Spotify Technology S.A. (SPOT) financials

NYSE · Communication Services · Internet Content & Information · 7,000 employees · CEO Alex Norström

Price: $593.44 +6.50%
Market cap: $122B
Enterprise value: €103B
Last report: Q3 '26 filed 2026-10-22
Next report: 2027-02-09

Revenue (TTM)€18.8B+11.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)14.6%+2.9 pp vs a year agoOperating income €2.74B

Net income (TTM)€2.96B+110.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)€3.2B+9.6% vs a year agoCapex €53M

Diluted EPS (TTM)€12.93+127.2% vs a year agoSum of the last 4 quarters

Net cash€10.7B+57.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $122B
Revenue: €18.8B
Revenue growth: +14%
Profit margin: 15.7%
P/E: 36.9×
P/S: 5.8×
EV / EBITDA: 29.2×
Free cash flow: €3.2B
Net income: €2.96B
Revenue estimate: €19.5B
Earnings: 2027-02-09
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth accelerating: 16.3% year on yearQ3 '26 revenue €4.97B, against an average of 9.0% over the four quarters before.
Operating margin 14.6% (TTM), +2.9 pp on a year agoOperating income grew 39.0% while revenue grew 11.3%.
18.9% of pre-tax profit is non-operatingPre-tax income €3.38B vs operating income €2.74B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 0.3% of revenue (a year ago 0.3%)€53M invested in the last 4 quarters (+17.8% on a year earlier). Free cash flow €3.2B = 108.0% of net income.
Returned €1.23B to shareholders = 38.6% of free cash flowBuybacks €1.23B (a year earlier €101M), dividends €0, stock-based pay €286M (TTM).
Diluted share count down 2.4% in a year209M diluted shares in Q3 '26, 214M a year earlier.
Net cash €10.7BCash + short-term investments €11.2B, debt incl. leases €513M; a year ago net cash €6.82B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	€4.97B	€4.27B	+16.3%
Gross margin	33.0%	31.6%	+1.4 pp
Operating income	€672M	€582M	+15.5%
Operating margin	13.5%	13.6%	-0.1 pp
Net income	€518M	€899M	-42.4%
Diluted EPS	€2.48	€3.28	-24.4%
Operating cash flow	€740M	€829M	-10.7%
Capex	€6M	€23M	-73.9%
Free cash flow	€734M	€806M	-8.9%
R&D	€417M	€309M	+35.0%
Stock-based compensation	€87M	€75M	+16.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: €3.25B
Capex: -€53M
Buybacks: -€1.23B
Dividends: €0
Acquisitions: -€9M
Net debt issued: -€70M
Stock-based compensation: €286M
Free cash flow: €3.2B
Returned to shareholders / FCF: 38.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	36.9×	61.0× 2 of 5 years	45.9× – 76.2×
EV / EBITDA	29.2×	63.4× 3 of 5 years	41.7× – 92.3×
EV / Sales	5.5×	3.7×	1.1× – 5.7×
Price / FCF	34.1×	188.5×	35.3× – 677.4×
Price / Book	11.0×	13.1×	5.9× – 18.6×
FCF yield	2.9%	1.7%	0.1% – 2.8%
Return on invested capital	22.8%	1.9%	-16.0% – 20.9%
Return on equity	34.1%	1.3%	-21.1% – 26.6%

Analysts

Consensus target $627.77 (+5.8%)
range $490.00 – $725.00 · rating Buy

Strong buy0

Buy33

Hold19

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	€19.5B	+13.6%	€11.84	+12.6%	–	23
FY2027	€22.4B	+14.8%	€15.14	+27.9%	–	23
FY2028	€25.5B	+13.6%	€19.14	+26.4%	–	24
FY2029	€28.2B	+10.8%	€20.90	+9.2%	–	21
FY2030	€30.2B	+7.1%	€22.82	+9.2%	–	13

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in EUR as reported; price and market cap in USD.