Spotify Technology Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	1,405	1,138	-532	-430	-34	-581	Upgrade
Depreciation & Amortization	96	113	146	171	127	111	Upgrade
Other Amortization	11	8	12	-	18	-	Upgrade
Asset Writedown & Restructuring Costs	33	43	152	-	-	-	Upgrade
Stock-Based Compensation	244	267	321	381	223	176	Upgrade
Other Operating Activities	695	356	117	-267	63	236	Upgrade
Change in Accounts Receivable	-20	145	-145	-84	-245	-187	Upgrade
Change in Accounts Payable	451	183	501	226	137	425	Upgrade
Change in Unearned Revenue	24	45	113	52	67	73	Upgrade
Change in Other Net Operating Assets	21	3	-5	-3	5	6	Upgrade
Operating Cash Flow	2,960	2,301	680	46	361	259	Upgrade
Operating Cash Flow Growth	63.09%	238.38%	1378.26%	-87.26%	39.38%	-54.80%	Upgrade
Capital Expenditures	-45	-17	-6	-25	-85	-78	Upgrade
Cash Acquisitions	-9	-10	-7	-306	-115	-336	Upgrade
Investment in Securities	-2,320	-1,471	-211	-89	22	67	Upgrade
Other Investing Activities	20	12	7	-3	-9	-25	Upgrade
Investing Cash Flow	-2,354	-1,486	-217	-423	-187	-372	Upgrade
Long-Term Debt Issued	-	-	-	-	1,223	-	Upgrade
Long-Term Debt Repaid	-	-69	-66	-43	-35	-24	Upgrade
Net Debt Issued (Repaid)	-71	-69	-66	-43	1,188	-24	Upgrade
Issuance of Common Stock	634	933	366	43	167	319	Upgrade
Repurchase of Common Stock	-282	-135	-68	-42	-143	-30	Upgrade
Other Financing Activities	-	-	2	2	38	20	Upgrade
Financing Cash Flow	281	729	234	-40	1,250	285	Upgrade
Foreign Exchange Rate Adjustments	-119	123	-66	156	169	-86	Upgrade
Net Cash Flow	768	1,667	631	-261	1,593	86	Upgrade
Free Cash Flow	2,915	2,284	674	21	276	181	Upgrade
Free Cash Flow Growth	61.68%	238.87%	3109.52%	-92.39%	52.49%	-58.68%	Upgrade
Free Cash Flow Margin	17.25%	14.57%	5.09%	0.18%	2.85%	2.30%	Upgrade
Free Cash Flow Per Share	13.85	11.03	3.46	0.11	1.42	0.96	Upgrade
Cash Interest Paid	39	36	38	53	50	55	Upgrade
Cash Income Tax Paid	92	53	43	43	6	8	Upgrade
Levered Free Cash Flow	789	1,240	680	302.5	567.63	157.13	Upgrade
Unlevered Free Cash Flow	809.63	1,262	703.75	328.13	592.75	190.88	Upgrade
Change in Working Capital	476	376	464	191	-36	317	Upgrade

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