SPOT Spotify (SPOT) Q3 FY25 earnings call
Spotify delivered a strong quarter, driven by robust user growth, with MAU surpassing 700 million, and profitability exceeding expectations. The company continues to execute on its multi-format strategy, seeing increased engagement across music, podcasts, and audiobooks, and is leveraging AI to enhance product experiences and internal productivity. While the advertising business is in a transition phase with growth expected to accelerate in late 2026, management remains confident in its long-term strategy and the value-to-price ratio of its offerings, especially as it navigates a leadership tr
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SPOT operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | This call Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Monthly active users (MAU) | 675MMAU grew by 35 million to 675 million in total.Source: earnings call transcript | 713MIn quarter 3, MAU grew by 17 million to 713 million in total, exceeding our guidance by 3 million.Source: earnings call transcript | 761MMAU grew by 10 million to 761 million in total, surpassing our guidance by 2 million.Source: earnings call transcript | 777MSo with over 300 million subscribers and 777 million users, we have achieved consequential scale.Source: earnings call transcript | — | +2.1% |
| Paid subscribers | 263MWe added 11 million net subscribers finishing at 263 million.Source: earnings call transcript | 281MWe added 5 million net subscribers finishing at 281 million, up 12% and in line with guidance.Source: earnings call transcript | 293MWe 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 | 11MWe added 11 million net subscribers finishing at 263 million.Source: earnings call transcript | 5MWe added 5 million net subscribers finishing at 281 million, up 12% and in line with guidance.Source: earnings call transcript | 3MWe added 3 million net subscribers during the quarter, finishing at 293 million, in line with our guidance.Source: earnings call transcript | 7MWe 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 | 6MWe 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.
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