The story
Founded by Daniel Ek and Martin Lorentzon on Jan 8, 2007.1
SPOT on NYSE
Spotify Technology
Logo: Spotify AB, Dinamo Typefaces, Public domain, via Wikimedia Commons3
Luxembourgish holding company.1
Price unavailable
Last updated Oct 18, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in EUR, the currency the company reports in.
Key numbers, fiscal 2025
32.0%Gross margin4
12.8%Operating margin4
12.9%Net margin4
9.7%Revenue growth, 20254
2.9B EURFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Premium brought in 89% of the revenue Spotify Technology broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Premium | 11.6B EUR | 13.8B EUR | 15.3B EUR |
| Ad Supported | 1.7B EUR | 1.9B EUR | 1.8B EUR |
Regions
Other Countries brought in 62% of the revenue Spotify Technology broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Other Countries | 8.0B EUR | 9.5B EUR | 10.7B EUR |
| United States | 5.2B EUR | 6.1B EUR | 6.5B EUR |
| LU | 9.0M EUR | 10.0M EUR | 13.0M EUR |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs87¢15.0B EUR
- Profit13¢2.2B EUR
Out of 17.2B EUR in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending2¢61.0M EUR
- Kept or used elsewhere98¢2.9B EUR
Out of 2.9B EUR of cash from operations.4
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | 17.2B EUR | 15.7B EUR | 13.2B EUR |
| Cost of revenue | 11.7B EUR | 10.9B EUR | 9.8B EUR |
| Gross profit | 5.5B EUR | 4.7B EUR | 3.4B EUR |
| Research and development | 1.4B EUR | 1.5B EUR | 1.7B EUR |
| Sales and marketing | 1.4B EUR | 1.4B EUR | 1.5B EUR |
| General and administrative | 479.0M EUR | 481.0M EUR | 585.0M EUR |
| Total operating expense | 3.3B EUR | 3.4B EUR | 3.8B EUR |
| Operating income/(loss) | 2.2B EUR | 1.4B EUR | -446.0M EUR |
| Finance income | 292.0M EUR | 328.0M EUR | 161.0M EUR |
| Finance costs | -266.0M EUR | -352.0M EUR | -220.0M EUR |
| Finance income/(costs) - net | 26.0M EUR | -24.0M EUR | -59.0M EUR |
| Income/(loss) before tax | 2.2B EUR | 1.3B EUR | -505.0M EUR |
| Income tax expense | 12.0M EUR | 203.0M EUR | 27.0M EUR |
| Net income/(loss) attributable to owners of the parent | 2.2B EUR | 1.1B EUR | -532.0M EUR |
| Basic (euro per share) | 10.77 EUR | 5.67 EUR | -2.73 EUR |
| Diluted (euro per share) | 10.51 EUR | 5.50 EUR | -2.73 EUR |
| Basic (in shares) | 205.4M shares | 200.6M shares | 194.7M shares |
| Diluted (in shares) | 210.5M shares | 207.0M shares | 194.7M shares |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Lease right-of-use assets | 234.0M EUR | 226.0M EUR | |
| Property and equipment | 188.0M EUR | 188.0M EUR | |
| Goodwill | 1.1B EUR | 1.2B EUR | |
| Intangible assets | 41.0M EUR | 48.0M EUR | |
| Long term investments | 2.2B EUR | 1.6B EUR | |
| Restricted cash and other non-current assets | 61.0M EUR | 68.0M EUR | |
| Finance lease receivables | 69.0M EUR | 74.0M EUR | |
| Deferred tax assets | 662.0M EUR | 186.0M EUR | |
| Non-current assets | 4.5B EUR | 3.6B EUR | |
| Trade and other receivables | 802.0M EUR | 771.0M EUR | |
| Income tax receivable | 116.0M EUR | 28.0M EUR | |
| Short term investments | 4.2B EUR | 2.7B EUR | |
| Cash and cash equivalents | 5.3B EUR | 4.8B EUR | 3.1B EUR |
| Other current assets | 111.0M EUR | 132.0M EUR | |
| Current assets | 10.5B EUR | 8.4B EUR | |
| Total assets | 15.0B EUR | 12.0B EUR | |
| Share capital | 0 EUR | 0 EUR | |
| Other paid in capital | 6.5B EUR | 6.1B EUR | |
| Treasury shares | -701.0M EUR | -262.0M EUR | |
| Other reserves | 3.4B EUR | 2.7B EUR | 1.8B EUR |
| Accumulated deficit | -832.0M EUR | -3.0B EUR | |
| Equity attributable to owners of the parent | 8.3B EUR | 5.5B EUR | 2.5B EUR |
| Exchangeable Notes | 0 EUR | 1.5B EUR | |
| Lease liabilities | 433.0M EUR | 462.0M EUR | |
| Accrued expenses and other liabilities | 2.0M EUR | 5.0M EUR | |
| Provisions | 3.0M EUR | 3.0M EUR | |
| Deferred tax liabilities | 163.0M EUR | 21.0M EUR | |
| Non-current liabilities | 601.0M EUR | 2.0B EUR | |
| Trade and other payables | 1.2B EUR | 1.3B EUR | |
| Income tax payable | 72.0M EUR | 33.0M EUR | |
| Deferred revenue | 711.0M EUR | 683.0M EUR | |
| Accrued expenses and other liabilities | 2.6B EUR | 2.3B EUR | |
| Exchangeable Notes | 1.5B EUR | 0 EUR | |
| Provisions | 51.0M EUR | 25.0M EUR | |
| Derivative liabilities | 10.0M EUR | 20.0M EUR | |
| Current liabilities | 6.1B EUR | 4.5B EUR | |
| Total liabilities | 6.7B EUR | 6.5B EUR | |
| Total equity and liabilities | 15.0B EUR | 12.0B EUR |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income/(loss) | 2.2B EUR | 1.1B EUR | -532.0M EUR |
| Depreciation of property and equipment and lease right-of-use assets | 79.0M EUR | 85.0M EUR | 110.0M EUR |
| Amortization of intangible assets | 23.0M EUR | 36.0M EUR | 48.0M EUR |
| Impairment charges on real estate assets | 8.0M EUR | 43.0M EUR | 123.0M EUR |
| Write-off of content assets | 0 EUR | 0 EUR | 29.0M EUR |
| Share-based compensation expense | 247.0M EUR | 267.0M EUR | 321.0M EUR |
| Finance income | -292.0M EUR | -328.0M EUR | -161.0M EUR |
| Finance costs | 266.0M EUR | 352.0M EUR | 220.0M EUR |
| Income tax expense | 12.0M EUR | 203.0M EUR | 27.0M EUR |
| Other | 10.0M EUR | 2.0M EUR | 1.0M EUR |
| (Increase)/decrease in trade receivables and other assets | -115.0M EUR | 145.0M EUR | -145.0M EUR |
| Increase in trade and other liabilities | 281.0M EUR | 183.0M EUR | 501.0M EUR |
| Increase in deferred revenue | 60.0M EUR | 45.0M EUR | 113.0M EUR |
| Increase/(decrease) in provisions | 22.0M EUR | 3.0M EUR | -5.0M EUR |
| Interest paid | -36.0M EUR | -36.0M EUR | -38.0M EUR |
| Interest received | 242.0M EUR | 216.0M EUR | 111.0M EUR |
| Income tax paid | -86.0M EUR | -53.0M EUR | -43.0M EUR |
| Net cash flows from operating activities | 2.9B EUR | 2.3B EUR | 680.0M EUR |
| Business combinations, net of cash acquired | -9.0M EUR | 0 EUR | 0 EUR |
| Payment of deferred consideration pertaining to business combinations | -9.0M EUR | -10.0M EUR | -7.0M EUR |
| Purchases of property and equipment | -61.0M EUR | -17.0M EUR | -6.0M EUR |
| Purchases of short term investments | -19.3B EUR | -7.3B EUR | -1.6B EUR |
| Sales and maturities of short term investments | 17.5B EUR | 5.8B EUR | 1.4B EUR |
| Change in restricted cash | 2.0M EUR | 1.0M EUR | 4.0M EUR |
| Dividends received | 23.0M EUR | 19.0M EUR | 0 EUR |
| Other | -5.0M EUR | -8.0M EUR | 3.0M EUR |
| Net cash flows used in investing activities | -1.8B EUR | -1.5B EUR | -217.0M EUR |
| Payments of lease liabilities | -73.0M EUR | -69.0M EUR | -66.0M EUR |
| Lease incentives received | 0 EUR | 0 EUR | 2.0M EUR |
| Repurchases of ordinary shares | -439.0M EUR | 0 EUR | 0 EUR |
| Proceeds from exercise of stock options | 372.0M EUR | 933.0M EUR | 366.0M EUR |
| Payments for employee taxes withheld from restricted stock unit releases | -241.0M EUR | -135.0M EUR | -68.0M EUR |
| Net cash flows (used in)/from financing activities | -381.0M EUR | 729.0M EUR | 234.0M EUR |
| Net increase in cash and cash equivalents | 767.0M EUR | 1.5B EUR | 697.0M EUR |
| Net foreign exchange (losses)/gains on cash and cash equivalents | -290.0M EUR | 123.0M EUR | -66.0M EUR |
| Recognition of lease right-of-use asset in exchange for lease liabilities | 85.0M EUR | 25.0M EUR | 22.0M EUR |
| Real estate assets disposed of in exchange for finance lease receivables | 9.0M EUR | 62.0M EUR | 0 EUR |
| Issuance of ordinary shares upon net settlement of warrants | 0 EUR | 36.0M EUR | 0 EUR |
Leadership
Who has led Spotify Technology, and when. Pick a name to see everywhere that person has worked.
Board members and other officers (2)
- Board memberDaniel Ek1
- Board memberMartin Lorentzon1
Subsidiaries and ownership
Owners
- Martin Lorentzon 43.8%
- Daniel Ek 33.6%
- Baillie Gifford 3.9%
Subsidiaries
- Cutler Media LLC
- Gimlet Media
- Spotify
- The Echo Nest
- Spotify for Creators since Feb 28, 2019
- WhoSampled since 2025
From Wikidata.1
Acquisitions
Employees over time
Timeline
Recent filings
- Oct 14, 20264
- Oct 5, 20264
- Oct 5, 20264
- Oct 5, 20264
- Oct 5, 20264
- Oct 5, 20264
- Oct 5, 20264
- Sep 16, 20264
- Sep 14, 2026144
- Sep 3, 20266-K
- Sep 3, 20264
- Sep 3, 20264
- Sep 3, 20264
- Sep 3, 20264
- Sep 3, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websiteinvestors.spotify.com/home/default.aspx1
- Websitewww.spotify.com1
- X (Twitter)x.com/spotify1
- Instagramwww.instagram.com/spotify1
- WikidataQ60269744
- SEC EDGARCIK 1639920
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataSpotify Technology on Wikidata
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