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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.

529.14 2.72 +0.52%

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Market cap: $108.4B
P/E: 28.0×
Fwd P/E: 33.6×
Dividend yield: —
F-score: 6/9
Altman Z: 11.36
Beneish M: −2.56
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Older periods	Sep '25	Dec '25	Mar '26	Jun '26
P/E ratio Full definition →	+8 more quarters Free account	90.53	46.76	31.57	24.27
P/S ratio Full definition →		7.69	6.13	4.91	4.47
P/FCF ratio Full definition →		43.48	36.71	27.25	25.25
P/Operating CF Full definition →		142.19	133.94	101.95	100.27
P/B ratio Full definition →		15.81	12.66	10.64	9.69
Price to Tangible BV Full definition →		18.44	14.63	12.41	11.23
EV/Sales Full definition →		7.20	5.66	4.47	4.02
EV/EBITDA Full definition →		58.33	42.27	31.31	26.50
EV/Operating CF Full definition →		40.08	33.15	24.39	22.24
EV/FCF Full definition →		40.71	33.85	24.84	22.71
Quick Ratio Full definition →		1.59	1.71	2.03	2.09
Current Ratio Full definition →		1.61	1.72	2.06	2.11
Net Debt/EBITDA Full definition →		(14.92)	(12.83)	(11.80)	(13.73)
Debt/Assets Full definition →		0.00%	0.00%	0.00%	0.00%
Debt/Equity Full definition →		0.00	0.00	0.00	0.00
Asset Turnover Full definition →		1.30	1.30	1.42	1.35
Operating CF/Net income Full definition →		0.96	0.68	1.16	1.49
Capex/Depreciation Full definition →		(0.92)	(0.92)	(0.19)	(0.69)
Interest Coverage Full definition →		34.24	(1.65)	27.50	31.19
Research and Development Expense of Revenue Full definition →		7.23%	6.53%	7.30%	8.44%
Selling, General and Administrative Expense of Revenue Full definition →		10.77%	11.18%	9.91%	11.26%
Intangible Assets out of Total Assets Full definition →		0.08	0.07	0.09	0.08
Share Based Compensation of Revenue Full definition →		1.83%	1.09%	1.24%	1.79%
Graham Net Nets Full definition →		0.03	0.04	0.05	0.06
Graham Number Full definition →		87.51	113.23	125.50	142.01
Earnings Yield Full definition →		1.10%	2.14%	3.17%	4.12%
Free Cash Flow Yield Full definition →		2.30%	2.72%	3.67%	3.96%
Revenue per Share Full definition →		24.24	25.69	25.79	26.99
Operating CF per Share Full definition →		4.91	4.34	4.76	4.58
Capex per Share Full definition →		(0.13)	(0.11)	(0.03)	(0.11)
Free Cash Flow per Share Full definition →		4.78	4.22	4.73	4.47
Cash per Share Full definition →		51.43	52.14	49.76	53.04
Shareholders Equity per Share Full definition →		44.15	45.88	45.57	47.38
Interest Debt per Share Full definition →		0.00	0.00	0.00	0.00
Book value per Share Full definition →		44.15	45.88	45.57	47.38
Free Cash Flow Full definition →		983.65	867.16	972.60	919.11
Working Capital Full definition →		4,462.86	4,990.60	5,818.06	6,350.66
Capital Expenditures Full definition →		(27.42)	(23.43)	(5.85)	(23.22)
Net Current Asset Value Full definition →		3,678.53	4,310.63	5,314.78	5,828.61
EV/EBIT Full definition →		61.56	44.23	32.63	27.52
Capex to Sales Full definition →		0.01	0.00	0.00	0.00
Price to Operating Income Full definition →		65.75	47.97	35.79	30.60
Other line items
Average Receivables Full definition →		924.60	951.61	873.47	971.80
Average Payables Full definition →		1,293.23	1,401.54	1,291.96	1,434.95
Average Assets Full definition →		14,387.03	14,989.29	14,365.38	15,635.14
Average Common Equity Full definition →		7,093.66	7,701.02	7,978.06	8,636.10

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Columns are period end dates

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