Spotify Technology S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Spotify Technology S.A. files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,952	4,090	5,259	6,764	7,880	9,668	11,727	13,247	15,673	17,186
Cost of revenue	2,551	3,241	3,906	5,042	5,865	7,077	8,801	9,850	10,949	11,690
Gross profit	401	849	1,353	1,722	2,015	2,591	2,926	3,397	4,724	5,496
Research and development	207	396	493	615	837	912	1,387	1,725	1,486	1,393
Operating income	-349	-378	-43	-73	-293	94	-659	-446	1,365	2,198
Interest expense	336	974	584	333	510	91	132	220	352	266
Interest income	152	118	455	275	94	246	421	161	328	292
Pre-tax income	-535	-1,233	-173	-131	-709	249	-370	-505	1,341	2,224
Income tax	4	2	-95	55	-128	283	60	27	203	12
Net income	-539	-1,235	-78	-186	-581	-34	-430	-532	1,138	2,212
EPS, basic	-3.63	-8.14	-0.44	-1.03	-3.10	-0.18	-2.23	-2.73	5.67	10.77
EPS, diluted	-3.63	-8.14	-0.51	-1.03	-3.10	-1.03	-2.93	-2.73	5.50	10.51

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	755	477	891	1,065	1,151	2,744	2,483	3,114	4,781	5,258
Short-term investments		1,032	915	692	596	756	867	1,100	2,667	4,209
Receivables		360	400	402	464	621	690	858	771	802
Total current assets		1,898	2,246	2,231	2,366	4,372	4,352	5,260	8,379	10,496
Property, plant and equipment		73	197	291	313	372	348	247	188	188
Lease right-of-use assets			0	489	444	437	417	300	226	234
Goodwill			146	478	736	894	1,168	1,137	1,201	1,083
Intangible assets		27	28	58	97	89	127	84	48	41
Total assets		3,107	4,336	5,122	6,326	7,170	7,636	8,346	12,005	15,015
Accounts payable		341	427	549	638	793	845	978	1,342	1,194
Total current liabilities		1,860	2,149	2,439	2,900	3,226	3,516	4,090	4,450	6,085
Lease liabilities			0	622	577	579	555	493	462	433
Total liabilities		2,869	2,242	3,085	3,521	5,051	5,235	5,823	6,480	6,686
Retained earnings		-2,427	-2,505	-2,709	-3,290	-3,220	-3,647	-4,182	-3,044	-832
Shareholders' equity	-240	238	2,094	2,037	2,805	2,119	2,401	2,523	5,525	8,329
Total equity	-240	238	2,094	2,037	2,805	2,119	2,401	2,523	5,525	8,329
Total liabilities and equity		3,107	4,336	5,122	6,326	7,170	7,636	8,346	12,005	15,015

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-539	-1,235	-78	-186	-581	-34	-430	-532	1,138	2,212
Cash from operations	101	179	344	573	259	361	46	680	2,301	2,933
Capital expenditures	-27	-36	-125	-135	-78	-85	-25	-6	-17	-61
Cash from investing	-827	-435	-22	-218	-372	-187	-423	-217	-1,486	-1,785
Share buybacks	0	0	-72	-438	0	-89	-2	0	0	-439
Dividends paid			0	0
Cash from financing	916	34	92	-203	285	1,250	-40	234	729	-381
Exchange rate effect	-32	-56	0	22	-86	169	156	-66	123	-290
Net change in cash	190	-222	414
Free cash flow	74	143	219	438	181	276	21	674	2,284	2,872
Interest paid								38	36	36
Income taxes paid	4	2	9	4	8	6	43	43	53	86

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	32.0%	Gross profit / revenue.
Operating margin	12.8%	Operating income / revenue.
Pre-tax margin	12.9%	Pre-tax income / revenue.
Net margin	12.9%	Net income / revenue.
FCF margin	16.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Effective tax rate	0.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	31.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.4%	Net income / average total assets.
Return on invested capital (ROIC)	114.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.1%	Research and development expense / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	61.0%	Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	94.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	91.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	27.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	299.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	62.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	25.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	415.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	73.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	50.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	51.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	24.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.72x	Current assets / current liabilities.
Quick ratio	1.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	44.5%	Total liabilities / total assets.
Interest coverage	8.26x	Operating income / interest expense.
Working capital	€4.41B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	€7.21B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.27x	Revenue / average total assets.
Fixed asset turnover	91.4x	Revenue / average property, plant and equipment.
Receivables turnover	21.9x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
FCF conversion	129.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€10.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€10.77	Net income per basic share, as reported (split-adjusted).
Buybacks / FCF	15.3%	Share buybacks / free cash flow, when free cash flow is positive.

What was Spotify Technology S.A.'s revenue in fiscal 2025?

Spotify Technology S.A. reported revenue of €17.19B for fiscal 2025, 9.7% higher than the year before.

Was Spotify Technology S.A. profitable in fiscal 2025?

Yes. Net income was €2.21B, a net margin of 12.9%.

How much free cash flow did Spotify Technology S.A. generate in fiscal 2025?

Cash from operations of €2.93B minus capital expenditures of €61.0M left free cash flow of €2.87B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

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