How Spotify Technology makes money

Period

FY2025

How does Spotify Technology make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Spotify Technology S.A. · FY2025 · year ended 2025-12-31

Revenue$19.4BGross profit$6.2B · 32%Cost of revenue$13.2B · 68%Operating income$2.5B · 13%Operating expenses$3.7B · 19%R&D$1.6B · 8%Other opex$2.2B · 11%Net income$2.5B · 13%Income tax$0 · 0%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.