Spotify (SPOT) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Communication Services· Apr 28, 2026

Source: earnings call transcript

Spotify delivered a strong start to the year, exceeding MAU guidance and achieving robust gross margin expansion. The company is strategically investing in AI and product innovation, which is driving increased user engagement and productivity, though leading to elevated near-term operating expenses. Management remains confident in sustained user and subscriber growth, continued profitability improvement, and the long-term monetization potential of its enhanced platform.

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SPOT operating KPIs by quarter

SPOT operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Sep 2025 Q3 FY25	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Monthly active users (MAU)	675M MAU grew by 35 million to 675 million in total. Source: earnings call transcript	713M In quarter 3, MAU grew by 17 million to 713 million in total, exceeding our guidance by 3 million. Source: earnings call transcript	761M MAU grew by 10 million to 761 million in total, surpassing our guidance by 2 million. Source: earnings call transcript	777M So with over 300 million subscribers and 777 million users, we have achieved consequential scale. Source: earnings call transcript	—	+2.1%
Paid subscribers	263M We added 11 million net subscribers finishing at 263 million. Source: earnings call transcript	281M We added 5 million net subscribers finishing at 281 million, up 12% and in line with guidance. Source: earnings call transcript	293M We added 3 million net subscribers during the quarter, finishing at 293 million, in line with our guidance. Source: earnings call transcript	300M+ And we beat our subscriber guidance, crossing 300 million subs for the first time, all while continuing to grow engagement with the number of active days for global subs increasing. Source: earnings call transcript	—	—
Paid subscriber net additions	11M We added 11 million net subscribers finishing at 263 million. Source: earnings call transcript	5M We added 5 million net subscribers finishing at 281 million, up 12% and in line with guidance. Source: earnings call transcript	3M We added 3 million net subscribers during the quarter, finishing at 293 million, in line with our guidance. Source: earnings call transcript	7M We added 7 million net subscribers during the quarter, growing quarter-on-quarter across all regions with notable outperformance in Rest of the World and North America. Source: earnings call transcript	6M We added 6 million net subscribers during the quarter, growing quarter-over-quarter across all regions. Source: earnings call transcript	-14.3%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.