Spotify Technology Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,212	1,138	-532	-430	-34
Depreciation & Amortization	98	113	158	171	127
Other Amortization	4	8	-	-	18
Asset Writedown & Restructuring Costs	8	43	152	-	-
Stock-Based Compensation	247	267	321	381	223
Other Operating Activities	116	356	117	-267	63
Change in Accounts Receivable	-115	145	-145	-84	-245
Change in Accounts Payable	281	183	501	226	137
Change in Unearned Revenue	60	45	113	52	67
Change in Other Net Operating Assets	22	3	-5	-3	5
Operating Cash Flow	2,933	2,301	680	46	361
Operating Cash Flow Growth	27.47%	238.38%	1378.26%	-87.26%	39.38%
Capital Expenditures	-61	-17	-6	-25	-85
Cash Acquisitions	-18	-10	-7	-306	-115
Investment in Securities	-1,726	-1,471	-211	-89	22
Other Investing Activities	20	12	7	-3	-9
Investing Cash Flow	-1,785	-1,486	-217	-423	-187
Long-Term Debt Issued	-	-	-	-	1,223
Long-Term Debt Repaid	-73	-69	-66	-43	-35
Net Debt Issued (Repaid)	-73	-69	-66	-43	1,188
Issuance of Common Stock	372	933	366	43	167
Repurchase of Common Stock	-680	-135	-68	-42	-143
Other Financing Activities	-	-	2	2	38
Financing Cash Flow	-381	729	234	-40	1,250
Foreign Exchange Rate Adjustments	-290	123	-66	156	169
Net Cash Flow	477	1,667	631	-261	1,593
Free Cash Flow	2,872	2,284	674	21	276
Free Cash Flow Growth	25.74%	238.87%	3109.52%	-92.39%	52.49%
Free Cash Flow Margin	16.71%	14.57%	5.09%	0.18%	2.85%
Free Cash Flow Per Share	13.64	11.03	3.46	0.11	1.42
Cash Interest Paid	36	36	38	53	50
Cash Income Tax Paid	86	53	43	43	6
Levered Free Cash Flow	675.38	1,221	606.88	302.5	567.63
Unlevered Free Cash Flow	694.75	1,244	630.63	328.13	592.75
Change in Working Capital	248	376	464	191	-36

Source: S&P Global Market Intelligence. Standard template. Financial Sources.