Spotify Technology S.A (SPOT) Income Statement
SPOT 2025 at a glance
Fiscal year ended December 31, 2025 · eurosSPOT revenue and net income
Where SPOT's revenue goes
2025Each bar shows an amount and its share of revenue. SPOT kept 12.9% of revenue as net income.
SPOT profit margins
SPOT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.7% | +13.6% | +16.9% | +24.4% |
| Gross profit | +16.3% | +23.4% | +22.2% | +37.6% |
| Operating income | +61.0% | — | — | — |
| Net income | +94.4% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPOT income statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €17.19B | €15.67B | €13.25B | €11.73B | €9.67B | €7.88B | €6.76B | €5.26B | €4.09B | €2.95B |
| Cost of revenue | €11.69B | €10.95B | €9.85B | €8.80B | €7.08B | €5.87B | €5.04B | €3.91B | €3.24B | €2.55B |
| Gross profit | €5.50B | €4.72B | €3.40B | €2.93B | €2.59B | €2.02B | €1.72B | €1.35B | €849.0M | €401.0M |
| Research & development | €1.39B | €1.49B | €1.73B | €1.39B | €912.0M | €837.0M | €615.0M | €493.0M | €396.0M | €207.0M |
| Sales, general & admin | €1.91B | €1.87B | €2.12B | €2.20B | €1.58B | €1.47B | €1.18B | €903.0M | €831.0M | €543.0M |
| Total operating expenses | €3.30B | €3.36B | €3.84B | €3.58B | €2.50B | €2.31B | €1.79B | €1.40B | €1.23B | €750.0M |
| Operating income | €2.20B | €1.36B | −€446.0M | −€659.0M | €94.0M | −€293.0M | −€73.0M | −€43.0M | −€378.0M | −€349.0M |
| Interest income | €245.0M | €223.0M | €131.0M | €47.0M | €246.0M | €94.0M | €31.0M | €25.0M | €19.0M | €5.0M |
| Interest expense | €31.0M | €36.0M | €38.0M | €41.0M | €40.0M | €50.2M | €42.4M | €6.0M | €508.8M | €5.0M |
| Income before taxes | €2.22B | €1.34B | −€505.0M | −€370.0M | €249.0M | −€709.0M | −€131.0M | −€173.0M | −€1.23B | −€535.0M |
| Income taxes | €12.0M | €203.0M | €27.0M | €60.0M | €283.0M | −€128.0M | €55.0M | −€95.0M | €2.0M | €4.0M |
| Net income | €2.21B | €1.14B | −€532.0M | −€430.0M | −€34.0M | −€581.0M | −€186.0M | −€78.0M | −€1.24B | −€539.0M |
| EBITDA | €2.36B | €1.50B | −€309.0M | −€158.0M | €416.0M | −€544.0M | −€1.0M | −€135.0M | −€1.18B | −€492.0M |
| 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% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Dec '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.78B | €4.53B | €4.53B | €4.27B | €4.24B | €3.64B | €3.67B | €3.36B | €3.18B | €3.04B | €3.17B | €3.04B |
| Cost of revenue | €3.18B | €3.04B | €3.03B | €2.92B | €2.87B | €2.63B | €2.69B | €2.47B | €2.41B | €2.28B | €2.37B | €2.29B |
| Gross profit | €1.60B | €1.50B | €1.50B | €1.35B | €1.37B | €1.00B | €980.0M | €885.0M | €766.0M | €766.0M | €801.0M | €750.0M |
| Research & development | €403.0M | €331.0M | €290.0M | €309.0M | €376.0M | €389.0M | €468.0M | €369.0M | €453.0M | €435.0M | €415.0M | €386.0M |
| Sales, general & admin | €538.0M | €449.0M | €508.0M | €460.0M | €515.0M | €447.0M | €587.0M | €484.0M | €560.0M | €487.0M | €617.0M | €592.0M |
| Total operating expenses | €941.0M | €780.0M | €798.0M | €769.0M | €891.0M | €836.0M | €1.05B | €853.0M | €1.01B | €922.0M | €1.03B | €978.0M |
| Operating income | €655.0M | €715.0M | €701.0M | €582.0M | €477.0M | €168.0M | −€75.0M | €32.0M | −€247.0M | −€156.0M | −€231.0M | −€228.0M |
| Interest income | €48.0M | €54.0M | €58.0M | €59.0M | €63.0M | €59.0M | €41.0M | €41.0M | €6.0M | €27.0M | €22.0M | €15.0M |
| Interest expense | €8.0M | €7.0M | €7.0M | €8.0M | €9.0M | €9.0M | €9.0M | €9.0M | €10.0M | €13.8M | €27.0M | €11.0M |
| Income before taxes | €720.0M | €937.0M | €1.02B | €827.0M | €499.0M | €174.0M | −€131.0M | €73.0M | −€241.0M | −€206.0M | −€291.0M | −€144.0M |
| Income taxes | €175.0M | €216.0M | −€153.0M | −€72.0M | €132.0M | −€23.0M | −€61.0M | €8.0M | €61.0M | €19.0M | −€21.0M | €22.0M |
| Net income | €545.0M | €721.0M | €1.17B | €899.0M | €367.0M | €197.0M | −€70.0M | €65.0M | −€302.0M | −€225.0M | −€270.0M | −€166.0M |
| EBITDA | €757.0M | €970.0M | €1.05B | €859.0M | €538.0M | €214.0M | −€77.0M | €118.0M | −€187.0M | −€152.0M | −€214.0M | −€89.0M |
| Gross margin | 33.4% | 33.0% | 33.1% | 31.6% | 32.2% | 27.6% | 26.7% | 26.4% | 24.1% | 25.2% | 25.3% | 24.7% |
| Operating margin | 13.7% | 15.8% | 15.5% | 13.6% | 11.2% | 4.6% | −2.0% | 1.0% | −7.8% | −5.1% | −7.3% | −7.5% |
| Net margin | 11.4% | 15.9% | 25.9% | 21.0% | 8.7% | 5.4% | −1.9% | 1.9% | −9.5% | −7.4% | −8.5% | −5.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported in SPOT's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPOT financial results
In fiscal year 2025 (ended December 31, 2025), Spotify Technology S.A reported revenue of €17.2 billion, up 9.7% from the year before. It had net income of €2.2 billion (up 94.4%), a net profit margin of 12.9%. Over five years revenue grew at an average rate of 16.9% a year. Figures are in euros, the currency of its financial statements.
See the SPOT stock overview for the latest quote and news, or the SPOT chart for price history and technical indicators.
SPOT income statement FAQ
What is Spotify Technology S.A's annual revenue?
Spotify Technology S.A reported total revenue of €17.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.7% from €15.7 billion the previous year.
Is Spotify Technology S.A profitable?
Yes. Spotify Technology S.A reported net income of €2.2 billion in fiscal 2025, a net profit margin of 12.9%; its operating margin was 12.8%.
What is Spotify Technology S.A's gross margin?
Spotify Technology S.A's gross margin was 32.0% in fiscal 2025: for every $100 of revenue, Spotify Technology S.A kept $32 after the direct cost of its products and services.
How much does Spotify Technology S.A spend on research and development?
Spotify Technology S.A spent €1.4 billion on research and development in fiscal 2025, 8.1% of revenue.
How fast is Spotify Technology S.A growing?
Revenue grew 16.9% a year on average over the last five fiscal years, from €7.9 billion to €17.2 billion.
When will Spotify Technology S.A report its next earnings?
Spotify Technology S.A is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Spotify Technology S.A's fiscal year end?
Spotify Technology S.A's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.