[SPOT] Spotify: Q3 2026 Earnings Preview on Pricing, Ads and Margins

Spotify, an audio streaming platform operating in 184 countries and territories that earns money from Premium subscriptions and from advertising to free users[1], is scheduled to report results for the third quarter of 2026, ended September 30, 2026, on 2026-10-22[2]. In the latest disclosed quarter, the second quarter of 2026, revenue rose 14% year over year to €4.777 billion, gross margin reached a record 33.4%, operating income was €655 million (a 13.7% margin), free cash flow was €797 million, Premium subscribers grew 9% to 300 million and monthly active users reached 777 million[3]. For Spotify's Q3 2026 earnings, the second-quarter shareholder letter guided revenue to about €5.0 billion (assuming a currency tailwind of roughly 200 basis points), gross margin to 32.9%, operating income to €670 million, Premium subscribers to 305 million (about 5 million net additions) and monthly active users to 788 million[4]; measured against third-quarter 2025 revenue of €4.272 billion[3], that implies growth of roughly 17%. The average of 16 analysts compiled by Drillr puts third-quarter revenue at €4.999 billion (a range of €4.955 billion to €5.033 billion) and net income at €592 million[5], broadly in line with the company's revenue guidance.

Three things matter most in this report. The first is whether Premium price increases can keep outweighing the drag from lower-priced markets and plans: Premium ARPU (average monthly revenue per user) was €4.89 in the second quarter, up 7% year over year, with price increases contributing €0.49[6], but third-quarter subscriber net additions are guided down to about 5 million[4], and whether the pricing contribution stays above €0.40 will decide whether Premium, about nine-tenths of revenue, can hold growth near 16%. The second is whether advertising delivers the double-digit growth management has promised for the second half[7]: ad revenue grew only 1% in the second quarter, because most of the €75 million gained in automated channels was offset by a €66 million decline in direct sales[8], so the third quarter needs that gap to widen beyond €40 million. The third is whether new spending eats the gross-margin gain: management plans to spend about €200 million more on marketing and AI in 2026, with the peak in the second and third quarters[7], and second-quarter operating expenses rose 19% excluding currency and social charges[9]; whether third-quarter operating income reaches €670 million and free cash flow beats last year's €806 million[3] will show whether that spending is really temporary.

Company Background and Business Structure

Spotify is a Luxembourg-registered audio streaming company that reports in euros, and its user base is still growing at double-digit rates. As of December 31, 2025, the platform had 751 million monthly active users (up 11% year over year) and 290 million Premium subscribers (up 10%), a catalog of more than 100 million music tracks and 7 million podcast titles, and, in select markets, a monthly allowance of audiobook listening hours for eligible Premium subscribers[1]. By June 30, 2026, monthly active users had risen to 777 million and paying subscribers to 300 million[3].

Revenue falls into two reporting segments, Premium and Ad-Supported, and Premium is by far the larger. The Premium segment sells ad-free subscriptions with offline listening across Individual, Family, Duo and Student plans, and the company has negotiated lower per-user royalty amounts with rights holders for the cheaper Family, Duo and Student plans[10]; in 2025 Premium revenue was €15.350 billion against €10.184 billion of cost of revenue, a gross margin of about 33.7%[11]. In the second quarter of 2026 Premium revenue was €4.331 billion, or 91% of the total[8]. Revenue from newer products such as the Audiobooks+ add-on is booked in this segment, and management said Audiobooks+ penetration among Premium listeners doubled this year while its annual recurring revenue passed $100 million[12].

The Ad-Supported segment sells ad impressions served while free users listen to music and podcasts, and it is shifting from direct sales to programmatic bidding. In 2025 ad revenue was €1.836 billion against €1.506 billion of cost of revenue, a gross margin of about 18.0%[11]. On April 1, 2025, the company launched Spotify Ad Exchange (SAX), a programmatic marketplace where advertisers buy inventory through automated channels in real-time auctions[13]. By the second quarter of 2026, 99% of ad impressions were served on Spotify's own ad infrastructure[12].

