Spotify Technology S.A.
SPOT NYSE Radio Broadcasting Stations Financials FY2016โFY2025
Last close ยท Oct 23, 2026
$584.22
0.1%
Revenue
Total sales reported in the income statement.
$19.4B
14.3%
vs prior year
Operating margin
Operating income as a share of revenue.
12.8%
4.1ย pts
Net income
Profit after all expenses, interest and tax.
$2.5B
102.6%
Free cash flow
Cash from operations minus capital spending.
$3.2B
31.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
68.3%
15.5ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$123.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
49.3x
On $11.85 EPS (TTM)
What Spotify Technology S.A. does
No business description yet.
- Legal name
- Spotify Technology S.A.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Feb 10, 2026
- Accession ยท CIK
- 0001628280-26-006874
0001639920
Revenue and margins
Spotify Technology S.A. had $19.4B of revenue in fiscal 2025, up 14.3% on the year before.
FY16
Revenue $3.3B
FY17
Revenue $4.6B
FY18
Revenue $6.2B
FY19
Revenue $7.6B
FY20
Revenue $9.0B
FY21
Revenue $11.4B
FY22
Revenue $12.3B
FY23
Revenue $14.3B
FY24
Revenue $17.0B
FY25
Revenue $19.4B
FY16
Gross 13.6%
Operating โ11.8%
Net โ18.3%
FCF 2.5%
FY17
Gross 20.8%
Operating โ9.2%
Net โ30.2%
FCF 3.5%
FY18
Gross 25.7%
Operating โ0.8%
Net โ1.5%
FCF 4.2%
FY19
Gross 25.5%
Operating โ1.1%
Net โ2.7%
FCF 6.5%
FY20
Gross 25.6%
Operating โ3.7%
Net โ7.4%
FCF 2.3%
FY21
Gross 26.8%
Operating 1.0%
Net โ0.4%
FCF 2.9%
FY22
Gross 25.0%
Operating โ5.6%
Net โ3.7%
FCF 0.2%
FY23
Gross 25.6%
Operating โ3.4%
Net โ4.0%
FCF 5.1%
FY24
Gross 30.1%
Operating 8.7%
Net 7.3%
FCF 14.6%
FY25
Gross 32.0%
Operating 12.8%
Net 12.9%
FCF 16.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income โ$596M
FY17
Net income โ$1.4B
FY18
Net income โ$92.0M
FY19
Net income โ$208M
FY20
Net income โ$662M
FY21
Net income โ$40.2M
FY22
Net income โ$452M
FY23
Net income โ$575M
FY24
Net income $1.2B
FY25
Net income $2.5B
FY16
Diluted EPS โ$4.01
FY17
Diluted EPS โ$9.18
FY18
Diluted EPS โ$0.60
FY19
Diluted EPS โ$1.15
FY20
Diluted EPS โ$3.53
FY21
Diluted EPS โ$1.22
FY22
Diluted EPS โ$3.08
FY23
Diluted EPS โ$2.95
FY24
Diluted EPS $5.95
FY25
Diluted EPS $11.85
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital โ
Return on equity โ
Return on assets โ
FY17
Return on capital โ
Return on equity โ8,581.2%
Return on assets โ37.4%
FY18
Return on capital โ
Return on equity โ6.9%
Return on assets โ2.1%
FY19
Return on capital โ
Return on equity โ8.9%
Return on assets โ3.9%
FY20
Return on capital โ13.0%
Return on equity โ23.1%
Return on assets โ9.8%
FY21
Return on capital 11.1%
Return on equity โ1.4%
Return on assets โ0.5%
FY22
Return on capital โ49.0%
Return on equity โ18.2%
Return on assets โ5.6%
FY23
Return on capital โ56.3%
Return on equity โ21.5%
Return on assets โ6.6%
FY24
Return on capital 52.8%
Return on equity 28.9%
Return on assets 11.3%
FY25
Return on capital 68.3%
Return on equity 32.1%
Return on assets 16.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $3.2B in fiscal 2025, 16.7% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $81.8M
FY17
Free cash flow $161M
FY18
Free cash flow $258M
FY19
Free cash flow $490M
FY20
Free cash flow $206M
FY21
Free cash flow $326M
FY22
Free cash flow $22.1M
FY23
Free cash flow $729M
FY24
Free cash flow $2.5B
FY25
Free cash flow $3.2B
FY16
Cash from operations $112M
Capital spending $29.9M
FY17
Cash from operations $202M
Capital spending $40.6M
FY18
Cash from operations $406M
Capital spending $147M
FY19
Cash from operations $641M
Capital spending $151M
FY20
Cash from operations $295M
Capital spending $88.9M
FY21
Cash from operations $427M
Capital spending $101M
FY22
Cash from operations $48.3M
Capital spending $26.3M
FY23
Cash from operations $735M
Capital spending $6.5M
FY24
Cash from operations $2.5B
Capital spending $18.4M
FY25
Cash from operations $3.3B
Capital spending $68.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Spotify Technology S.A. returned $495M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 1.7%.
