Spotify Technology S.A. (SPOT) SEC Filings & Earnings Calls
EquiReason read 17 Spotify Technology S.A. SEC filings in the last 12 months. Latest: 6-K on 2026-10-22 — Q3 2026 results: Revenue €5.0B (+16% Y/Y), Gross Margin 33.0% (above guidance 32.9%), Operating Income €672M (above guidance €670M), MAUs 788M (in-line), Premium Subs 306M (above 3.
Source: SEC EDGAR filings · read by EquiReason
- Market cap
- 120.3B
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- Dividend yield
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- 52-week
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- Next earnings
- 8 Feb, in 107 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
22 Oct 20266-KQ3 2026 results: Revenue €5.0B (+16% Y/Y), Gross Margin 33.0% (above guidance 32.9%), Operating Income €672M (above guidance €670M), MAUs 788M (in-line), Premium Subs 306M (above 305M guidance). Free Cash Flow €735M. Guidance met or exceedeearningsopen
Figures in the filing · each found in the filing text
| Monthly Active Users · Q3-2026 | 788,000,000 | +11% y/y |
| Premium Subscribers · Q3-2026 | 306,000,000 | +9% y/y |
| Total Revenue · Q3-2026 | $4.97B | +16% y/y |
| Gross Margin · Q3-2026 | 33.0% | |
| Operating Income · Q3-2026 | $672M | +15% y/y |
| Free Cash Flow · Q3-2026 | $735M | -9% y/y |
| Ad-Supported MAUs · Q3-2026 | 499,000,000 | +12% y/y |
| Premium Revenue · Q3-2026 | $4.49B | +17% y/y |
| Ad-Supported Revenue · Q3-2026 | $482M | +10% y/y |
Guidance
Q3 2026 guidance: Revenue €5.0B, Gross Margin 32.9%, Operating Income €670M. Actuals: Revenue €5.0B (in-line), Gross Margin 33.0% (above), Operating Income €672M (above).
Guidance was provided for Q3 2026 and all metrics were met or exceeded. Management expressed satisfaction with performance heading into year-end.
Risks flagged
Social charges exceeded forecast by €13M due to share price movement, indicating compensation cost volatility.
“Social Charges of €22 million were €13 million above forecast due to share price movement during the quarter.” · word for word
22 Oct 20266-KSpotify Q3 2026 revenue €4,969M (+16% YoY), net income €518M, operating income €672M, Premium subscribers and ARPU up, Ad-Supported revenue up 10% YoY. Strong financial performance with revenue and profit growth.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $4.97B | +16% y/y |
| Premium Revenue · Premium · Q3-2026 | $4.49B | +17% y/y |
| Ad-Supported Revenue · Ad-Supported · Q3-2026 | $482M | +10% y/y |
| Gross Profit · Q3-2026 | $1.64B | +21% y/y |
| Operating Income · Q3-2026 | $672M | +16% y/y |
| Net Income · Q3-2026 | $518M | -42% y/y |
| Basic EPS · Q3-2026 | $2.52 | -42% y/y |
| Diluted EPS · Q3-2026 | $2.48 | -24% y/y |
Risks flagged
Net income decreased YoY despite revenue growth, due to higher income tax expense and finance income decline.
“Net income €518M vs €899M in prior year quarter; income tax expense €187M vs (€72M) benefit.”
