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)
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.
| Line item | Trend | 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+14.7% | 17.0B+18.4% | 14.3B+16.2% | 12.3B+7.8% | 11.4B+27.3% | |
| 6.22B+21.7% | 5.11B+39.1% | 3.67B+19.4% | 3.08B+0.4% | 3.06B+33.4% | ||
| Cost of revenue | 13.2B+11.6% | 11.8B+11.2% | 10.7B+15.1% | 9.25B+10.5% | 8.37B+25.2% | |
| Research & development | 1.58B-2.0% | 1.61B-13.8% | 1.87B+27.9% | 1.46B+35.2% | 1.08B+13.1% | |
| Operating income | 2.49B+68.4% | 1.48B+406.2% | -482M+30.4% | -693M-723.1% | 111M+133.3% | |
| Interest expense | 301M-21.0% | 381M+60.1% | 238M+71.4% | 139M+28.9% | 108M-81.5% | |
| Pre-tax income | 2.52B+73.4% | 1.45B+365.7% | -546M-40.4% | -389M-232.1% | 295M+136.4% | |
| Income tax | 13.6M-93.8% | 220M+652.2% | 29.2M-53.7% | 63.1M-81.2% | 335M+329.4% | |
| 2.50B+103.3% | 1.23B+314.0% | -575M-27.3% | -452M-1024.1% | -40.2M+93.9% | ||
| Net income to common | 2.50B+103.3% | 1.23B+314.0% | -575M-27.3% | -452M-1024.1% | -40.2M+93.9% | |
| $11.89+99.8% | $5.95+301.6% | -$2.95+4.2% | -$3.08-152.8% | -$1.22+65.5% | ||
| EPS (basic) | $12.19+98.6% | $6.14+307.8% | -$2.95-25.9% | -$2.34-1001.2% | -$0.21+94.0% | |
| Weighted-avg shares (basic) | 205M+2.4% | 201M+3.0% | 195M+0.9% | 193M+0.9% | 191M+2.0% | |
| Weighted-avg shares (diluted) | 211M+1.7% | 207M+6.3% | 195M-0.6% | 196M+1.0% | 194M+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+41.1% | 8.74B+50.1% | 5.82B+25.5% | 4.64B-6.6% | 4.97B+71.3% | ||
| Cash & equivalents | 6.18B+23.9% | 4.99B+44.7% | 3.45B+30.2% | 2.65B-15.1% | 3.12B+121.0% | |
| Accounts receivable | 942M+17.2% | 804M-15.3% | 950M+29.1% | 736M+4.3% | 705M+24.1% | |
| 17.6B+40.9% | 12.5B+35.5% | 9.24B+13.5% | 8.14B-0.1% | 8.15B+5.1% | ||
| Property, plant & equipment | 221M+12.6% | 196M-28.3% | 273M-26.3% | 371M-12.2% | 423M+10.2% | |
| Goodwill | 1.27B+1.6% | 1.25B-0.5% | 1.26B+1.1% | 1.25B+22.6% | 1.02B+12.6% | |
| Total non-current assets | 5.31B+40.4% | 3.78B+10.7% | 3.42B-2.4% | 3.50B+10.1% | 3.18B-34.5% | |
| Total current liabilities | 7.15B+54.0% | 4.64B+2.5% | 4.53B+20.8% | 3.75B+2.3% | 3.66B+3.1% | |
| 7.85B+16.2% | 6.76B+4.9% | 6.45B+15.5% | 5.58B-2.7% | 5.74B+33.0% | ||
| Long-term debt | 0.00-100.0% | 1.61B+20.5% | 1.33B+10.7% | 1.20B-11.9% | 1.37B | |
| 9.78B+69.8% | 5.76B+106.3% | 2.79B+9.1% | 2.56B+6.3% | 2.41B-30.0% | ||
| Common shares outstanding | — | — | 197M+2.0% | 193M | — | |
| Shares outstanding (cover) | 206M+1.0% | 204M+3.4% | 197M+2.0% | 193M+0.6% | 192M+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+33.3% | 2.49B+238.6% | 735M+1420.6% | 48.4M-88.7% | 427M+44.6% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 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 | 0.00-100.0% | 2.10M-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+31.1% | 91.2B+151.1% | 36.3B+139.4% | 15.2B-66.3% | 45.0B-24.9% | |
| P/E | 47.8×-35.5% | 74.1× | — | — | — | |
| P/S | 6.1×+14.3% | 5.4×+82.5% | 2.9×+122.1% | 1.3×-66.3% | 3.9×-41.0% | |
| P/B | 12.2×-22.8% | 15.8×+11.5% | 14.2×+125.2% | 6.3×-66.3% | 18.7×+7.3% | |
| Earnings yield | 2.1%+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.