Spotify Technology
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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.
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Spotify Technology (SPOT) Beneish M-score
Spotify Technology's Beneish M-score for fiscal 2025 is −2.56; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.56 | 0.44 |
| FY2024 | −3.00 | (0.02) |
| FY2023 | −2.98 | (0.24) |
| FY2022 | −2.74 | (0.17) |
| FY2021 | −2.57 | 0.33 |
| FY2020 | −2.90 | 0.23 |
| FY2019 | −3.14 | (0.77) |
| FY2018 | −2.36 | (0.39) |
| FY2017 | −1.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.96 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.15 | — | 1.02 | |
| Depreciation index | 1.11 | — | 0.13 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.56 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PINS Pinterest, Inc. compare | −3.5× |
| SNAP Snap Inc. compare | −3.1× |
| MTCH Match Group Inc. compare | −3.0× |
| META Meta Platforms, Inc. compare | −3.0× |
| SPOT Spotify Technology | −2.6× |
| Z Zillow Group, Inc. compare | −2.3× |
| ZG Zillow Group, Inc. compare | −2.3× |
| RDDT Reddit Inc. compare | −2.2× |
| BIDU Baidu, Inc. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI