Spotify Technology S.A. logo SPOT - Spotify Technology S.A.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 33
HOLD 19
SELL 2
STRONG
SELL 0
| PRICE TARGET: $588.00 DETAILS
HIGH: $720.00
LOW: $490.00
MEDIAN: $567.50
CONSENSUS: $588.00
UPSIDE: 10.85%
Annual Quarterly
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Revenue
Revenue 17,186 15,673 13,247 11,727 9,668 7,880 6,764 5,259 4,090 2,952 1,940
Cost of Revenue 11,690 10,949 9,850 8,801 7,077 5,865 5,042 3,906 3,241 2,551 1,714
Gross Profit 5,496 4,724 3,397 2,926 2,591 2,015 1,722 1,353 849 401 226
Operating Expenses
R&D Expenses 1,393 1,486 1,725 1,387 912 837 615 493 396 207 136
SG&A Expenses 1,905 1,873 2,118 2,198 1,585 1,471 1,180 903 831 543 325
Other Expenses 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 3,298 3,359 3,843 3,585 2,497 2,308 1,795 1,396 1,227 750 461
Operating Income
Operating Income 2,198 1,365 (446) (659) 94 (293) (73) (43) (378) (349) (235)
Interest Expense 31 36 38 41 40 50.2 42.4 6 508.8 5 1
Interest Income 245 223 131 47 11 15.8 30.6 25 18.3 5 2
Profitability
EBITDA 2,357 1,498 (309) (158) 416 (544) (1) (135) (1,175) (492) (194)
EBIT 2,255 1,377 (467) (329) 289 (655) (88) (167) (1,229) (530) (224)
Income Before Tax 2,224 1,341 (505) (370) 249 (709) (131) (173) (1,233) (535) (225)
Income Tax Expense 12 203 27 60 283 (128) 55 (95) 2 4 5
Net Income 2,212 1,138 (532) (430) (34) (581) (186) (78) (1,235) (539) (230)
Per Share Data
EPS (Basic) 10.77 5.67 -2.73 -2.23 -0.18 -3.10 -1.03 -0.44 -6.93 -3.21 -1.37
EPS (Diluted) 10.51 5.50 -2.73 -2.93 -1.03 -3.10 -1.03 -0.51 -6.93 -3.21 -1.37
Shares Outstanding 205.4 200.6 194.7 192.9 191.3 187.6 181.0 177.2 178.1 167.8 167.8
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Current Assets
Cash & Cash Equivalents 5,258 4,781 3,114 2,483 2,744 1,151 1,065 891 477 755 597
Short-Term Investments 4,209 2,667 1,100 867 756 596 692 915 1,032 830 0
Net Receivables 918 799 878 695 626 468 406 402 360 306 247
Inventory 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 111 132 168 218 172 104 32 38 29 18 27
Total Current Assets 10,496 8,379 5,260 4,352 4,372 2,366 2,231 2,246 1,898 1,909 871
Non-Current Assets
Property, Plant & Equipment 422 414 547 765 809 757 780 197 73 85 81
Goodwill 1,083 1,201 1,137 1,168 894 736 478 146 135 73 65
Intangible Assets 41 48 84 127 89 97 58 28 27 7 8
Long-Term Investments 2,181 1,635 1,215 1,138 916 2,277 1,497 1,646 911 0 1
Other Non-Current Assets 130 142 75 78 77 78 69 65 54 23 21
Total Non-Current Assets 4,519 3,626 3,086 3,284 2,798 3,960 2,891 2,090 1,209 191 180
Total Assets 15,015 12,005 8,346 7,636 7,170 6,326 5,122 4,336 3,107 2,100 1,051
Current Liabilities
Account Payables 783 933 662 588 534 434 377 295 242 139 119
Short-Term Debt 1,458 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 711 683 622 520 458 380 319 258 216 149 92
Other Current Liabilities 92 119 63 60 141 148 148 395 420 203 97
Total Current Liabilities 6,085 4,450 4,090 3,516 3,226 2,900 2,439 2,149 1,860 1,220 798
Non-Current Liabilities
Long-Term Debt 0 1,539 1,203 1,128 1,202 0 0 0 944 1,106 0
Deferred Tax Liabilities 163 21 8 5 0 0 2 2 3 0 0
Other Non-Current Liabilities 5 8 29 31 44 44 22 91 62 13 24
Total Non-Current Liabilities 601 2,030 1,733 1,719 1,825 621 646 93 1,009 1,120 24
