Spotify Technology S.A. (SPOT) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 4.61B | 4.53B | 4.27B | 4.19B | 4.19B | 4.24B | 3.99B | 3.81B | 3.64B | 3.67B | 3.36B | 3.18B | 3.04B | 3.17B | 3.04B | 2.86B | 2.66B | 2.69B | 2.5B | 2.33B |
| Revenue Growth % | 9.97% | 6.81% | 7.12% | 10.14% | 15.24% | 15.55% | 18.8% | 19.83% | 19.53% | 15.95% | 10.57% | 10.93% | 14.32% | 17.74% | 21.39% | 22.87% | 23.94% | 24.03% | 26.63% | 23.4% |
| Cost of Goods Sold | 3.09B | 3.03B | 2.92B | 2.87B | 2.86B | 2.87B | 2.75B | 2.69B | 2.63B | 2.69B | 2.47B | 2.41B | 2.28B | 2.37B | 2.29B | 2.16B | 1.99B | 1.98B | 1.83B | 1.67B |
| COGS % of Revenue | 67.13% | 66.92% | 68.38% | 68.52% | 68.35% | 67.75% | 68.91% | 70.79% | 72.39% | 73.3% | 73.64% | 75.89% | 74.82% | 74.7% | 75.3% | 75.42% | 74.78% | 73.52% | 73.29% | 71.56% |
| Gross Profit | 1.51B | 1.5B | 1.35B | 1.32B | 1.33B | 1.37B | 1.24B | 1.11B | 1B | 980M | 885M | 766M | 766M | 801M | 750M | 704M | 671M | 712M | 668M | 663M |
| Gross Margin % | 32.87% | 33.08% | 31.62% | 31.48% | 31.65% | 32.25% | 31.09% | 29.21% | 27.61% | 26.7% | 26.36% | 24.11% | 25.18% | 25.3% | 24.7% | 24.58% | 25.22% | 26.48% | 26.71% | 28.44% |
| Gross Profit Growth % | 14.22% | 9.58% | 8.95% | 18.7% | 32.07% | 39.59% | 40.11% | 45.17% | 31.07% | 22.35% | 18% | 8.81% | 14.16% | 12.5% | 12.28% | 6.18% | 22.45% | 23.83% | 36.61% | 38.41% |
| Operating Expenses | 787.74M | 798M | 769M | 914M | 817M | 891M | 786M | 846M | 836M | 1.05B | 853M | 1.01B | 922M | 1.03B | 978M | 898M | 677M | 719M | 593M | 651M |
| OpEx % of Revenue | 17.1% | 17.61% | 18% | 21.8% | 19.5% | 21% | 19.71% | 22.22% | 22.99% | 28.74% | 25.41% | 31.89% | 30.31% | 32.6% | 32.21% | 31.35% | 25.44% | 26.74% | 23.71% | 27.93% |
| Selling, General & Admin | 456.38M | 508M | 460M | 499M | 438M | 515M | 444M | 467M | 447M | 587M | 484M | 560M | 487M | 617M | 592M | 562M | 427M | 466M | 385M | 396M |
| SG&A % of Revenue | 9.91% | 11.21% | 10.77% | 11.9% | 10.45% | 12.14% | 11.13% | 12.27% | 12.29% | 15.99% | 14.42% | 17.63% | 16.01% | 19.49% | 19.5% | 19.62% | 16.05% | 17.33% | 15.39% | 16.99% |
| Research & Development | 331.36M | 290M | 309M | 415M | 379M | 376M | 342M | 379M | 389M | 468M | 369M | 453M | 435M | 415M | 386M | 336M | 250M | 253M | 208M | 255M |
| R&D % of Revenue | 7.19% | 6.4% | 7.23% | 9.9% | 9.05% | 8.86% | 8.58% | 9.96% | 10.7% | 12.75% | 10.99% | 14.26% | 14.3% | 13.11% | 12.71% | 11.73% | 9.4% | 9.41% | 8.32% | 10.94% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 726.76M | 701M | 582M | 406M | 509M | 477M | 454M | 266M | 168M | -75M | 32M | -247M | -156M | -231M | -228M | -194M | -6M | -7M | 75M | 12M |
| Operating Margin % | 15.77% | 15.47% | 13.62% | 9.68% | 12.15% | 11.24% | 11.38% | 6.99% | 4.62% | -2.04% | 0.95% | -7.77% | -5.13% | -7.3% | -7.51% | -6.77% | -0.23% | -0.26% | 3% | 0.51% |
| Operating Income Growth % | 42.78% | 46.96% | 28.19% | 52.63% | 202.98% | 736% | 1318.75% | 207.69% | 207.69% | 67.53% | 114.04% | -27.32% | -2500% | -3200% | -404% | -1716.67% | -142.86% | 89.86% | 287.5% | 107.19% |
| EBITDA | 753.19M | 726M | 606M | 432M | 536M | 507M | 484M | 296M | 199M | -41M | 68M | -203M | -112M | -181M | -184M | -154M | 31M | 26M | 108M | 43M |
| EBITDA Margin % | 16.35% | 16.02% | 14.19% | 10.3% | 12.79% | 11.95% | 12.14% | 7.78% | 5.47% | -1.12% | 2.03% | -6.39% | -3.68% | -5.72% | -6.06% | -5.38% | 1.17% | 0.97% | 4.32% | 1.84% |
| EBITDA Growth % | 40.52% | 43.2% | 25.21% | 45.95% | 169.35% | 1336.59% | 611.76% | 245.81% | 277.68% | 77.35% | 136.96% | -31.82% | -461.29% | -796.15% | -270.37% | -458.14% | -29.55% | 165% | 1000% | 130.94% |
