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Spotify Technology (SPOT) investor relations material
Spotify Technology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Surpassed 700 million monthly active users (MAU), exceeding guidance, with robust user growth and engagement across all regions and content types.
Subscriber growth remained strong, reaching 281 million Premium subscribers, up 12% year-over-year and in line with guidance.
Revenue, gross margin, and operating income all beat expectations, with record Free Cash Flow and improved cost efficiencies.
Leadership transition announced: Daniel Ek to become Executive Chairman in January, with Alex Norström and Gustav Söderström as co-CEOs.
Launched 30 product updates, expanded partnerships, and integrated with ChatGPT to enhance user engagement and advertiser reach.
Financial highlights
Total Q3 revenue was €4.3 billion, up 7% year-over-year (12% on constant currency basis), led by Premium segment growth.
Premium revenue grew 9% year-over-year to €3.8 billion, while Ad-Supported revenue declined 6%.
Gross margin reached 31.6%, up 53 basis points year-over-year and above guidance.
Operating income was €582 million, a 28% year-over-year increase, with free cash flow at a Q3 record of €806 million.
Net income reached €899 million, with basic EPS of €4.36.
Outlook and guidance
Q4 guidance: 745 million MAU (+32 million), 289 million subscribers (+8 million), €4.5 billion revenue, gross margin of 32.9%, and operating income of €620 million.
ARPU expected to grow 2% year-over-year on a constant currency basis; Premium ARPU was flat on a constant currency basis in Q3.
Guidance assumes a 620 bps FX headwind to revenue growth year-over-year.
Social Charges impact on Q3 operating income?
Ad-Supported revenue growth drivers (CC)?
Spotify's AI and ad tech strategy progress?
AI's role in product development acceleration?
Path to robust ad growth by H2 2026?
Co-CEOs' vision for 1 billion subscribers?
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Next Spotify Technology earnings date
Q4 20253 Feb, 2026
Next Spotify Technology earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
The Swedish streaming pioneer
Spotify's consumer app was launched in 2008, giving access to millions of songs, podcasts, audiobooks, and video content from artists and creators worldwide. Judging by its user base of over 400 million across 183 countries worldwide, Spotify has become the go-to platform for music streaming. An astonishing achievement considering the competitive landscape, which includes some of the most powerful companies in the world such as Apple and Amazon.
A hub for podcasts
Spotify is also betting big on podcasts, challenging Storytel among others, and has paid big names like Joe Rogan and Bill Simmons for exclusive deals, which has boosted podcast listening on the platform enormously. Spotify now offers several millions of podcasts. Thus, it’s obvious that Spotify will be associated with more than “just” music in the future.
Serves not only the listeners
On the creator side of the platform, Spotify offers an array of tools for both musicians and podcasters that need assistance with production, distribution, and monetization. In fact, around 75 percent of new podcasts on the platform are created via Anchor, which Spotify acquired in 2020 for about 100 million dollars.
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