FY16
Dividends โ
Buybacks $0.0M
FY17
Dividends โ
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $85.0M
FY19
Dividends $0.0M
Buybacks $490M
FY20
Dividends โ
Buybacks $0.0M
FY21
Dividends โ
Buybacks $105M
FY22
Dividends โ
Buybacks $2.1M
FY23
Dividends โ
Buybacks $0.0M
FY24
Dividends โ
Buybacks $0.0M
FY25
Dividends โ
Buybacks $495M
Dividends
Buybacks
FY16
Diluted shares 0.15B
FY17
Diluted shares 0.15B
FY18
Diluted shares 0.18B
FY19
Diluted shares 0.18B
FY20
Diluted shares 0.19B
FY21
Diluted shares 0.19B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.19B
FY24
Diluted shares 0.21B
FY25
Diluted shares 0.21B
Balance sheet
Cash, debt and the ratios that show how comfortably Spotify Technology S.A. can carry it.
FY16
Cash $796M
Debt โ
FY17
Cash $572M
Debt โ
FY18
Cash $1.0B
Debt โ
FY19
Cash $1.2B
Debt โ
FY20
Cash $1.4B
Debt $0.0M
FY21
Cash $3.1B
Debt $1.4B
FY22
Cash $2.6B
Debt $1.2B
FY23
Cash $3.4B
Debt $1.3B
FY24
Cash $5.0B
Debt $1.6B
FY25
Cash $6.2B
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.1B | $2.6B | $3.4B | $5.0B | $6.2B |
| Debt incl. finance leases | $1.4B | $1.2B | $1.3B | $1.6B | $0.0M |
| Debt / equity | 0.6x | 0.5x | 0.5x | 0.3x | 0.0x |
| Interest coverage | 1.0x | โ5.0x | โ2.0x | 3.9x | 8.3x |
| Current ratio | 1.4x | 1.2x | 1.3x | 1.9x | 1.7x |
| Quick ratio | 1.4x | 1.2x | 1.3x | 1.9x | 1.7x |
| Total assets | $8.1B | $8.1B | $9.2B | $12.5B | $17.6B |
| Total liabilities | $5.7B | $5.6B | $6.4B | $6.7B | $7.9B |
| Shareholders' equity | $2.4B | $2.6B | $2.8B | $5.7B | $9.8B |
| Net debt (โ = net cash) | โ$1.7B | โ$1.4B | โ$2.1B | โ$3.4B | โ$6.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 6 / 8 | 4 / 8 | 3 / 8 | 6 / 9 | 4 / 9 | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | โ | โ42.8% | โ11.5% | โ15.9% | โ14.2% | โ5.9% | โ6.2% | โ15.1% | โ11.6% | โ5.4% |
| Altman Z'' | โ | โ3.15 | โ0.82 | โ1.39 | โ1.70 | 0.12 | โ0.93 | โ0.61 | 3.01 | 4.00 |
10 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.3B | $4.6B | $6.2B | $7.6B | $9.0B | $11.4B | $12.3B | $14.3B | $17.0B | $19.4B |
| Gross profit | $443M | $957M | $1.6B | $1.9B | $2.3B | $3.1B | $3.1B | $3.7B | $5.1B | $6.2B |
| Research and development | $229M | $446M | $582M | $688M | $954M | $1.1B | $1.5B | $1.9B | $1.6B | $1.6B |
| Operating income | โ$386M | โ$426M | โ$50.7M | โ$81.7M | โ$334M | $111M | โ$693M | โ$482M | $1.5B | $2.5B |
| Interest expense | $372M | $1.1B | $689M | $373M | $581M | $108M | $139M | $238M | $381M | $300M |
