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Spotify Technology S.A. (SPOT): Financial Statements and Key Figures
Spotify Technology S.A. (ticker SPOT) is classified by the SEC under industry code 4832, Radio Broadcasting Stations, and is listed on NYSE. It files its annual report with the U.S. Securities and Exchange Commission (SEC) on Form 20-F and reports in EUR. Its fiscal 2025 ended on 31 December 2025; the annual report for that year was filed on 10 February 2026. For that year it reported revenue of EUR 17,186 million, net income of EUR 2,212 million and total assets of EUR 15,015 million at the year end. Fiscal years 2017 to 2025 are shown below.
The figures are as the company filed them, standardised by reporting tag; the filing is the authority. For education and analysis, not investment advice.
Key Figures
Money in EUR millions; earnings per share in EUR. Free cash flow is the cash from operating activities less capital expenditures. Total debt is short-term plus long-term debt, or the total the company itself tags when that is larger. A margin is the profit line divided by revenue; return on equity is net income divided by the average of shareholders' equity at the start and the end of the year. A blank cell means the company does not report the line under a standard tag; it does not mean zero.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| year ended on | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec |
| Revenue (EUR millions) | 4,090 | 5,259 | 6,764 | 7,880 | 9,668 | 11,727 | 13,247 | 15,673 | 17,186 |
| Net income (EUR millions) | −1,235 | −78 | −186 | −581 | −34 | −430 | −532 | 1,138 | 2,212 |
| Earnings per share, diluted (EUR) | −8.14 | −0.51 | −1.03 | −3.10 | −1.03 | −2.93 | −2.73 | 5.50 | 10.51 |
| Cash from operating activities (EUR millions) | 179 | 344 | 573 | 259 | 361 | 46 | 680 | 2,301 | 2,933 |
| Free cash flow (EUR millions) | 143 | 219 | 438 | 181 | 276 | 21 | 674 | 2,284 | 2,872 |
| Total assets (EUR millions) | 3,107 | 4,336 | 5,122 | 6,326 | 7,170 | 7,636 | 8,346 | 12,005 | 15,015 |
| Total debt (EUR millions) | 0 | 1,202 | 1,128 | 1,203 | 1,539 | 1,458 | |||
| Shareholders' equity (EUR millions) | 238 | 2,094 | 2,037 | 2,805 | 2,119 | 2,401 | 2,523 | 5,525 | 8,329 |
| Gross margin | 20.8 % | 25.7 % | 25.5 % | 25.6 % | 26.8 % | 25.0 % | 25.6 % | 30.1 % | 32.0 % |
| Operating margin | −9.2 % | −0.8 % | −1.1 % | −3.7 % | 1.0 % | −5.6 % | −3.4 % | 8.7 % | 12.8 % |
| Net margin | −30.2 % | −1.5 % | −2.7 % | −7.4 % | −0.4 % | −3.7 % | −4.0 % | 7.3 % | 12.9 % |
| Return on equity | −518.9 % | −6.7 % | −9.0 % | −24.0 % | −1.4 % | −19.0 % | −21.6 % | 28.3 % | 31.9 % |
Last twelve months: not shown. No quarterly reports in XBRL (the company files annual, half-year or current reports only): no last-twelve-month figures, none estimated.
Charts
Figure 1: Revenue and net income by fiscal year (EUR millions)
Figure 2: Cash from operating activities and free cash flow by fiscal year (EUR millions)
Compound Growth
The compound annual growth rate is the single yearly rate that, applied every year, takes the first value to the last one: the last value divided by the first, raised to the power of one over the number of years, less one. It uses only the two end values, so an unusual first or last year moves it a great deal.
- Revenue: 4,090 in fiscal 2017 to 17,186 in fiscal 2025 (EUR millions), 8 years: 19.7 % a year.
- Diluted earnings per share: 5.50 in fiscal 2024 to 10.51 in fiscal 2025 (EUR per share), 1 year: 91.1 % a year.
Analyse This Company
Each link opens a calculator with Spotify Technology S.A. loaded from the same data.
- Company Financial Statements: The full income statement, balance sheet and cash flow statement of each fiscal year, with common-size and growth views.
- Capital Allocation History: Where the cash from operations went each year: capital expenditures, dividends, share repurchases, debt.
- Dividend Sustainability: How the dividends paid compare with earnings and with free cash flow, year by year.
- Earnings Quality Trend: How much of reported earnings arrived as cash, and how accruals moved over the years.
- Reverse DCF: The growth in free cash flow that a share price you type would assume.
- Financial Quality Scores: The Piotroski F-score and the DuPont breakdown of return on equity, worked step by step.
- Valuation Range: What a share price you type corresponds to as multiples of earnings, cash flow and book value, against the company's own history.
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Source
The annual report first filed for each fiscal year, with a link to its index page on EDGAR, the SEC's filing system. A later annual report repeats earlier years for comparison and sometimes restates them; where a value was taken from a later report, the last column gives the date of the latest one used.
| Fiscal year | Year ended | Form | Filed | On EDGAR | Later report used, filed |
|---|---|---|---|---|---|
| 2025 | 31 Dec 2025 | Form 20-F | 10 Feb 2026 | filing index | |
| 2024 | 31 Dec 2024 | Form 20-F | 5 Feb 2025 | filing index | 10 Feb 2026 |
| 2023 | 31 Dec 2023 | Form 20-F | 8 Feb 2024 | filing index | 10 Feb 2026 |
| 2022 | 31 Dec 2022 | Form 20-F | 2 Feb 2023 | filing index | 5 Feb 2025 |
| 2021 | 31 Dec 2021 | Form 20-F | 3 Feb 2022 | filing index | 8 Feb 2024 |
| 2020 | 31 Dec 2020 | Form 20-F | 5 Feb 2021 | filing index | 2 Feb 2023 |
| 2019 | 31 Dec 2019 | Form 20-F | 12 Feb 2020 | filing index | 3 Feb 2022 |
| 2018 | 31 Dec 2018 | Form 20-F | 12 Feb 2019 | filing index | 5 Feb 2021 |
| 2017 | 31 Dec 2017 | Form 20-F | 12 Feb 2019 | filing index | 12 Feb 2020 |
- The figures are as filed with the SEC and standardised by reporting tag. The filing is the authority: check it before relying on a number.
- A blank cell means the company does not tag that line, or the tagged figure is withheld as incomplete. It does not mean zero.
- Currency: every figure is in the currency the company reported that year (EUR here). Nothing is converted.
- Per-share figures are adjusted for stock splits detected from the company's own restated figures, except where a year is flagged; the as-filed values are in the filings.
- For a bank, broker, insurer or other financial company (SIC codes 6000 to 6799) net debt, EBITDA, the current ratio and debt to equity are not meaningful and the tools show them as n/m.
- A fiscal year is named after the calendar year in which it ends. The data is updated from time to time, not daily; this company's figures were loaded on 13 November 2026.
For education and analysis, not investment advice.