Spotify Technology
SPOT
512.92
+24.79
+5.08%
Spotify Technology
US · SPOT
#194 by market cap
Listed 2018
512.92
+24.79
+5.08%
Live - 5344 symbols - heartbeat 73s ago
· 2026-10-08 07:00
Pre-market
512.95
+0.01%
After-hours
512.95
+0.01%
Overnight
512.99
+0.01%
- Market cap
- 105.45B
- P/E (TTM)i
- 28.80
- P/Bi
- 11.23
- EPSi
- 11.77
- Div yieldi
- 0.00%
- 52W posi
- 37%
Reader sentiment
Are you bullish or bearish on SPOT?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 11.37, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +9.65% YoY
Margins
- Gross margin
- 31.98%
- Operating margin
- 12.79%
- Net margin
- 12.87%
Key ratios & quality
- Altman Z-Scorei
- 11.37
Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.26B | 6.76B | 7.88B | 9.67B | 11.73B | 13.25B | 15.67B | 17.19B |
| Gross profit | 1.35B | 1.72B | 2.02B | 2.59B | 2.93B | 3.40B | 4.72B | 5.50B |
| Selling & admin expenses | 903.00M | 1.18B | 1.47B | 1.59B | 2.20B | 2.12B | 1.87B | 1.91B |
| Research & development | 493.00M | 615.00M | 837.00M | 912.00M | 1.39B | 1.73B | 1.49B | 1.39B |
| Operating profit | -43.00M | -73.00M | -293.00M | 94.00M | -659.00M | -446.00M | 1.37B | 2.20B |
| Pretax profit | -173.00M | -131.00M | -709.00M | 249.00M | -370.00M | -505.00M | 1.34B | 2.22B |
| Tax | -95.00M | 55.00M | -128.00M | 283.00M | 60.00M | 27.00M | 203.00M | 12.00M |
| Net profit | -78.00M | -186.00M | -581.00M | -34.00M | -430.00M | -532.00M | 1.14B | 2.21B |
| Basic EPS | 0 | -1 | -3 | 0 | -2 | -3 | 6 | 11 |
| Diluted EPS | -0.51 | -1.03 | -3.10 | -1.03 | -2.93 | -2.73 | 5.50 | 10.51 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 4.19B | 4.19B | 4.27B | 4.53B | 4.53B | 4.78B |
| Gross profit | 1.33B | 1.32B | 1.35B | 1.50B | 1.50B | 1.60B |
| Selling & admin expenses | 438.00M | 499.00M | 460.00M | 508.00M | 449.00M | 538.00M |
| Research & development | 379.00M | 415.00M | 309.00M | 290.00M | 331.00M | 403.00M |
| Operating profit | 509.00M | 406.00M | 582.00M | 701.00M | 715.00M | 655.00M |
| Pretax profit | 328.00M | 48.00M | 827.00M | 1.02B | 937.00M | 720.00M |
| Tax | 103.00M | 134.00M | -72.00M | -153.00M | 216.00M | 175.00M |
| Net profit | 225.00M | -86.00M | 899.00M | 1.17B | 721.00M | 545.00M |
| Basic EPS | 1 | 0 | 4 | 6 | 4 | 3 |
| Diluted EPS | 1.07 | -0.42 | 3.28 | 4.43 | 3.45 | 2.61 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 2.25B | 2.23B | 2.37B | 4.37B | 4.35B | 5.26B | 8.38B | 10.50B |
| Cash & ST investments | 1.81B | 1.76B | 1.75B | 3.50B | 3.35B | 4.21B | 7.45B | 9.47B |
| Inventory | -- | -- | -- | -- | -- | -- | -- | -- |
| Total assets | 4.34B | 5.12B | 6.33B | 7.17B | 7.64B | 8.35B | 12.01B | 15.02B |
| Total current liabilities | 2.15B | 2.44B | 2.90B | 3.23B | 3.52B | 4.09B | 4.45B | 6.09B |
| Short-term debt | -- | -- | -- | -- | -- | -- | 75.00M | 1.52B |
| Long-term debt | -- | -- | -- | 1.20B | 1.13B | 1.20B | 1.54B | -- |
| Total liabilities | 2,242,000,000.00 | 3,085,000,000.00 | 3,521,000,000.00 | 5,051,000,000.00 | 5,235,000,000.00 | 5,823,000,000.00 | 6,480,000,000.00 | 6,686,000,000.00 |
| Total equity | 2.09B | 2.04B | 2.81B | 2.12B | 2.40B | 2.52B | 5.53B | 8.33B |
| Retained earnings | -2.51B | -2.71B | -3.29B | -3.22B | -3.65B | -4.18B | -3.04B | -832.00M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 8.85B | 9.30B | 10.06B | 10.50B | 9.66B | 10.38B |
| Cash & ST investments | 7.91B | 8.34B | 9.06B | 9.47B | 8.75B | 9.39B |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 12.69B | 13.47B | 14.69B | 15.02B | 13.13B | 13.75B |
| Total current liabilities | 5.97B | 6.31B | 6.24B | 6.09B | 4.69B | 4.91B |
| Short-term debt | 1.65B | 1.93B | 1.80B | 1.52B | 62.00M | 62.00M |
| Long-term debt | -- | -- | -- | -- | -- | -- |
| Total liabilities | 6,440,000,000.00 | 6,838,000,000.00 | 6,910,000,000.00 | 6,686,000,000.00 | 5,118,000,000.00 | 5,363,000,000.00 |
| Total equity | 6.25B | 6.63B | 7.78B | 8.33B | 8.01B | 8.39B |
| Retained earnings | -2.82B | -2.91B | -2.01B | -832.00M | -124.00M | 421.00M |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 344.00M | 573.00M | 259.00M | 361.00M | 46.00M | 680.00M | 2.30B | 2.93B |
| Depreciation & amortization | 32.00M | 87.00M | 111.00M | 127.00M | 171.00M | 158.00M | 121.00M | 102.00M |
| Free cash flow | 219.00M | 438.00M | 181.00M | 276.00M | 21.00M | 674.00M | 2.28B | 2.87B |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -72.00M | -438.00M | 0 | -89.00M | -2.00M | 0 | 0 | -439.00M |
| Ending cash balance | 891.00M | 1.07B | 1.15B | 2.74B | 2.48B | 3.11B | 4.78B | 5.26B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 539.00M | 709.00M | 829.00M | 856.00M | 836.00M | 816.00M |
| Depreciation & amortization | 27.00M | 26.00M | 24.00M | 25.00M | 26.00M | 29.00M |
| Free cash flow | 533.00M | 699.00M | 806.00M | 834.00M | 831.00M | 796.00M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | 0 | 0 | -58.00M | -381.00M | -306.00M | -232.00M |
| Ending cash balance | 5.02B | 5.16B | 5.46B | 5.26B | 5.26B | 5.94B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | -4.76 | -9.01 | -24.00 | -1.38 | -19.03 | -21.61 | 28.28 | 31.93 |
| ROA %i | -2.10 | -3.93 | -10.15 | -0.50 | -5.81 | -6.66 | 11.18 | 16.37 |
| ROIC %i | -5.61 | -6.60 | -18.23 | -0.13 | -10.57 | -14.48 | 16.68 | 20.68 |
| 5-year avg ROE %i | -- | -- | -- | -- | -12.02 | -15.00 | -7.55 | 3.64 |
| EBIT margin %i | -3.18 | -1.30 | -8.31 | 3.10 | -2.66 | -3.53 | 8.79 | 13.12 |
| FCF / sales %i | 4.16 | 6.48 | 2.30 | 2.85 | 0.18 | 5.09 | 14.57 | 16.71 |
| Current ratioi | 1.05 | 0.91 | 0.82 | 1.36 | 1.24 | 1.29 | 1.88 | 1.72 |
| Quick ratioi | 1.03 | 0.89 | 0.76 | 1.28 | 1.15 | 1.24 | 1.85 | 1.71 |
| Debt / assetsi | 0.00 | 12.14 | 9.12 | 24.84 | 22.04 | 20.32 | 17.29 | 13.03 |
| LT debt / equityi | -- | 30.54 | 20.57 | 84.05 | 70.10 | 67.22 | 36.22 | 5.20 |
| Interest coveragei | -27.83 | -2.05 | -12.13 | 5.88 | -5.38 | -12.29 | 38.25 | 72.74 |
| Revenue CAGR (3Y) %i | 39.43 | 31.83 | 24.43 | 22.50 | 20.13 | 18.90 | 17.47 | 13.59 |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | 80.89 | 8.17 | 8.02 | -63.67 | 55.00 | 102.27 | 415.21 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 24.40 | 14.81 | 22.64 | 31.93 | 37.99 | 44.48 |
| ROA %i | 10.72 | 6.83 | 11.13 | 16.37 | 20.98 | 24.54 |
| ROIC %i | 13.31 | 7.86 | 13.44 | 20.68 | 29.88 | 35.37 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 9.43 | 7.87 | 10.27 | 13.12 | 16.33 | 19.52 |
| FCF / sales %i | 16.09 | 16.97 | 17.25 | 16.71 | 18.08 | 18.04 |
| Current ratioi | 1.48 | 1.47 | 1.61 | 1.72 | 2.06 | 2.11 |
| Quick ratioi | 1.46 | 1.45 | 1.59 | 1.71 | 2.03 | 2.09 |
| Debt / assetsi | 16.57 | 17.69 | 15.29 | 13.03 | 3.63 | 3.39 |
| LT debt / equityi | 7.17 | 6.84 | 5.71 | 5.20 | 5.17 | 4.82 |
| Interest coveragei | 43.71 | 38.44 | 52.58 | 72.74 | 95.43 | 117.83 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Single-engine
- Premium is the largest reported line at 90.66% of revenue, across 2 reported segments.
- The next-largest line, Ad-Supported, is a distant second at 9.34% - a sharp slowdown here would have little to offset it.
Revenue breakdown most recent period
Business
Premium90.66%
Ad-Supported9.34%
Quote time 2026-10-08 07:00:00 · For reference only, not investment advice and not tailored to your situation.