| Pretax income | โ$592M | โ$1.4B | โ$204M | โ$147M | โ$808M | $294M | โ$389M | โ$546M | $1.5B | $2.5B |
| Income tax | $4.4M | $2.3M | โ$112M | $61.6M | โ$146M | $335M | $63.1M | $29.2M | $220M | $13.5M |
| Net income | โ$596M | โ$1.4B | โ$92.0M | โ$208M | โ$662M | โ$40.2M | โ$452M | โ$575M | $1.2B | $2.5B |
| Net income to common | โ$596M | โ$1.4B | โ$92.0M | โ$208M | โ$662M | โ$40.2M | โ$452M | โ$575M | $1.2B | $2.5B |
| Diluted EPS | โ$4.01 | โ$9.18 | โ$0.60 | โ$1.15 | โ$3.53 | โ$1.22 | โ$3.08 | โ$2.95 | $5.95 | $11.85 |
| Diluted shares | 0.15B | 0.15B | 0.18B | 0.18B | 0.19B | 0.19B | 0.20B | 0.19B | 0.21B | 0.21B |
| Cash flow | ||||||||||
| Cash from operations | $112M | $202M | $406M | $641M | $295M | $427M | $48.3M | $735M | $2.5B | $3.3B |
| Capital expenditure | $29.9M | $40.6M | $147M | $151M | $88.9M | $101M | $26.3M | $6.5M | $18.4M | $68.8M |
| Free cash flow | $81.8M | $161M | $258M | $490M | $206M | $326M | $22.1M | $729M | $2.5B | $3.2B |
| Stock-based compensation | $58.6M | $73.3M | $104M | $137M | $201M | $264M | $400M | $347M | $289M | $279M |
| Acquisitions | โ | $55.2M | $10.6M | $371M | $383M | $122M | $310M | $0.0M | $0.0M | $10.1M |
| Share buybacks | $0.0M | $0.0M | $85.0M | $490M | $0.0M | $105M | $2.1M | $0.0M | $0.0M | $495M |
| Dividends paid | โ | โ | $0.0M | $0.0M | โ | โ | โ | โ | โ | โ |
| Dividends and buybacks | $0.0M | $0.0M | $85.0M | $490M | $0.0M | $105M | $2.1M | $0.0M | $0.0M | $495M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $796M | $572M | $1.0B | $1.2B | $1.4B | $3.1B | $2.6B | $3.4B | $5.0B | $6.2B |
| Total debt | โ | โ | โ | โ | $0.0M | $1.4B | $1.2B | $1.3B | $1.6B | $0.0M |
| Current assets | โ | $2.3B | $2.6B | $2.5B | $2.9B | $5.0B | $4.6B | $5.8B | $8.7B | $12.3B |
| Current liabilities | โ | $2.2B | $2.5B | $2.7B | $3.6B | $3.7B | $3.8B | $4.5B | $4.6B | $7.1B |
| Property and equipment, net | โ | $87.5M | $226M | $327M | $384M | $421M | $371M | $273M | $195M | $221M |
| Goodwill | โ | โ | $167M | $537M | $903M | $1.0B | $1.2B | $1.3B | $1.2B | $1.3B |
| Intangible assets | โ | $32.4M | $32.1M | $65.2M | $119M | $101M | $135M | $92.8M | $49.9M | $48.2M |
| Total assets | โ | $3.7B | $5.0B | $5.8B | $7.8B | $8.1B | $8.1B | $9.2B | $12.5B | $17.6B |
| Total liabilities | โ | $3.4B | $2.6B | $3.5B | $4.3B | $5.7B | $5.6B | $6.4B | $6.7B | $7.9B |
| Shareholders' equity | โ$253M | $285M | $2.4B | $2.3B | $3.4B | $2.4B | $2.6B | $2.8B | $5.7B | $9.8B |
| Margins | ||||||||||
