Spotify Technology
SPOT · NYSERadio Broadcasting Stations · Fiscal year ends Dec 31 · Reports in EUR
Spotify Technology reported revenue of EUR 17.2B in the fiscal year ended Dec 2025, up 9.7% from the year before. Operating income was EUR 2.2B, an operating margin of 12.8%, and net income was EUR 2.2B. Operating cash flow of EUR 2.9B less capital expenditure of EUR 61M left free cash flow of EUR 2.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | EUR 9.7B | EUR 11.7B | EUR 13.2B | EUR 15.7B | EUR 17.2B |
| Cost of revenue | EUR 7.1B | EUR 8.8B | EUR 9.9B | EUR 10.9B | EUR 11.7B |
| Gross profit | EUR 2.6B | EUR 2.9B | EUR 3.4B | EUR 4.7B | EUR 5.5B |
| Research & development | EUR 912M | EUR 1.4B | EUR 1.7B | EUR 1.5B | EUR 1.4B |
| Operating income | EUR 94M | −EUR 659M | −EUR 446M | EUR 1.4B | EUR 2.2B |
| Interest expense | EUR 91M | EUR 132M | EUR 220M | EUR 352M | EUR 266M |
| Pre-tax income | EUR 249M | −EUR 370M | −EUR 505M | EUR 1.3B | EUR 2.2B |
| Income tax | EUR 283M | EUR 60M | EUR 27M | EUR 203M | EUR 12M |
| Net income | −EUR 34M | −EUR 430M | −EUR 532M | EUR 1.1B | EUR 2.2B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | EUR 2.7B | EUR 2.5B | EUR 3.1B | EUR 4.8B | EUR 5.3B |
| Receivables | EUR 621M | EUR 690M | EUR 858M | EUR 771M | EUR 802M |
| Current assets | EUR 4.4B | EUR 4.4B | EUR 5.3B | EUR 8.4B | EUR 10.5B |
| Net PP&E | EUR 372M | EUR 348M | EUR 247M | EUR 188M | EUR 188M |
| Goodwill | EUR 894M | EUR 1.2B | EUR 1.1B | EUR 1.2B | EUR 1.1B |
| Total assets | EUR 7.2B | EUR 7.6B | EUR 8.3B | EUR 12B | EUR 15B |
| Payables | EUR 793M | EUR 845M | EUR 978M | EUR 1.3B | EUR 1.2B |
| Current liabilities | EUR 3.2B | EUR 3.5B | EUR 4.1B | EUR 4.5B | EUR 6.1B |
| Total liabilities | EUR 5.1B | EUR 5.2B | EUR 5.8B | EUR 6.5B | EUR 6.7B |
| Shareholders' equity | EUR 2.1B | EUR 2.4B | EUR 2.5B | EUR 5.5B | EUR 8.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | EUR 361M | EUR 46M | EUR 680M | EUR 2.3B | EUR 2.9B |
| Capital expenditure | EUR 85M | EUR 25M | EUR 6M | EUR 17M | EUR 61M |
| Free cash flow | EUR 276M | EUR 21M | EUR 674M | EUR 2.3B | EUR 2.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.3% | 13.0% | 18.3% | 9.7% |
| Operating income growth (YoY) | – | −801.1% | – | – | 61.0% |
| 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 margin | −0.4% | −3.7% | −4.0% | 7.3% | 12.9% |
| Return on equityBlank when equity is negative | −1.6% | −17.9% | −21.1% | 20.6% | 26.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.4% | −16.0% | −10.5% | 18.1% | 24.6% |
| Free cash flow margin | 2.9% | 0.2% | 5.1% | 14.6% | 16.7% |
| Cash conversion (CFO ÷ net income) | −10.6x | −0.11x | −1.28x | 2.02x | 1.33x |
| Receivable days | 23 | 21 | 24 | 18 | 17 |
| Payable days | 41 | 35 | 36 | 45 | 37 |
| Interest cover | 1.03x | −4.99x | −2.03x | 3.88x | 8.26x |
| Current ratio | 1.36x | 1.24x | 1.29x | 1.88x | 1.72x |
Recent filings
More in Radio Broadcasting Stations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.