Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: €10.77 (vs €5.67 in FY 2024) Full year 2025 results: EPS: €10.77 (up from €5.67 in FY 2024). Revenue: €17.2b (up 9.7% from FY 2024). Net income: €2.21b (up 94% from FY 2024). Profit margin: 13% (up from 7.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Entertainment industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €370, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 12x in the Entertainment industry in Europe. Total returns to shareholders of 199% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €552 per share. Announcement • Mar 26
Spotify Technology S.A. to Report Q1, 2026 Results on Apr 28, 2026 Spotify Technology S.A. announced that they will report Q1, 2026 results Pre-Market on Apr 28, 2026 Announcement • Mar 07
Spotify Technology S.A., Annual General Meeting, Apr 15, 2026 Spotify Technology S.A., Annual General Meeting, Apr 15, 2026, at 16:00 W. Europe Standard Time. Location: arendt house, 41a, avenue j.f. kennedy, l-2082 luxembourg, grand duchy of luxembourg., Luxembourg Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €460, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 11x in the Entertainment industry in Europe. Total returns to shareholders of 284% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €658 per share. Reported Earnings • Feb 12
Full year 2025 earnings released: EPS: €10.77 (vs €5.67 in FY 2024) Full year 2025 results: EPS: €10.77 (up from €5.67 in FY 2024). Revenue: €17.2b (up 9.7% from FY 2024). Net income: €2.21b (up 94% from FY 2024). Profit margin: 13% (up from 7.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Entertainment industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Feb 11
Spotify Technology S.A. Provides Earnings Guidance for the First Quarter of 2026 Spotify Technology S.A. provided earnings guidance for the first quarter of 2026. For the quarter, the company expects total revenue of €4.5 billion,Assumes ~670 bps headwind to growth Y/Y (vs. ~580 bps in Q4) due to foreign exchange rate movements; based on currency rates as of Fourth Quarter close (e.g. USD: Euro of 0.8514 as of December 31st, 2025) and operating income of €660 million,Incorporates €10 million in Social Charges based on a Fourth Quarter close share price of $580.71. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €357, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 12x in the Entertainment industry in Europe. Total returns to shareholders of 204% over the past three years. Board Change • Jan 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 8 highly experienced directors. Co-CEO & Director Alex Norström was the last director to join the board, commencing their role in the last week. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 26
Spotify Technology S.A. to Report Q4, 2025 Results on Feb 10, 2026 Spotify Technology S.A. announced that they will report Q4, 2025 results Pre-Market on Feb 10, 2026 Announcement • Dec 11
Spotify Technology S.A. Announces Election of Alex Norström and Gustav Söderström as Directors, Effective January 1, 2026 Spotify Technology S.A. held an extraordinary general meeting of shareholders and holders of beneficiary certificates on December 10, 2025. The Company's shareholders and holders of beneficiary certificates considered the proposal for the election of directors. Based on the votes set forth in the proxy statement dated November 5, 2025, Alex Norström (B Director) and Gustav Söderström (B Director) were elected as members of the Board of Directors, effective January 1, 2026, for a term ending at the general meeting approving the annual accounts for the financial year ending on December 31, 2025. Buy Or Sell Opportunity • Dec 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €477. The fair value is estimated to be €606, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Announcement • Nov 20
Spotify Appoints Tanmaya Trivedi as Director of Sales Spotify has appointed Tanmaya Trivedi as director of sales. He joins after spending more than ten years at Meta across category leadership roles spanning gaming, education, tech, auto, BFSI, travel, health, real estate and new business. Before Meta, Trivedi worked with Sony Pictures Networks India as assistant vice president, leading revenue and channel initiatives across SET, Sony MIX and the relaunch of SAB TV. His earlier experience includes roles at UTV during the launch of Hungama TV and sales responsibilities at Zee across news and entertainment channels. Trivedi has more than two decades of industry experience and has led teams across sales strategy, category development, cross functional planning and revenue operations. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: €4.37 (vs €1.49 in 3Q 2024) Third quarter 2025 results: EPS: €4.37 (up from €1.49 in 3Q 2024). Revenue: €4.27b (up 7.1% from 3Q 2024). Net income: €899.0m (up 200% from 3Q 2024). Profit margin: 21% (up from 7.5% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Entertainment industry in Europe. New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 5.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Sep 30
