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Friday 6 November 2026 Export SPOT’s income statement to Excel — free account

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.

Revenue
+14.5%
EPS
−43.1%
Free cash flow
−16.1%

Quarter to September 2026, against a year earlier

603.40 11.01 −1.79%
Market cap
$126.5B
P/E
36.8×
Fwd P/E
45.1×
Dividend yield
—
F-score
6/9
Altman Z
11.36
Beneish M
−2.56
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Spotify Technology (SPOT) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, Spotify Technology (SPOT) trades at a EV/EBITDA of 35.3×. Over the past ten years it has ranged from 0.0× (March 2024) to 2,480× (June 2024); the current reading is higher than 52% of that period. That is above the Internet Content & Information industry median of 10.7× and above the Communication Services sector median of 8.8×.

EV/EBITDA, daily

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Annual newest first

Period EV/EBITDA Change
FY2025 42.3× (18.22%)
FY2024 51.7× —
FY2023 0.0× —
FY2022 0.0× —
FY2021 163× —
FY2020 0.0× —
FY2019 1,644× —
FY2018 0.0× —
FY2017 0.0× —
FY2016 0.0× —

Quarterly newest first

Period EV/EBITDA Change
Sep 2026 27.3× 3.02%
Jun 2026 26.5× (15.36%)
Mar 2026 31.3× (25.94%)
Dec 2025 42.3× (27.54%)
31 more quarters

Against its own ten years

Low 0.0× High 2,480×
Ten-year median 33.1×
Current reading's percentile 52

EV/EBITDA against peers

Company EV/EBITDA
BIDU Baidu, Inc. compare n/m
MTCH Match Group Inc. compare 10.7×
META Meta Platforms, Inc. compare 14.8×
RDDT Reddit Inc. compare 16.4×
Z Zillow Group, Inc. compare 22.7×
ZG Zillow Group, Inc. compare 23.4×
SPOT Spotify Technology 35.3×
PINS Pinterest, Inc. compare 49.0×
SNAP Snap Inc. compare 165×
Internet Content & Information industry median 10.7×
Communication Services sector median 8.8×
Market median 10.9×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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