Q4 25 EPS
$4.43
BEAT +55.57%
Est. $2.85
Q4 25 Revenue
$4.53B
BEAT +0.20%
Est. $4.52B
vs S&P Since Q4 25
-11.1%
TRAILING MARKET
SPOT -5.1% vs S&P +5.9%
Full Year 2025 Results
FY 25 EPS
$10.51
FY 25 Revenue
$17.19B
Market Reaction
Did SPOT Beat Earnings? Q4 2025 Results
Spotify closed out fiscal 2025 with a decisive earnings beat, reporting Q4 EPS of $4.43 against a consensus estimate of $2.85, a 55.57% positive surprise, while revenue of $4.53 billion edged past the $4.52 billion forecast and grew 6.8% year over ye… Read more Spotify closed out fiscal 2025 with a decisive earnings beat, reporting Q4 EPS of $4.43 against a consensus estimate of $2.85, a 55.57% positive surprise, while revenue of $4.53 billion edged past the $4.52 billion forecast and grew 6.8% year over year. The standout driver was a record gross margin of 33.1%, up 83 basis points year over year, powered by strong Premium segment performance and a notable 441 basis point improvement in Ad-Supported gross margin, which together lifted operating income to $701 million, well above guidance of $620 million. Net income reached $1.17 billion, up sharply from $367 million a year earlier, boosted by $349 million in finance income and a $153 million tax benefit. Monthly active users hit 751 million after 38 million net additions, exceeding internal guidance of 32 million, a figure that has helped analysts counter concerns about AI-driven music tools disrupting the platform's growth. Looking ahead, Spotify guided Q1 2026 revenue of $4.50 billion and operating income of $660 million, with management flagging an approximately 670 basis point foreign exchange headwind to reported growth.
Key Takeaways
- • Record Q4 MAU net adds of 38 million, driven by Rest of World, Latin America, and Europe
- • Premium revenue growth of 8% Y/Y (14% constant currency) driven by 10% subscriber gains
- • Gross margin expansion to record 33.1% driven by Ad-Supported segment improvement of 441 bps Y/Y
- • Social Charges came in €67 million below forecast, boosting operating income
- • Strong holiday promotional campaigns and Wrapped engagement of over 300 million users
- • Automated ad sales channels remained largest contributors to overall advertising growth
SPOT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
SPOT Revenue by Segment
With YoY comparisons, source: SEC Filings
SPOT Revenue by Geography
With YoY comparisons, source: SEC Filings
SPOT Earnings Trends
SPOT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SPOT EPS Trend
Earnings per share: estimate vs actual
SPOT Revenue Trend
Quarterly revenue: estimate vs actual
SPOT Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.95 | $3.45 | +16.93% | $4.53B | +0.24% |
| Q4 25 BEAT FY | $2.85 | $4.43 | +55.57% | $4.53B | +0.20% |
| FY Full Year | — | $10.51 | — | $17.19B | — |
| Q3 25 BEAT | $2.14 | $3.28 | +53.41% | $4.27B | +0.94% |
| Q2 25 MISS | $2.05 | $-0.42 | -120.45% | $4.19B | -1.80% |
| Q1 25 MISS | $2.33 | $1.07 | -54.02% | $4.19B | -0.24% |
| Q1 24 BEAT | $0.69 | $0.97 | +40.58% | $3.64B | -5.44% |