Spotify Technology S.A (SPOT) Balance Sheet

NYSE: SPOTAssets, liabilities, debt and equity over 10 years.

SPOT balance sheet, 2025

December 31, 2025 · euros

€15.02B assets = €6.69B liabilities + €8.33B equity

What it owns€15.02BCash & ST investments: €9.47B (63.1%)Cash & ST investments€9.47B · 63%Receivables: €918.0M (6.1%)Receivables €918.0MOther current: €111.0M (0.7%)PP&E: €422.0M (2.8%)Goodwill & intangibles: €1.12B (7.5%)€1.12BLT investments: €2.18B (14.5%)LT investments€2.18B · 15%Other non-current: €792.0M (5.3%)=How it is financed€15.02BCurrent liabilities: €6.08B (40.5%)Current liabilities€6.08B · 41%Long-term debt: €433.0M (2.9%)Other LT liabilities: €168.0M (1.1%)Shareholders’ equity: €8.33B (55.5%)Shareholders’ equity€8.33B · 55%

Both columns are drawn to the same scale: what SPOT owns equals what it owes plus shareholders’ equity. Hover a block for its value.

SPOT financial health

Current ratio1.72
Comfortable · current assets cover current liabilities 1.72×
Debt / equity0.23
Low leverage · €0.23 of debt for each $1 of equity
Equity / assets55.5%
Equity-funded · of assets funded by shareholders
Cash / debt484.0%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles7.5%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

SPOT balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€2.10B2016€15.02B2025+24.4%/yr
Total liabilities€2.34B2016€6.69B2025+12.4%/yr
Shareholders’ equity−€240.0M2016€8.33B2025—
Cash & short-term investments€1.58B2016€9.47B2025+22.0%/yr
Total debt€1.11B2016€1.96B2025+6.5%/yr
Net cash (debt)€473.0M2016€7.51B2025+€7.0B
Working capital€689.0M2016€4.41B2025+€3.7B
Current ratio1.5620161.722025+0.16
Debt / equity0.8020170.232025−0.56
Shares outstanding167.8M2016210.5M2025+2.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

