Spotify Technology S.a. cash flow statement

In fiscal 2025, Spotify Technology S.a.'s operations generated $3.32bn of cash; it spent $69.0m on capital projects, leaving free cash flow of $3.25bn. It returned $496m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Spotify Technology S.a.: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	112	202	407	641	296	427	48	736	2,490	3,316
Stock-based pay	59	73	104	137	201	264	401	347	289	279
Capital spending	30	41	148	151	89	101	26	6	18	69
Free cash flow	82	162	259	490	207	327	22	729	2,471	3,247
Free cash flow after stock pay	23	88	155	354	6	63	−379	382	2,182	2,968
Share buybacks	0	0	85	490	0	105	2	0	0	496

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: BIDU vs SPOT SE vs SPOT SNAP vs SPOT

More: Interactive Media & Services stocks compared, Communication Services sector, rankings of US companies

Figures from Spotify Technology S.a.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Spotify Technology S.a.