SPOT Spotify (SPOT) Q4 FY25 earnings call
Spotify closed Q4 FY25 with record MAU growth, exceeding 0.75 billion users, driven by strong engagement from initiatives like Wrapped and an enhanced free tier. The company is strategically leveraging AI to evolve its product offerings, aiming for an intelligent agentic media platform that enhances personalization and retention. While advertising growth remains a focus for H2 2026, Spotify delivered strong financial results, including significant free cash flow and improved profitability, positioning it for continued growth and margin expansion in FY26.
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SPOT operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | 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.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.