SPOT assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

SPOT liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

SPOT debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

SPOT balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€9.47B€7.45B€4.21B€3.35B€3.50B€1.75B€1.76B€1.81B€1.51B€1.58B
Cash & equivalents€5.26B€4.78B€3.11B€2.48B€2.74B€1.15B€1.06B€891.0M€477.0M€755.0M
Short-term investments€4.21B€2.67B€1.10B€867.0M€756.0M€596.0M€692.0M€915.0M€1.03B€830.0M
Receivables€918.0M€799.0M€878.0M€695.0M€626.0M€468.0M€406.0M€402.0M€360.0M€306.0M
Inventory€0€0−€276.0M€120.0M€0€0€0€0€0€0
Other current assets€111.0M€132.0M€444.0M€187.0M€246.0M€151.0M€68.0M€38.0M€29.0M€18.0M
Total current assets€10.50B€8.38B€5.26B€4.35B€4.37B€2.37B€2.23B€2.25B€1.90B€1.91B
Property, plant & equipment (net)€422.0M€414.0M€547.0M€765.0M€809.0M€757.0M€780.0M€197.0M€73.0M€85.0M
Goodwill & intangible assets€1.12B€1.25B€1.22B€1.29B€983.0M€833.0M€536.0M€174.0M€162.0M€80.0M
Long-term investments€2.18B€1.64B€1.22B€1.14B€916.0M€2.28B€1.50B€1.65B€911.0M€0
Other non-current assets€792.0M€328.0M€103.0M€86.0M€90.0M€93.0M€78.0M€73.0M€63.0M€26.0M
Total assets€15.02B€12.01B€8.35B€7.64B€7.17B€6.33B€5.12B€4.34B€3.11B€2.10B
Liabilities
Accounts payable€783.0M€933.0M€662.0M€588.0M€793.0M€638.0M€549.0M€427.0M€242.0M€139.0M
Short-term debt€1.52B€75.0M€2.76B€0€1.89B€1.78B€1.46B€123.0M€1.0M€5.0M
Deferred revenue€711.0M€683.0M€622.0M€520.0M€458.0M€380.0M€319.0M€258.0M€216.0M€149.0M
Total current liabilities€6.08B€4.45B€4.09B€3.52B€3.23B€2.90B€2.44B€2.15B€1.86B€1.22B
Long-term debt€433.0M€2.00B€1.70B€1.68B€1.78B€577.0M€622.0M€0€944.0M€1.11B
Lease obligations€498.0M€462.0M€493.0M€555.0M€579.0M€577.0M€622.0M€0€1.0M€6.0M
Other long-term liabilities€168.0M€29.0M€37.0M€36.0M€44.0M€44.0M€24.0M€95.0M€0€13.0M
Total liabilities€6.69B€6.48B€5.82B€5.24B€5.05B€3.52B€3.08B€2.24B€1.93B€2.34B
Shareholders' equity
Common stock & paid-in capital€130,900€129,670€125,840€123,040€122,260€121,010€117,180€0€0€0
Retained earnings (deficit)−€832.0M−€3.04B−€4.18B−€3.65B−€3.22B−€3.29B−€2.71B−€2.50B−€2.43B−€1.19B
Treasury stock——————−€370.0M−€77.0M€0€0
Accumulated other comprehensive income€3.37B€2.71B€1.81B€1.52B€853.0M€1.69B€924.0M€875.0M€177.0M€122.0M
Minority interest——————€0€0€0€0
Total shareholders' equity€8.33B€5.53B€2.52B€2.40B€2.12B€2.81B€2.04B€2.09B€1.18B−€240.0M
Key figures
Total debt€1.96B€2.08B€1.70B€1.68B€3.67B€2.35B€2.08B€123.0M€945.0M€1.11B
Net cash (debt)€7.51B€5.37B€2.52B€1.67B−€167.0M−€607.0M−€325.0M€1.68B€564.0M€473.0M
Working capital€4.41B€3.93B€1.17B€836.0M€1.15B−€534.0M−€208.0M€99.0M€38.0M€689.0M
Tangible book value€7.21B€4.28B€1.30B€1.11B€1.14B€1.97B€1.50B€1.92B€1.02B−€320.0M
Shares outstanding210.5M207.0M194.7M195.8M193.9M187.6M181.0M181.2M178.1M167.8M
Current ratio1.721.881.291.241.360.820.911.051.021.56
Quick ratio1.711.851.241.151.280.760.891.031.001.55
Debt / equity0.230.380.670.701.730.841.020.060.80—
Equity / assets55.5%46.0%30.2%31.4%29.6%44.3%39.8%48.3%38.0%−11.4%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed February 10, 2026); data from EODHD.

SPOT financial position

At the end of fiscal 2025 (December 31, 2025), Spotify Technology S.A had total assets of €15.0 billion (up 25.1% from a year earlier), total liabilities of €6.7 billion and shareholders' equity of €8.3 billion. It held €9.5 billion in cash and short-term investments against €2.0 billion of debt, a net cash position of €7.5 billion. Its current ratio was 1.72. In the latest quarter (ended June 30, 2026) total assets were €13.7 billion and equity €8.4 billion.

Related: SPOT income statement, SPOT cash flow statement, SPOT key metrics. See the SPOT stock overview for the latest quote and news.

SPOT balance sheet FAQ

What are Spotify Technology S.A's total assets?

Spotify Technology S.A reported total assets of €15.0 billion at the end of fiscal 2025 (December 31, 2025), compared with €12.0 billion a year earlier.

How much debt does Spotify Technology S.A have?

Spotify Technology S.A had €2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.23.

How much cash does Spotify Technology S.A have?

Spotify Technology S.A held €9.5 billion in cash and short-term investments at the end of fiscal 2025; with €2.0 billion of debt that is net cash of €7.5 billion.

What is Spotify Technology S.A's book value?

Spotify Technology S.A's shareholders' equity (book value) was €8.3 billion at the end of fiscal 2025.

What is Spotify Technology S.A's current ratio?

Spotify Technology S.A had current assets of €10.5 billion and current liabilities of €6.1 billion, a current ratio of 1.72 (it can cover its short-term obligations).

How much goodwill does Spotify Technology S.A have?

Spotify Technology S.A carried €1.1 billion of goodwill and intangible assets, 7.5% of total assets, at the end of fiscal 2025.

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