3 Sep 20266-KHeidi O'Neill resigned from Spotify's Board of Directors effective September 3, 2026, to join Lululemon as CEO. No disagreement with the company.open
Risks flagged
Loss of a long-serving board member with consumer brand expertise
“Heidi O'Neill served nearly nine years on the board”
20 Aug 20266-KSpotify upsizes share repurchase program by $1.5B, bringing total authorization to ~$2.223B, with $723M remaining under current program.open
Figures in the filing · each found in the filing text
| Share Repurchase Authorization Increase | $1.50B | |
| Total Share Repurchase Authorization | $2.22B | |
| Remaining Authorization Prior to Increase | $723M |
4 Aug 20266-KSpotify Q2 2026: Revenue €4.8B in-line, Gross Margin 33.4% above 33.1% guidance, Operating Income €655M above €630M guidance. Subscribers 300M above 299M guidance. Record gross margin.open
Figures in the filing · each found in the filing text
| Total Revenue · Q2-2026 | $4.78B | +14% y/y |
| Gross Margin · Q2-2026 | 33.4% | |
| Operating Income · Q2-2026 | $655M | +61% y/y |
| Free Cash Flow · Q2-2026 | $797M | +14% y/y |
| Premium Subscribers · Premium · Q2-2026 | 300,000,000 | +9% y/y |
| Total Monthly Active Users · Q2-2026 | 777,000,000 | +12% y/y |
| Ad-Supported MAUs · Ad-Supported · Q2-2026 | 494,000,000 | +14% y/y |
| Premium Revenue · Premium · Q2-2026 | $4.33B | +15% y/y |
| Ad-Supported Revenue · Ad-Supported · Q2-2026 | $446M | +1% y/y |
Risks flagged
Social charges volatility due to share price movements
“Social Charges were €9 million below forecast due to share price movement during the quarter” · word for word
Temporary investments in marketing and cloud/AI spend may pressure margins
“Growth in Operating Expenses driven by temporary investments in marketing and cloud/AI spend” · word for word
4 Aug 20266-KSpotify Q2 2026: Revenue €4,777M (+13.9% YoY), operating income €655M (+61.3% YoY), net income €545M vs loss €86M prior year. Strong margin expansion and profitability inflection.open
Figures in the filing · each found in the filing text
| Total Revenue · Q2-2026 | $4.78B | +14% y/y |
| Gross Margin · Q2-2026 | 33.4% | |
| Operating Income · Q2-2026 | $655M | +61% y/y |
| Free Cash Flow · Q2-2026 | $797M | +14% y/y |
| Premium Subscribers · Premium · Q2-2026 | 300,000,000 | +9% y/y |
| Total Monthly Active Users · Q2-2026 | 777,000,000 | +12% y/y |
| Ad-Supported MAUs · Ad-Supported · Q2-2026 | 494,000,000 | +14% y/y |
| Premium Revenue · Premium · Q2-2026 | $4.33B | +15% y/y |
| Ad-Supported Revenue · Ad-Supported · Q2-2026 | $446M | +1% y/y |
Risks flagged
Social charges volatility due to share price movements
“Social Charges were €9 million below forecast due to share price movement during the quarter”
Temporary investments in marketing and cloud/AI spend may pressure margins
“Growth in Operating Expenses driven by temporary investments in marketing and cloud/AI spend”
28 Apr 20266-KSpotify Q1 2026: MAUs 761M (beat guidance of 759M), revenue €4.5B in-line, gross margin 33.0% (beat 32.8%), operating income €715M (beat €660M), free cash flow €824M.open
Figures in the filing · each found in the filing text
| Total Monthly Active Users · Q1-2026 | 761,000,000 | +12% y/y |
| Premium Subscribers · Premium · Q1-2026 | 293,000,000 | +9% y/y |
| Ad-Supported MAUs · Ad-Supported · Q1-2026 | 483,000,000 | +14% y/y |
| Total Revenue · Q1-2026 | $4.53B | +8% y/y |
| Premium Revenue · Premium · Q1-2026 | $4.15B | +10% y/y |
| Ad-Supported Revenue · Ad-Supported · Q1-2026 | $385M | -5% y/y |
| Gross Profit · Q1-2026 | $1.50B | +13% y/y |
| Gross Margin · Q1-2026 | 33.0% | |
| Operating Income · Q1-2026 | $715M | +41% y/y |
| Operating Margin · Q1-2026 | 15.8% |
Guidance
Gross Margin guidance 32.8% actual 33.0%; Operating Income guidance €660M actual €715M; MAU guidance 759M actual 761M
All KPIs met or exceeded guidance; Gross Margin, Operating Income, and MAUs above guidance; management views business as well positioned for improved growth and margins in 2026.
