Spotify Technology S.a. income statement

In fiscal 2025, Spotify Technology S.a. reported revenue of $19.43bn, up 14.6% on the year before, operating income of $2.49bn (a 12.8% margin) and net income of $2.50bn, or $11.88 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Spotify Technology S.a.: income statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	3.3	4.6	6.2	7.6	9.0	11.4	12.4	14.3	17.0	19.4
Cost of revenue	2.8	3.7	4.6	5.6	6.7	8.4	9.3	10.7	11.8	13.2
Gross profit	0.4	1.0	1.6	1.9	2.3	3.1	3.1	3.7	5.1	6.2
Research and development	0.2	0.4	0.6	0.7	1.0	1.1	1.5	1.9	1.6	1.6
Operating income	−0.4	−0.4	−0.1	−0.1	−0.3	0.1	−0.7	−0.5	1.5	2.5
Interest expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income before tax	−0.6	−1.4	−0.2	−0.1	−0.8	0.3	−0.4	−0.5	1.5	2.5
Income tax	0.0	0.0	−0.1	0.1	−0.1	0.3	0.1	0.0	0.2	0.0
Net income	−0.6	−1.4	−0.1	−0.2	−0.7	−0.0	−0.5	−0.6	1.2	2.5
Diluted EPS	−$4.02	−$9.20	−$0.60	−$1.15	−$3.54	−$1.22	−$3.09	−$2.95	$5.95	$11.88
Diluted shares (average)	148m	152m	181m	181m	188m	194m	196m	195m	207m	211m

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.