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Spotify Technology S.A. (SPOT)
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Spotify Technology S.A. Income Statement 2025-2011 | SPOT
Brief overview of financial performance at Spotify Technology S.A.
The conclusions below are based on five years of reported results. Revenue at Spotify Technology S.A. moved from 7.9 billion euros in 2020 to 17.2 billion euros in 2025. The five-year change reached +118.1%, while CAGR stood at 16.9%. The trajectory reflects meaningful expansion of the business.
The five-year change in gross profit reached +172.8%: from 2 billion euros to 5.5 billion euros. Comparing the endpoints gives gross margins of 25.6% and 32%. The margin shift points to a more favorable sales-and-cost structure.
EBITDA was −293 million euros at the beginning and 0 euros at the end of the period (+100%). Operating performance weakened relative to revenue. EBITDA margin was −3.7% at the start and 0% at the end. A wider margin confirms stronger operating efficiency.
Overall conclusion
The figures do not all move in the same direction. The constructive conclusion rests on sales growth, higher operating efficiency and improving gross profitability. Caution is warranted because of a narrow EBITDA buffer. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Spotify Technology S.A.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
93.7 B | 126 B | 46.9 B | 25.4 B | 44.8 B | 59 B | 27.1 B | 20.1 B | - | - | - | - | - | - | - |
Shares |
205 M | 201 M | 195 M | 193 M | 191 M | 188 M | 181 M | 177 M | - | - | - | - | - | - | - |
Historical Prices |
456 | 626 | 241 | 132 | 234 | 315 | 150 | 114 | - | - | - | - | - | - | - |
Net Income |
2.21 B | 1.14 B | -532 M | -430 M | -34 M | -581 M | -186 M | -78 M | -1.24 B | -539 M | -230 M | - | - | - | - |
Revenue |
17.2 B | 15.7 B | 13.2 B | 11.7 B | 9.67 B | 7.88 B | 6.76 B | 5.26 B | 4.09 B | 2.95 B | 1.94 B | - | - | - | - |
Cost of Revenue |
11.7 B | 10.9 B | 9.85 B | 8.8 B | 7.08 B | 5.86 B | 5.04 B | 3.91 B | 3.24 B | 2.55 B | - | - | - | - | - |
Gross Profit |
5.5 B | 4.72 B | 3.4 B | 2.93 B | 2.59 B | 2.02 B | 1.72 B | 1.35 B | 849 M | 401 M | 226 M | - | - | - | - |
Operating Income |
2.2 B | 1.36 B | -446 M | -659 M | 94 M | -293 M | -73 M | -43 M | -378 M | -349 M | - | - | - | - | - |
EBITDA |
2.2 B | 1.36 B | -446 M | -659 M | 94 M | -293 M | -73 M | -43 M | -378 M | -311 M | -205 M | - | - | - | - |
Operating Expenses |
3.3 B | 3.36 B | 3.84 B | 3.58 B | 2.5 B | 2.31 B | 1.8 B | 1.4 B | 1.23 B | 750 M | 461 M | - | - | - | - |
General and Administrative Expenses |
479 M | 481 M | 585 M | 626 M | 450 M | 442 M | 354 M | 283 M | 264 M | 175 M | 106 M | - | - | - | - |
Annual performance
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All numbers in EUR currency
Quarterly Income Statement Spotify Technology S.A.
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
205 M | 201 M | 195 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
2.21 B | 1.14 B | -532 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
17.2 B | 15.7 B | 13.2 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
11.7 B | 10.9 B | 9.85 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
5.5 B | 4.72 B | 3.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
2.2 B | 1.36 B | -446 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
2.2 B | 1.36 B | -446 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
3.3 B | 3.36 B | 3.84 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
479 M | 481 M | 585 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in EUR currency
The income statement is one of the three key financial reports of a company Spotify Technology S.A. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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