Spotify Technology Income 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
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
Revenue	16,897	15,673	13,247	11,727	9,668	7,880
Revenue Growth (YoY)	11.89%	18.31%	12.96%	21.30%	22.69%	16.50%
Cost of Revenue	11,515	10,932	9,799	8,801	7,077	5,865
Gross Profit	5,382	4,741	3,448	2,926	2,591	2,015
Selling, General & Admin	1,895	1,856	1,999	2,198	1,585	1,471
Research & Development	1,470	1,477	1,531	1,387	912	837
Operating Expenses	3,365	3,333	3,530	3,585	2,497	2,308
Operating Income	2,017	1,408	-82	-659	94	-293
Interest Expense	-33	-36	-38	-41	-69	-54
Interest & Investment Income	274	242	131	47	11	17
Currency Exchange Gain (Loss)	-23	30	-52	72	47	-129
Other Non Operating Income (Expenses)	-490	-260	-100	211	166	-250
EBT Excluding Unusual Items	1,745	1,384	-141	-370	249	-709
Merger & Restructuring Charges	-	-	-241	-	-	-
Asset Writedown	-43	-43	-123	-	-	-
Pretax Income	1,702	1,341	-505	-370	249	-709
Income Tax Expense	297	203	27	60	283	-128
Earnings From Continuing Operations	-	1,138	-532	-430	-34	-581
Net Income to Company	-	1,138	-532	-430	-34	-581
Net Income	1,405	1,138	-532	-430	-34	-581
Net Income to Common	1,405	1,138	-532	-430	-34	-581
Shares Outstanding (Basic)	205	201	195	193	191	188
Shares Outstanding (Diluted)	210	207	195	196	194	188
Shares Change (YoY)	3.39%	6.30%	-0.57%	0.98%	3.39%	3.66%
EPS (Basic)	6.86	5.67	-2.73	-2.23	-0.18	-3.10
EPS (Diluted)	6.68	5.50	-2.73	-2.93	-1.03	-3.10
Free Cash Flow	2,915	2,284	674	21	276	181
Free Cash Flow Per Share	13.85	11.03	3.46	0.11	1.42	0.96
Gross Margin	31.85%	30.25%	26.03%	24.95%	26.80%	25.57%
Operating Margin	11.94%	8.98%	-0.62%	-5.62%	0.97%	-3.72%
Profit Margin	8.31%	7.26%	-4.02%	-3.67%	-0.35%	-7.37%
Free Cash Flow Margin	17.25%	14.57%	5.09%	0.18%	2.85%	2.30%
EBITDA	2,038	1,477	8	-488	221	-182
EBITDA Margin	12.06%	9.42%	0.06%	-4.16%	2.29%	-2.31%
D&A For EBITDA	21	69	90	171	127	111
EBIT	2,017	1,408	-82	-659	94	-293
EBIT Margin	11.94%	8.98%	-0.62%	-5.62%	0.97%	-3.72%
Effective Tax Rate	17.45%	15.14%	-	-	113.66%	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.