SPOT FINANCIAL STATEMENTS

Spotify Technology SA — balance sheet, income statement and cash flow trends

SPOTSpotify Technology SA

🇺🇸 USA · NYSE · Communication Services · Internet Content & Information

Value itDuel

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
010 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue17.5 B €Gross Profit5.7 B € · 32%Operating Income2.4 B € · 14%Pre-tax Income2.8 B € · 16%Net Income2.7 B € · 15%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue17.5 B €+8.0%
Gross Profit5.7 B €+12.3%
Operating Income2.4 B €+40.9%
EBITDA3 B €+80.0%
Net Income2.7 B €+132.2%

Peer Comparison· Internet Content & Information

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
SPOT8.0%32.3%16.9%15.4%
REA8.0%45.2%51.2%29.3%
CAR7.2%72.4%54.7%24.0%
G249.2%55.4%56.3%38.8%
SEK18.0%45.6%37.8%-12.3%
Industry median8.5%72.4%20.0%9.5%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
010 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets13.1 B
  • Equity8 B €61%
  • Current Liabilities4.7 B €36%
  • Long-term Liabilities430.4 M €3%

Key Figures

YoY change
Total Assets13.1 B €+3.8%
Total Liabilities5.1 B €-20.3%
Total Equity8 B €+28.6%
Cash & ST Investments8.8 B €+10.9%
Total Debt476.5 M €-77.3%
Net Debt-4.8 B €—

Peer Comparison· Internet Content & Information

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
SPOT2.065.9%-2.7961.0%
REA2.838.6%-0.3069.3%
CAR1.9253.2%1.8858.9%
G240.222.9%0.0465.1%
SEK0.7060.1%2.8055.0%
Industry median1.9221.7%-0.0861.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
01 B2 B3 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
01 B2 B3 B3.2 B €Operating-727 M €Investing-2.1 B €Financing372.3 M €Net Change

Key Figures

YoY change
Operating Cash Flow3.2 B €+23.4%
Capital Expenditures60.1 M €+233.8%
Free Cash Flow3.2 B €+21.9%
Dividends Paid——

Peer Comparison· Internet Content & Information

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
SPOT18.5%18.2%0.3%119.8%
REA37.0%36.7%0.3%126.2%
CAR41.3%40.6%0.7%172.0%
G2462.8%—4.8%161.8%
SEK40.3%39.2%1.0%-327.9%
Industry median27.3%18.6%1.5%111.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.