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Spotify Technology SA income statement 2015–2026What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.
18.81B EUR over the last twelve months, and 17.19B EUR in fiscal year 2025.
Revenue Operating income Net income
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| Fiscal year | TTM 30 Sept 2026 | FY2025 31 Dec 2025 | FY2024 31 Dec 2024 | FY2023 31 Dec 2023 | FY2022 31 Dec 2022 | FY2021 31 Dec 2021 | FY2020 31 Dec 2020 | FY2019 31 Dec 2019 | FY2018 31 Dec 2018 | FY2017 31 Dec 2017 | FY2016 31 Dec 2016 | FY2015 31 Dec 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RevenueWhat is revenue? Revenue is the money a company brings in from selling its goods and services over a period, before any costs. It is the top line of the income statement. | 18.81B | 17.19B | 15.67B | 13.25B | 11.73B | 9.67B | 7.88B | 6.76B | 5.26B | 4.09B | 2.95B | 1.94B |
Revenue growth | +11.32% | +9.65% | +18.31% | +12.96% | +21.30% | +22.69% | +16.50% | +28.62% | +28.58% | +38.55% | +52.16% | |
Cost of revenue | 12.58B | 11.69B | 10.95B | 9.85B | 8.80B | 7.08B | 5.87B | 5.04B | 3.91B | 3.24B | 2.55B | 1.71B |
Gross profit | 6.23B | 5.50B | 4.72B | 3.40B | 2.93B | 2.59B | 2.02B | 1.72B | 1.35B | 849.00M | 401.00M | 226.00M |
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs. | 33.12% | 31.98% | 30.14% | 25.64% | 24.95% | 26.80% | 25.57% | 25.46% | 25.73% | 20.76% | 13.58% | |
Research and development | 1.44B | 1.39B | 1.49B | 1.73B | 1.39B | 912.00M | 837.00M | 615.00M | 493.00M | 396.00M | 207.00M | 136.00M |
Selling, general and administrative | 2.05B | 1.91B | 1.87B | 2.12B | 2.20B | 1.59B | 1.47B | 1.18B | 903.00M | 831.00M | 543.00M | 325.00M |
Operating expenses | 3.49B | 3.30B | 3.36B | 3.84B | 3.59B | 2.50B | 2.31B | 1.80B | 1.40B | 1.23B | 750.00M | 461.00M |
| 2.74B | 2.20B | 1.37B | -446.00M | -659.00M | 94.00M | -293.00M | -73.00M | -43.00M | -378.00M | -349.00M | -235.00M | |
Operating income growth | +38.96% | +61.03% | — | — | -801.06% | — | — | — | — | — | — | |
Operating marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs. | 14.58% | 12.79% | 8.71% | -3.37% | -5.62% | 0.97% | -3.72% | -1.08% | -0.82% | -9.24% | -11.82% | |
Interest income | 218.00M | 245.00M | 223.00M | 131.00M | 47.00M | 11.00M | 15.82M | 30.56M | 25.00M | 18.31M | 5.00M | 2.00M |
Interest expense | 27.00M | 31.00M | 36.00M | 38.00M | 41.00M | 40.00M | 50.25M | 42.39M | 6.00M | 508.82M | 5.00M | 1.00M |
Other non-operating income | 640.00M | 26.00M | -24.00M | -59.00M | 289.00M | 155.00M | -416.00M | -58.00M | -130.00M | -855.00M | -186.00M | 10.00M |
Pretax income | 3.38B | 2.22B | 1.34B | -505.00M | -370.00M | 249.00M | -709.00M | -131.00M | -173.00M | -1.23B | -535.00M | -225.00M |
Income tax | 425.00M | 12.00M | 203.00M | 27.00M | 60.00M | 283.00M | -128.00M | 55.00M | -95.00M | 2.00M | 4.00M | 5.00M |
Effective tax rate | 12.56% | 0.54% | 15.14% | — | — | 113.65% | — | — | — | — | — | |
| 2.96B | 2.21B | 1.14B | -532.00M | -430.00M | -34.00M | -581.00M | -186.00M | -78.00M | -1.24B | -539.00M | -230.00M | |
Net income growth | +110.53% | +94.38% | — | — | — | — | — | — | — | — | — | |
