Spotify Technology S.A. (SPOT) operating KPIs
SPOTNYSERadio Broadcasting StationsFiscal year ends December 31
$593.44+36.20 (+6.50%)
Close on Oct 30, 2026Market cap $122.15BP/E 50.4Yield –
KPIs
Operating metrics that drive Spotify Technology's business · fiscal year ends December 31
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| Add to chart | Metric | Q3 2026 2026-09-30 | Q2 2026 2026-06-30 | Q1 2026 2026-03-31 | Q4 2025 2025-12-31 | Q3 2025 2025-09-30 | Q2 2025 2025-06-30 | Q1 2025 2025-03-31 | Q4 2024 2024-12-31 | Q3 2024 2024-09-30 | Q2 2024 2024-06-30 | Q1 2024 2024-03-31 | Q4 2023 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Monthly active users (MAUs)(M)6 | 788 | 777 | 761 | 751 | 713 | 696 | 678 | 675 | 640 | 626 | 615 | 602 | |
MAU net additions in the quarter (stated)(M) | 11 | 16 | 10 | 38 | 17 | 18 | 3 | 35 | |||||
Europe share of total (%)(%) | 25.0% | 25.0% | 25.0% | 26.0% | 26.0% | 26.0% | 27.0% | 27.0% | 27.0% | 28.0% | 28.0% | 28.0% | |
North America share of total (%)(%) | 16.0% | 16.0% | 16.0% | 16.0% | 17.0% | 17.0% | 17.0% | 17.0% | 18.0% | 18.0% | 18.0% | 19.0% | |
Latin America share of total (%)(%) | 21.0% | 21.0% | 22.0% | 21.0% | 21.0% | 21.0% | 22.0% | 22.0% | 22.0% | 22.0% | 22.0% | 22.0% | |
Rest of World share of total (%)(%) | 38.0% | 37.0% | 37.0% | 37.0% | 36.0% | 36.0% | 34.0% | 34.0% | 33.0% | 33.0% | 32.0% | 32.0% | |
Guidance for next quarter: MAUs(M)1 | 818 | 788 | 778 | 759 | 745 | 710 | 689 | 678 | 665 | 639 | 631 | 618 | |
Implied net additions (stated)(M) | 30 | 11 | 17 | 8 | 32 | 14 | 11 | 3 | 25 | 13 | 16 | 16 | |
Premium Subscribers(M)6 | 306 | 300 | 293 | 290 | 281 | 276 | 268 | 263 | 252 | 246 | 239 | 236 | |
Subscriber net additions in the quarter (stated)(M) | 6 | 7 | 3 | 9 | 5 | 8 | 5 | 11 | |||||
Europe share of subscribers (%)(%) | 36.0% | 36.0% | 36.0% | 36.0% | 37.0% | 37.0% | 37.0% | 37.0% | 38.0% | 38.0% | 38.0% | 38.0% | |
North America share of subscribers (%)(%) | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 26.0% | 26.0% | 27.0% | 27.0% | 27.0% | 27.0% | |
Latin America share of subscribers (%)(%) | 24.0% | 24.0% | 24.0% | 23.0% | 23.0% | 23.0% | 23.0% | 22.0% | 22.0% | 22.0% | 22.0% | 22.0% | |
Rest of World share of subscribers (%)(%) | 15.0% | 15.0% | 15.0% | 15.0% | 14.0% | 14.0% | 14.0% | 14.0% | 14.0% | 13.0% | 13.0% | 13.0% | |
Guidance for next quarter: Premium Subscribers(M)1 | 316 | 305 | 299 | 293 | 289 | 281 | 273 | 265 | 260 | 251 | 245 | 239 | |
Implied net additions (stated)(M) | 10 | 5 | 6 | 3 | 8 | 5 | 5 | 2 | 8 | 5 | 6 | 3 | |
Ad-Supported MAUs(M) | 499 | 494 | 483 | 476 | 446 | 433 | 423 | 425 | 402 | 393 | 388 | 379 | |
Premium ARPU (€ per subscriber per month)(€)5 | 4.95 | 4.89 | 4.76 | 4.70 | 4.53 | 4.57 | 4.73 | 4.85 | 4.71 | 4.62 | 4.55 | 4.60 | |
Growth y/y, as reported (stated)(%) | 9.3% | 7.0% | 1.0% | -3.0% | -4.0% | -1.0% | 4.0% | 5.0% | |||||
Growth y/y, constant currency (stated)(%) | 7.5% | 7.4% | 5.7% | 2.0% | 0.0% | 3.0% | 4.0% | 7.0% | |||||
Change vs year-ago quarter from price increases (€, stated)(€) | 0.48 | 0.49 | 0.42 | 0.30 | 0.14 | 0.26 | 0.31 | 0.39 | 0.60 | 0.52 | 0.44 | 0.39 | |
Change from foreign exchange (€, stated)(€) | 0.08 | -0.02 | -0.24 | -0.29 | -0.18 | -0.18 | -0.11 | -0.06 | -0.07 | ||||