Total Liabilities 6,686 6,480 5,823 5,235 5,051 3,521 3,085 2,242 2,869 2,340 822
Stockholders' Equity
Common Stock 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings (832) (3,044) (4,182) (3,647) (3,220) (3,290) (2,709) (2,505) (2,427) (1,192) (653)
Accumulated Other Comprehensive Income 3,366 2,707 1,812 1,521 853 1,687 924 875 177 122 85
Total Stockholders' Equity 8,329 5,525 2,523 2,401 2,119 2,805 2,037 2,094 238 (240) 229
Total Liabilities & Equity 15,015 12,005 8,346 7,636 7,170 6,326 5,122 4,336 3,107 2,100 1,051
Debt Metrics
Total Debt 1,956 2,076 1,696 1,683 1,781 577 622 0 945 1,112 0
Net Debt (3,302) (2,705) (1,418) (800) (963) (574) (443) (891) 468 357 (597)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Operating Activities
Net Income 2,212 1,138 (532) (430) (34) (581) (186) (78) (1,235) (539) (230)
Depreciation & Amortization 102 121 158 171 127 111 87 32 54 38 30
Stock-Based Compensation 247 267 321 381 223 176 122 88 65 53 28
Change in Working Capital 248 376 464 191 (36) 317 451 251 420 300 175
Other Non-Cash Items 112 196 242 (327) (202) 364 44 146 873 245 (46)
Operating Cash Flow 2,933 2,301 680 46 361 259 573 344 179 101 (38)
Investing Activities
Capital Expenditure (61) (17) (6) (25) (85) (78) (135) (125) (46) (27) (49)
Acquisitions (18) (10) (7) (306) (115) (336) (331) (9) (49) (7.3) (8)
Purchases of Investments (19,271) (7,275) (1,590) (457) (497) (1,354) (901) (1,069) (1,386) (1,397) (1.0)
Sales/Maturities of Investments 17,545 5,804 1,379 368 519 1,421 1,163 1,226 1,080 609 0
Other Investing Activities 20 12 7 (3) (9) (25) (14) (45) (34) (4.7) (9.0)
Investing Cash Flow (1,785) (1,486) (217) (423) (187) (372) (218) (22) (435) (827) (67)
Financing Activities
Net Debt Issuance (73) (69) (66) (43) 1,195 (24) (17) 0 0 861 (4)
Stock Repurchased (439) (135) (68) (2) (143) (30) (438) (72) 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (241) 933 368 5 198 339 252 164 34 55 6
Financing Cash Flow (381) 729 234 (40) 1,250 285 (203) 92 34 916 476
Cash Position
Net Change in Cash 477 1,667 631 (261) 1,593 86 174 414 (278) 158 391
Cash at Beginning 4,781 3,114 2,483 2,744 1,151 1,065 891 477 755 597 206
Cash at End 5,258 4,781 3,114 2,483 2,744 1,151 1,065 891 477 755 597
Free Cash Flow 2,872 2,284 674 21 276 181 438 219 133 74 (87)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Income Statement
Revenue 17,186 15,673 13,247 11,727 9,668 7,880 6,764 5,259 4,090 2,952 1,940
Gross Profit 5,496 4,724 3,397 2,926 2,591 2,015 1,722 1,353 849 401 226
Operating Income 2,198 1,365 (446) (659) 94 (293) (73) (43) (378) (349) (235)
Net Income 2,212 1,138 (532) (430) (34) (581) (186) (78) (1,235) (539) (230)
EPS (Diluted) 10.51 5.50 -2.73 -2.93 -1.03 -3.10 -1.03 -0.51 -6.93 -3.21 -1.37
Balance Sheet
Cash & Equivalents 5,258 4,781 3,114 2,483 2,744 1,151 1,065 891 477 755 597
Total Assets 15,015 12,005 8,346 7,636 7,170 6,326 5,122 4,336 3,107 2,100 1,051
Total Debt 1,956 2,076 1,696 1,683 1,781 577 622 0 945 1,112 0
Stockholders' Equity 8,329 5,525 2,523 2,401 2,119 2,805 2,037 2,094 238 (240) 229
Cash Flow
Operating Cash Flow 2,933 2,301 680 46 361 259 573 344 179 101 (38)
Capital Expenditure (61) (17) (6) (25) (85) (78) (135) (125) (46) (27) (49)
Free Cash Flow 2,872 2,284 674 21 276 181 438 219 133 74 (87)