Companies · SPOT
Spotify
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 22, 2026
Spotify Q3 2026: Revenue €4.97B (+16% YoY), Premium gross margin expands to 35%, MAUs reach 788M as audiobook global rollout accelerates
Spotify's Q3 2026 results demonstrate compounding operating leverage: total revenue grew 16% year-over-year to €4,969 million with consolidated gross margin expanding to 33% from 32%, driven by Premium gross margin improvement to 35% from 33% as price increases lifted ARPU 9% to €4.95. The most consequential strategic development is the announced expansion of audiobook access from 22 markets to more than 180 markets by end of 2026, a move that materially broadens the Premium bundle's value proposition and deepens the royalty-accounting complexity that is already the subject of active litigation with the Mechanical Licensing Collective. With €9,888 million in cash and short-term investments, an accelerated buyback program expanded by US$1.5 billion in August 2026, and no remaining debt following the March 2026 retirement of the Exchangeable Notes, Spotify's balance sheet is the strongest in the company's public history.
Tone: bullishRevenue
€17.2B
SPOT 20-F · FY 2025 · EUR
Revenue FY2024
€15.7B
Founded
2006
Headquarters
Luxembourg, Grand Duchy of Luxembourg
Profile
SPOT 20-F Item 4.B · Feb 10, 2026Spotify is the world's most popular audio streaming subscription service, operating a two-sided marketplace connecting listeners and creators across music, podcasts, and audiobooks. The company monetizes through Premium subscriptions and advertising, serving 751 million monthly active users and 290 million Premium Subscribers across 184 countries and territories as of December 31, 2025. It operates two reportable segments: Premium and Ad-Supported.
Read filing description ↓ Collapse description ↑
We are the world's most popular audio streaming subscription service with a community of 751 million MAUs and 290 million Premium Subscribers across 184 countries and territories as of December 31, 2025. Spotify has transformed the way people access and enjoy music, podcasts, and audiobooks. Today, millions of people around the world have access to over 100 million music tracks and 7 million podcast titles through Spotify whenever and wherever they want. In select markets, eligible Premium Subscribers receive a specified number of hours of monthly access to a subscriber catalog containing 500,000 audiobooks. Since our founding in 2006, we have transformed the music industry by allowing users to move from a 'transaction-based' experience of buying and owning music to an 'access-based' model, which allows users to stream music on demand. Since 2019, we expanded our podcast offerings and helped advance the growth of the podcast industry by making significant investments in content, giving podcasters scale via our large user base established in music, and enhancing the podcast discovery experience. Since 2022, we further expanded our offerings to help drive audiobook adoption among our users and grow the earnings potential of authors, including by bringing elements of our revolutionary music access model to the audiobooks landscape. We continue to build a two-sided marketplace for users and creators, which leverages our platform relationships, data analytics, and software. We are actively investing in other forms of content to complement the music library available through our platform, including video.
Primary products
- Premium Service
- Ad-Supported Service
- Spotify Ad Exchange (SAX)
- Spotify Audience Network (SPAN)
- Spotify for Creators
- Spotify Partner Program
Business segments
End markets
Geographies
Named competitors
“We are the world's most popular audio streaming subscription service with a community of 751 million MAUs and 290 million Premium Subscribers across 184 countries and territories as of December 31, 2025.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in EUR. Revenue grew from €15,673 million in 2024 to €17,186 million in 2025, with a further prior comparison available at €13,247 million for 2023, reflecting sustained double-digit top-line expansion driven by Premium Subscriber growth of 10% year-over-year and continued MAU growth.
The rest of SPOT is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.