Spotify
We are a Luxembourg public limited liability company (société anonyme), which means that shareholders’ liability is limited to their contributions to the company.
20-F, Feb 10, 2026
Source and method
In the company’s words: first descriptive sentence of 20-F Item 4, verbatim (extractive). Item 4 · Information on the Company · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
Business
How does Spotify make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every €100?
Of every €100 in revenue, €333 is net income.
Source and method
Of every €100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: €665M
- Gross profit: €5.5B
- Operating income: €2.2B
- Net income: €2.2B
- Free cash flow: €2.9B
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“The shares forming the share capital of a Luxembourg public limited liability company (société anonyme) may be publicly traded and registered on a stock exchange.”
“Our legal name is “Spotify Technology S.A.” and our commercial name is “Spotify.”
“We were incorporated on December 27, 2006 as a Luxembourg private limited liability company (société à responsabilité limitée) and were transformed, on March 20, 2009, into a Luxembourg public limited liability company (société anonyme).”
Item 4 · Information on the Company · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“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.”
Item 4 · Information on the Company · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 20-F and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 9.7% to €665M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Spotify files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 38.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
330.5% operating margin, up from 225.2%.
826.5% gross margin, up from 779.5%.
Operating income grew 61% to €2.2B.
Net income grew 94% to €2.2B.
R&D fell 6.3% to €1.4B.
EPS diluted grew 91% to €10.51.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Spotify files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps €432 of every €100 as free cash.
Operating cash flow grew 27% to €2.9B.
Capex grew 259% to €61.0M.
Stock-based compensation fell 7.5% to €247M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Spotify files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: €5.3B; debt not reported.
Interest expense fell 24% to €266M.
Total assets grew 25% to €15.0B.
Equity grew 51% to €8.3B.
Cash grew 10.0% YoY to €5.3B.
Total assets grew 25% YoY to €15.0B.
Equity grew 51% YoY to €8.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Spotify files annual reports with the SEC on Form 20-F (IFRS, EUR); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Spotify depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Spotify annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Spotify
Spotify holds stakes in
No stake in a covered company found in SEC filings.
Others name Spotify
1 competitor mention (e.g. Roblox) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 63 risk factors, one per theme.
Competition
“We face and will continue to face significant competition for users, their time, and advertisers.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
Trade, government policy and geopolitics
“We face many risks associated with our international operations.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
AI and new products
“Our new products or services may not be successful and our emphasis on long-term user engagement could adversely affect our business, operating results, and financial condition.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
Users and engagement
“If our efforts to attract prospective users, retain existing users, and effectively monetize our products and services are not successful, our growth prospects and revenue will be adversely affected.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-006874 · filed Feb 10, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
Ek Daniel G. held 15.6%.
Ek Daniel G.15.6% (then)
13G/A · as of Dec 31, 2023 · filed Feb 9, 2024 · older than 18 months, current position unknown
Lorentzon Sven Hans Martin10.9% (then)
13G/A · as of Dec 31, 2023 · filed Feb 9, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
6 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.8.0%
10.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Baillie Gifford & Co5.8%
7.9M shares · 13F filed Aug 6, 2026 · share of 13F-reported
Morgan Stanley5.5%
7.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp3.4%
4.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Wellington Management Group Llp2.3%
3.1M shares · 13F filed Aug 14, 2026 · share of 13F-reported
1,250 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 72 sales · $110M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 26 SEC metrics, FY2016–FY2025
Income statement 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
Balance sheet 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | not reported | |||||||||
| Equity | ||||||||||
| Total assets | not reported | |||||||||
| Total liabilities & equity | not reported | |||||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Long-term bank loans (IFRS) | not reported | not reported | not reported | not reported | ||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | not reported | |||||||||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values