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Spotify Technology S.A. (SPOT) Q3 FY2026 Financial Statements: Revenue $5.72B, Net income $596.00M

CIK 0001639920 · NYSE · Latest period: Q3 FY2026 (ended 2026-09-30, 6-K accession 0001628280-26-066889) · Annual report: FY2025 20-F (filed 2026-02-10, accession 0001628280-26-006874) · Next expected filing: 20-F ~2027-02-09

More for Spotify Technology S.A.: Company index · 20-F and 6-K summary · 6-K filings and events

PeriodQ3 FY2026

Published

Spotify Technology S.A. reported $5.72 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026, up 14.5% from a year earlier, and ended the quarter with 306,000,000 Premium Subscribers. Operating income was $773.19 million, up 13.7%, but net income fell to $596.00 million from $1.05 billion because the year-ago quarter included a fair-value gain on exchangeable notes that have since been repaid and a one-time income tax benefit, neither of which recurred. Diluted earnings per share were $2.85, down 25.6% from a year earlier.

MetricAmountvs. year ago
Revenue$5,717,198,308up 14.5%
Net income$595,996,926down 43.3%
Diluted EPS$2.85down 25.6%
Operating income$773,185,201up 13.7%
Premium Subscribers306,000,000up 8.9%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerSPOT
CIK0001639920
CompanySpotify Technology S.A.
Business typeindustrial
Schema templatestandard (subscription and advertising-funded audio streaming): revenue, cost of revenue, gross profit, operating expenses, operating income, finance income and costs, net income and earnings per share; balance sheet; cash flows including the company-defined free cash flow; Premium and Ad-Supported segment revenue, cost of revenue and gross profit; user metrics for the quarters
Reporting currencyEUR
Converted to USDyes
Unitsactual US dollars (not millions), converted from euros; per-share figures are US dollars per ordinary share; share counts are actual shares; monthly active users and subscribers are actual counts as published, rounded to the nearest million

SPOT annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession20-F20-F20-F
Income statement
Revenue19,430,867,56016,958,175,31614,328,764,397
Cost of revenue13,216,969,73011,846,810,53710,654,361,690
Gross profit6,213,897,8305,111,364,7803,674,402,707
Research and development1,574,956,2731,607,850,9871,865,865,372
Sales and marketing1,612,266,7951,506,143,0511,658,186,444
General and administrative541,567,879520,441,672632,771,735
Operating income2,485,106,8831,476,929,070-482,420,844
Finance income330,141,588354,895,776174,147,435
Finance costs-300,745,419-380,863,760-237,965,439
Finance income costs net29,396,169-25,967,984-63,818,004
Income before tax2,514,503,0521,450,961,086-546,238,848
Income tax expense13,567,463219,645,86229,204,849
Net income2,500,935,5901,231,315,224-575,443,697
Diluted net income2,500,935,5901,231,315,224-575,443,697
Basic EPS12.17686.1349-2.9529
Diluted EPS11.88285.9510-2.9529
Basic shares205,412,951200,622,518194,732,304
Diluted shares210,509,173206,990,369194,732,304
Total operating expenses3,728,790,9473,634,435,7104,156,823,551
Segments
Premium
Revenue17,355,045,79614,952,148,58012,510,492,113
Cost of revenue11,514,253,18510,088,561,6448,903,152,393
Gross profit5,840,792,6114,863,586,9363,607,339,719
Ad supported
Revenue2,075,821,7642,006,026,7361,818,272,284
Cost of revenue1,702,716,5451,758,248,8921,751,209,297
Gross profit373,105,219247,777,84467,062,987
Cash flow
Share based compensation expense279,263,603288,893,818347,213,208
Operating cash flow3,316,113,9622,489,680,432735,529,538
Purchases of property and equipment-68,967,934-18,393,988-6,489,967
Investing cash flow-2,018,160,049-1,607,850,987-234,720,456
Proceeds from exercise of stock options420,591,3381,009,505,364395,887,957
Repurchases of ordinary shares-496,343,0040.00.0
Financing cash flow-430,766,935788,777,503253,108,694
Capex-68,967,934-18,393,988-6,489,967
Change in restricted cash2,261,2441,081,9994,326,644
Free cash flow3,249,407,2712,472,368,442733,366,216
Balance sheet
Goodwill1,271,008,9091,243,155,400
Long term investments2,559,621,8191,692,388,908
Trade and other receivables941,227,281798,062,292
Short term investments4,939,682,8232,760,612,365
Cash and cash equivalents6,170,789,3284,948,814,293
Total assets17,621,605,50812,426,378,495
Treasury shares-822,693,670-271,196,265
Total equity9,774,915,2375,718,928,878
Lease liabilities non current508,168,843478,216,315
Deferred revenue834,429,671706,973,470
Total liabilities7,846,690,2726,707,449,616
Exchangeable notes1,711,108,9461,593,019,284
Total non current assets5,303,498,8543,753,273,505
Total current assets12,318,106,6548,673,104,990
Total non current liabilities705,333,6602,101,253,506
Total current liabilities7,141,356,6114,606,196,110
Conversion
CurrencyEUREUREUR
Average
Eur per USD0.8844690.9242150.924504
Closing
Eur per USD0.8520790.96609
SourceFRED DEXUSEU, rate on 2025-12-31FRED DEXUSEU, rate on 2024-12-31
  • Accounting basis, FY2025, FY2024. IFRS consolidated financial statements (audited), Form 20-F
  • Accounting basis, FY2023. IFRS consolidated financial statements (audited), Form 20-F; the FY2025 Form 20-F prints no balance sheet for December 31, 2023
  • Segment basis. As originally reported in the FY2025 Form 20-F, before the January 1, 2026 transfer of certain revenue-generating activities from the Ad-Supported segment to the Premium segment; not directly comparable to the quarterly and nine-month segment figures.
  • Conversion: average source, FY2025. FRED DEXUSEU, average of 250 daily rates 2025-01-01 to 2025-12-31
  • Conversion: average source, FY2024. FRED DEXUSEU, average of 251 daily rates 2024-01-01 to 2024-12-31
  • Conversion: average source, FY2023. FRED DEXUSEU, average of 249 daily rates 2023-01-01 to 2023-12-31