Net marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs. | 15.73% | 12.87% | 7.26% | -4.02% | -3.67% | -0.35% | -7.37% | -2.75% | -1.48% | -30.20% | -18.26% | |
Basic shares | 205.75M | 205.41M | 200.62M | 194.73M | 192.93M | 191.30M | 187.58M | 180.96M | 177.15M | 178.11M | 167.78M | 167.78M |
Diluted sharesWhat are shares outstanding? Shares outstanding are all the shares a company has issued that investors hold, insiders included. Their number times the share price is the market value. | 209.80M | 210.51M | 206.99M | 194.73M | 195.85M | 193.94M | 187.58M | 180.96M | 181.21M | 178.11M | 167.78M | 167.78M |
Change in diluted shares | +0.09% | +1.70% | +6.29% | -0.57% | +0.98% | +3.39% | +3.66% | -0.14% | +1.74% | +6.16% | 0.00% | |
EPS (basic) | 14.38 | 10.77 | 5.67 | -2.73 | -2.23 | -0.18 | -3.10 | -1.03 | -0.44 | -6.93 | -3.21 | -1.37 |
EPS (diluted)What is EPS (earnings per share)? EPS (earnings per share) is a company's net income divided by its number of shares: the profit that belongs to each share over a period. | 12.93 | 10.51 | 5.50 | -2.73 | -2.93 | -1.03 | -3.10 | -1.03 | -0.51 | -6.93 | -3.21 | -1.37 |
EPS growth | +127.24% | +91.09% | — | — | — | — | — | — | — | — | — | |
EBITDAWhat is EBITDA? EBITDA is earnings before interest, taxes, depreciation and amortization: operating profit with the yearly cost of wearing out assets added back. | 3.52B | 2.36B | 1.50B | -309.00M | -158.00M | 416.00M | -544.00M | -1.00M | -135.00M | -1.18B | -492.00M | -194.00M |
EBITDA margin | 18.70% | 13.71% | 9.56% | -2.33% | -1.35% | 4.30% | -6.90% | -0.01% | -2.57% | -28.73% | -16.67% | |
EBIT | 3.41B | 2.26B | 1.38B | -467.00M | -329.00M | 289.00M | -655.00M | -88.00M | -167.00M | -1.23B | -530.00M | -224.00M |
| Quarter | Q3 FY2026 30 Sept 2026 | Q2 FY2026 30 Jun 2026 | Q1 FY2026 31 Mar 2026 | Q4 FY2025 31 Dec 2025 | Q3 FY2025 30 Sept 2025 | Q2 FY2025 30 Jun 2025 | Q1 FY2025 30 Mar 2025 | Q4 FY2024 31 Dec 2024 | Q3 FY2024 30 Sept 2024 | Q2 FY2024 30 Jun 2024 | Q1 FY2024 31 Mar 2024 | Q4 FY2023 31 Dec 2023 | Q3 FY2023 30 Sept 2023 | Q2 FY2023 30 Jun 2023 | Q1 FY2023 31 Mar 2023 | Q4 FY2022 31 Dec 2022 | Q3 FY2022 30 Sept 2022 | Q2 FY2022 30 Jun 2022 | Q1 FY2022 31 Mar 2022 | Q4 FY2021 31 Dec 2021 | Q3 FY2021 30 Sept 2021 | Q2 FY2021 30 Jun 2021 | Q1 FY2021 31 Mar 2021 | Q4 FY2020 31 Dec 2020 | Q3 FY2020 30 Sept 2020 | Q2 FY2020 30 Jun 2020 | Q1 FY2020 31 Mar 2020 | Q4 FY2019 31 Dec 2019 | Q3 FY2019 30 Sept 2019 | Q2 FY2019 30 Jun 2019 | Q1 FY2019 31 Mar 2019 | Q4 FY2018 31 Dec 2018 | Q3 FY2018 30 Sept 2018 | Q2 FY2018 30 Jun 2018 | Q1 FY2018 31 Mar 2018 | Q4 FY2017 31 Dec 2017 | Q3 FY2017 30 Sept 2017 | Q2 FY2017 30 Jun 2017 | Q1 FY2017 31 Mar 2017 | Q4 FY2016 31 Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
RevenueWhat is revenue? Revenue is the money a company brings in from selling its goods and services over a period, before any costs. It is the top line of the income statement. | 4.97B | 4.78B | 4.53B | 4.53B | 4.27B | 4.19B | 4.19B | 4.24B | 3.99B | 3.81B | 3.64B | 3.67B | 3.36B | 3.18B | 3.04B | 3.17B | 3.04B | 2.86B | 2.66B | 2.69B | 2.50B | 2.33B | 2.15B | 2.17B | 1.98B | 1.89B | 1.85B | 1.86B | 1.73B | 1.67B | 1.51B | 1.50B | 1.35B | 1.27B | 1.14B | 1.15B | 1.03B | 1.01B | 902.00M | 895.45M |
