stockrowSpotify 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
Follow SPOT
Alert me
Spotify Technology (SPOT) Gross margin
Spotify Technology's gross margin over the twelve months to 30 September 2026 was 33.1%, up 1.1 percentage points from fiscal 2025 (32.0%). Over the past ten years it has ranged from 13.4% (fiscal 2016) to 32.0% (fiscal 2025) — the current reading is the highest in ten years. That is below the Internet Content & Information industry median of 63.3% and below the Communication Services sector median of 51.3%.
Gross margin, annual
Embed this chart
Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 32.0% | 1.84 |
| FY2024 | 30.1% | 4.50 |
| FY2023 | 25.6% | 0.69 |
| FY2022 | 25.0% | (1.85) |
| FY2021 | 26.8% | 1.23 |
| FY2020 | 25.6% | 0.11 |
| FY2019 | 25.5% | (0.27) |
| FY2018 | 25.7% | 4.97 |
| FY2017 | 20.8% | 7.38 |
| FY2016 | 13.4% | — |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Sep 2026 | 33.0% | (0.43) |
| Jun 2026 | 33.4% | 0.43 |
| Mar 2026 | 33.0% | (0.06) |
| Dec 2025 | 33.0% | 1.42 |
| 31 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| RDDT Reddit Inc. compare | 91.6% |
| META Meta Platforms, Inc. compare | 81.0% |
| PINS Pinterest, Inc. compare | 79.0% |
| MTCH Match Group Inc. compare | 75.8% |
| ZG Zillow Group, Inc. compare | 72.5% |
| Z Zillow Group, Inc. compare | 72.5% |
| SNAP Snap Inc. compare | 59.1% |
| BIDU Baidu, Inc. compare | 40.9% |
| SPOT Spotify Technology | 33.1% |
| Internet Content & Information industry median | 63.3% |
| Communication Services sector median | 51.3% |
| Market median | 45.1% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on SPOT
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement