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Spotify Technology S.A.

SPOT Clue Score67
Luxembourg Fiscal year ends December CIK 0001639920
$529.14 +0.52% Close, 9 Oct 2026
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Price $529.14 +128.19% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 3 Apr 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2.95Operating income−0.35Net income−0.54EPS, diluted−3.63Fiscal year 2017Revenue4.09 +38.6%Operating income−0.38Net income−1.24EPS, diluted−8.14Fiscal year 2018Revenue5.26 +28.6%Operating income−0.04Net income−0.08EPS, diluted−0.51Fiscal year 2019Revenue6.76 +28.6%Operating income−0.07Net income−0.19EPS, diluted−1.03Fiscal year 2020Revenue7.88 +16.5%Operating income−0.29Net income−0.58EPS, diluted−3.10Fiscal year 2021Revenue9.67 +22.7%Operating income0.09Net income−0.03EPS, diluted−1.03Fiscal year 2022Revenue11.73 +21.3%Operating income−0.66Net income−0.43EPS, diluted−2.93Fiscal year 2023Revenue13.25 +13.0%Operating income−0.45Net income−0.53EPS, diluted−2.73Fiscal year 2024Revenue15.67 +18.3%Operating income1.37Net income1.14EPS, diluted5.50Fiscal year 2025Revenue17.19 +9.7%Operating income2.20Net income2.21 +94.4%EPS, diluted10.51 +91.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2.95 4.09 5.26 6.76 7.88 9.67 11.73 13.25 15.67 17.19
Growth +38.6% +28.6% +28.6% +16.5% +22.7% +21.3% +13.0% +18.3% +9.7%
Operating income −0.35 −0.38 −0.04 −0.07 −0.29 0.09 −0.66 −0.45 1.37 2.20
Net income −0.54 −1.24 −0.08 −0.19 −0.58 −0.03 −0.43 −0.53 1.14 2.21
Growth +94.4%
EPS, diluted −3.63 −8.14 −0.51 −1.03 −3.10 −1.03 −2.93 −2.73 5.50 10.51
Growth +91.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin13.6%Operating margin−11.8%Net margin−18.3%Free cash flow margin2.5%Fiscal year 2017Gross margin20.8%Operating margin−9.2%Net margin−30.2%Free cash flow margin3.5%Fiscal year 2018Gross margin25.7%Operating margin−0.8%Net margin−1.5%Free cash flow margin4.2%Fiscal year 2019Gross margin25.5%Operating margin−1.1%Net margin−2.7%Free cash flow margin6.5%Fiscal year 2020Gross margin25.6%Operating margin−3.7%Net margin−7.4%Free cash flow margin2.3%Fiscal year 2021Gross margin26.8%Operating margin1.0%Net margin−0.4%Free cash flow margin2.9%Fiscal year 2022Gross margin25.0%Operating margin−5.6%Net margin−3.7%Free cash flow margin0.2%Fiscal year 2023Gross margin25.6%Operating margin−3.4%Net margin−4.0%Free cash flow margin5.1%Fiscal year 2024Gross margin30.1%Operating margin8.7%Net margin7.3%Free cash flow margin14.6%Fiscal year 2025Gross margin32.0%Operating margin12.8%Net margin12.9%Free cash flow margin16.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 13.6% 20.8% 25.7% 25.5% 25.6% 26.8% 25.0% 25.6% 30.1% 32.0%
Operating margin −11.8% −9.2% −0.8% −1.1% −3.7% 1.0% −5.6% −3.4% 8.7% 12.8%
Net margin −18.3% −30.2% −1.5% −2.7% −7.4% −0.4% −3.7% −4.0% 7.3% 12.9%
Free cash flow margin 2.5% 3.5% 4.2% 6.5% 2.3% 2.9% 0.2% 5.1% 14.6% 16.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.10Capital expenditure−0.03Free cash flow0.07Buybacks0.00Fiscal year 2017Operating cash flow0.18Capital expenditure−0.04Free cash flow0.14 +93.2%Buybacks0.00Fiscal year 2018Operating cash flow0.34Capital expenditure−0.13Free cash flow0.22 +53.1%Buybacks−0.07Dividends paid0.00Fiscal year 2019Operating cash flow0.57Capital expenditure−0.14Free cash flow0.44 +100.0%Buybacks−0.44Dividends paid0.00Fiscal year 2020Operating cash flow0.26Capital expenditure−0.08Free cash flow0.18 −58.7%Buybacks0.00Fiscal year 2021Operating cash flow0.36Capital expenditure−0.09Free cash flow0.28 +52.5%Buybacks−0.09Fiscal year 2022Operating cash flow0.05Capital expenditure−0.03Free cash flow0.02 −92.4%Buybacks−0.00Fiscal year 2023Operating cash flow0.68Capital expenditure−0.01Free cash flow0.67 +3,109.5%Buybacks0.00Fiscal year 2024Operating cash flow2.30Capital expenditure−0.02Free cash flow2.28 +238.9%Buybacks0.00Fiscal year 2025Operating cash flow2.93Capital expenditure−0.06Free cash flow2.87 +25.7%Buybacks−0.44
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.10 0.18 0.34 0.57 0.26 0.36 0.05 0.68 2.30 2.93
Capital expenditure −0.03 −0.04 −0.13 −0.14 −0.08 −0.09 −0.03 −0.01 −0.02 −0.06
Free cash flow 0.07 0.14 0.22 0.44 0.18 0.28 0.02 0.67 2.28 2.87
Growth +93.2% +53.1% +100.0% −58.7% +52.5% −92.4% +3,109.5% +238.9% +25.7%
Buybacks 0.00 0.00 −0.07 −0.44 0.00 −0.09 −0.00 0.00 0.00 −0.44
Dividends paid n/a n/a 0.00 0.00 n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.76Shareholders’ equity−0.24Fiscal year 2017Cash0.48Shareholders’ equity0.24Fiscal year 2018Cash0.89Shareholders’ equity2.09Fiscal year 2019Cash1.07Shareholders’ equity2.04Fiscal year 2020Cash1.15Total debt0.00Net cash (debt)1.15Shareholders’ equity2.81Debt to equity0.00Fiscal year 2021Cash2.74Total debt1.20Net cash (debt)1.54Shareholders’ equity2.12Debt to equity0.57Fiscal year 2022Cash2.48Total debt1.13Net cash (debt)1.36Shareholders’ equity2.40Debt to equity0.47Fiscal year 2023Cash3.11Total debt1.20Net cash (debt)1.91Shareholders’ equity2.52Debt to equity0.48Fiscal year 2024Cash4.78Total debt1.54Net cash (debt)3.24Shareholders’ equity5.53Debt to equity0.28Fiscal year 2025Cash5.26Total debt0.00Net cash (debt)5.26Shareholders’ equity8.33Debt to equity0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.76 0.48 0.89 1.07 1.15 2.74 2.48 3.11 4.78 5.26
Total debt n/a n/a n/a n/a 0.00 1.20 1.13 1.20 1.54 0.00
Net cash (debt) n/a n/a n/a n/a 1.15 1.54 1.36 1.91 3.24 5.26
Shareholders’ equity −0.24 0.24 2.09 2.04 2.81 2.12 2.40 2.52 5.53 8.33
Debt to equity n/a n/a n/a n/a 0.00 0.57 0.47 0.48 0.28 0.00

In billions of EUR, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of EUR, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
0.76 0.48 0.89 1.07 1.15 2.74 2.48 3.11 4.78 5.26
n/a 0.36 0.40 0.40 0.46 0.62 0.69 0.86 0.77 0.80
n/a 0.07 0.20 0.29 0.31 0.37 0.35 0.25 0.19 0.19
n/a n/a 0.15 0.48 0.74 0.89 1.17 1.14 1.20 1.08
n/a 3.11 4.34 5.12 6.33 7.17 7.64 8.35 12.01 15.02
Growth +39.6% +18.1% +23.5% +13.3% +6.5% +9.3% +43.8% +25.1%
Liabilities
n/a n/a n/a n/a 0.00 1.20 1.13 1.20 1.54 0.00
calc n/a n/a n/a n/a 0.00 1.20 1.13 1.20 1.54 0.00
n/a 2.87 2.24 3.09 3.52 5.05 5.24 5.82 6.48 6.69
Equity
n/a −2.43 −2.51 −2.71 −3.29 −3.22 −3.65 −4.18 −3.04 −0.83
−0.24 0.24 2.09 2.04 2.81 2.12 2.40 2.52 5.53 8.33
Growth +779.8% −2.7% +37.7% −24.5% +13.3% +5.1% +119.0% +50.8%
Per share and net cash
calc n/a n/a n/a n/a 1.15 1.54 1.36 1.91 3.24 5.26
n/a n/a 180.9 184.3 190.2 192.2 193.3 197.1 203.8 205.8
calc n/a n/a 11.58 11.05 14.75 11.03 12.42 12.80 27.10 40.46

Lines marked calc are worked out here from filed figures; point at one for how. Shown in EUR as filed; the screener converts to dollars.