SPOTNYSERadio Broadcasting StationsFiscal year ends December 31
Spotify Technology S.A.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 10, 2026
$518.76−11.70 (-2.21%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
32.0%+6.4 pts over 5 years
Operating margin
12.8%+16.5 pts over 5 years
Net margin
12.9%+20.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.7% | +13.6% | +16.9% | – | |
| Gross profit | +16.3% | +23.4% | +22.2% | – | |
| Operating income | +61.0% | – | – | – | |
| Net income | +94.4% | – | – | – | |
| EPS, diluted | +91.1% | – | – | – | |
| Free cash flow | +25.7% | +415.2% | +73.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9800.0% | -24.0% | 31.9% | |
| Return on assets | – | -10.2% | 16.4% | |
| Current ratio | – | 0.82 | 1.72 | |
| Debt to equity | – | 0.00 | 0.18 | |
| Interest coverage | -1.0× | -0.6× | 8.3× | |
| Capex to revenue | 0.9% | 1.0% | 0.4% | |
| Diluted shares | 148M | 188M | 211M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Spotify Technology generated €6.32B from operations and spent €724.00M on capital expenditure, dividends and share buybacks. 27% of that went back into the business.
Generated
€6.32B
Used
€724.00M
Capital expenditure€194.00M27%Dividends€00%Share buybacks€530.00M73%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.9%
×Asset turnover1.27×
×Equity multiplier1.95×
=Return on equity, FY202531.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.9% | 1.27× | 1.95× | 31.9% |
| FY2024 | 7.3% | 1.54× | 2.53× | 28.3% |
| FY2023 | -4.0% | 1.66× | 3.25× | -21.6% |
| FY2022 | -3.7% | 1.58× | 3.28× | -19.0% |
| FY2021 | -0.4% | 1.43× | 2.74× | -1.4% |
| FY2020 | -7.4% | 1.38× | 2.36× | -24.0% |
| FY2019 | -2.7% | 1.43× | 2.29× | -9.0% |
| FY2018 | -1.5% | 1.41× | 3.19× | -6.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero€2.21B
- Cash generatingOperating cash flow above zero€2.93B
- Return on assets improvedROA up on the prior year13.6% → 18.4%
- Earnings backed by cashOperating cash flow above net income€2.93B vs €2.21B
- Less leverageLong-term debt to assets fell12.8% → 0.0%
- Better liquidityCurrent ratio rose1.88 → 1.72
- No dilutionShare count did not rise207M → 211M
- Gross margin improvedGross margin up on the prior year30.14% → 31.98%
- More efficientAsset turnover rose1.88 → 1.43