below 0%: shrinking)	81.37%	30.88%	Compare
SPOT Spotify Technology	$114.7B	31.4×	45.1×	+16.69% (above 0%: growing)	n/m	+9.80% (above 0%: growing)	33.41%	13.71%
RDDT Reddit Inc.	$24.9B	20.1×	16.6×	+61.10% (above 0%: growing)	+172.92% (above 0%: growing)	+135.27% (above 0%: growing)	91.27%	28.79%	Compare
BIDU Baidu, Inc.	$21.7B	— (loss-making)	15.7×	+1.09% (above 0%: growing)	−69.18% (below 0%: shrinking)	−128.87% (below 0%: shrinking)	39.03%	9.66%	Compare
PINS Pinterest, Inc.	$11.3B	55.1×	49.6×	+18.17% (above 0%: growing)	n/m	+37.24% (above 0%: growing)	78.18%	(4.68%)	Compare
MTCH Match Group Inc.	$9.8B	13.8×	14.8×	−1.23% (below 0%: shrinking)	+43.14% (above 0%: growing)	+52.63% (above 0%: growing)	76.06%	28.77%	Compare
SNAP Snap Inc.	$9.6B	— (loss-making)	— (loss-making)	+18.89% (above 0%: growing)	n/m	+406.61% (above 0%: growing)	58.23%	(10.68%)	Compare
Z Zillow Group, Inc.	$7.0B	140×	139×	+17.86% (above 0%: growing)	n/m	−179.07% (below 0%: shrinking)	72.80%	(1.30%)	Compare
ZG Zillow Group, Inc.	$7.0B	145×	61.2×	+17.86% (above 0%: growing)	n/m	−179.07% (below 0%: shrinking)	72.80%	(1.30%)	Compare
Median of peers	$10.5B	39.0×	21.1×	+18.02%	+14.36%	−21.70%	74.43%	4.18%

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