SPOT financial statements

The full income statement, balance sheet, and cash-flow statement for Spotify Technology S.A. (SPOT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 151.7M2018-12 180.9M2019-12 184.3M2020-12 190.2M2021-12 192.2M2022-12 193.3M2023-12 197.1M2024-12 203.8M2025-12 205.8M+35.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	19.4B YoY+14.7%	17.0B YoY+18.4%	14.3B YoY+16.2%	12.3B YoY+7.8%	11.4B YoY+27.3%
	6.22B YoY+21.7%	5.11B YoY+39.1%	3.67B YoY+19.4%	3.08B YoY+0.4%	3.06B YoY+33.4%
Cost of revenue	13.2B YoY+11.7%	11.8B YoY+11.2%	10.7B YoY+15.1%	9.25B YoY+10.5%	8.37B YoY+25.2%
Research & development	1.58B YoY-2.0%	1.61B YoY-13.8%	1.87B YoY+27.9%	1.46B YoY+35.2%	1.08B YoY+13.1%
Operating income	2.49B YoY+68.4%	1.48B YoY+406.2%	-482M YoY+30.4%	-693M YoY-723.1%	111M YoY+133.3%
Interest expense	301M YoY-21.0%	381M YoY+60.1%	238M YoY+71.4%	139M YoY+28.9%	108M YoY-81.5%
Pre-tax income	2.52B YoY+73.4%	1.45B YoY+365.7%	-546M YoY-40.4%	-389M YoY-232.1%	295M YoY+136.4%
Income tax	13.6M YoY-93.8%	220M YoY+652.2%	29.2M YoY-53.7%	63.1M YoY-81.2%	335M YoY+329.4%
	2.50B YoY+103.3%	1.23B YoY+314.0%	-575M YoY-27.3%	-452M YoY-1024.1%	-40.2M YoY+93.9%
Net income to common	2.50B YoY+103.3%	1.23B YoY+314.0%	-575M YoY-27.3%	-452M YoY-1024.1%	-40.2M YoY+93.9%
	$11.89 YoY+99.8%	$5.95 YoY+301.6%	-$2.95 YoY+4.2%	-$3.08 YoY-152.8%	-$1.22 YoY+65.5%
EPS (basic)	$12.19 YoY+98.6%	$6.14 YoY+307.8%	-$2.95 YoY-25.9%	-$2.34 YoY-1001.2%	-$0.21 YoY+94.0%
	205M YoY+2.4%	201M YoY+3.0%	195M YoY+0.9%	193M YoY+0.9%	191M YoY+2.0%
	211M YoY+1.7%	207M YoY+6.3%	195M YoY-0.6%	196M YoY+1.0%	194M YoY+3.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	12.3B YoY+41.1%	8.74B YoY+50.1%	5.82B YoY+25.5%	4.64B YoY-6.6%	4.97B YoY+71.3%
Cash & equivalents	6.18B YoY+23.9%	4.99B YoY+44.7%	3.45B YoY+30.2%	2.65B YoY-15.1%	3.12B YoY+121.0%
Accounts receivable	942M YoY+17.2%	804M YoY-15.3%	950M YoY+29.1%	736M YoY+4.3%	705M YoY+24.1%
	17.6B YoY+40.9%	12.5B YoY+35.5%	9.24B YoY+13.5%	8.14B YoY-0.1%	8.15B YoY+5.1%
Property, plant & equipment	221M YoY+12.6%	196M YoY-28.3%	273M YoY-26.3%	371M YoY-12.2%	423M YoY+10.2%
Goodwill	1.27B YoY+1.6%	1.25B YoY-0.5%	1.26B YoY+1.1%	1.25B YoY+22.6%	1.02B YoY+12.6%
Total non-current assets	5.31B YoY+40.4%	3.78B YoY+10.7%	3.42B YoY-2.4%	3.50B YoY+10.1%	3.18B YoY-34.5%
Total current liabilities	7.15B YoY+54.0%	4.64B YoY+2.5%	4.53B YoY+20.8%	3.75B YoY+2.3%	3.66B YoY+3.1%
	7.85B YoY+16.2%	6.76B YoY+4.9%	6.45B YoY+15.5%	5.58B YoY-2.7%	5.74B YoY+33.0%
Long-term debt	0.00 YoY-100.0%	1.61B YoY+20.5%	1.33B YoY+10.7%	1.20B YoY-11.9%	1.37B
	9.78B YoY+69.8%	5.76B YoY+106.3%	2.79B YoY+9.1%	2.56B YoY+6.3%	2.41B YoY-30.0%
	206M YoY+1.0%	204M YoY+3.4%	197M YoY+2.0%	193M YoY+0.6%	192M YoY+1.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash from operations	3.32B YoY+33.3%	2.49B YoY+238.6%	735M YoY+1420.6%	48.4M YoY-88.7%	427M YoY+44.6%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	0.00	0.00	0.00	0.00 YoY-100.0%	1.45B
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	510M	0.00	0.00 YoY-100.0%	2.10M YoY-98.0%	105M
Dividends paid	0.00	0.00	0.00	0.00	0.00
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	120B YoY+31.1%	91.2B YoY+151.1%	36.3B YoY+139.4%	15.2B YoY-66.3%	45.0B YoY-24.9%
P/E	47.8× YoY-35.5%	74.1×	—	—	—
P/S	6.1× YoY+14.3%	5.4× YoY+82.5%	2.9× YoY+122.1%	1.3× YoY-66.3%	3.9× YoY-41.0%
P/B	12.2× YoY-22.8%	15.8× YoY+11.5%	14.2× YoY+125.2%	6.3× YoY-66.3%	18.7× YoY+7.3%
	2.1% YoY+55.1%	1.4%	—	—	—
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: SPOT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all SPOT filings on SEC EDGAR → Not investment advice.