Spotify Technology S.A. (SPOT) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 849.75M | 856M | 829M | 709M | 539M | 883M | 715M | 492M | 211M | 397M | 211M | 13M | 59M | -70M | 40M | 39M | 37M | 119M | 123M | 54M |
| Operating CF Margin % | 18.44% | 18.89% | 19.41% | 16.91% | 12.86% | 20.82% | 17.93% | 12.92% | 5.8% | 10.81% | 6.29% | 0.41% | 1.94% | -2.21% | 1.32% | 1.36% | 1.39% | 4.43% | 4.92% | 2.32% |
| Operating CF Growth % | 57.65% | -3.06% | 15.94% | 44.11% | 155.45% | 122.42% | 238.86% | 3684.62% | 257.63% | 667.14% | 427.5% | -66.67% | 59.46% | -158.82% | -67.48% | -27.78% | -43.08% | 11.21% | 0.82% | 38.46% |
| Net Income | 732.86M | 1.17B | 899M | -86M | 225M | 367M | 300M | 274M | 197M | -70M | 65M | -302M | -225M | -270M | -166M | -125M | 131M | -39M | 2M | -20M |
| Depreciation & Amortization | 26.43M | 25M | 24M | 26M | 27M | 30M | 30M | 30M | 31M | 34M | 36M | 44M | 44M | 50M | 44M | 40M | 37M | 33M | 33M | 31M |
| Stock-Based Compensation | 0 | 57M | 75M | 73M | 42M | 54M | 63M | 81M | 69M | 34M | 85M | 97M | 105M | 100M | 108M | 105M | 68M | 50M | 57M | 68M |
| Deferred Taxes | 0 | -153M | -72M | 134M | 103M | 132M | 98M | -4M | -23M | -61M | 8M | 61M | 19M | -21M | 22M | 35M | 24M | 31M | 160M | 28M |
| Other Non-Cash Items | 60.99M | -271M | -198M | 360M | 221M | 48M | 109M | 18M | 21M | 107M | -30M | 117M | 48M | 52M | -87M | -110M | -182M | -10M | -103M | -5M |
| Working Capital Changes | 29.48M | 24M | 101M | 202M | -79M | 252M | 115M | 93M | -84M | 353M | 47M | -4M | 68M | 19M | 119M | 94M | -41M | 54M | -26M | -48M |
| Change in Receivables | 92.5M | -66M | -26M | -19M | -4M | 29M | -4M | 40M | 80M | -97M | -69M | -97M | 118M | -69M | -6M | -68M | 59M | -63M | -102M | -95M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -95.55M | 70M | 100M | 201M | -90M | 240M | 86M | 28M | -171M | 419M | 62M | 77M | -57M | 74M | 117M | 138M | -103M | 92M | 82M | 30M |
| Cash from Investing | 744.04M | -629M | -438M | -404M | -314M | -1.2B | -82M | -92M | -114M | -5M | -203M | 113M | -122M | -101M | -109M | -57M | -156M | 87M | -121M | -39M |
| Capital Expenditures | -5.08M | -22M | -23M | -10M | -6M | -6M | -4M | -2M | -5M | -1M | -1M | -2M | -2M | -5M | -5M | -5M | -10M | -16M | -25M | -20M |
| CapEx % of Revenue | 0.11% | 0.49% | 0.54% | 0.24% | 0.14% | 0.14% | 0.1% | 0.05% | 0.14% | 0.03% | 0.03% | 0.06% | 0.07% | 0.16% | 0.16% | 0.17% | 0.38% | 0.6% | 1% | 0.86% |
| Acquisitions | 0 | -9M | 0 | -2M | -7M | 0 | 0 | -3M | -7M | -118.62K | 120.67K | -15.54K | -7M | 1.15M | -107M | -114M | -85M | -14M | 2.62M | -42M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.13M | 0 | -1M | 23M | -2M | 0 | -3M | 19M | -4M | 3.12M | 2.88M | -11.98M | 13M | -153.71K | 3M | -1M | -6M | -3M | -621.2K | -2M |
| Cash from Financing | -1.64B | -418M | -100M | 11M | 126M | 244M | 99M | 184M | 202M | 194M | -1M | -8M | 49M | -21M | -21M | -20M | 22M | -25M | 19M | 6M |
| Debt Issued (Net) | -1.33B | -14M | -15M | -22M | -22M | -12M | -18M | -24M | -15M | -11M | -13M | -27M | -15M | -12M | -11M | -10M | -10M | -10M | -9M | -8M |
| Equity Issued (Net) | -245.98M | -344M | 39M | 92M | 204M | -43M | -35M | -32M | -25M | -19M | -20M | -16M | -13M | -9M | -10M | -10M | -13M | -79M | -36M | -12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -311.03M | -381M | 0 | 0 | 0 | -43M | -35M | -32M | -25M | -19M | -20M | -16M | -13M | -9M | -10M | -10M | -13M | -79M | -36M | -12M |
| Other Financing | -66.07M | -60M | -124M | -59M | -56M | 299M | 152M | 240M | 242M | 224M | 32M | 35M | 77M | 0 | 0 | 0 | 45M | 64M | 64M | 26M |
| Net Change in Cash | -104.65M | -198M | 295M | 142M | 238M | 93M | 634M | 603M | 337M | 499M | 65M | 107M | -40M | -368M | 65M | 65M | -23M | 232M | 72M | -2M |
| Free Cash Flow | 844.67M | 834M | 806M | 699M | 533M | 877M | 711M | 490M | 206M | 396M | 210M | 11M | 57M | -75M | 35M | 34M | 27M | 103M | 98M | 34M |
| FCF Margin % | 18.33% | 18.41% | 18.87% | 16.67% | 12.72% | 20.67% | 17.83% | 12.87% | 5.67% | 10.79% | 6.26% | 0.35% | 1.87% | -2.37% | 1.15% | 1.19% | 1.01% | 3.83% | 3.92% | 1.46% |
| FCF Growth % | 58.47% | -4.9% | 13.36% | 42.65% | 158.74% | 121.46% | 238.57% | 4354.55% | 261.4% | 628% | 500% | -67.65% | 111.11% | -172.82% | -64.29% | 0% | -34.15% | 43.06% | -6.67% | 36% |
| FCF per Share | 4.04 | 3.92 | 3.77 | 3.40 | 2.54 | 4.20 | 3.43 | 2.38 | 1.01 | 2.02 | 1.06 | 0.06 | 0.29 | -0.39 | 0.18 | 0.17 | 0.14 | 0.54 | 0.50 | 0.18 |
| FCF Conversion (FCF/Net Income) | 1.16x | 0.73x | 0.92x | -8.24x | 2.40x | 2.41x | 2.38x | 1.80x | 1.07x | -5.67x | 3.25x | -0.04x | -0.26x | 0.26x | -0.24x | -0.31x | 0.28x | -3.05x | 61.50x | -2.70x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |