Spotify Technology S.A. (SPOT) Form 6-K — Oct 22, 2026
Spotify delivered a strong Q3 2026, with revenue of €4,969 million growing 16% Y/Y (14% constant currency) and gross margin hitting a Q3 record high of 33.0%, up 136 bps Y/Y. Operating income of €672 million beat guidance, and Premium Subscribers of 306 million came in 1 million above plan. User growth remained on track with 788 million MAUs, up 11% Y/Y and in line with guidance, with growth across all regions. The company is guiding Q4 to 818 million MAUs, 316 million subscribers, €5.2 billion revenue, and €820 million operating income, implying continued margin expansion into year-end.
Key figures
- Eps
- Basic €2.52, diluted €2.48
- Revenue
- €4,969 million
- Guidance
- Q4 2026: 818M MAUs, 316M Premium Subscribers, €5.2B revenue, 33.8% gross margin, €820M operating income
- Net Income
- €518 million
- Revenue Yoy
- 16% (14% constant currency)
- Total Assets
- €14,312 million
- Cash Position
- €9.9 billion (cash, restricted cash & short-term investments)
- Shares Outstanding
- 205718815
- Maus
- 788 million (11% Y/Y)
- Gross margin
- 33.0% (up 136 bps Y/Y, Q3 record high)
- Premium arpu
- €4.95 (up 9.3% Y/Y)
- Free cash flow
- €735 million
- Social charges
- €22 million (€13 million above forecast)
- Premium revenue
- €4,487 million (17% Y/Y)
- Operating income
- €672 million (13.5% margin)
- Ad supported maus
- 499 million (12% Y/Y)
- Ltm free cash flow
- €3.2 billion
- Full time employees
- 7284
- Premium subscribers
- 306 million (9% Y/Y)
- Ad supported revenue
- €482 million (10% Y/Y)
- Ytd share repurchases
- $1.1 billion
- Cumulative fcf since 2016
- €9.5 billion
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