Published
{
"ticker": "SPOT",
"cik": "0001639920",
"company": "Spotify Technology S.A.",
"business_type": "industrial",
"schema_template": "standard (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",
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"free_cash_flow": 3706436302,
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"share_based_compensation_expense": 332301186,
"repurchases_of_ordinary_shares": -1431451262,
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}
},
"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 (\u20ac40 million) exceed purchases of property and equipment (\u20ac31 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 \u20ac72 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 \u20ac702 million, which is net income of \u20ac899 million less \u20ac197 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 (\u20ac1,539 million) and current at December 31, 2025 (\u20ac1,458 million). They matured on March 15, 2026 and were settled in cash for \u20ac1,304 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 (\u20ac18,810 million), operating income (\u20ac2,743 million), operating cash flow (\u20ac3,248 million), capital expenditures (\u20ac62 million) and free cash flow (\u20ac3,190 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 \u20ac266 million against \u20ac716 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 (\u20ac40 million) and purchases of property and equipment (\u20ac31 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."
],
"headline": {
"period": "Q3 FY2026",
"period_end_words": "September 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 5717198308,
"text": "$5.72 billion",
"exact": "$5,717,198,308",
"compact": "$5.72B",
"abs": "$5.72 billion",
"prior_value": 4992018846,
"prior": "$4.99 billion",
"priorabs": "$4.99 billion",
"yoy": "up 14.5%",
"source": {
"array": "quarterly",
"field": "income_statement.revenue",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
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"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001628280-26-066889",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 595996926,
"text": "$596.00 million",
"exact": "$595,996,926",
"compact": "$596.00M",
"abs": "$596.00 million",
"prior_value": 1050520820,
"prior": "$1.05 billion",
"priorabs": "$1.05 billion",
"yoy": "down 43.3%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
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"source_accession": "0001628280-26-066889",
"prior_index": 1,
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"prior_source_accession": "0001628280-26-066889",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 2.8534,
"text": "$2.85",
"exact": "$2.85",
"compact": "$2.85",
"abs": "$2.85",
"prior_value": 3.8328,
"prior": "$3.83",
"priorabs": "$3.83",
"yoy": "down 25.6%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001628280-26-066889",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001628280-26-066889",
"gap_days": 365
}
},
{
"label": "Operating income",
"format": "usd",
"value": 773185201,
"text": "$773.19 million",
"exact": "$773,185,201",
"compact": "$773.19M",
"abs": "$773.19 million",
"prior_value": 680092455,
"prior": "$680.09 million",
"priorabs": "$680.09 million",
"yoy": "up 13.7%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001628280-26-066889",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001628280-26-066889",
"gap_days": 365
}
},
{
"label": "Premium Subscribers",
"format": "plain",
"value": 306000000,
"text": "306,000,000",
"exact": "306,000,000",
"compact": "306,000,000",
"abs": "306,000,000",
"prior_value": 281000000,
"prior": "281,000,000",
"priorabs": "281,000,000",
"yoy": "up 8.9%",
"source": {
"array": "quarterly",
"field": "operating_metrics.premium_subscribers",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0001140361-26-040435",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0001140361-26-040435",
"gap_days": 365
}
}
],
"summary": "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.",
"qa": [
{
"q": "How much revenue did Spotify make in Q3 FY2026?",
"a": "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."
},
{
"q": "Why did Spotify's net income drop in Q3 FY2026?",
"a": "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."
},
{
"q": "What was Spotify's earnings per share in Q3 FY2026?",
"a": "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."
},
{
"q": "How many Premium subscribers does Spotify have?",
"a": "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."
}
]
},
"company_details": {
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"Ticker": "SPOT",
"CIK": "0001639920",
"Exchange": "NYSE",
"State": "",
"Incorporation": "Luxembourg",
"SIC": "4832",
"Office": "Technology",
"Industry": "Radio Broadcasting Stations"
},
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}