Both the management structure and the segment definitions changed in 2026, so comparisons across years need care. From January 1, 2026, two Co-Chief Executive Officers jointly act as the chief operating decision makers, certain revenue-generating activities previously in Ad-Supported moved into Premium, and prior periods since 2023 have been restated on the new basis[14]. The segment figures in the 2025 annual report therefore predate the reclassification and are not fully comparable with 2026 quarterly segment figures, so year-over-year quarterly comparisons should rely on the restated values in the 6-K filings.

Royalties dominate cost of revenue in both segments, which caps Spotify's gross margin at whatever its licensing contracts allow. Subscription music royalties are generally the greater of a percentage of relevant revenue and a per-user amount, while Ad-Supported music royalties are usually a percentage of revenue; with some record labels the revenue percentage depends on targets such as Premium subscriber counts, the ratio of free to paying users and churn, some agreements require advance payments or minimum guarantees, others carry most-favored-nation terms, and audiobook royalties are mostly consumption-based[10]. Because Spotify does not own the music rights, any renegotiation shows up directly in gross margin.

Financial History and Current Position

The annual record shows Spotify moving from losses to steady profitability between 2023 and 2025. Revenue grew from €13.247 billion in 2023 to €15.673 billion in 2024 and €17.186 billion in 2025, while gross profit rose from €3.397 billion to €4.724 billion and €5.496 billion, a 2025 gross margin of about 32.0%[11]. According to the company's 2025 Form 20-F, operating income swung from a €446 million loss in 2023 to a €1.365 billion profit in 2024, and 2025 net income was €2.212 billion; operating income across the four quarters of 2025 totaled €2.198 billion[15].

Nearly all of 2025's growth came from Premium, and it came mainly from more users rather than higher prices. Premium revenue rose 11% to €15.350 billion that year while ad revenue fell 1% to €1.836 billion[11]. Full-year Premium ARPU was €4.63, down 1%, as price increases added €0.25 while product and market mix subtracted €0.14 and currency subtracted €0.17[16].

Spotify generates more cash than its reported profit and returns it through buybacks rather than dividends. Operating cash flow was €2.933 billion in 2025, up from €2.301 billion in 2024 and €680 million in 2023[17]. Cash, cash equivalents and short-term investments ended 2025 at €9.467 billion, €2.019 billion more than the €7.448 billion a year earlier[18]. The company repurchased 768,223 shares for €439 million in 2025, has never paid a cash dividend, and in its annual report listed the Exchangeable Notes maturing on March 15, 2026, among the liquidity needs it expected to cover from existing cash and operating cash flow[18].

In the first quarter of 2026, currency visibly slowed revenue growth even as margins hit a new high. First-quarter revenue was €4.533 billion, up 8%, with a 33.0% gross margin, operating income of €715 million (a 15.8% margin) and free cash flow of €824 million[15]. At constant currency, Premium revenue grew 15% and ad revenue grew 3%[14].

Revenue growth picked up in the second quarter of 2026, but the operating margin fell back because of new investment. Second-quarter revenue was €4.777 billion, up 14%, with a 33.4% gross margin, operating income of €655 million (a 13.7% margin), operating cash flow of €816 million, free cash flow of €797 million (up 14%) and €9.4 billion of cash, restricted cash and short-term investments at quarter end[3]. Operating income beat the €630 million guidance, helped by social charges that came in €9 million below forecast[19], and currency cut total revenue growth by about 70 basis points[20]. In June the company bought back 575,866 shares at an average of €417.77, or roughly €240 million[21].

Operating Model

Spotify's revenue can be split into a Premium equation and an advertising equation, and the Premium drivers are the clearest. Premium revenue is roughly average subscribers in the quarter multiplied by Premium ARPU and by three months, and the company breaks the year-over-year change in ARPU into price increases, product and market mix (the share of Family and Student plans and of emerging markets), and currency[6]. A price increase lifts ARPU directly once it takes effect and enters the year-over-year base after twelve months; mix shifts keep pulling it down; currency changes euro-reported ARPU directly, subtracting €0.24 in the first quarter of 2026[22] but only €0.02 in the second[6].

Ad revenue is roughly impressions sold multiplied by the price per thousand impressions (CPM), and it runs through direct and automated channels. Direct sales are mostly fixed-CPM orders, while automated channels cover programmatic bidding and self-serve buying; in 2025 direct and podcast ad sales fell by €116 million because fixed-CPM rates and impressions sold declined, while automated channels grew by €103 million[13]. Free users and their listening time determine the inventory available to sell, the in-house ad technology and self-serve tools determine how many advertisers buy and how much inventory sells, and the channel mix determines the price that inventory fetches.

Operating income is gross profit minus research and development, sales and marketing, and general and administrative expense, and gross margin is set mainly by royalty rates. In the second quarter of 2026 the consolidated gross margin was 33.4%, with Premium at 34.9% and Ad-Supported at 19.1%, and Premium improved because revenue grew faster than music costs net of marketplace programs, audiobook costs and video podcast costs[23]. Because royalties accrue as a share of revenue, a price increase helps gross margin less than it helps revenue, while marketing, cloud and AI spending lands directly in operating expenses and can offset the gross-margin gain in the same quarter. Social charges move with the share price, from €115 million in the second quarter of 2025 to just €1 million in the second quarter of 2026[9], which distorts year-over-year operating income comparisons.

Because subscription fees are collected monthly in advance and royalties are settled afterward, Spotify's cash flow usually exceeds its operating income. Operating income was €2.198 billion in 2025[15] against operating cash flow of €2.933 billion[17], and free cash flow was €824 million and €797 million in the first and second quarters of 2026[3]. Some royalty agreements require advances or minimum guarantees, which can tie up cash for a time[10], and management has said it looks for meaningful year-over-year growth in full-year 2026 free cash flow[7].

Industry and Competitive Position

Spotify competes on several layers at once, against other streaming services for listening time and against large platforms for ad budgets. Its annual report names music streaming rivals including Apple Music, YouTube Music, Amazon Music, Deezer, Joox, Pandora and SoundCloud, audiobook rivals including Audible, Apple Books and Storytel, and advertising rivals including large platforms such as Alphabet, Meta, Amazon, Microsoft, Snap and Pinterest; the competitive factors it lists include quality of experience, relevance and diversity of content, ease of use, price and perceived advertising load[24].

Spotify's visible advantages are scale and product iteration, which have let it keep raising prices while subscribers kept growing. Subscribers rose 9% year over year in the second quarter, with year-over-year and sequential growth in every region[19]. On the first-quarter call management said there had been no surprises in how subscribers reacted to the price increases[25], and on the second-quarter call it said headcount had stayed flat for three years while revenue per employee was on track to double[12].

Its weaknesses are that it does not own its content and that advertising is a small, recently stagnant part of revenue. Music royalties are set by label contracts, so rights holders effectively cap gross margin[10], and ad revenue was only 11% of total revenue in 2025, down from 12% in 2024[13]. In emerging markets, management said it is adjusting sign-up flows in populous countries such as India and Indonesia and reducing support for very low-end Android devices in exchange for higher-quality users and better conversion to paid plans[26].

The available disclosures do not support a rigorous quantitative peer comparison. Spotify does not disclose subscribers by market, plan mix, churn or royalty contract terms, and its main competitors are mostly units inside much larger groups, so the effect of price increases on churn and the gap between Spotify's ad pricing and its peers' can only be judged indirectly.

Core Debates

Premium ARPU rose 7% in the second quarter, with price increases adding €0.49 per user. With third-quarter subscriber net additions guided down to about 5 million, can pricing keep outweighing the drag from lower-priced markets and plans, lifting Premium revenue more than 16% while holding the segment gross margin near 34.8%?

This question decides whether Spotify's growth can shift from selling to more users to charging each user more. Premium contributed €4.331 billion, or 91% of revenue, in the second quarter of 2026[8], whereas full-year 2025 ARPU fell 1% and revenue growth came almost entirely from user growth[16]. By the second quarter of 2026 ARPU had turned to 7% growth[6] and Premium revenue growth had risen to 15%[8]. If pricing can take over as user growth slows, revenue can keep growing while gross margin holds under royalty sharing; if the second quarter was simply the peak of bunched price increases, growth will fade in the third quarter.

Three pieces of evidence support durable pricing, but the drag from product and market mix is just as steady. The second-quarter pricing contribution of €0.49[6] was higher than €0.42 in the first quarter[22] and €0.30 in the fourth quarter of 2025[16]; subscribers grew 9% to 300 million, above the 299 million guidance[19]; and Premium gross margin rose to 34.9%, which the company attributed to revenue growing faster than music royalties[23]. On the other side, the mix drag has stayed between €0.14 and €0.16 in recent quarters[16], third-quarter subscriber net additions are guided down to about 5 million[4], and management attributes the slowdown to deliberate sign-up changes in markets such as India and Indonesia[26].

