Loading company financials…
NEW YORK STOCK EXCHANGE, INC. · Media · CIK 0001639920
$583.66
+11.10% · delayed ~15 min
Last price from Oct 22, 2026
$120.14B market value
From Spotify Technology S.A.'s FY2025 20-F, filed Feb 10, 2026 · read the filing
Spotify Technology S.A broadcasts television and radio. It took in $19.26B last year, which makes it a large company. Of every dollar it sells, about 13 cents is left as profit.
The financial picture is led by profitability and debt, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From Spotify Technology S.A.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
$1.53B → $2.46B
Profit
$1.28B → $2.48B
Earnings per share
$6.26 → $12.04
Long-term debt
$1.72B → $0.00
Measured against FY2024, from the 20-F filed Feb 10, 2026
Improved: +61.0%
$1.53B to $2.46BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +94.4%
$1.28B to $2.48BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
SPOT rose 11.10% on the latest quote. The average Communication Services company tracked here moved +4.07%, and the S&P 500 −1.04%. That is 7.0 points above its sector and 12.1 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 13% a year for the next 10 years. Over the last 9 years it grew by about 50% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 13 cents of every dollar of sales as profit, earning $2.48B last year.
Slowly. Sales grew 9.7% last year.
No — it holds more cash than debt, with $5.89B left over after paying off every borrowing. For every $1 it owes, it owns $2.25 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $2.48B and generated $3.29B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202520-F · Feb 10, 2026Filing for FY2025 | FY202420-F · Feb 5, 2025Filing for FY2024 | FY202320-F · Feb 8, 2024Filing for FY2023 | FY202220-F · Feb 2, 2023Filing for FY2022 | FY202120-F · Feb 3, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $19.26B | $17.56B | $14.84B | $13.14B | $10.83B | +9.7% |
| Cost of revenue | $13.10B | $12.27B | $11.04B | $9.86B | $7.93B | +6.8% |
| Gross profit | $6.16B | $5.29B | $3.81B | $3.28B | $2.90B | +16.3% |
| Gross marginGross profit ÷ revenueWhat is this? | 32.0% | 30.1% | 25.6% | 25.0% | 26.8% | +1.8 pts |
| Selling, general and administrative | $536.7M | $539.0M | $655.5M | $701.4M | $504.2M | −0.4% |
| Operating income | $2.46B | $1.53B | -$499.7M | -$738.4M | $105.3M | +61.0% |
| Operating marginOperating income ÷ revenueWhat is this? | 12.8% | 8.7% | -3.4% | -5.6% | 1.0% | +4.1 pts |
| Interest expense | $298.1M | $394.4M | $246.5M | $147.9M | $102.0M | −24.4% |
| Income before tax | $2.49B | $1.50B | -$565.9M | -$414.6M | $279.0M | +65.8% |
| Net income | $2.48B | $1.28B | -$596.1M | -$481.8M | -$38.1M | +94.4% |
| Net marginNet income ÷ revenueWhat is this? | 12.9% | 7.3% | -4.0% | -3.7% | -0.4% | +5.6 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $12.04 | $6.26 | $-3.02 | $-2.49 | $-0.1983 | +92.5% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 20,910 shares at $151.25 ($3.2M)
Holds 40,818 shares after this filing.
Sold on the open market — 1,086 shares at $527.05 ($572.4K)
Holds 39,732 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingWrite down why you are following Spotify Technology S.A., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
Spotify Technology S.A. Reports Revenue of 4,969 Million Euros for the Three Months Ended September 30, 2026
Fintel ·
Why Spotify Stock Popped Today
Yahoo ·
Spotify Turns Up Volume On Paying Users, Beats Estimates
Yahoo ·
Spotify’s Post-Earnings Gain Is a Perfect Example of How the AI Trade Has Shifted
Yahoo ·
Spotify: 3 Key Takeaways for Long-Term Investors
Yahoo ·
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from SPOT's 20-F for fiscal year 2025 (period ending 2025-12-31, filed Feb 10, 2026), reported under the IFRS taxonomy. Reported in EUR and shown here in USD, the currency SPOT trades in, converted at today's rate of 1.12. The filing itself is in EUR. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 8.7 | 7/9 | 20-F, filed Feb 10, 2026 |
| FY2024 | 8.7 | 7/9 | 20-F, filed Feb 5, 2025 |
| FY2023 | 3.3 | 7/9 | 20-F, filed Feb 8, 2024 |
| FY2022 | 4.7 | 5/9 | 20-F, filed Feb 2, 2023 |
| FY2021 | 4.7 | 7/9 | 20-F, filed Feb 3, 2022 |
| FY2020 | 4.7 | 3/8 | 20-F, filed Feb 5, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
4.04
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +92.5%
$6.26 to $12.04Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: turned negative
$1.72B to $0.00Critical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +258.8%
$19.0M to $68.4MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +16.3%
$5.29B to $6.16BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +4.1 pts
8.7% to 12.8%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +5.6 pts
7.3% to 12.9%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +25.7%
$2.56B to $3.22BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +9.7%
$17.56B to $19.26BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +1.8 pts
30.1% to 32.0%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +10.0%
$5.36B to $5.89BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week
Loading price history…
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 11% and 16%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 47 analysts covering this company, as of . Their views, not this site's.
