Spotify Technology S.A. (SPOT)
Spotify Technology S.A. files a 20-F with the SEC once a year, in euros. In the year to 31 December 2025 it reported revenue of EUR 17,186 million, up 9.7% on the year before. Its profit attributable to shareholders was EUR 2,212 million, up 94.4%, and diluted earnings per share EUR 10.51.
Earnings per share are per ordinary share, in euros. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.
The public record on SPOT
| Planned insider sales | 11 Form 144 notices in twelve months, $155.9 million; latest 14 September 2026 |
| Options tape | put/call 0.82 by open interest on 26 September 2026; the straddle prices a 4.1% move to 2 October 2026 |
| Holders | 14 of the followed funds hold it; largest Baillie Gifford; 0 Schedule 13D or 13G filings in twelve months |
| Congress | 1 House trade disclosed in six months |
| Short interest | 4.5 million shares short, 3.22 days to cover at 15 September 2026 |
Profit and loss, 10 fiscal years
| Year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17,186 | 15,673 | 13,247 | 11,727 | 9,668 | 7,880 | 6,764 | 5,259 | 4,090 | 2,952 |
| Cost of sales | 11,690 | 10,949 | 9,850 | 8,801 | 7,077 | 5,865 | 5,042 | 3,906 | 3,241 | 2,551 |
| Gross profit | 5,496 | 4,724 | 3,397 | 2,926 | 2,591 | 2,015 | 1,722 | 1,353 | 849 | 401 |
| Research and development | 1,393 | 1,486 | 1,725 | 1,387 | 912 | 837 | 615 | 493 | 396 | 207 |
| Operating profit | 2,198 | 1,365 | -446 | -659 | 94.0 | -293 | -73.0 | -43.0 | -378 | -349 |
| Finance costs | 266 | 352 | 220 | 132 | 91.0 | 510 | 333 | 584 | 974 | 336 |
| Profit before tax | 2,224 | 1,341 | -505 | -370 | 249 | -709 | -131 | -173 | -1,233 | -535 |
| Income tax | 12.0 | 203 | 27.0 | 60.0 | 283 | -128 | 55.0 | -95.0 | 2.0 | 4.0 |
| Profit for the year | 2,212 | 1,138 | -532 | -430 | -34.0 | -581 | -186 | -78.0 | -1,235 | -539 |
| Profit attributable to shareholders | 2,212 | 1,138 | -532 | -430 | -34.0 | -581 | -186 | -78.0 | -1,235 | -539 |
EUR million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.
| Year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Diluted EPS | 10.51 | 5.50 | -2.73 | -2.93 | -1.03 | -3.10 | -1.03 | -0.51 | -8.14 | -3.63 |
| Basic EPS | 10.77 | 5.67 | -2.73 | -2.23 | -0.18 | -3.10 | -1.03 | -0.44 | -8.14 | -3.63 |
EUR per ordinary share, as filed.
Cash flow
| Year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,933 | 2,301 | 680 | 46.0 | 361 | 259 | 573 | 344 | 179 | 101 |
| Purchase of property, plant and equipment | 61.0 | 17.0 | 6.0 | 25.0 | 85.0 | 78.0 | 135 | 125 | 36.0 | 27.0 |
| Free cash flow | 2,872 | 2,284 | 674 | 21.0 | 276 | 181 | 438 | 219 | 143 | 74.0 |
| Dividends paid | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 0.0 | n/a | n/a |
EUR million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | 15,015 | 12,005 | 8,346 | 7,636 | 7,170 | 6,326 | 5,122 | 4,336 | 3,107 | n/a |
| Equity attributable to shareholders | 8,329 | 5,525 | 2,523 | 2,401 | 2,119 | 2,805 | 2,037 | 2,094 | 238 | -240 |
| Cash and cash equivalents | 5,258 | 4,781 | 3,114 | 2,483 | 2,744 | 1,151 | 1,065 | 891 | 477 | 755 |
| Lease liabilities | 498 | 537 | 558 | 613 | 623 | 608 | 628 | 541 | n/a | n/a |
| Trade and other receivables | 802 | 771 | 858 | 690 | 621 | 464 | 402 | 400 | 360 | n/a |
| Goodwill | 1,083 | 1,201 | 1,137 | 1,168 | 894 | 736 | 478 | 146 | n/a | n/a |
EUR million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.
Ratios on the filed lines
| Year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 32.0% | 30.1% | 25.6% | 25.0% | 26.8% | 25.6% | 25.5% | 25.7% | 20.8% | 13.6% |
| Operating margin | 12.8% | 8.7% | -3.4% | -5.6% | 1.0% | -3.7% | -1.1% | -0.8% | -9.2% | -11.8% |
| Net margin | 12.9% | 7.3% | -4.0% | -3.7% | -0.4% | -7.4% | -2.7% | -1.5% | -30.2% | -18.3% |
| Free cash flow margin | 16.7% | 14.6% | 5.1% | 0.2% | 2.9% | 2.3% | 6.5% | 4.2% | 3.5% | 2.5% |
| Return on year-end equity | 26.6% | 20.6% | -21.1% | -17.9% | -1.6% | -20.7% | -9.1% | -3.7% | -518.9% | n/a |
| Effective tax rate | 0.5% | 15.1% | n/a | n/a | 113.7% | n/a | n/a | n/a | n/a | n/a |
Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.
Annual reports on EDGAR
| Form | Year to | Filed | |
|---|---|---|---|
| 20-F | 31 December 2025 | 10 February 2026 | EDGAR |
| 20-F | 31 December 2024 | 5 February 2025 | EDGAR |
| 20-F | 31 December 2023 | 8 February 2024 | EDGAR |
| 20-F | 31 December 2022 | 2 February 2023 | EDGAR |
| 20-F | 31 December 2021 | 3 February 2022 | EDGAR |
| 20-F | 31 December 2020 | 5 February 2021 | EDGAR |
| 20-F | 31 December 2019 | 12 February 2020 | EDGAR |
| 20-F | 31 December 2018 | 12 February 2019 | EDGAR |
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