SPOT quarterly income statement, balance sheet and cash flow

Q3 2026Q3 2025
Fiscal quarter33
Period start2026-07-012025-07-01
Period end2026-09-302025-09-30
Period typethree monthsthree months
Source accession6-K6-K
Cash flow source accession0001140361-26-0404350001140361-26-040435
Operating metrics source accession0001140361-26-0404350001140361-26-040435
Income statement
Revenue5,717,198,3084,992,018,846
Cost of revenue3,831,408,8083,413,316,257
Gross profit1,885,789,5001,578,702,589
Research and development479,789,031361,080,015
Sales and marketing467,132,726407,821,764
General and administrative165,682,543129,708,355
Operating income773,185,201680,092,455
Finance income71,335,539306,158,459
Finance costs-33,366,623-19,865,244
Finance income costs net37,968,916286,293,216
Income before tax811,154,117966,385,671
Income tax expense215,157,191-84,135,149
Net income595,996,9261,050,520,820
Diluted net income595,996,926820,317,704
Basic EPS2.89945.0949
Diluted EPS2.85343.8328
Basic shares205,718,815205,964,504
Diluted shares208,578,748213,789,735
Total operating expenses1,112,604,299898,610,134
Segments
Premium
Revenue5,162,622,0184,481,365,233
Cost of revenue3,380,384,1072,992,640,512
Gross profit1,782,237,9111,488,724,721
Ad supported
Revenue554,576,290510,653,613
Cost of revenue451,024,701420,675,745
Gross profit103,551,58989,977,868
Balance sheet
Goodwill1,266,425,011
Long term investments1,207,521,522
Trade and other receivables925,464,431
Short term investments4,367,920,254
Cash and cash equivalents6,832,804,712
Total assets16,212,052,560
Treasury shares-1,773,901,223
Total equity9,901,449,932
Lease liabilities non current442,908,926
Deferred revenue899,410,965
Exchangeable notes0.0
Total liabilities6,310,602,628
Total non current assets3,866,107,839
Total current assets12,345,944,721
Total non current liabilities510,874,490
Total current liabilities5,799,728,138
Cash flow
Operating cash flow851,424,180968,722,758
Share based compensation expense100,099,87087,640,780
Purchases of property and equipment-6,903,439-26,876,506
Investing cash flow-407,302,918-511,822,157
Proceeds from exercise of stock options78,238,97945,573,206
Repurchases of ordinary shares-360,129,416-67,775,537
Financing cash flow-350,924,831-116,854,374
Capex-6,903,439-26,876,506
Change in restricted cash1,150,5730.0
Free cash flow845,671,313941,846,252
Operating metrics
Monthly active users788,000,000713,000,000
Premium subscribers306,000,000281,000,000
Ad supported monthly active users499,000,000446,000,000
Conversion
CurrencyEUREUR
Average
Eur per USD0.8691320.855766
Closing
Eur per USD0.8828
  • Accounting basis, Q3 2026. IFRS interim condensed consolidated financial statements (unaudited), furnished on Form 6-K
  • Accounting basis, Q3 2025. IFRS interim condensed consolidated financial statements (unaudited), comparative column of the Q3 2026 Form 6-K; no balance sheet is printed for September 30, 2025
  • Segment basis. Current segment definitions, effective January 1, 2026; the 2025 comparative is reclassified by the company to conform.
  • Conversion: average source, Q3 2026. FRED DEXUSEU, average of 64 daily rates 2026-07-01 to 2026-09-30
  • Conversion: average source, Q3 2025. FRED DEXUSEU, average of 64 daily rates 2025-07-01 to 2025-09-30
  • Conversion: closing source, Q3 2026. Q3 2026 shareholder update furnished on Form 6-K (accession 0001140361-26-040435), Exhibit 99.1, Outlook: 'USD:Euro of 0.8828 as of September 30, 2026'