Of 47 analysts publishing on this company, 13 say strong buy, 24 say buy and 10 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 2.1% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 48.5x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
Sold on the open market — 4,081 shares at $527.95 ($2.2M)
Holds 35,651 shares after this filing.
Sold on the open market — 6,282 shares at $529.11 ($3.3M)
Holds 29,369 shares after this filing.
Sold on the open market — 1,818 shares at $530.21 ($963.9K)
Holds 27,551 shares after this filing.
Sold on the open market — 1,666 shares at $531.03 ($884.7K)
Holds 25,885 shares after this filing.
Sold on the open market — 1,850 shares at $532.14 ($984.5K)
Holds 24,035 shares after this filing.
Sold on the open market — 2,610 shares at $533.03 ($1.4M)
Holds 21,425 shares after this filing.
Sold on the open market — 1,517 shares at $533.97 ($810.0K)
Holds 19,908 shares after this filing.
Had shares withheld to cover taxes — 427 shares at $487.38 ($208.3K)
Holds 38,973 shares after this filing.
Was granted or awarded shares — 2,035 shares
Holds 41,008 shares after this filing.
Had shares withheld to cover taxes — 117 shares at $487.38 ($56.8K)
Holds 19,908 shares after this filing.
Had shares withheld to cover taxes — 809 shares at $487.38 ($394.2K)
Holds 65,156 shares after this filing.
Had shares withheld to cover taxes — 250 shares at $487.38 ($121.9K)
Holds 16,254 shares after this filing.
Had shares withheld to cover taxes — 105 shares at $487.38 ($51.2K)
Holds 8,817 shares after this filing.
Had shares withheld to cover taxes — 42 shares at $487.38 ($20.4K)
Holds 1,810 shares after this filing.
Exercised stock options — 20,913 shares at $151.25 ($3.2M)
Holds 40,938 shares after this filing.
Sold on the open market — 39 shares at $537.19 ($21.0K)
Holds 40,899 shares after this filing.
Sold on the open market — 154 shares at $539.92 ($83.1K)
Holds 40,745 shares after this filing.
Sold on the open market — 1,259 shares at $540.69 ($680.7K)
Holds 39,486 shares after this filing.
Sold on the open market — 2,230 shares at $541.72 ($1.2M)
Holds 37,256 shares after this filing.
Sold on the open market — 3,829 shares at $542.71 ($2.1M)
Holds 33,427 shares after this filing.
Sold on the open market — 3,069 shares at $543.79 ($1.7M)
Holds 30,358 shares after this filing.
Sold on the open market — 4,400 shares at $544.64 ($2.4M)
Holds 25,958 shares after this filing.
Sold on the open market — 1,958 shares at $545.60 ($1.1M)
Holds 24,000 shares after this filing.
Sold on the open market — 2,194 shares at $546.68 ($1.2M)
Holds 21,806 shares after this filing.
Sold on the open market — 755 shares at $547.81 ($413.6K)
Holds 21,051 shares after this filing.
Sold on the open market — 693 shares at $548.74 ($380.3K)
Holds 20,358 shares after this filing.
Sold on the open market — 333 shares at $549.49 ($183.0K)
Holds 20,025 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 83,643 shares ($46.5M) on or after .
Shares originally obtained via Acquired as compensation -- Stock Options.
Filed notice to sell 3,813 shares ($2.0M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 41,666 shares ($20.1M) on or after .
Shares originally obtained via Acquired as compensation -- Stock Options.
Filed notice to sell 10,872 shares ($5.3M) on or after .
Shares originally obtained via Acquired as compensation -- Stock Options.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Report filed on Form 6-K
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingAnnual report for FY2025
Revenue +9.7% · Operating margin +4.1 pts · Operating income +61.0% — against FY2024
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingPrimary sources and further research