Spotify Technology S.A. (ETR:639)

Spotify Technology Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	17,186	15,673	13,247	11,727	9,668
Revenue Growth (YoY)	9.65%	18.31%	12.96%	21.30%	22.69%
Cost of Revenue	11,690	10,935	9,800	8,801	7,077
Gross Profit	5,496	4,738	3,447	2,926	2,591
Selling, General & Admin	1,905	1,873	2,040	2,198	1,585
Research & Development	1,393	1,486	1,606	1,387	912
Operating Expenses	3,298	3,359	3,646	3,585	2,497
Operating Income	2,198	1,379	-199	-659	94
Interest Expense	-31	-36	-38	-41	-69
Interest & Investment Income	268	242	131	47	11
Currency Exchange Gain (Loss)	-100	30	-52	72	47
Other Non Operating Income (Expenses)	-111	-260	-100	211	166
EBT Excluding Unusual Items	2,224	1,355	-258	-370	249
Merger & Restructuring Charges	-	-	-241	-	-
Asset Writedown	-	-14	-6	-	-
Pretax Income	2,224	1,341	-505	-370	249
Income Tax Expense	12	203	27	60	283
Net Income	2,212	1,138	-532	-430	-34
Net Income to Common	2,212	1,138	-532	-430	-34
Net Income Growth	94.38%	-	-	-	-
Shares Outstanding (Basic)	205	201	195	193	191
Shares Outstanding (Diluted)	211	207	195	196	194
Shares Change (YoY)	1.70%	6.30%	-0.57%	0.98%	3.39%
EPS (Basic)	10.77	5.67	-2.73	-2.23	-0.18
EPS (Diluted)	10.51	5.50	-2.73	-2.93	-1.03
EPS Growth	91.09%	-	-	-	-
Free Cash Flow	2,872	2,284	674	21	276
Free Cash Flow Per Share	13.64	11.03	3.46	0.11	1.42
Gross Margin	31.98%	30.23%	26.02%	24.95%	26.80%
Operating Margin	12.79%	8.80%	-1.50%	-5.62%	0.97%
Profit Margin	12.87%	7.26%	-4.02%	-3.67%	-0.35%
Free Cash Flow Margin	16.71%	14.57%	5.09%	0.18%	2.85%
EBITDA	2,254	1,448	-41	-488	221
EBITDA Margin	13.11%	9.24%	-0.31%	-4.16%	2.29%
D&A For EBITDA	56	69	158	171	127
EBIT	2,198	1,379	-199	-659	94
EBIT Margin	12.79%	8.80%	-1.50%	-5.62%	0.97%
Effective Tax Rate	0.54%	15.14%	-	-	113.66%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.