SPOT year-to-date income statement and cash flow

Nine months ended September 30, 2026Nine months ended September 30, 2025
Period start2026-01-012025-01-01
Period end2026-09-302025-09-30
Period typenine monthsnine months
Source accession6-K6-K
Income statement
Revenue16,580,064,21214,168,111,840
Cost of revenue11,087,823,5989,693,205,240
Gross profit5,492,240,6144,474,906,600
Research and development1,336,483,9211,234,881,656
Sales and marketing1,321,388,9681,149,794,616
General and administrative463,298,944414,239,540
Operating income2,371,068,7811,675,990,788
Finance income459,815,493472,456,989
Finance costs-88,247,418-801,609,489
Finance income costs net371,568,075-329,152,499
Income before tax2,742,636,8561,346,838,289
Income tax expense671,144,836184,728,444
Net income2,071,492,0201,162,109,845
Diluted net income2,071,492,0201,162,109,845
Basic EPS10.06725.6650
Diluted EPS9.91625.5195
Basic shares205,741,311205,291,958
Diluted shares208,917,452210,636,414
Total operating expenses3,121,171,8332,798,915,812
Segments
Premium
Revenue15,055,473,95212,730,588,679
Cost of revenue9,824,492,1428,490,791,007
Gross profit5,230,981,8114,239,797,672
Ad supported
Revenue1,524,590,2591,437,523,161
Cost of revenue1,263,331,4561,202,414,233
Gross profit261,258,803235,108,928
Cash flow
Share based compensation expense265,903,404212,717,602
Operating cash flow2,777,471,3632,325,339,257
Purchases of property and equipment-35,995,657-43,663,087
Investing cash flow510,906,104-1,294,218,671
Proceeds from exercise of stock options227,585,446375,054,719
Repurchases of ordinary shares-988,138,850-64,934,847
Repayment of exchangeable notes-1,514,139,9070.0
Financing cash flow-2,477,894,60241,423,954
Capex-46,446,009-43,663,087
Change in restricted cash4,644,6012,239,133
Free cash flow2,735,669,9552,283,915,303
Conversion
CurrencyEUREUR
Average
Eur per USD0.8612150.893203
  • Accounting basis, Nine months ended September 30, 2026. IFRS interim condensed consolidated financial statements (unaudited), furnished on Form 6-K
  • Accounting basis, Nine months ended September 30, 2025. IFRS interim condensed consolidated financial statements (unaudited), comparative column of the Q3 2026 Form 6-K
  • Segment basis. Current segment definitions, effective January 1, 2026; the 2025 comparative is reclassified by the company to conform.
  • Conversion: average source, Nine months ended September 30, 2026. FRED DEXUSEU, average of 188 daily rates 2026-01-01 to 2026-09-30
  • Conversion: average source, Nine months ended September 30, 2025. FRED DEXUSEU, average of 188 daily rates 2025-01-01 to 2025-09-30

SPOT trailing twelve month income statement and cash flow

Twelve months ended September 30, 2026 (derived)
Period start2025-10-01
Period end2026-09-30
Period typetrailing twelve months
Source accession6-K
Income statement
Revenue21,855,193,368
Cost of revenue14,617,766,495
Gross profit7,237,426,873
Research and development1,674,286,743
Sales and marketing1,785,828,400
General and administrative590,241,267
Total operating expenses4,050,356,410
Operating income3,187,070,463
Finance income costs net743,611,045
Income before tax3,930,681,508
Income tax expense493,804,210
Net income3,436,877,298
Cash flow
Operating cash flow3,773,826,053
Purchases of property and equipment-61,580,290
Capex-72,037,320
Change in restricted cash4,647,569
Free cash flow3,706,436,302
Investing cash flow-219,597,637
Financing cash flow-2,965,149,042
Share based compensation expense332,301,186
Repurchases of ordinary shares-1,431,451,262
Proceeds from exercise of stock options270,720,896
Conversion
CurrencyEUR
Average
Eur per USD0.860665
  • Derivation. FY2025 (Form 20-F, accession 0001628280-26-006874) plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025 (both from the Q3 2026 Form 6-K, accession 0001628280-26-066889), computed in euros and then converted at the average rate for the twelve months
  • Conversion: average source. FRED DEXUSEU, average of 250 daily rates 2025-10-01 to 2026-09-30

