Spotify
Streams licensed music, podcasts, and audiobooks through a free ad-supported tier and a paid Premium subscription.
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Profile
Runs a two-sided audio business: a free, ad-supported tier and a paid Premium subscription that removes ads and adds offline and audiobook listening. Revenue splits between subscription fees and advertising sales across a licensed music and podcast catalog, reported through separate Premium and Ad-Supported segments.
Runs a two-sided freemium audio platform — a free, ad-supported tier and a paid Premium subscription with offline listening and a monthly audiobook allowance. What began as licensed music streaming expanded from 2019 into podcasts and, from 2022, into audiobooks.
Subscription fees fund Premium; advertising across music and podcast content funds Ad-Supported, its two reported segments. Personalization — Discover Weekly, the annual Wrapped campaign, AI-generated playlists, an AI-narrated DJ — runs on a catalog it licenses rather than owns.
Licensing terms with record labels and podcast publishers shape royalty costs and catalog availability, and distribution runs through Apple's App Store — the dependency behind an antitrust complaint against Apple that led the European Union to fine Apple in 2024. Voting control rests with the two co-founders through a beneficiary-certificate structure that outweighs their economic ownership.
Company facts
Categories
Key statistics
Year to date −4.8% · Average volume (30d) 1.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 5, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $520 | $530 |
| Aug 5, 2026 | UBS | Target | $690 | $530 | |
| Aug 3, 2026 | Morgan Stanley | Reiterate | Overweight | $610 | $640 |
| Jul 10, 2026 | UBS | Reiterate | Buy | $735 | $690 |
| Jul 9, 2026 | Wells Fargo | Reiterate | Overweight | $600 | $570 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $3.27 | $3.03 | −7.3% | $5.47B | $5.46B | −0.3% | −1.68% |
| Apr 28, 2026Q1 FY26 | $3.43 | $4.04 | +17.8% | $5.23B | $5.24B | +0.2% | +2.16% |
| Feb 10, 2026Q4 FY25 | $3.21 | $5.16 | +60.7% | $5.31B | $5.32B | +0.2% | +2.34% |
| Nov 4, 2025Q3 FY25 | $2.29 | $3.83 | +67.2% | $4.97B | $5.00B | +0.7% | −1.52% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.19B | $4.19B | $4.27B | $4.53B | $4.53B | $5.46B | |
| Gross profit | $1.33B | $1.32B | $1.35B | $1.50B | $1.50B | $1.82B | |
| Operating income | $509.0M | $406.0M | $582.0M | $701.0M | $715.0M | $748.7M | |
| Net income | $225.0M | −$86.0M | $899.0M | $1.17B | $721.0M | $623.0M | |
| Diluted EPS | $1.07 | −$0.42 | $3.28 | $4.39 | $3.50 | $2.98 | |
| Gross margin | 31.6% | 31.5% | 31.6% | 33.1% | 33.0% | 33.4% | |
| Operating margin | 12.1% | 9.7% | 13.6% | 15.5% | 15.8% | 13.7% |
Fiscal years (4-quarter sums)FY21 $9.67B · FY22 $11.73B · FY23 $13.25B · FY24 $15.67B · FY25 $17.19B
Revenue by product · FY24
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $10.73B · Total debt $532.7M · Total assets $15.71B · Shareholders' equity $9.58B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 205.58M · Float 151.30M · 73.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Sven Hans Martin Lorentzon · director | 19.01M | 9.25% | Form 4 | May 27, 2026 |
| Daniel G. Ek · director | 11.99M | 5.83% | Form 4 | Mar 18, 2026 |
| BlackRock, Inc. | 10.89M | 5.30% | 13F | Aug 7, 2026 |
| Baillie Gifford & Co | 7.93M | 3.86% | 13F | Aug 6, 2026 |
| Morgan Stanley | 7.42M | 3.61% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Dustee Jenkins | officer: Chief Public Affairs Officer | −3,810 | $512.92 |
| Aug 3, 2026 | Gustav Soderstrom | director, officer: Co-Chief Executive Officer | −20,833 | $507.24 |
| Aug 3, 2026 | Alex Norstrom | director, officer: Co-Chief Executive Officer | −5,436 | $502.10 |
| Jul 6, 2026 | Gustav Soderstrom | director, officer: Co-Chief Executive Officer | −20,833 | $478.45 |
| Jul 6, 2026 | Alex Norstrom | director, officer: Co-Chief Executive Officer | −5,436 | $480.86 |
Peers
- Apple
Head-to-head in music, podcasts, audiobooks, plus default-device bundling.
- Amazon
Head-to-head in music and audiobooks via Prime and Audible bundling.
- Alphabet Class A
Head-to-head in music and podcasts via YouTube Music/Premium bundling.
- Sirius XM
Competes in podcast reach, ad-supported audio, and in-car listening via Pandora.
- Tencent Music Entertainment Group (ADR)
Dominant Chinese music-streaming rival and a cross-shareholder since 2017.
- iHeartMedia
#1 US podcast publisher; competes for podcast listening time and ad dollars.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spotify | $546.54 | −0.13% | $112.56B | 38.7 | 38.5 | 5.2 | +10.5% |
| Apple | $320.07 | +0.15% | $4.70T | 36.6 | 34.7 | 10.1 | +16.4% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| Sirius XM | $28.48 | −0.25% | $9.62B | 11.2 | 9.1 | 1.1 | +1.0% |
| Tencent Music Entertainment Group (ADR) | $8.58 | +0.18% | $13.16B | 10.5 | 11.5 | 2.7 | +11.8% |
| iHeartMedia | $2.75 | −0.18% | $357.7M | — | — | 0.1 | +4.7% |
| Median | 17.4 | 25.8 | 3.2 | +14.1% |