Revenue growth | +16.32% | +13.93% | +8.19% | +6.81% | +7.12% | +10.14% | +15.24% | +15.55% | +18.80% | +19.83% | ||||||||||||||||||||||||||||||
Cost of revenue | 3.33B | 3.18B | 3.04B | 3.03B | 2.92B | 2.87B | 2.86B | 2.87B | 2.75B | 2.70B | 2.63B | 2.69B | 2.47B | 2.41B | 2.28B | 2.37B | 2.29B | 2.16B | 1.99B | 1.98B | 1.83B | 1.67B | 1.60B | 1.59B | 1.49B | 1.41B | 1.38B | 1.38B | 1.29B | 1.23B | 1.14B | 1.10B | 1.01B | 944.00M | 856.00M | 867.00M | 802.00M | 775.00M | 797.00M | 729.09M |
Gross profit | 1.64B | 1.60B | 1.50B | 1.50B | 1.35B | 1.32B | 1.33B | 1.37B | 1.24B | 1.11B | 1.00B | 980.00M | 885.00M | 766.00M | 766.00M | 801.00M | 750.00M | 704.00M | 671.00M | 712.00M | 668.00M | 663.00M | 548.00M | 575.00M | 489.00M | 479.00M | 472.00M | 474.00M | 441.00M | 434.00M | 373.00M | 399.00M | 342.00M | 329.00M | 283.00M | 282.00M | 230.00M | 232.00M | 105.00M | 166.36M |
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs. | 32.98% | 33.41% | 32.98% | 33.08% | 31.62% | 31.48% | 31.65% | 32.25% | 31.09% | 29.21% | ||||||||||||||||||||||||||||||
Research and development | 417.00M | 403.00M | 331.00M | 290.00M | 309.00M | 415.00M | 379.00M | 376.00M | 342.00M | 379.00M | 389.00M | 468.00M | 369.00M | 453.00M | 435.00M | 415.00M | 386.00M | 336.00M | 250.00M | 253.00M | 208.00M | 255.00M | 196.00M | 232.00M | 176.00M | 267.00M | 162.00M | 173.00M | 136.00M | 151.00M | 155.00M | 100.00M | 135.00M | 143.00M | 115.00M | 123.00M | 98.00M | 95.00M | 80.00M | 63.67M |
Selling, general and administrative | 550.00M | 538.00M | 449.00M | 508.00M | 460.00M | 499.00M | 438.00M | 515.00M | 444.00M | 467.00M | 447.00M | 587.00M | 484.00M | 560.00M | 487.00M | 617.00M | 592.00M | 562.00M | 427.00M | 466.00M | 385.00M | 396.00M | 338.00M | 412.00M | 353.00M | 379.00M | 327.00M | 378.00M | 251.00M | 286.00M | 265.00M | 205.00M | 213.00M | 276.00M | 209.00M | 246.00M | 205.00M | 216.00M | 164.00M | 182.79M |
Operating expenses | 967.00M | 941.00M | 780.00M | 798.00M | 769.00M | 914.00M | 817.00M | 891.00M | 786.00M | 846.00M | 836.00M | 1.06B | 853.00M | 1.01B | 922.00M | 1.03B | 978.00M | 898.00M | 677.00M | 719.00M | 593.00M | 651.00M | 534.00M | 644.00M | 529.00M | 646.00M | 489.00M | 551.00M | 387.00M | 437.00M | 420.00M | 305.00M | 348.00M | 419.00M | 324.00M | 369.00M | 303.00M | 311.00M | 244.00M | 246.45M |
| 672.00M | 655.00M | 715.00M | 701.00M | 582.00M | 406.00M | 509.00M | 477.00M | 454.00M | 266.00M | 168.00M | -75.00M | 32.00M | -247.00M | -156.00M | -231.00M | -228.00M | -194.00M | -6.00M | -7.00M | 75.00M | 12.00M | 14.00M | -69.00M | -40.00M | -167.00M | -17.00M | -77.00M | 54.00M | -3.00M | -47.00M | 94.00M | -6.00M | -90.00M | -41.00M | -87.00M | -73.00M | -79.00M | -139.00M | -80.10M | |
Operating income growth | +15.46% | +61.33% | +40.47% | +46.96% | +28.19% | +52.63% | +202.98% | — | +1,318.75% | — | ||||||||||||||||||||||||||||||
Operating marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs. | 13.52% | 13.71% | 15.77% | 15.47% | 13.62% | 9.68% | 12.15% | 11.24% | 11.38% | 6.99% | ||||||||||||||||||||||||||||||