Adjustments

Splits appliednone
ADR ration/a
Per share basisSpotify is not an ADR issuer. Its ordinary shares (par value €0.000625) are themselves registered on the New York Stock Exchange under the symbol SPOT, as the cover of the FY2025 Form 20-F states, so every per-share figure here is per ordinary share, which is what a US holder owns. No depositary ratio applies.
FXSpotify reports in euros under IFRS. Every money figure is converted to US dollars: income statement, cash flow, segment and per-share figures at the average euro rate for the period, balance sheet figures at the rate on the balance sheet date. The September 30, 2026 balance sheet uses the rate Spotify itself states in its Q3 2026 shareholder update (US dollar to euro of 0.8828 as of September 30, 2026); the filings state no other euro translation rate, so all other periods use the US Federal Reserve euro rate (FRED series DEXUSEU). Each period records the rate it used under 'conversion'. Share counts and user metrics are not converted.

Notes

  • Sources. FY2025, FY2024 and FY2023 come from the consolidated financial statements in the FY2025 Form 20-F (accession 0001628280-26-006874), which presents three years of operations and cash flows and balance sheets at December 31, 2025 and 2024; no December 31, 2023 balance sheet is printed, so FY2023 carries none. Q3 2026, Q3 2025, the nine-month periods and the September 30, 2026 balance sheet come from the IFRS interim condensed consolidated financial statements furnished on Form 6-K on October 22, 2026 (accession 0001628280-26-066889). The December 31, 2025 balance sheet column in that 6-K matches the 20-F line for line.
  • Quarterly cash flows. The interim financial statements present cash flows only for the nine months. Every three-month cash flow figure (Q3 2026 and Q3 2025), the quarterly Free Cash Flow reconciliation and the user metrics come from the Q3 2026 shareholder update, Exhibit 99.1 to the Form 6-K furnished on October 22, 2026 (accession 0001140361-26-040435), which prints an unaudited three-month statement of cash flows. Each quarter records this as cash_flow_source_accession and operating_metrics_source_accession.
  • Free cash flow is Spotify's own non-IFRS measure, defined in its filings as net cash flows from operating activities less capital expenditures and change in restricted cash. 'capex' is the 'Capital expenditures' line of the company's Free Cash Flow reconciliation and 'change_in_restricted_cash' is the line beneath it, both as printed (outflows negative). 'purchases_of_property_and_equipment' is the cash flow statement line; for the nine months ended September 30, 2026 capital expenditures (€40 million) exceed purchases of property and equipment (€31 million), and the filing does not itemize the difference.
  • Sign conventions. income_tax_expense is positive for an expense and negative for a benefit (Q3 2025 recorded a €72 million income tax benefit). finance_costs, treasury_shares, purchases_of_property_and_equipment, capex and repurchases_of_ordinary_shares are stored negative, as the filings print them.
  • Diluted earnings per share for Q3 2025 uses net earnings of €702 million, which is net income of €899 million less €197 million of fair value gains on the dilutive Exchangeable Notes, over 213,789,735 diluted shares, as note 6 of the Q3 2026 Form 6-K shows; diluted_net_income carries that numerator for every period. In every other period presented the diluted numerator equals net income.
  • Exchangeable Notes. The US$1,500 million 0% Exchangeable Senior Notes due 2026 were carried at fair value: non-current at December 31, 2024 (€1,539 million) and current at December 31, 2025 (€1,458 million). They matured on March 15, 2026 and were settled in cash for €1,304 million (US$1,499 million), so the balance is zero at September 30, 2026; repayment_of_exchangeable_notes is the nine-month 2026 cash flow line.
  • total_equity is equity attributable to owners of the parent; the statements present no non-controlling interests, so it is total equity.
  • Segments. Effective January 1, 2026, certain revenue-generating activities previously reported in the Ad-Supported segment were transferred to the Premium segment. The quarterly and nine-month segment figures, including the 2025 comparatives, are on the new basis as the Q3 2026 Form 6-K presents them; the annual segment figures are as the FY2025 Form 20-F reported them, on the earlier basis. Consolidated revenue, cost of revenue and gross profit are unaffected.
  • Trailing twelve months to September 30, 2026 is derived as FY2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025, in euros, then converted at the average rate for the twelve months. The derived revenue (€18,810 million), operating income (€2,743 million), operating cash flow (€3,248 million), capital expenditures (€62 million) and free cash flow (€3,190 million) agree with the quarterly and last-twelve-month figures Spotify prints in its Q3 2026 shareholder update. Finance income and finance costs are given only net for this period: the FY2025 annual statement splits finance income and costs differently from its interim periods (FY2025 finance costs of €266 million against €716 million for the nine months ended September 30, 2025), so differencing the two lines separately would not describe the period. Per-share figures are not derived for the trailing period.
  • User metrics (monthly active users, Premium subscribers and Ad-Supported monthly active users) are period-end counts as published in millions in the shareholder update, stored as whole counts; they are not audited financial statement figures.