Change from product & market mix (€, stated)(€) | -0.14 | -0.14 | -0.15 | -0.16 | -0.14 | -0.14 | -0.13 | -0.11 | -0.12 | -0.11 | -0.14 | ||
Total revenue growth y/y, as reported (stated)(%)4 | 16.0% | 14.0% | 8.0% | 7.0% | 7.0% | 10.0% | 15.0% | 16.0% | 19.0% | 20.0% | 20.0% | 16.0% | |
Constant currency (stated)(%) | 14.0% | 15.0% | 14.0% | 13.0% | 12.0% | 15.0% | 15.0% | 17.0% | 21.0% | 21.0% | 21.0% | 20.0% | |
Currency effect on revenue growth (bps, stated; negative = headwind)(bps) | 190 | -70 | -600 | -580 | -450 | -440 | 20 | -160 | |||||
Premium revenue growth y/y, as reported (stated)(%)1 | 17.0% | 15.0% | 10.0% | 8.0% | 9.0% | 12.0% | 16.0% | 17.0% | 21.0% | 21.0% | 20.0% | 17.0% | |
Constant currency (stated)(%) | 15.0% | 16.0% | 15.0% | 14.0% | 13.0% | 16.0% | 16.0% | 19.0% | 24.0% | 22.0% | 21.0% | 21.0% | |
Ad-Supported revenue growth y/y, as reported (stated)(%)3 | 10.0% | 1.0% | -5.0% | -4.0% | -6.0% | -1.0% | 8.0% | 7.0% | 6.0% | 13.0% | 18.0% | 12.0% | |
Constant currency (stated)(%) | 9.0% | 3.0% | 3.0% | 4.0% | 0.0% | 5.0% | 5.0% | 6.0% | 7.0% | 12.0% | 19.0% | 17.0% | |
Change vs year-ago quarter from automated sales channels (€M, stated)(€M) | 91 | 75 | 45 | 23 | 22 | 22 | 15 | ||||||
Change from the direct sales channel (€M, stated)(€M) | -53 | -66 | -58 | -34 | -26 | ||||||||
Minimum guarantees for content (signed, total)(€M)2 | 1,740 | 2,290 | 2,160 | 2,613 | 4,599 | 3,337 | 4,357 | 4,420 | 1,717 | 2,786 | 3,721 | 4,665 | |
Due within one year(€M) | 811 | 979 | 928 | 1,123 | 1,594 | 2,103 | 3,088 | 3,021 | 1,331 | 590 | 820 | 1,055 | |
Due in one to five years(€M) | 929 | 1,311 | 1,232 | 1,490 | 3,005 | 1,234 | 1,269 | 1,399 | 386 | 2,196 | 2,901 | 3,610 | |
Non-cancelable purchase obligations (cloud, content, marketing)(€M)3 | 1,996 | 1,674 | 1,574 | 1,575 | 1,198 | 1,353 | 1,492 | 1,687 | 1,639 | 1,830 | 1,935 | 1,905 | |
Due within one year(€M) | 855 | 665 | 821 | 626 | 712 | 407 | 470 | 598 | 619 | 292 | 357 | 453 | |
Due in one to five years(€M) | 1,100 | 960 | 708 | 896 | 433 | 886 | 962 | 1,021 | 952 | 1,463 | 1,503 | 1,369 | |
Due after five years(€M) | 41 | 49 | 45 | 53 | 53 | 60 | 60 | 68 | 68 | 75 | 75 | 83 | |
Accrued fees to rights holders (owed at period end)(€M) | 2,025 | 1,971 | 1,914 | 1,950 | 1,849 | 1,726 | 1,852 | 1,695 | 1,693 | 1,678 | 1,716 | 1,826 | |
Guidance for next quarter: total revenue(€M)1 | 5,200 | 5,000 | 4,800 | 4,500 | 4,500 | 4,200 | 4,300 | 4,200 | 4,100 | 4,000 | 3,800 | 3,600 | |
Currency effect assumed in the revenue guidance (bps; negative = headwind)(bps) | 230 | 200 | -80 | -670 | -620 | -490 | -170 | 90 | -350 | -100 | -140 | -250 | |
Guidance for next quarter: gross margin(%)1 | 33.8% | 32.9% | 33.1% | 32.8% | 32.9% | 31.1% | 31.5% | 31.5% | 31.8% | 30.2% | 28.1% | 26.4% | |
Implied change y/y (bps, stated)(bps) | 70 | 130 | 160 | ||||||||||
Guidance for next quarter: operating income(€M)1 | 820 | 670 | 630 | 660 | 620 | 485 | 539 | 548 | 481 | 405 | 250 | 180 | |
Social charges included in the guidance(€M) | 6 | 9 | 10 | 10 | 17 | 25 | 18 | 18 | 16 | 15 | 13 | ||
Social charges in operating expenses (actual)(€M) | 22 | 1 | 75 | 97 | 53 | 115 | 75 | 33 | 1 | 25 | |||
Full-time employees at quarter end (stated) | 7,284 | 7,302 | 7,258 | 7,323 | 7,323 | 7,309 | 7,258 | 7,261 | 7,242 | 7,372 | 7,721 | 9,248 | |