Pricing reaches profit only after passing through royalties, and whether it lasts past its first anniversary is still unresolved. The chain runs from staggered price increases across markets lifting ARPU, to emerging-market users and Family and Student plans pulling ARPU down, to currency changing the reported figure, to subscribers multiplied by ARPU producing Premium revenue, and finally to royalties accrued at the greater of a revenue share and a per-user minimum, which sets Premium gross margin[10]. What remains open is whether, once the increases lap their first year, expansion in lower-priced markets slows ARPU growth; the starting points are restated third-quarter 2025 Premium revenue of €3.835 billion[3] and Premium gross margins of 34.8% in the first quarter[14] and 34.9% in the second[23].

The three-part ARPU breakdown in the third-quarter 6-K is the best way to tell the two readings apart. A pricing contribution of at least €0.40, a mix drag of no more than €0.15, 305 million subscribers at quarter end, Premium revenue growth of at least 16% and a Premium gross margin of at least 34.8% would support durable pricing. Conversely, a pricing contribution below €0.30 with a widening mix drag would mark the second quarter as the peak of bunched increases, and a Premium gross margin below 34.0% would show that royalty sharing and video podcast costs are absorbing the pricing revenue.

Ad-Supported revenue grew just 1% in the second quarter, yet management still expects double-digit growth in the second half. In the third quarter, can gains in automated channels clearly outrun the decline in direct sales, lifting ad revenue more than 10% at constant currency, with the segment gross margin holding above 17% without a one-off tax benefit?

Advertising is only about 9% of revenue, but it is the only way Spotify monetizes free users and it matters for management's long-term gross-margin goal. Management has kept its 2030 targets of a 35% to 40% gross margin and an operating margin above 20%[7], yet ad revenue fell 1% in 2025[13] and grew just 3% at constant currency in both the first and second quarters of 2026[14][20]. If the shift to automation produces double-digit growth, advertising turns from a drag into a source of extra gross profit and margin; if it stays flat, the long-term margin target will lean more heavily on Premium pricing.

The evidence for an inflection centers on the channel shift, but most of the gain so far only replaces lost direct sales. Spotify has moved 99% of impressions onto its own ad system, and management said automated channels rose from about 30% of ad revenue in the first quarter to about 40% in the second while active advertisers grew 60% year over year[12]; automated channels added €75 million year over year in the second quarter, returning the segment to growth[8]. On the other side, direct sales fell by €66 million[8], the 2025 annual report tied part of the direct decline to lower fixed-CPM rates[13], and auction pricing may be lower still; the second-quarter ad gross margin also included a benefit from the repeal of a foreign digital services tax[27].

The ad segment's financial chain is longer, and its gross margin is more sensitive to listening growth. Free users and listening time set the inventory available, the in-house ad stack and self-serve buying set advertiser counts and sell-through, impressions sold multiplied by CPM produce segment revenue, and music royalties mostly accrue as a share of revenue[10]; in the second quarter, royalty and streaming delivery costs driven by more music streams grew faster than revenue and partly offset the podcast and tax benefits[27]. Second-quarter ad revenue was €446 million, up 1%, against restated third-quarter 2025 ad revenue of €437 million[3]; the ad gross margin was only 13% in the first quarter[14], recovered to 19.1% in the second[23] and was about 18.0% for full-year 2025[28]. What remains unresolved is whether the automated gains reflect new demand or simply a different way of selling the same inventory.

The channel changes and gross-margin explanation in the third-quarter 6-K can separate a true inflection from a mere change in selling method. Constant-currency ad growth of at least 10%, automated gains exceeding the direct decline by more than €40 million and an ad gross margin of at least 17% that no longer relies on a one-off tax item would support an inflection; if the two channels still roughly cancel out, the migration has only changed how inventory is sold. Constant-currency growth below 5% together with a delay in the double-digit timeline would show that automation has not yet created new demand, and a gross margin below 15% would show that royalty and delivery costs from rising free listening are outrunning ad revenue.