Interest income | 58.00M | 48.00M | 54.00M | 58.00M | 59.00M | 61.00M | 67.00M | 63.00M | 61.00M | 53.00M | 46.00M | 41.00M | 34.00M | 30.00M | 25.65M | 22.00M | 15.00M | 7.00M | 3.00M | 20.00M | 3.00M | — | 3.07M | 4.00M | 3.00M | 4.00M | 7.00M | 6.83M | 226.00M | 7.00M | 9.00M | 8.00M | 10.00M | 5.13M | 5.00M | 36.00M | 5.00M | 4.00M | 4.00M | 121.17M |
Interest expense | 5.00M | 8.00M | 7.00M | 7.00M | 8.00M | 8.00M | 8.00M | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M | 10.00M | 13.81M | 27.00M | 11.00M | 10.00M | 10.00M | 21.00M | 10.00M | 10.00M | 31.73M | 114.00M | 10.00M | 10.00M | 11.00M | 9.75M | 10.00M | 10.00M | 9.00M | 2.00M | 85.00M | — | — | 545.00M | 1.00M | 1.00M | 1.00M | 119.12M |
Other non-operating income | 33.00M | 65.00M | 222.00M | 320.00M | 245.00M | -358.00M | -181.00M | 22.00M | -56.00M | 4.00M | 6.00M | -56.00M | 41.00M | 6.00M | -50.00M | -60.00M | 84.00M | 104.00M | 161.00M | -1.00M | 87.00M | -4.00M | 73.00M | -110.00M | -76.00M | -288.00M | 58.00M | -96.00M | 216.00M | -56.00M | -122.00M | 387.00M | -76.00M | -302.00M | -139.00M | -509.00M | -205.00M | -108.00M | -33.00M | -7.19M |
Pretax income | 705.00M | 720.00M | 937.00M | 1.02B | 827.00M | 48.00M | 328.00M | 499.00M | 398.00M | 270.00M | 174.00M | -131.00M | 73.00M | -241.00M | -206.00M | -291.00M | -144.00M | -90.00M | 155.00M | -8.00M | 162.00M | 8.00M | 87.00M | -179.00M | -116.00M | -455.00M | 41.00M | -173.00M | 270.00M | -59.00M | -169.00M | 481.00M | -82.00M | -392.00M | -180.00M | -596.00M | -278.00M | -187.00M | -172.00M | -87.29M |
Income tax | 187.00M | 175.00M | 216.00M | -153.00M | -72.00M | 134.00M | 103.00M | 132.00M | 98.00M | -4.00M | -23.00M | -61.00M | 8.00M | 61.00M | 19.00M | -21.00M | 22.00M | 35.00M | 24.00M | 31.00M | 160.00M | 28.00M | 64.00M | -54.00M | -15.00M | -99.00M | 40.00M | 36.00M | 29.00M | 17.00M | -27.00M | 39.00M | -125.00M | 2.00M | -11.00M | 0.00 | 0.00 | 1.00M | 1.00M | 0.00 |
Effective tax rate | 26.52% | 24.31% | 23.05% | -14.99% | -8.71% | 279.17% | 31.40% | 26.45% | 24.62% | -1.48% | ||||||||||||||||||||||||||||||
| 518.00M | 545.00M | 721.00M | 1.17B | 899.00M | -86.00M | 225.00M | 367.00M | 300.00M | 274.00M | 197.00M | -70.00M | 65.00M | -302.00M | -225.00M | -270.00M | -166.00M | -125.00M | 131.00M | -39.00M | 2.00M | -20.00M | 23.00M | -125.00M | -101.00M | -356.00M | 1.00M | -209.00M | 241.00M | -76.00M | -142.00M | 442.00M | 43.00M | -394.00M | -169.00M | -596.00M | -278.00M | -188.00M | -173.00M | -87.29M | |
Net income growth | -42.38% | — | +220.44% | +219.89% | +199.67% | -131.39% | +14.21% | — | +361.54% | — | ||||||||||||||||||||||||||||||
Net marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs. | 10.42% | 11.41% | 15.91% | 25.91% | 21.04% | -2.05% | 5.37% | 8.65% | 7.52% | 7.20% | ||||||||||||||||||||||||||||||
Basic shares | 205.72M | 205.79M | 205.72M | 205.77M | 205.96M | 205.43M | 204.47M | 202.91M | 201.58M | 199.96M | 198.03M | 196.04M | 194.88M | 194.42M | 193.56M | 193.29M | 193.08M | 192.95M | 192.48M | 191.95M | 191.49M | 191.17M | 190.57M | 189.85M | 188.84M | 186.55M | 185.05M | 182.94M | 179.86M | 180.41M | 180.61M | 181.07M | 180.51M | 179.08M | 167.78M | 178.11M | 167.78M | 167.78M | 167.78M | 149.80M |
Diluted sharesWhat are shares outstanding? Shares outstanding are all the shares a company has issued that investors hold, insiders included. Their number times the share price is the market value. | 208.58M | 208.86M | 209.28M | 212.49M | 213.79M | 205.43M | 210.24M | 209.01M | 207.40M | 206.12M | 203.77M | 196.04M | 198.01M | 194.42M | 193.56M | 193.29M | 195.99M | 195.86M | 197.08M | 192.14M | 194.55M | 194.08M | 191.82M | 189.85M | 189.05M | 186.55M | 185.63M | 182.94M | 188.48M | 180.41M | 180.61M | 190.51M | 188.12M | 179.08M | 167.78M | 178.11M | 167.78M | 167.78M | 167.78M | 149.80M |
Change in diluted shares | -2.44% | +1.67% | -0.46% | +1.67% | +3.08% | -0.34% | +3.18% | +6.62% | +4.74% | +6.02% | ||||||||||||||||||||||||||||||
EPS (basic) | 2.52 | 2.65 | 3.50 | 5.71 | 4.36 | -0.42 | 1.10 | 1.81 | 1.49 | 1.37 | 0.99 | -0.33 | 0.31 | -1.42 | -1.07 | -1.32 | -0.88 | -0.62 | 0.61 | -0.18 | 0.01 | -0.08 | 0.10 | -0.54 | -0.45 | -1.70 | 0.01 | -1.00 | 1.22 | -0.37 | -0.70 | 2.04 | 0.21 | -1.89 | -0.82 | -2.86 | -1.41 | -0.98 | -0.96 | -0.47 |
EPS (diluted)What is EPS (earnings per share)? EPS (earnings per share) is a company's net income divided by its number of shares: the profit that belongs to each share over a period. | 2.48 | 2.61 | 3.45 | 4.39 | 3.28 | -0.42 | 1.07 | 1.76 | 1.45 | 1.33 | 0.97 | -0.33 | 0.31 | -1.42 | -1.07 | -1.32 | -1.01 | -0.81 | 0.19 | -0.19 | -0.35 | -0.16 | -0.21 | -0.54 | -0.49 | -1.70 | -0.18 | -1.00 | 0.33 | -0.37 | -0.70 | 0.30 | 0.20 | -1.89 | -0.82 | -2.86 | -1.41 | -0.98 | -0.96 | -0.47 |
EPS growth | -24.39% | — | +222.43% | +149.43% | +126.21% | -131.58% | +10.31% | — | +367.74% | — | ||||||||||||||||||||||||||||||
EBITDAWhat is EBITDA? EBITDA is earnings before interest, taxes, depreciation and amortization: operating profit with the yearly cost of wearing out assets added back. | 738.00M | 757.00M | 970.00M | 1.05B | 859.00M | 82.00M | 363.00M | 538.00M | 437.00M | 309.00M | 214.00M | -77.00M | 118.00M | -187.00M | -152.00M | -214.00M | -89.00M | -40.00M | 202.00M | 46.00M | 205.00M | 49.00M | 127.00M | -36.00M | -78.00M | -417.00M | 78.00M | -336.00M | 302.00M | -29.00M | -139.00M | 491.00M | 10.00M | -386.00M | -169.00M | -38.00M | -262.00M | -174.00M | -157.00M | 42.10M |
EBITDA margin | 14.85% | 15.85% | 21.40% | 23.24% | 20.11% | 1.96% | 8.66% | 12.68% | 10.96% | 8.12% | ||||||||||||||||||||||||||||||
EBIT | 705.00M | 728.00M | 944.00M | 1.03B | 835.00M | 56.00M | 336.00M | 508.00M | 407.00M | 279.00M | 183.00M | -111.00M | 82.00M | -231.00M | -196.00M | -264.00M | -133.00M | -80.00M | 165.00M | 13.00M | 172.00M | 18.00M | 97.00M | -65.00M | -106.00M | -445.00M | 52.00M | -360.00M | 280.00M | -49.00M | -160.00M | 483.00M | 3.00M | -392.00M | -180.00M | -51.00M | -277.00M | -186.00M | -171.00M | 31.83M |
Figures in EUR. Shares and EPS are adjusted for stock splits. Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
Common questions about Spotify Technology SA's income statement
Source: Financial Modeling PrepVerified against SEC filings