Spotify Technology S.A. (SPOT) income statement
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
Spotify Technology S.A. (SPOT) reported revenue of €4.97B for Q3 '26 (+16.3% year on year), operating income of €672M (13.5% of revenue) and net income of €518M. Over the last four quarters revenue was €18.8B.
Income statement
| Income statement | Trend | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.67B | €3.64B | €3.81B | €3.99B | €4.24B | €4.19B | €4.19B | €4.27B | €4.53B | €4.53B | €4.78B | €4.97B | |
| Cost of revenue | €2.69B | €2.63B | €2.7B | €2.75B | €2.87B | €2.86B | €2.87B | €2.92B | €3.03B | €3.04B | €3.18B | €3.33B | |
| Gross profit | €980M | €1B | €1.11B | €1.24B | €1.37B | €1.33B | €1.32B | €1.35B | €1.5B | €1.5B | €1.6B | €1.64B | |
| Research & development | €468M | €389M | €379M | €342M | €376M | €379M | €415M | €309M | €290M | €331M | €403M | €417M | |
| Sales & marketing | €432M | €324M | €343M | €332M | €393M | €314M | €364M | €349M | €399M | €342M | €390M | €406M | |
| General & administrative | €155M | €123M | €124M | €112M | €122M | €124M | €135M | €111M | €109M | €107M | €148M | €144M | |
| Operating expenses | €1.06B | €836M | €846M | €786M | €891M | €817M | €914M | €769M | €798M | €780M | €941M | €967M | |
| Operating income | -€75M | €168M | €266M | €454M | €477M | €509M | €406M | €582M | €701M | €715M | €655M | €672M | |
| Interest income | €41M | €46M | €53M | €61M | €63M | €67M | €61M | €59M | €58M | €54M | €48M | €58M | |
| Interest expense | €9M | €9M | €9M | €9M | €9M | €8M | €8M | €8M | €7M | €7M | €8M | €5M | |
| Other non-operating income (gains on investments, FX ...) | €36M | -€15M | -€13M | €47M | -€31M | €173M | €350M | -€253M | -€327M | -€229M | -€73M | -€33M | |
| Total non-operating income | -€56M | €6M | €4M | -€56M | €22M | -€181M | -€358M | €245M | €320M | €222M | €65M | €33M | |
| Income before tax | -€131M | €174M | €270M | €398M | €499M | €328M | €48M | €827M | €1.02B | €937M | €720M | €705M | |
| Income tax | -€61M | -€23M | -€4M | €98M | €132M | €103M | €134M | -€72M | -€153M | €216M | €175M | €187M | |
| Net income | -€70M | €197M | €274M | €300M | €367M | €225M | -€86M | €899M | €1.17B | €721M | €545M | €518M | |
| EPS (basic) | -€0.33 | €0.99 | €1.37 | €1.49 | €1.81 | €1.10 | -€0.42 | €4.36 | €5.71 | €3.50 | €2.65 | €2.52 | |
| EPS (diluted) | -€0.33 | €0.97 | €1.33 | €1.45 | €1.76 | €1.07 | -€0.42 | €3.28 | €4.39 | €3.45 | €2.61 | €2.48 | |
| Shares (basic, weighted) | 196M | 198M | 200M | 202M | 203M | 204M | 205M | 206M | 206M | 206M | 206M | 206M | |
| Shares (diluted, weighted) | 196M | 204M | 206M | 207M | 209M | 210M | 205M | 214M | 212M | 209M | 209M | 209M | |
| Depreciation & amortization | €34M | €31M | €30M | €30M | €30M | €27M | €26M | €24M | €25M | €26M | €29M | €33M | |
| EBITDA | -€77M | €214M | €309M | €437M | €538M | €363M | €82M | €859M | €1.05B | €970M | €757M | €738M |
| Income statement | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €2.95B | €4.09B | €5.26B | €6.76B | €7.88B | €9.67B | €11.7B | €13.2B | €15.7B | €17.2B | |
| Cost of revenue | €2.55B | €3.24B | €3.91B | €5.04B | €5.87B | €7.08B | €8.8B | €9.85B | €10.9B | €11.7B | |
| Gross profit | €401M | €849M | €1.35B | €1.72B | €2.02B | €2.59B | €2.93B | €3.4B | €4.72B | €5.5B | |
| Research & development | €207M | €396M | €493M | €615M | €837M | €912M | €1.39B | €1.73B | €1.49B | €1.39B | |
| Sales & marketing | €368M | €567M | €620M | €826M | €1.03B | €1.14B | €1.57B | €1.53B | €1.39B | €1.43B | |
| General & administrative | €175M | €264M | €283M | €354M | €442M | €450M | €626M | €585M | €481M | €479M | |
| Operating expenses | €750M | €1.23B | €1.4B | €1.8B | €2.31B | €2.5B | €3.59B | €3.84B | €3.36B | €3.3B | |
| Operating income | -€349M | -€378M | -€43M | -€73M | -€293M | €94M | -€659M | -€446M | €1.37B | €2.2B | |
| Interest income | €5M | €18.3M | €25M | €30.6M | €15.8M | €11M | €47M | €131M | €223M | €245M | |
| Interest expense | €5M | €509M | €6M | €42.4M | €50.2M | €40M | €41M | €38M | €36M | €31M | |
| Other non-operating income (gains on investments, FX ...) | €181M | €851M | €124M | €15M | €362M | -€195M | -€330M | €21M | -€12M | -€57M | |
| Total non-operating income | -€186M | -€855M | -€130M | -€58M | -€416M | €155M | €289M | -€59M | -€24M | €26M | |
| Income before tax | -€535M | -€1.23B | -€173M | -€131M | -€709M | €249M | -€370M | -€505M | €1.34B | €2.22B | |
| Income tax | €4M | €2M | -€95M | €55M | -€128M | €283M | €60M | €27M | €203M | €12M | |
| Net income | -€539M | -€1.24B | -€78M | -€186M | -€581M | -€34M | -€430M | -€532M | €1.14B | €2.21B | |
| EPS (basic) | -€3.21 | -€6.93 | -€0.44 | -€1.03 | -€3.10 | -€0.18 | -€2.23 | -€2.73 | €5.67 | €10.77 | |
| EPS (diluted) | -€3.21 | -€6.93 | -€0.51 | -€1.03 | -€3.10 | -€1.03 | -€2.93 | -€2.73 | €5.50 | €10.51 | |
| Shares (basic, weighted) | 168M | 178M | 177M | 181M | 188M | 191M | 193M | 195M | 201M | 205M | |
| Shares (diluted, weighted) | 168M | 178M | 181M | 181M | 188M | 194M | 196M | 195M | 207M | 211M | |
| Depreciation & amortization | €38M | €54M | €32M | €87M | €111M | €127M | €171M | €158M | €121M | €102M | |
| EBITDA | -€492M | -€1.18B | -€135M | -€1M | -€544M | €416M | -€158M | -€309M | €1.5B | €2.36B |
Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in EUR.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
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.