Revenue(€M)3 | 4,969 | 4,777 | 4,533 | 4,531 | 4,272 | 4,193 | 4,190 | 4,242 | 3,988 | 3,807 | 3,636 | 3,671 | |
Premium revenue(€M) | 4,487 | 4,331 | 4,148 | 4,020 | 3,835 | 3,753 | 3,783 | 3,705 | 3,516 | 3,351 | 3,247 | 3,170 | |
Ad-Supported revenue(€M) | 482 | 446 | 385 | 511 | 437 | 440 | 407 | 537 | 472 | 456 | 389 | 501 | |
Revenue from the United States(€M) | 1,819 | 1,734 | 1,592 | 1,641 | 1,587 | 1,592 | 1,650 | 1,697 | 1,577 | 1,469 | 1,394 | 1,456 | |
Gross profit(€M) | 1,639 | 1,596 | 1,495 | 1,499 | 1,351 | 1,320 | 1,326 | 1,368 | 1,240 | 1,112 | 1,004 | 980 | |
Total operating expenses(€M) | 967 | 941 | 780 | 798 | 769 | 914 | 817 | 891 | 786 | 846 | 836 | 1,055 | |
Operating income(€M) | 672 | 655 | 715 | 701 | 582 | 406 | 509 | 477 | 454 | 266 | 168 | -75 | |
Net cash from operating activities(€M)1 | 740 | 816 | 836 | 856 | 829 | 709 | 539 | 883 | 715 | 492 | 211 | 397 | |
Free cash flow (non-IFRS, published)(€M) | 735 | 797 | 824 | 834 | 806 | 700 | 534 | 877 | 711 | 490 | 207 | 396 | |
10 metrics have no data in the last 12 quarters — .
Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).
Methodology and excluded metrics
- Spotify's latest reported quarter is Q3 2026. Figures are in euros (IFRS).
- Users, subscribers, Premium ARPU and its price / currency / mix bridge, content minimum guarantees and purchase obligations come from the MD&A and notes of the quarterly 6-K and the annual 20-F; the regional mix of users and subscribers is read (by OCR) from the bar charts in each quarter's Shareholder Deck, using the most recent deck that shows the quarter.
- Guidance is shown in the column of the quarter in which it was given (it covers the following quarter).
- All figures are as published by Spotify; no ratios, totals or growth rates are added. Two kinds of arithmetic are allowed and shown in italics with the formula: splitting a reported total into quarters (Q4 US revenue = full year − nine months), and the subsidiaries estimate = consolidated net income − the parent company's own result (Spotify Technology S.A. annual accounts).
- The project's financial database has only Spotify's annual figures (the quarterly 6-K reports carry no XBRL); quarterly financial context is read from the shareholder update tables.
- A metric is shown only when the three most recent quarters all have data; annual-only metrics need the two latest years (2025, 2024).
Not shown because recent periods are missing (7)
- Users & subscribers (key metric) › Europe MAUs (millions, 20-F) — not given for 2025
- Users & subscribers (key metric) › Subscribers who have used the AI DJ (millions, stated)
- Users & subscribers (key metric) › Active advertisers (stated)
- Users & subscribers (key metric) › Markets with audiobooks in Premium (stated)
- Monetization: Premium ARPU & growth (key metric) › Premium ARPU (€ per subscriber per month) › Guidance for next quarter: ARPU growth y/y, constant currency — low end › High end
- Monetization: Premium ARPU & growth (key metric) › Premium ARPU (€ per subscriber per month) › Guidance for next quarter: ARPU growth y/y, constant currency — low end
- Company outlook (next quarter) › Guidance for next quarter: gross margin › Implied full-year gross margin expansion (bps, stated)
Data updated 2026-10-23.
Every KPI on its own page
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