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Spotify Technology
Spotify Technology (SPOT) investor relations material
Spotify Technology Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved record-high MAU net additions in Q4 2025, ending the year with over 750 million users globally and 38 million net new MAUs, both above guidance.
Transitioned to new leadership, with Daniel Ek as Executive Chairman and co-CEOs Alex Norström and Gustav Söderström.
Revenue grew 13% year-over-year on a constant currency basis, with strong Premium and Ad-Supported growth.
Gross margin reached a record 33.1%, up 83 bps year-over-year, and operating income was €701 million, driven by lower Social Charges and margin strength.
Largest ever Wrapped campaign engaged over 300 million users, with expanded video and audiobooks offerings.
Financial highlights
Q4 2025 total revenue was €4.53 billion, up 13% year-over-year (constant currency), with premium revenue up 14% and advertising revenue up 4%.
Gross profit was €1.50 billion, with gross margin at 33.1%, up over 80 basis points year-over-year.
Operating income reached €701 million, exceeding forecast by €81 million, with a 15.5% margin and free cash flow at €834 million for the quarter.
Full-year 2025 revenue grew 13%, gross profit 20%, and operating income over 50%, with a 13% full-year margin and record €2.9 billion free cash flow.
Net income attributable to owners was €1.17 billion for Q4 2025.
Outlook and guidance
Q1 2026 forecast: 759 million MAU (+8 million sequentially), 293 million subscribers (+3 million net adds), and €4.5 billion in revenue (+15% year-over-year).
ARPA growth expected in the 5%-6% range; gross margin forecasted at 32.8% and operating income at €660 million for Q1.
Guidance assumes a 670 bps FX headwind to revenue growth year-over-year.
Both gross and operating margins expected to improve in 2026, with free cash flow projected to meaningfully exceed 2025 levels.
Quantify Social Charges' Q4 operating income impact
Explain Ad-Supported revenue decline vs. margin gain
Reconcile Premium ARPU decline with subscriber growth
Detail Spotify's unique AI data strategy
Explain co-CEO operating model changes
Balance of margin expansion and reinvestment
Partial view of Summaries dataset, powered by Quartr API
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Next Spotify Technology earnings date
Q1 202628 Apr, 2026
Spotify Technology
Next Spotify Technology earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
The Swedish streaming pioneer
Spotify's consumer app was launched in 2008, giving access to millions of songs, podcasts, audiobooks, and video content from artists and creators worldwide. Judging by its user base of over 400 million across 183 countries worldwide, Spotify has become the go-to platform for music streaming. An astonishing achievement considering the competitive landscape, which includes some of the most powerful companies in the world such as Apple and Amazon.
A hub for podcasts
Spotify is also betting big on podcasts, challenging Storytel among others, and has paid big names like Joe Rogan and Bill Simmons for exclusive deals, which has boosted podcast listening on the platform enormously. Spotify now offers several millions of podcasts. Thus, it’s obvious that Spotify will be associated with more than “just” music in the future.
Serves not only the listeners
On the creator side of the platform, Spotify offers an array of tools for both musicians and podcasters that need assistance with production, distribution, and monetization. In fact, around 75 percent of new podcasts on the platform are created via Anchor, which Spotify acquired in 2020 for about 100 million dollars.
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