SPOT Q2 2025

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Earnings

Spotify delivered a mixed second quarter, with a headline loss that obscures an otherwise operationally sound performance. The streaming giant posted an EPS of $-0.42, missing the $2.05 consensus estimate by 120.45%, while revenue of $4.19 billion fe… Read more Spotify delivered a mixed second quarter, with a headline loss that obscures an otherwise operationally sound performance. The streaming giant posted an EPS of $-0.42, missing the $2.05 consensus estimate by 120.45%, while revenue of $4.19 billion fell just short of the $4.27 billion Wall Street expected, though it still represented 10.1% growth year-over-year. The core culprit behind the bottom-line miss was a $421 million fair value loss on Spotify's Exchangeable Notes, a non-cash charge tied to the sharp appreciation in the company's share price, which swung net results to a $86 million loss from $274 million in net income a year ago. Strip away that distortion, and the operational picture looks considerably healthier, with operating income climbing to $406 million from $266 million. Premium subscribers grew 12% to 276 million, and total monthly active users reached 696 million, up 11% year-over-year. Despite the strong user momentum, shares came under pressure following the report, with investors weighing the near-term noise from the notes against the company's underlying trajectory.