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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Spotify Technology
Spotify Technology (SPOT) investor relations material
Spotify Technology Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 revenue was €4,969M, up 16% reported and 14% at constant currency; MAUs reached 788M and Premium subscribers 306M, 1M above guidance.
Gross margin was 33.0%, up 136 bps YoY; operating income was €672M and free cash flow was €735M.
Premium growth and improving advertising momentum supported results; trailing-12-month free cash flow was €3.2B.
Q4 guidance calls for continued growth, while operating-expense growth is expected to moderate from Q3 and into 2027.
Financial highlights
Revenue was €4,969M, up 16% reported and 14% at constant currency; gross profit was €1,639M, up 21% YoY.
Operating income was €672M, up 15% reported and 12% at constant currency; operating margin was 13.5%.
Net income attributable to owners was €518M versus €899M YoY; diluted EPS was €2.48 versus €3.28, reflecting lower finance income and higher tax expense.
Operating cash flow was €740M and free cash flow €735M; capital expenditures were €6M, down €17M YoY.
Nine-month revenue was €14,279M, operating income €2,688M, and free cash flow €2,356M.
Outlook and guidance
Q4 guidance: 818M MAUs, implying ~30M net adds; 316M Premium subscribers, implying ~10M net adds.
Revenue guidance is €5.2B, with a ~230 bps YoY FX tailwind based on Q3 closing rates; gross margin is guided to 33.8% and operating income to €820M.
Q4 ARPU growth is forecast at 4.5%-5% YoY, driven by pricing and Audiobooks+ add-ons, partly offset by lapping pricing actions across more than 150 markets.
Q4 gross-margin guidance implies ~70 bps YoY expansion; full-year 2026 expansion is expected at ~130 bps versus 2025.
Advertising is expected to progress toward double-digit growth in Q4; OpEx growth is expected to moderate in Q4 and into 2027.
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- Record Q4 and full-year growth in users, revenue, and profitability, with strong outlook.SPOTQ4 2024
Next Spotify Technology earnings date
Q4 20262 Feb, 2027
Spotify Technology
Next Spotify Technology earnings date
Q4 20262 Feb, 2027
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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.