Spotify plans to spend roughly €200 million more on marketing and AI in 2026, with the peak in the second and third quarters. Can third-quarter operating income reach the €670 million guidance and free cash flow beat last year's €806 million, or will new spending absorb the entire gross-margin gain?

This question decides how far Spotify still is from its long-term operating margin target above 20%. Over the past three years, tight control of headcount and marketing turned a 2023 operating loss into €2.198 billion of operating income in 2025[15]. In 2026 management is reinvesting part of the gross-margin gain in marketing, cloud and AI: second-quarter operating expenses rose 19% excluding currency and social charges[9], and the operating margin fell from 15.8% in the first quarter to 13.7%[3]. Third-quarter profit and cash flow will show whether this spending is really temporary.

The case that spending is under control rests on the second-quarter beat and headcount discipline, but the sources of expense growth are equally clear. Second-quarter operating income of €655 million beat the €630 million guidance, with about €9 million of that coming from lower-than-expected social charges[19]. The workforce stood at 7,302 at quarter end[20], management reaffirmed about €200 million of incremental full-year spending with no structural headcount increases and slower expense growth in the fourth quarter[7], and it said it controls AI inference costs through Chirp, its internal model routing engine[29]. On the other side, cloud and AI information technology costs within research and development rose €49 million year over year, and marketing campaigns and free trials added €34 million and €12 million[30]; management also acknowledged that AI inference costs are variable and that new AI products dilute margins before they are monetized[29].

The size of the spending can be backed out of guidance: third-quarter operating expenses of about €975 million, roughly 27% above a year earlier, a figure derived from guidance rather than disclosed by the company. Guidance calls for revenue of about €5.0 billion, a 32.9% gross margin and €670 million of operating income including €9 million of social charges[4], compared with operating expenses of €769 million, operating income of €582 million and free cash flow of €806 million in the third quarter of 2025[3]; second-quarter operating expenses of €941 million comprised €403 million of research and development, €390 million of sales and marketing and €148 million of general and administrative expense[31]. In the transmission chain, marketing campaigns and free trials flow into sales and marketing with a lagged effect on subscription conversion, cloud and AI compute flows into IT costs within research and development, the share price moves social charges, consolidated gross profit minus operating expenses gives operating income, and working capital such as prepaid subscriptions and accrued royalties, together with capital expenditure, turns that into free cash flow.

Third-quarter profit and cash flow can separate temporary investment from permanently higher costs. Operating income of at least €670 million after adjusting for any social-charge variance, operating expense growth excluding currency and social charges of no more than 20%, an unchanged €200 million full-year plan and free cash flow above €806 million would support the temporary reading; meeting the gross-margin guide while clearly missing on operating income would signal overspending. Adjusted expense growth above 25% or a higher full-year spending plan would show the investment is not temporary, and a year-over-year decline in free cash flow would contradict management's call for meaningful full-year growth.

Risks and Falsifiers

Changes in record-label contract terms are the most direct risk to gross margin. Subscription royalties are the greater of a revenue share and a per-user amount, some contracts tie the revenue share to subscriber counts, the free-to-paid ratio and churn targets, and there are most-favored-nation clauses and minimum guarantees[10], so a renegotiation or a missed target would push gross margin down directly. Royalties made up most of 2025's €11.690 billion cost of revenue, and each percentage point of consolidated gross margin is worth about €170 million of gross profit on 2025 revenue of €17.186 billion[11]. Continued year-over-year improvement in quarterly Premium and ad gross margins, with no unfavorable renegotiation or prior-period royalty adjustment in the company's explanations, would falsify this concern.

Streaming competition limits how far prices can rise. Apple Music, YouTube Music, Amazon Music and others compete with Spotify on price, content and bundling[24], and repeated increases could raise churn or push more users into cheaper plans. Premium is about nine-tenths of revenue, so each percentage point lost in either subscriber growth or ARPU costs about €43 million of quarterly revenue on the second quarter's €4.331 billion[3]. If subscribers keep growing about 8% to 9% year over year after the increases and the mix drag in the ARPU breakdown does not widen, this risk has not materialized.

