Spotify Technology S.A.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Spotify Technology S.A. reported revenue of $17.2B (+9.7% year on year) and net income of $2.2B (+94.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $17.2B | $15.7B | $13.2B | $11.7B |
| Cost of revenue | $11.7B | $10.9B | $9.8B | $8.8B |
| Gross profit | $5.5B | $4.7B | $3.4B | $2.9B |
| Research and development | $1.4B | $1.5B | $1.7B | $1.4B |
| Sales and marketing | $1.4B | $1.4B | $1.5B | $1.6B |
| General and administrative | $479.0M | $481.0M | $585.0M | $626.0M |
| Total operating expense | $3.3B | $3.4B | $3.8B | $3.6B |
| Operating income/(loss) | $2.2B | $1.4B | ($446.0M) | ($659.0M) |
| Finance income | $292.0M | $328.0M | $161.0M | $421.0M |
| Finance costs | ($266.0M) | ($352.0M) | ($220.0M) | ($132.0M) |
| Finance income/(costs) - net | $26.0M | ($24.0M) | ($59.0M) | $289.0M |
| Income/(loss) before tax | $2.2B | $1.3B | ($505.0M) | ($370.0M) |
| Income tax expense | $12.0M | $203.0M | $27.0M | $60.0M |
| Net income/(loss) attributable to owners of the parent | $2.2B | $1.1B | ($532.0M) | ($430.0M) |
| Basic (euro per share) | $10.77 | $5.67 | -$2.73 | -$2.23 |
| Diluted (euro per share) | $10.51 | $5.50 | -$2.73 | -$2.93 |
| Basic (in shares) | 205.4M | 200.6M | 194.7M | 192.9M |
| Diluted (in shares) | 210.5M | 207.0M | 194.7M | 195.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Lease right-of-use assets | $234.0M | $226.0M | $300.0M | $417.0M |
| Property and equipment | $188.0M | $188.0M | $247.0M | $348.0M |
| Goodwill | $1.1B | $1.2B | $1.1B | $1.2B |
| Intangible assets | $41.0M | $48.0M | $84.0M | $127.0M |
| Long term investments | $2.2B | $1.6B | $1.2B | $1.1B |
| Restricted cash and other non-current assets | $61.0M | $68.0M | $75.0M | $78.0M |
| Finance lease receivables | $69.0M | $74.0M | — | — |
| Deferred tax assets | $662.0M | $186.0M | $28.0M | $8.0M |
| Non-current assets | $4.5B | $3.6B | $3.1B | $3.3B |
| Trade and other receivables | $802.0M | $771.0M | $858.0M | $690.0M |
| Income tax receivable | $116.0M | $28.0M | $20.0M | $5.0M |
| Short term investments | $4.2B | $2.7B | $1.1B | $867.0M |
| Cash and cash equivalents | $5.3B | $4.8B | $3.1B | $2.5B |
| Other current assets | $111.0M | $132.0M | $168.0M | $307.0M |
| Current assets | $10.5B | $8.4B | $5.3B | $4.4B |
| Total assets | $15.0B | $12.0B | $8.3B | $7.6B |
| Share capital | $0 | $0 | $0 | $0 |
| Other paid in capital | $6.5B | $6.1B | $5.2B | $4.8B |
| Treasury shares | -701.0M | -262.0M | -262.0M | -262.0M |
| Other reserves | $3.4B | $2.7B | $1.8B | $1.5B |
| Accumulated deficit | ($832.0M) | ($3.0B) | ($4.2B) | ($3.6B) |
| Equity attributable to owners of the parent | $8.3B | $5.5B | $2.5B | $2.4B |
| Exchangeable Notes | $0 | $1.5B | $1.2B | $1.1B |
| Lease liabilities | $433.0M | $462.0M | $493.0M | $555.0M |
| Accrued expenses and other liabilities | $2.0M | $5.0M | $26.0M | $28.0M |
| Provisions | $3.0M | $3.0M | $3.0M | $3.0M |
| Deferred tax liabilities | $163.0M | $21.0M | $8.0M | $5.0M |
| Non-current liabilities | $601.0M | $2.0B | $1.7B | $1.7B |
| Trade and other payables | $1.2B | $1.3B | $978.0M | $845.0M |
| Income tax payable | $72.0M | $33.0M | $12.0M | $11.0M |
| Deferred revenue | $711.0M | $683.0M | $622.0M | $520.0M |
| Accrued expenses and other liabilities | $2.6B | $2.3B | $2.4B | $2.1B |
| Exchangeable Notes | $1.5B | — | — | — |
| Provisions | $51.0M | $25.0M | $21.0M | $26.0M |
| Derivative liabilities | $10.0M | $20.0M | $17.0M | $21.0M |
| Current liabilities | $6.1B | $4.5B | $4.1B | $3.5B |
| Total liabilities | $6.7B | $6.5B | $5.8B | $5.2B |
| Total equity and liabilities | $15.0B | $12.0B | $8.3B | $7.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income/(loss) | $2.2B | $1.1B | ($532.0M) | ($430.0M) |
| Depreciation of property and equipment and lease right-of-use assets | $79.0M | $85.0M | $110.0M | $118.0M |
| Amortization of intangible assets | $23.0M | $36.0M | $48.0M | $53.0M |
| Impairment charges on real estate assets | $8.0M | $43.0M | $123.0M | — |
| Write-off of content assets | $0 | $0 | $29.0M | — |
| Share-based compensation expense | $247.0M | $267.0M | $321.0M | $381.0M |
| Finance income | ($292.0M) | ($328.0M) | ($161.0M) | ($421.0M) |
| Finance costs | $266.0M | $352.0M | $220.0M | $132.0M |
| Income tax expense | $12.0M | $203.0M | $27.0M | $60.0M |
| Other | $10.0M | $2.0M | $1.0M | $7.0M |
| (Increase)/decrease in trade receivables and other assets | ($115.0M) | $145.0M | ($145.0M) | ($84.0M) |
| Increase in trade and other liabilities | $281.0M | $183.0M | $501.0M | $226.0M |
| Increase in deferred revenue | $60.0M | $45.0M | $113.0M | $52.0M |
| Increase/(decrease) in provisions | $22.0M | $3.0M | ($5.0M) | ($3.0M) |
| Interest paid | ($36.0M) | — | — | — |
| Interest received | $242.0M | $216.0M | $111.0M | $37.0M |
| Income tax paid | ($86.0M) | ($53.0M) | ($43.0M) | ($43.0M) |
| Net cash flows from operating activities | $2.9B | $2.3B | $680.0M | $46.0M |
| Business combinations, net of cash acquired | ($9.0M) | $0 | $0 | ($306.0M) |
| Payment of deferred consideration pertaining to business combinations | ($9.0M) | ($10.0M) | ($7.0M) | — |
| Purchases of property and equipment | ($61.0M) | ($17.0M) | ($6.0M) | ($25.0M) |
| Purchases of short term investments | ($19.3B) | ($7.3B) | ($1.6B) | ($457.0M) |
| Sales and maturities of short term investments | $17.5B | $5.8B | $1.4B | $368.0M |
| Change in restricted cash | $2.0M | $1.0M | $4.0M | $0 |
| Dividends received | $23.0M | $19.0M | — | — |
| Other | ($5.0M) | ($8.0M) | $3.0M | ($3.0M) |
| Net cash flows used in investing activities | ($1.8B) | ($1.5B) | ($217.0M) | ($423.0M) |
| Payments of lease liabilities | ($73.0M) | ($69.0M) | ($66.0M) | ($43.0M) |
| Lease incentives received | $0 | $0 | $2.0M | $2.0M |
| Repurchases of ordinary shares | -439.0M | 0 | 0 | -2.0M |
| Proceeds from exercise of stock options | $372.0M | $933.0M | $366.0M | $43.0M |
| Payments for employee taxes withheld from restricted stock unit releases | ($241.0M) | ($135.0M) | ($68.0M) | ($40.0M) |
| Net cash flows (used in)/from financing activities | ($381.0M) | $729.0M | $234.0M | ($40.0M) |
| Net increase in cash and cash equivalents | $767.0M | $1.5B | $697.0M | ($417.0M) |
| Cash and cash equivalents at January 1 | $4.8B | $3.1B | $2.5B | $2.7B |
| Net foreign exchange (losses)/gains on cash and cash equivalents | ($290.0M) | $123.0M | ($66.0M) | $156.0M |
| Cash and cash equivalents at December 31 | $5.3B | $4.8B | $3.1B | $2.5B |
| Recognition of lease right-of-use asset in exchange for lease liabilities | $85.0M | $25.0M | $22.0M | $20.0M |
| Real estate assets disposed of in exchange for finance lease receivables | $9.0M | $62.0M | — | — |
| Issuance of ordinary shares upon net settlement of warrants | 0 | 36.0M | — | — |
Spotify Technology S.A. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.