| D&A (Non-Cash Add-back) | 26.43M | 25M | 24M | 26M | 27M | 30M | 30M | 30M | 31M | 34M | 36M | 44M | 44M | 50M | 44M | 40M | 37M | 33M | 33M | 31M |
| EBIT | 726.76M | 1.03B | 835M | 56M | 336M | 508M | 407M | 279M | 183M | -111M | 82M | -231M | -196M | -264M | -133M | -80M | 165M | 13M | 172M | 18M |
| Net Interest Income | 46.76M | 51M | 51M | 53M | 59M | 54M | 52M | 44M | 37M | 32M | 25M | 20M | 11.84M | -5M | 4M | -3M | -7M | -1M | -7M | -10M |
| Interest Income | 54.89M | 58M | 59M | 61M | 67M | 63M | 61M | 53M | 46M | 41M | 34M | 30M | 25.65M | 22M | 15M | 7M | 3M | 20M | 3M | 0 |
| Interest Expense | 8.13M | 7M | 8M | 8M | 8M | 9M | 9M | 9M | 9M | 9M | 9M | 10M | 13.81M | 27M | 11M | 10M | 10M | 21M | 10M | 10M |
| Other Income/Expense | 225.65M | 320M | 245M | -358M | -181M | 22M | -56M | 4M | 6M | -56M | 41M | 6M | -50M | -60M | 84M | 104M | 161M | -1M | 87M | -4M |
| Pretax Income | 952.41M | 1.02B | 827M | 48M | 328M | 499M | 398M | 270M | 174M | -131M | 73M | -241M | -206M | -291M | -144M | -90M | 155M | -8M | 162M | 8M |
| Pretax Margin % | 20.67% | 22.53% | 19.36% | 1.14% | 7.83% | 11.76% | 9.98% | 7.09% | 4.79% | -3.57% | 2.17% | -7.59% | -6.77% | -9.19% | -4.74% | -3.14% | 5.82% | -0.3% | 6.48% | 0.34% |
| Income Tax | 219.55M | -153M | -72M | 134M | 103M | 132M | 98M | -4M | -23M | -61M | 8M | 61M | 19M | -21M | 22M | 35M | 24M | 31M | 160M | 28M |
| Effective Tax Rate % | 23.05% | -14.99% | -8.71% | 279.17% | 31.4% | 26.45% | 24.62% | -1.48% | -13.22% | 46.56% | 10.96% | -25.31% | -9.22% | 7.22% | -15.28% | -38.89% | 15.48% | -387.5% | 98.77% | 350% |
| Net Income | 732.86M | 1.17B | 899M | -86M | 225M | 367M | 300M | 274M | 197M | -70M | 65M | -302M | -225M | -270M | -166M | -125M | 131M | -39M | 2M | -20M |
| Net Margin % | 15.91% | 25.91% | 21.04% | -2.05% | 5.37% | 8.65% | 7.52% | 7.2% | 5.42% | -1.91% | 1.94% | -9.51% | -7.4% | -8.53% | -5.47% | -4.36% | 4.92% | -1.45% | 0.08% | -0.86% |
| Net Income Growth % | 225.71% | 219.89% | 199.67% | -131.39% | 14.21% | 624.29% | 361.54% | 190.73% | 187.56% | 74.07% | 139.16% | -141.6% | -271.76% | -592.31% | -8400% | -525% | 469.57% | 68.8% | 101.98% | 94.38% |
| Net Income (Continuing) | 732.86M | 1.17B | 899M | -86M | 225M | 367M | 300M | 274M | 197M | -70M | 65M | -302M | -225M | -270M | -166M | -125M | 131M | -39M | 2M | -20M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.50 | 4.39 | 3.28 | -0.42 | 1.07 | 1.76 | 1.45 | 1.33 | 0.97 | -0.33 | 0.31 | -1.42 | -1.07 | -1.32 | -1.01 | -0.81 | 0.19 | -0.19 | -0.35 | -0.16 |
| EPS Growth % | 227.1% | 149.43% | 126.21% | -131.58% | 10.31% | 633.33% | 367.74% | 193.66% | 190.65% | 75% | 130.69% | -75.31% | -663.16% | -594.74% | -188.57% | -406.25% | 190.48% | 64.81% | 28.57% | 90.59% |
| EPS (Basic) | 3.56 | 5.71 | 4.36 | -0.42 | 1.10 | 1.81 | 1.49 | 1.37 | 0.99 | -0.33 | 0.31 | -1.42 | -1.07 | -1.32 | -0.88 | -0.62 | 0.61 | -0.18 | 0.01 | -0.08 |
| Diluted Shares Outstanding | 209.28M | 212.49M | 213.79M | 205.43M | 210.24M | 209.01M | 207.4M | 206.12M | 203.77M | 196.04M | 198.01M | 194.42M | 193.56M | 193.29M | 195.99M | 195.86M | 197.08M | 192.14M | 194.55M | 194.08M |
| Basic Shares Outstanding | 205.72M | 205.77M | 205.96M | 205.43M | 204.47M | 202.91M | 201.58M | 199.96M | 198.03M | 196.04M | 194.88M | 194.42M | 193.56M | 193.29M | 193.08M | 192.95M | 192.48M | 191.95M | 191.49M | 191.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |