Spotify Technology Income 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
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	10,949	9,850	8,801	7,077
Gross Profit	5,496	4,724	3,397	2,926	2,591
Selling, General & Admin	1,905	1,873	2,118	2,198	1,585
Research & Development	1,393	1,486	1,725	1,387	912
Operating Income	2,198	1,365	-446	-659	94
Interest Income	292	328	161	421	246
Interest Expense	-266	-352	-220	-132	-91
Other Non-Operating Income (Expense)	26	-24	-59	289	155
Total Non-Operating Income (Expense)	52	-48	-118	578	310
Pretax Income	2,224	1,341	-505	-370	249
Provision for Income Taxes	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	192	193
Shares Outstanding (Diluted)	211	207	195	194	193
Shares Change (YoY)	1.70%	6.30%	0.38%	0.77%	1.26%
EPS (Basic)	10.77	5.67	-2.73	-2.24	-0.18
EPS (Diluted)	10.51	5.50	-2.73	-2.24	-0.18
EPS Growth	91.09%	-	-	-	-
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 Per Share	13.64	11.03	3.46	0.11	1.43
Gross Margin	31.98%	30.14%	25.64%	24.95%	26.80%
Operating Margin	12.79%	8.71%	-3.37%	-5.62%	0.97%
Profit Margin	12.87%	7.26%	-4.02%	-3.67%	-0.35%
FCF Margin	16.71%	14.57%	5.09%	0.18%	2.85%
EBITDA	2,300	1,486	-288	-488	221
EBITDA Margin	13.38%	9.48%	-2.17%	-4.16%	2.29%
EBIT	2,198	1,365	-446	-659	94
EBIT Margin	12.79%	8.71%	-3.37%	-5.62%	0.97%
Effective Tax Rate	0.54%	15.14%	-5.35%	-16.22%	113.65%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.