Q1 26 EPS
$3.45
BEAT +16.93%
Est. $2.95
Q1 26 Revenue
$4.53B
BEAT +0.24%
Est. $4.52B
vs S&P Since Q1 26
+3.0%
BEATING MARKET
SPOT +5.5% vs S&P +2.4%
Market Reaction
Did SPOT Beat Earnings? Q1 2026 Results
Spotify delivered a decisive earnings beat in the first quarter of 2026, with earnings per share of $3.45 clearing the $2.95 consensus estimate by 16.93% as the streaming giant demonstrated that its push toward profitability is gaining real traction.… Read more Spotify delivered a decisive earnings beat in the first quarter of 2026, with earnings per share of $3.45 clearing the $2.95 consensus estimate by 16.93% as the streaming giant demonstrated that its push toward profitability is gaining real traction. Revenue of $4.53 billion edged past expectations by 0.24% and grew 8.2% year over year, supported by monthly active users climbing 12% to 761 million and Premium Subscribers reaching 293 million. The most material driver behind the earnings strength was a $184 million fair value gain on the settlement of Spotify's $1.5 billion Exchangeable Notes in March, which closed out the company's debt obligations and represented a sharp reversal from $180 million in fair value losses recorded in the same period a year ago. Operating income also rose substantially to $715 million from $509 million, reflecting both revenue growth and disciplined cost management, while free cash flow nearly doubled to $824 million. Still, forward subscriber and ad revenue guidance fell short of analyst expectations, sending shares lower after the report and drawing scrutiny from the investment community.
Key Takeaways
- • Premium Subscriber growth of 9% YoY to 293 million
- • MAU growth of 12% YoY to 761 million
- • Price increases contributing €0.42 to Premium ARPU growth
- • Premium gross margin expansion from 34% to 35%
- • Revenue growth outpacing music royalty costs net of marketplace programs
- • Decrease in social costs on share-based compensation driven by share price movements
SPOT YoY Financials
Q1 2026 vs Q1 2025, 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% |