The concrete path to slower ARPU growth is a fading pricing effect after the first anniversary combined with a rising share of lower-priced markets and plans. On second-quarter Premium revenue of €4.331 billion[8], each percentage point of lost ARPU growth removes about €43 million of quarterly revenue, or about €15 million of gross profit at a 34.9% margin[23]. A third-quarter pricing contribution of at least €0.40, a mix drag of no more than €0.15 and reported ARPU growth of at least 7% would falsify this risk[6].

If auction prices are lower than direct fixed-CPM rates, the channel shift cannot produce revenue growth and advertising will keep weighing on the consolidated gross-margin target. With ad revenue of about €440 million a quarter, the difference between 10% and 3% constant-currency growth is roughly €30 million of quarterly revenue, and the ad gross margin sits about 16 percentage points below Premium[23]. Third-quarter constant-currency ad growth of at least 10%, with automated gains exceeding the direct decline by more than €40 million, would falsify this risk[8].

AI inference and marketing could become permanent costs, letting operating expenses absorb the gross-margin gain and leaving the operating margin stuck at 13% to 14%. On quarterly revenue of about €5.0 billion, each percentage point of operating margin is worth about €50 million of operating income, and the roughly €200 million of incremental full-year spending equals about 9% of 2025 operating income of €2.198 billion[7]. Third-quarter operating income at guidance, a clear slowdown in fourth-quarter expense growth and a workforce holding around 7,300 would falsify this risk[20].

What to Watch Next

• Premium pricing versus mix: in the ARPU breakdown, watch whether the pricing contribution (€0.49 in the second quarter) stays at or above €0.40 and the mix drag (€0.14) stays at or below €0.15; subscribers should reach 305 million, Premium revenue should grow at least 16% and Premium gross margin should hold at or above 34.8%. A pricing contribution below €0.30 with a wider mix drag, or a Premium gross margin below 34.0%, would falsify the pricing case.
• Advertising automation: watch whether constant-currency ad growth (3% in the second quarter) reaches 10%, whether automated gains beat the direct decline by more than €40 million (second quarter: +€75 million against −€66 million), and whether the ad gross margin (19.1%, helped by a tax item) holds at or above 17%. Growth below 5% with a delayed timeline, or a margin below 15%, would falsify the inflection.
• Reinvestment and operating leverage: watch whether operating income reaches the €670 million guide (second quarter: €655 million, 13.7% margin), whether adjusted operating expense growth (19% in the second quarter) stays at or below 20% with the €200 million plan unchanged, and whether free cash flow beats last year's €806 million. Adjusted growth above 25%, a higher spending plan or a year-over-year decline in free cash flow would falsify the temporary-investment reading.

Conclusion

Spotify's business is driven by Premium subscriptions, and its current financial position combines re-accelerating revenue and ample cash with margins held down by deliberate new investment. Second-quarter revenue was €4.777 billion, up 14%, with a record 33.4% gross margin, a 13.7% operating margin and €9.4 billion of cash and short-term investments at quarter end[3]. The central unresolved relationship is whether pricing, ad automation and new spending together let the gross-margin gain reach operating income and free cash flow, rather than being absorbed by royalty sharing and by marketing and AI costs.

Only one independent outside analysis appeared after the second-quarter results, and it addresses only the first debate. In a September 4 piece, Zacks Equity Research argued that higher pricing is translating into stronger Premium monetization without interrupting subscriber growth, so revenue growth is coming from both a larger paying audience and higher revenue per subscriber; it said continued pricing benefits could sustain momentum, although the mix of products and markets remains an offset to watch[32]. That view supports the durable-pricing side while naming the same counter-variable discussed above, but it does not address the lower third-quarter subscriber net-add guidance or the gross-margin effect of pricing revenue flowing to rights holders through revenue-share royalties. The advertising inflection and the spending debate lacked independent outside interpretation over this period, which is a coverage gap, and a single piece should not be read as an outside consensus.

What would materially strengthen the current understanding is a set of observations arriving together: a third-quarter pricing contribution still above €0.40 with subscribers reaching 305 million, constant-currency ad growth of 10% with automated gains clearly exceeding the direct decline, operating income of €670 million with free cash flow above €806 million, and slower expense growth in the fourth quarter. Conversely, a pricing contribution below €0.30, ad growth below 5%, adjusted expense growth above 25% or a year-over-year fall in free cash flow would clearly weaken it, meaning Spotify's gross-margin gains were being absorbed by royalties and new costs rather than turning into a lasting improvement in margins.