Spotify Technology S.A. Announces Leadership Changes, Effective January 1, 2026 Spotify Technology S.A. announced that Founder and Chief Executive Officer Daniel Ek will transition to the role of Executive Chairman effective January 1, 2026. The company also announced Gustav Söderström, co-President and Chief Product and Technology Officer, and Alex Norström, co-President and Chief Business Officer, as its co-Chief Executive Officers. They will report to Daniel Ek and will also serve on the company’s Board of Directors subject to shareholder approval. This evolution formalizes how Spotify has successfully operated since 2023 with the co-presidents largely leading strategic development and operational execution of Spotify. As Executive Chairman, Ek’s role will more closely reflect a European chairman setup, where he will determine capital allocation, map the long-term future of Spotify and continue to provide support and guidance to its senior team. These changes will all be effective January 1, 2026. Announcement • Sep 25
Spotify Technology S.A. to Report Q3, 2025 Results on Nov 04, 2025 Spotify Technology S.A. announced that they will report Q3, 2025 results Pre-Market on Nov 04, 2025 Reported Earnings • Jul 30
Second quarter 2025 earnings released: €0.42 loss per share (vs €1.37 profit in 2Q 2024) Second quarter 2025 results: €0.42 loss per share (down from €1.37 profit in 2Q 2024). Revenue: €4.19b (up 10% from 2Q 2024). Net loss: €86.0m (down 131% from profit in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Entertainment industry in Europe. Announcement • Jun 26
Spotify Technology S.A. to Report Q2, 2025 Results on Jul 29, 2025 Spotify Technology S.A. announced that they will report Q2, 2025 results Pre-Market on Jul 29, 2025 Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: €1.10 (vs €0.99 in 1Q 2024) First quarter 2025 results: EPS: €1.10 (up from €0.99 in 1Q 2024). Revenue: €4.19b (up 15% from 1Q 2024). Net income: €225.0m (up 14% from 1Q 2024). Profit margin: 5.4% (in line with 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Entertainment industry in Europe. New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • Mar 27
Spotify Technology S.A. to Report Q1, 2025 Results on Apr 29, 2025 Spotify Technology S.A. announced that they will report Q1, 2025 results Pre-Market on Apr 29, 2025 Buy Or Sell Opportunity • Mar 26
Now 22% undervalued Over the last 90 days, the stock has risen 25% to €544. The fair value is estimated to be €697, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Announcement • Mar 01
Spotify Technology S.A., Annual General Meeting, Apr 09, 2025 Spotify Technology S.A., Annual General Meeting, Apr 09, 2025, at 16:00 W. Europe Standard Time. Location: arendt house, 41a, avenue j.f. kennedy, l-2082, grand duchy of luxembourg., Luxembourg Reported Earnings • Feb 04
Full year 2024 earnings released: EPS: €5.67 (vs €2.73 loss in FY 2023) Full year 2024 results: EPS: €5.67 (up from €2.73 loss in FY 2023). Revenue: €15.7b (up 18% from FY 2023). Net income: €1.14b (up €1.67b from FY 2023). Profit margin: 7.3% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Entertainment industry in Europe. Board Change • Jan 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. Independent Director Mona Sutphen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 02
Spotify Technology S.A. to Report Q4, 2024 Results on Feb 04, 2025 Spotify Technology S.A. announced that they will report Q4, 2024 results Pre-Market on Feb 04, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: €1.49 (vs €0.33 in 3Q 2023) Third quarter 2024 results: EPS: €1.49 (up from €0.33 in 3Q 2023). Revenue: €3.99b (up 19% from 3Q 2023). Net income: €300.0m (up 362% from 3Q 2023). Profit margin: 7.5% (up from 1.9% in 3Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Entertainment industry in Europe. Buy Or Sell Opportunity • Nov 04
Now 22% undervalued Over the last 90 days, the stock has risen 17% to €350. The fair value is estimated to be €446, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Announcement • Sep 27
Spotify Technology S.A. to Report Q3, 2024 Results on Nov 12, 2024 Spotify Technology S.A. announced that they will report Q3, 2024 results After-Market on Nov 12, 2024 New Risk • Aug 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 5.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (5.8% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: €1.37 (vs €1.55 loss in 2Q 2023) Second quarter 2024 results: EPS: €1.37 (up from €1.55 loss in 2Q 2023). Revenue: €3.81b (up 20% from 2Q 2023). Net income: €274.0m (up €576.0m from 2Q 2023). Profit margin: 7.2% (up from net loss in 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Entertainment industry in Europe. Announcement • Jun 27
Spotify Technology S.A. to Report Q2, 2024 Results on Jul 23, 2024 Spotify Technology S.A. announced that they will report Q2, 2024 results Pre-Market on Jul 23, 2024 Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: €0.99 (vs €1.16 loss in 1Q 2023) First quarter 2024 results: EPS: €0.99 (up from €1.16 loss in 1Q 2023). Revenue: €3.64b (up 20% from 1Q 2023). Net income: €197.0m (up €422.0m from 1Q 2023). Profit margin: 5.4% (up from net loss in 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Entertainment industry in Europe. Announcement • Apr 24