Uncertainties

  • The three-month cash flow figures for Q3 2026 and Q3 2025 come from the unaudited statement of cash flows in the shareholder update exhibit, not from the IAS 34 interim financial statements, which present cash flows only for the nine months.
  • The September 30, 2026 balance sheet is converted at the US dollar to euro rate of 0.8828 that Spotify states in its Q3 2026 shareholder update outlook, while the other balance sheets use the Federal Reserve reference rate; the two sources can differ slightly on the same date.
  • The difference between capital expenditures (€40 million) and purchases of property and equipment (€31 million) for the nine months ended September 30, 2026 is not itemized in the filing.
  • Annual segment figures are on the pre-2026 segment basis and are not directly comparable to the quarterly and nine-month segment figures.

Company details

NameSpotify Technology S.A.
TickerSPOT
CIK0001639920
ExchangeNYSE
State
IncorporationLuxembourg
SIC4832
OfficeTechnology
IndustryRadio Broadcasting Stations

Fiscal period

Fiscal year2026
Fiscal periodQ3
TagFY26Q3
Period end2026-09-30
Form6-K
Accession0001628280-26-066889
Fiscal year end1231
Sourcederived

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno20-F2025FYFY252025-12-312026-02-100001628280-26-006874reported
quarterlyyes6-K2026Q3FY26Q32026-09-302026-10-220001628280-26-066889derived

FAQ · Spotify Technology S.A. financial statements

How much revenue did Spotify make in Q3 FY2026?

Spotify Technology S.A. reported $5.72 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026, up 14.5% from $4.99 billion in the same quarter a year earlier. Spotify reports in euros, and these figures are converted to US dollars, so the growth rate differs from the euro growth rate the company reports.

Why did Spotify's net income drop in Q3 FY2026?

Spotify's net income was $596.00 million in Q3 FY2026, down from $1.05 billion a year earlier, even though operating income was $773.19 million, up 13.7%. The year-ago quarter included a fair-value gain on Spotify's exchangeable notes, since repaid, and an income tax benefit from accelerated US research-cost deductions, and neither recurred.

What was Spotify's earnings per share in Q3 FY2026?

Spotify reported diluted earnings per share of $2.85 for Q3 FY2026, the quarter ended September 30, 2026, down 25.6% from $3.83 in the same quarter a year earlier.

How many Premium subscribers does Spotify have?

Spotify had 306,000,000 Premium Subscribers at the end of Q3 FY2026, the quarter ended September 30, 2026, up 8.9% from 281,000,000 a year earlier.

Where can I get Spotify Technology S.A. (SPOT) financial data in machine-readable form?

Ticker Scout publishes Spotify Technology S.A.'s financial statements as JSON at https://tickerscout.ai/spot/financials.json, free, with no API key and no signup. The 20-F and 6-K narrative and the 6-K events digest are published as Markdown at https://tickerscout.ai/spot/narrative.md and https://tickerscout.ai/spot/events.md. Spotify Technology S.A.'s SEC CIK is 0001639920. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Spotify Technology S.A. (SPOT) next file with the SEC?

Spotify Technology S.A. (SPOT) is expected to file its next Form 20-F with the SEC on or around February 9, 2027. That date is a projection rather than a company-announced date: it is derived from Spotify Technology S.A.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 6-K for Q3 FY2026, the period ended 2026-09-30, SEC accession 0001628280-26-066889.

How this page was built

This page was built from three of Spotify Technology S.A.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names four such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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Built from Spotify Technology S.A.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.