Sources

[1] SPOT 20-F filed 2026-02-10 · Business overview · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[2] Business Wire 2026-09-24 · Spotify to announce results for third quarter 2026 · 2026-09-24 · Business Wire

[3] SPOT 6-K filed 2026-08-04 · Q2 2026 financial summary (five quarters) · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[4] SPOT 6-K filed 2026-08-04 · Q3 2026 outlook · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[5] Drillr analyst_financial_estimates (updated 2026-09-25) · SPOT Q3 2026 consensus · 2026-09-25 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[6] SPOT 6-K filed 2026-08-04 · Q2 2026 Premium ARPU · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[7] SPOT Q2 2026 earnings call 2026-08-04 · Drillr structured summary (guidance) · 2026-08-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] SPOT 6-K filed 2026-08-04 · Q2 2026 Premium and Ad-Supported revenue · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[9] SPOT 6-K filed 2026-08-04 · Q2 2026 operating expense commentary · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[10] SPOT 20-F filed 2026-02-10 · Cost of revenue and royalty structure · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[11] SPOT 20-F filed 2026-02-10 · Revenue and cost of revenue by segment FY2023-FY2025 · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[12] SPOT Q2 2026 earnings call 2026-08-04 · Drillr structured summary (segments and ad business) · 2026-08-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[13] SPOT 20-F filed 2026-02-10 · Ad-Supported revenue FY2025 · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[14] SPOT 6-K filed 2026-04-28 · Q1 2026 revenue and segment gross margin commentary · 2026-04-28 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001639920&type=6-K&dateb=&owner=include&count=40

[15] SPOT 6-K filed 2026-04-28 · Q1 2026 financial summary (five quarters) · 2026-04-28 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001639920&type=6-K&dateb=&owner=include&count=40

[16] SPOT 20-F filed 2026-02-10 · Premium ARPU FY2025 and Q4 2025 · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[17] SPOT 20-F filed 2026-02-10 · Net cash flows from operating activities FY2023-FY2025 · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[18] SPOT 20-F filed 2026-02-10 · Liquidity, Exchangeable Notes and share repurchases · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[19] SPOT 6-K filed 2026-08-04 · Q2 2026 key highlights and results vs guidance · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[20] SPOT 6-K filed 2026-08-04 · Q2 2026 revenue, profitability and workforce summary · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[21] SPOT 6-K filed 2026-08-04 · share repurchases April-June 2026 · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[22] SPOT 6-K filed 2026-04-28 · Q1 2026 Premium ARPU · 2026-04-28 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001639920&type=6-K&dateb=&owner=include&count=40

[23] SPOT 6-K filed 2026-08-04 · Q2 2026 segment gross margin commentary · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[24] SPOT 20-F filed 2026-02-10 · Competition · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[25] SPOT Q1 2026 earnings call 2026-04-28 · Drillr structured summary · 2026-04-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[26] SPOT Q2 2026 earnings call 2026-08-04 · Drillr structured summary (Q&A on MAU and ads) · 2026-08-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[27] SPOT 6-K filed 2026-08-04 · Q2 2026 segment gross profit discussion · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[28] SPOT 20-F filed 2026-02-10 · Premium gross margin and Ad-Supported cost of revenue FY2025 · 2026-02-10 · 20-F · https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/

[29] SPOT Q2 2026 earnings call 2026-08-04 · Drillr structured summary (risks) · 2026-08-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] SPOT 6-K filed 2026-08-04 · Q2 2026 research and development and sales and marketing expense · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[31] SPOT 6-K filed 2026-08-04 · Q2 2026 operating expense by line (constant currency reconciliation) · 2026-08-04 · 6-K · https://www.sec.gov/Archives/edgar/data/0001639920/000162828026052543/spot-20260630x6xk.htm

[32] Zacks Equity Research 2026-09-04 · Can Higher ARPU Keep Spotify's Premium Revenue Growing? · 2026-09-04 · Zacks Investment Research · https://finance.yahoo.com/markets/stocks/articles/higher-arpu-keep-spotifys-premium-172000713.html