| Gross margin | 13.6% | 20.8% | 25.7% | 25.5% | 25.6% | 26.8% | 25.0% | 25.6% | 30.1% | 32.0% |
| Operating margin | โ11.8% | โ9.2% | โ0.8% | โ1.1% | โ3.7% | 1.0% | โ5.6% | โ3.4% | 8.7% | 12.8% |
| Net margin | โ18.3% | โ30.2% | โ1.5% | โ2.7% | โ7.4% | โ0.4% | โ3.7% | โ4.0% | 7.3% | 12.9% |
| FCF margin | 2.5% | 3.5% | 4.2% | 6.5% | 2.3% | 2.9% | 0.2% | 5.1% | 14.6% | 16.7% |
| Returns | ||||||||||
| Return on capital | โ | โ | โ | โ | โ13.0% | 11.1% | โ49.0% | โ56.3% | 52.8% | 68.3% |
| Return on capital employed | โ | โ28.5% | โ2.0% | โ2.7% | โ7.9% | 2.5% | โ15.8% | โ10.3% | 18.8% | 23.6% |
| Return on equity | โ | โ8,581.2% | โ6.9% | โ8.9% | โ23.1% | โ1.4% | โ18.2% | โ21.5% | 28.9% | 32.1% |
| Return on assets | โ | โ37.4% | โ2.1% | โ3.9% | โ9.8% | โ0.5% | โ5.6% | โ6.6% | 11.3% | 16.6% |
| Return on tangible equity | โ | โ550.2% | โ4.2% | โ12.3% | โ27.4% | โ3.1% | โ38.3% | โ40.0% | 27.7% | 29.5% |
| Growth | ||||||||||
| Revenue growth | โ | 41.2% | 34.6% | 22.0% | 18.6% | 27.3% | 7.8% | 16.2% | 18.4% | 14.3% |
| Net income growth | โ | โ | โ | โ | โ | โ | โ | โ | โ | 102.6% |
| EPS growth | โ | โ | โ | โ | โ | โ | โ | โ | โ | 99.2% |
| FCF growth | โ | 97.0% | 60.3% | 89.7% | โ57.9% | 58.2% | โ93.2% | 3,202.3% | 239.0% | 31.1% |
| Share count change | โ | 2.2% | 19.5% | โ0.1% | 3.7% | 3.4% | 1.0% | โ0.6% | 6.3% | 1.7% |
| Financial health | ||||||||||
| Debt / equity | โ | โ | โ | โ | 0.0x | 0.6x | 0.5x | 0.5x | 0.3x | 0.0x |
| Interest coverage | โ1.0x | โ0.4x | โ0.1x | โ0.2x | โ0.6x | 1.0x | โ5.0x | โ2.0x | 3.9x | 8.3x |
| Current ratio | โ | 1.0x | 1.0x | 0.9x | 0.8x | 1.4x | 1.2x | 1.3x | 1.9x | 1.7x |
| Quick ratio | โ | 1.0x | 1.0x | 0.9x | 0.8x | 1.4x | 1.2x | 1.3x | 1.9x | 1.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 0.9% | 2.4% | 2.0% | 1.0% | 0.9% | 0.2% | 0.0% | 0.1% | 0.4% |
| Stock comp / revenue | 1.8% | 1.6% | 1.7% | 1.8% | 2.2% | 2.3% | 3.2% | 2.4% | 1.7% | 1.4% |
| Payouts / FCF | 0.0% | 0.0% | 32.9% | 100.0% | 0.0% | 32.2% | 9.5% | 0.0% | 0.0% | 15.3% |
| Quality scores | ||||||||||
| Piotroski F-score | โ | โ | 6.0 | 4.0 | 3.0 | 6.0 | 4.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | โ | โ3.1 | โ0.8 | โ1.4 | โ1.7 | 0.1 | โ0.9 | โ0.6 | 3.0 | 4.0 |
| Accruals ratio | โ | โ42.8% | โ11.5% | โ15.9% | โ14.2% | โ5.9% | โ6.2% | โ15.1% | โ11.6% | โ5.4% |
Source: SEC EDGAR XBRL filings (CIK 0001639920). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ not investment advice. Check the original filings before relying on any figure.