Risks flagged
Ad-supported revenue decline of 5% YoY due to reclassification and macro headwinds
“Ad-Supported** 407 440 437 511 385 -5% -25%” · word for word
Social charges volatility due to share price movement
“Social Charges were €49 million below forecast due to share price movement during the quarter.” · word for word
25 Mar 20266-KSpotify CAO Paul Sawyer retiring effective May 26, 2026; John Giraldo (NBCUniversal EVP Global Controller) appointed as successor. Departure not due to accounting disagreements.open
Risks flagged
Transition in key accounting role may introduce short-term operational risk, but departure is not due to accounting disagreements.
“Mr. Sawyer’s departure is not the result of any disagreement with the Company’s accounting principles or practices.” · word for word
10 Feb 20266-KSpotify Q4 2025: Revenue €4.53B (in-line), Gross Margin 33.1% (above 32.9% guidance), Operating Income €701M (above €620M guidance). MAUs 751M (above 745M guidance), Premium Subs 290M (above 289M). Free Cash Flow €834M. Record MAU net addsopen
Figures in the filing · each found in the filing text
| Total Monthly Active Users · Q4-2025 | 751,000,000 | +11% y/y |
| Premium Subscribers · Q4-2025 | 290,000,000 | +10% y/y |
| Total Revenue · Q4-2025 | $4.53B | +7% y/y |
| Gross Margin · Q4-2025 | 33.1% | |
| Operating Income · Q4-2025 | $701M | +47% y/y |
| Free Cash Flow · Q4-2025 | $834M | -5% y/y |
| Ad-Supported MAUs · Q4-2025 | 476,000,000 | +12% y/y |
| Premium Revenue · Q4-2025 | $4.01B | +8% y/y |
Risks flagged
Foreign exchange headwind: currency movements slowed revenue growth by ~580 bps.
“Unfavorable currency movements slowed Total Revenue Y/Y growth by ~580 bps vs. the ~620 bps incorporated into our guidance.” · word for word
Social charges volatility due to share price movements, not incorporated in forecasts.
“Social Charges were €67 million below forecast due to share price movement during the quarter. As a reminder, we do not incorporate share price movements into our forecast since they are beyond our control.” · word for word
4 Nov 20256-KQ3 2025 revenue €4,272M (+7.1% Y/Y), gross profit €1,351M (+9.0% Y/Y), operating income €582M (+28.2% Y/Y), net income €899M (+199.7% Y/Y).open
Figures in the filing · each found in the filing text
| Total Monthly Active Users · Q3-2025 | 713,000,000 | +11% y/y |
| Premium Subscribers · Q3-2025 | 281,000,000 | +12% y/y |
| Total Revenue · Q3-2025 | $4.27B | +7% y/y |
| Gross Margin · Q3-2025 | 31.6% | |
| Operating Income · Q3-2025 | $582M | +28% y/y |
| Free Cash Flow · Q3-2025 | $806M | +13% y/y |
| Net Income · Q3-2025 | $899M | +200% y/y |
4 Nov 20256-KSpotify Q3 2025 results exceeded guidance on revenue, gross margin, and operating income; MAUs and subscribers met or exceeded expectations.open
Figures in the filing · each found in the filing text
| Total Monthly Active Users · Q3-2025 | 713,000,000 | +11% y/y |
| Premium Subscribers · Q3-2025 | 281,000,000 | +12% y/y |
| Total Revenue · Q3-2025 | $4.27B | +7% y/y |
| Gross Margin · Q3-2025 | 31.6% | |
| Operating Income · Q3-2025 | $582M | +28% y/y |
| Free Cash Flow · Q3-2025 | $806M | +13% y/y |
Guidance
Revenue, Gross Margin, Operating Income all above guidance
All key metrics exceeded guidance, indicating strong operational performance.
Spotify Technology S.A. — questions
- What did Spotify Technology S.A. file recently?
- 17 SEC filings in the last 12 months. Latest: 6-K on 2026-10-22 — Q3 2026 results: Revenue €5.0B (+16% Y/Y), Gross Margin 33.0% (above guidance 32.9%), Operating Income €672M (above guidance €670M), MAUs 788M (in-line), Premium Subs 306M (above 305M guidance). Free Cash Flow €735M. Guidance met or exceede
Every figure on this page comes from Spotify Technology S.A.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.