Spotify SPOT

Public, NYSE, reports in EUR. Founded 2006.
Theme: Cloud. Music streaming.

customer

2025-08-01 — Marginally proftable, never high quality

Financials millions, USD

Period	Revenue	Growth %	Gross margin %	R&D %	Operating income	Operating margin %	Net income	EPS (diluted)	Rule of 40
2025	19.4bn USD	–	–	–	2.5bn USD	12.9 %	2.5bn USD	–	–
2024	15.7bn EUR	–	30.1 %	9.5 %	1.4bn EUR	8.7 %	1.1bn EUR	5.50	–
2023	13.2bn USD	13.0 %	–	13.0 %	-446m USD	-3.4 %	–	–	9.6
2022	11.7bn USD	–	–	–	–	–	–	–	–
2026-Q2	4.8bn EUR	13.9 %	33.4 %	8.4 %	655m EUR	13.7 %	545m EUR	2.61	27.6
2026-Q1	4.5bn EUR	–	33.0 %	7.3 %	715m EUR	15.8 %	721m EUR	3.45	–
2025-Q4	4.5bn EUR	–	33.1 %	6.4 %	701m EUR	15.5 %	1.2bn EUR	4.43	–
2025-Q3	4.3bn EUR	–	31.6 %	7.2 %	582m EUR	13.6 %	899m EUR	3.28	–
2025-Q2	4.2bn EUR	–	31.5 %	9.9 %	406m EUR	9.7 %	-86m EUR	-0.42	–

Sources

2025: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2024: yfinance
2023: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2022: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2026-Q2: yfinance
2026-Q1: yfinance
2025-Q4: yfinance
2025-Q3: yfinance
2025-Q2: yfinance

Period	Cash from operations	Capex	Free cash flow	FCF margin %	CFO / net income %	NOPAT	Unlevered FCF	Levered FCF	Net change in cash
2024	2.3bn EUR	17m EUR	2.3bn EUR	14.6 %	202.2 %	1.2bn EUR	1.6bn EUR	2.2bn EUR	1.5bn EUR

NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.