Spotify Technology S.A. Provides Earnings Guidance for the Second Quarter of 2024 Spotify Technology S.A. provided earnings guidance for the Second quarter of 2024. For the quarter, the company is forecasting 631 million MAU, implies the addition of approximately 16 million net new MAUs in the Quarter and 245 million total premium subscribers, implies the additionof approximately 6 million net new subscribers in the quarter. EUR 3.8 billion in total revenue and also anticipate a gross margin of 28.1% and an operating profit of EUR 250 million. New Risk • Apr 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Announcement • Apr 04
Spotify Technology S.A. Announces CFO Changes Spotify Technology S.A. announced the appointment of Christian Luiga as its new Chief Financial Officer. Christian joins Spotify from Saab AB, a European defense and security company, where he served as Deputy Chief Executive Officer and Chief Financial Officer. Prior to joining Saab AB, Christian also held several key leadership roles including CFO and acting CEO and President at European telecommunications company, Telia. He will be based in Sweden and have responsibility for the following functions: financial planning and analysis, audit and risk, investor relations, accounting, corporate development, tax and treasury. The company currently plans for Christian to join in Third Quarter of 2024. Ben Kung, Spotify Vice President of Financial Planning and Analysis, who has been a leader on finance team for several years will serve as interim CFO. Announcement • Mar 27
Spotify Technology S.A. to Report Q1, 2024 Results on Apr 23, 2024 Spotify Technology S.A. announced that they will report Q1, 2024 results Pre-Market on Apr 23, 2024 New Risk • Mar 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Mar 08
Spotify Technology S.A., Annual General Meeting, Apr 17, 2024 Spotify Technology S.A., Annual General Meeting, Apr 17, 2024, at 16:00 Central European Standard Time. Location: Arendt House, 41A, avenue J.F. Kennedy, L-2082Luxembourg, Grand Duchy of Luxembourg Luxembourg United States Agenda: To Approve the Company's annual accounts for the financial year ended December31, 2023 and the Company's consolidated financial statements for the financial year ended December31, 2023; to approve the allocation of the Company's annual results for the financial year ended December31, 2023; to grant discharge of the liability of the members of the Board of Directors of the Company for, and in connection with, the financial year ended December31, 2023;to appoint the members of the Board of Directors of the Company for the period ending at the general meeting approving the annual accounts for the financial year ending on December31, 2024; and to discuss other matters. Breakeven Date Change • Feb 16
Forecast to breakeven in 2024 The 28 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €681.1m in 2024. Earnings growth of 46% is required to achieve expected profit on schedule. Reported Earnings • Feb 07
Full year 2023 earnings released: €2.73 loss per share (vs €2.23 loss in FY 2022) Full year 2023 results: €2.73 loss per share (further deteriorated from €2.23 loss in FY 2022). Revenue: €13.2b (up 13% from FY 2022). Net loss: €532.0m (loss widened 24% from FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Entertainment industry in Europe. Breakeven Date Change • Jan 02
Forecast to breakeven in 2024 The 29 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €363.9m in 2024. Average annual earnings growth of 58% is required to achieve expected profit on schedule. Announcement • Dec 23
Spotify Technology S.A. to Report Q4, 2023 Results on Feb 06, 2024 Spotify Technology S.A. announced that they will report Q4, 2023 results Pre-Market on Feb 06, 2024 Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: €0.33 (vs €0.86 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.33 (up from €0.86 loss in 3Q 2022). Revenue: €3.36b (up 11% from 3Q 2022). Net income: €65.0m (up €231.0m from 3Q 2022). Profit margin: 1.9% (up from net loss in 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Entertainment industry in Europe. Announcement • Sep 26
Spotify Technology S.A. to Report Q3, 2023 Results on Oct 24, 2023 Spotify Technology S.A. announced that they will report Q3, 2023 results Pre-Market on Oct 24, 2023 Breakeven Date Change • Sep 19
No longer forecast to breakeven The 14 analysts covering Spotify Technology no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €46.2m in 2024. New consensus forecast suggests the company will make a loss of €378.0m in 2025. Reported Earnings • Jul 26
Second quarter 2023 earnings released: €1.55 loss per share (vs €0.65 loss in 2Q 2022) Second quarter 2023 results: €1.55 loss per share (further deteriorated from €0.65 loss in 2Q 2022). Revenue: €3.18b (up 11% from 2Q 2022). Net loss: €302.0m (loss widened 142% from 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Entertainment industry in Europe. Board Change • Jul 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. Independent Director Mona Sutphen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
