Spotify Technology S.A.
SPOT NYSE· Radio Broadcasting Stations
Last close · Oct 26, 2026
$572.36
KIRA · Stoqly’s AI analyst, in plain words
- Spotify Technology S.A. had $19.4B of revenue in fiscal 2025, up 14.3% on the year before. Over five years, revenue changed +16.6% a year on average.
- Its operating margin was 12.8%, up 4.1 pts: of every 100 in sales, about 13 is left after running the business.
- Spotify Technology S.A. made $2.5B of net profit in fiscal 2025.
- Free cash flow was $3.2B in fiscal 2025, 16.7% of revenue.
- Spotify Technology S.A. returned $495M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 1.7%.
- Spotify Technology S.A. has $6.2B more cash than debt.
Market cap
$120.5B
P/E
48.3x
Revenue
$19.4B
Net income
$2.5B
Free cash flow
$3.2B
Operating margin
12.8%
Spotify Technology S.A. in 30 seconds · fiscal 2025
Are sales growing?
+14.3%
Yes. Sales grew 14.3% last year.
Does it make a profit?
12.9%
Yes. It keeps 12.9% of every sale as profit.
Does profit turn into cash?
16.7%
Yes. 16.7% of sales ends up as free cash.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
48.3x
One share costs 48.3 times its yearly profit per share.
What Spotify Technology S.A. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Feb 10, 2026
- Legal name
- Spotify Technology S.A.
- CIK
- 0001639920
Spotify Technology S.A. · SPOT
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $11.4B | $12.3B | $14.3B | $17.0B | $19.4B |
| Revenue growth | 27.3% | 7.8% | 16.2% | 18.4% | 14.3% |
| Gross margin | 26.8% | 25.0% | 25.6% | 30.1% | 32.0% |
| Operating margin | 1.0% | −5.6% | −3.4% | 8.7% | 12.8% |
| Net income | −$40.2M | −$452M | −$575M | $1.2B | $2.5B |
| Net margin | −0.4% | −3.7% | −4.0% | 7.3% | 12.9% |
| Diluted EPS | −$1.22 | −$3.08 | −$2.95 | $5.95 | $11.85 |
| Cash | |||||
| Cash from operations | $427M | $48.3M | $735M | $2.5B | $3.3B |
| Capital expenditure | $101M | $26.3M | $6.5M | $18.4M | $68.8M |
| Free cash flow | $326M | $22.1M | $729M | $2.5B | $3.2B |
| FCF margin | 2.9% | 0.2% | 5.1% | 14.6% | 16.7% |
| Share buybacks | $105M | $2.1M | $0.0M | $0.0M | $495M |
| Share count change | 3.4% | 1.0% | −0.6% | 6.3% | 1.7% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $2.4B | $2.6B | $2.8B | $5.7B | $9.8B |
| Current ratio | 1.4x | 1.2x | 1.3x | 1.9x | 1.7x |
| Interest coverage | 1.0x | −5.0x | −2.0x | 3.9x | 8.3x |
| Returns and quality | |||||
| Return on capital | 11.1% | −49.0% | −56.3% | 52.8% | 68.3% |
| Return on equity | −1.4% | −18.2% | −21.5% | 28.9% | 32.1% |
| Return on tangible equity | −3.1% | −38.3% | −40.0% | 27.7% | 29.5% |
| Piotroski F-score | 6 | 4 | 7 | 7 | 6 |
| Altman Z'' | 0.1 | −0.9 | −0.6 | 3.0 | 4.0 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$110M
6 insiders
Of sales under plans
77%
$85.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Spotify Technology S.A. · SPOT
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $572.36 a share, the company is worth $120.5B: 48.3 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001639920). Data updated October 24, 2026. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.