Jun 2026 (Q2 FY26) — Aug 4, 2026
Spotify Q2 FY26 — Record Gross Margin and Subscriber Growth
Read the full callSpotify (SPOT) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Spotify earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
34 of 36 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 ARPU growth guidance | 7% to 7.5% year-on-year | Mar 2026 | driven by subscriber growth of 9% and ARPU expansion of 7.4% year-over-year. | Achieved |
| Q2 FY26 MAU guidance | 778 million MAU | Mar 2026 | Our net additions of 16 million were 1 million below forecast. | Missed |
| 2030 free cash flow growth target (set at May 2026 Investor Day) | strong growth in free cash flow | Jun 2026 | That strength is why we set the 2030 targets we did in May, a mid-teens revenue CAGR, gross margin of 35% to 40%, operating margin above 20% and strong growth in free cash flow. | New |
2 of Spotify Technology S.A.'s 57 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 54 more targets are in the full ledger.
Claimed
- Revenue grew 15% year-over-year on a constant currency basis, accelerating from 14% in Q1.
- Gross margin hit a record 33.4%, surpassing guidance by 30 basis points.
- Subscribers crossed 300 million for the first time, beating guidance by 1 million.
- Free cash flow strengthened to EUR 797 million, up 14% year-over-year.
- Active advertisers grew 60% year-over-year to 33,000.
Qualified
- MAU net additions of 16 million were 1 million below forecast due to product optimization activities in emerging markets.
- Ad-supported revenue grew only 3% year-over-year, consistent with Q1, due to expected declines in the direct sales channel.
- Temporary elevated operating expenses in Q2 and Q3 due to marketing and AI-related investments, totaling EUR 200 million for the full year.
Price
$518.76 −2.21% · −$11.7
Performance −22.7% 1Y
1Y: $671.52 on 17 Oct 2025 → $518.76. High $689.21 (21 Oct 2025), low $412.75 (5 Feb 2026).
- Previous close
- $530.46
- 52-week range
- $412.75 – $689.21
- One year
- −23.21%
Overview
- Symbol
- SPOT
- Sector
- Communication Services
- Industry
- Radio Broadcasting Stations
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
34 of 36 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 ARPU growth guidance | 7% to 7.5% year-on-year | Mar 2026 | driven by subscriber growth of 9% and ARPU expansion of 7.4% year-over-year. | Achieved |
| Q2 FY26 MAU guidance | 778 million MAU | Mar 2026 | Our net additions of 16 million were 1 million below forecast. | Missed |
| 2030 free cash flow growth target (set at May 2026 Investor Day) | strong growth in free cash flow | Jun 2026 | That strength is why we set the 2030 targets we did in May, a mid-teens revenue CAGR, gross margin of 35% to 40%, operating margin above 20% and strong growth in free cash flow. | New |
Claimed
- Revenue grew 15% year-over-year on a constant currency basis, accelerating from 14% in Q1.
- Gross margin hit a record 33.4%, surpassing guidance by 30 basis points.
- Subscribers crossed 300 million for the first time, beating guidance by 1 million.
- Free cash flow strengthened to EUR 797 million, up 14% year-over-year.
- Active advertisers grew 60% year-over-year to 33,000.
Qualified
- MAU net additions of 16 million were 1 million below forecast due to product optimization activities in emerging markets.
- Ad-supported revenue grew only 3% year-over-year, consistent with Q1, due to expected declines in the direct sales channel.
- Temporary elevated operating expenses in Q2 and Q3 due to marketing and AI-related investments, totaling EUR 200 million for the full year.
The full ledger
Open Spotify Technology S.A.’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Spotify Q1 FY26 — Strong User Growth and Margin Expansion
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
Spotify Q4 FY25 — Record MAU Growth & AI-Driven Engagement
Read the full callEvery analysed call
Spotify earnings calls (SPOT)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 2,567 | 3,466 | 4,321 | 5,721 | 5,584 | 6,434 | 6,732 | 7,856 |
| Fixed assets | 226 | 327 | 384 | 421 | 371 | 273 | 195 | 221 |
| Total assets | 4,965 | 5,754 | 7,763 | 8,121 | 8,145 | 9,222 | 12,472 | 17,643 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 394 | 644 | 318 | 409 | 49 | 751 | 2,391 | 3,446 |
| Cash from investing | -25 | -245 | -456 | -212 | -451 | -240 | -1,544 | -2,097 |
| Cash from financing | 105 | -228 | 350 | 1,416 | -43 | 259 | 757 | -448 |
| Net cash flow | 474 | — | — | — | — | — | — | — |
| Capital expenditure | -143 | -152 | -96 | -96 | -27 | -7 | -18 | -72 |
| Free cash flow | 251 | 492 | 222 | 313 | 22 | 745 | 2,373 | 3,375 |
SPOT operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 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 | +133.3% |
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.
Insider filings
133 filings between Apr 1, 2026 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$110.01M
72 sales by 6 insiders
93% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 8
- Award — granted as compensation
- 21
- Option exercise — converted options into shares
- 32
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Soderstrom Gustav | — | $72.18M | Oct 12, 2026 |
| Lorentzon Sven Hans Martin | — | $18.60M | May 22, 2026 |
| Norstrom Alex | — | $13.01M | Aug 3, 2026 |
| STAGGS THOMAS O | — | $2.88M | May 26, 2026 |
| Jenkins Dustee | — | $1.95M | Aug 14, 2026 |
| Marshall Christopher P | — | $1.38M | May 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,610 | $1.39M |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,086 | $572.4K |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,517 | $810.0K |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,818 | $963.9K |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Option exercise 10b5-1 plan | 20,910 | $3.16M |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 6,282 | $3.32M |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,666 | $884.7K |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,850 | $984.5K |
| Oct 12, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 4,081 | $2.15M |
| Oct 1, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Tax withheld | 117 | $56.8K |
| Oct 1, 2026 | Jenkins Dustee Chief Public Affairs Officer | Award | 2,035 | $0 |
| Oct 1, 2026 | Norstrom Alex Co-Chief Executive Officer | Tax withheld | 809 | $394.2K |
| Oct 1, 2026 | Luiga Christian Chief Financial Officer | Tax withheld | 105 | $51.2K |
| Oct 1, 2026 | Jenkins Dustee Chief Public Affairs Officer | Tax withheld | 427 | $208.3K |
| Oct 1, 2026 | Giraldo John P Chief Accounting Officer | Tax withheld | 42 | $20.4K |
| Oct 1, 2026 | Lundstrom Anna Chief Human Resources Officer | Tax withheld | 250 | $121.9K |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 693 | $380.3K |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 333 | $183.0K |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 154 | $83.1K |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 4,400 | $2.40M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,958 | $1.07M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 3,829 | $2.08M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,259 | $680.7K |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,230 | $1.21M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,194 | $1.20M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 755 | $413.6K |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Option exercise 10b5-1 plan | 20,913 | $3.16M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 3,069 | $1.67M |
| Sep 14, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 39 | $21.0K |
| Sep 1, 2026 | Jenkins Dustee Chief Public Affairs Officer | Tax withheld | 428 | $232.7K |
| Sep 1, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Tax withheld | 117 | $63.7K |
| Sep 1, 2026 | Luiga Christian Chief Financial Officer | Tax withheld | 105 | $57.1K |
| Sep 1, 2026 | Norstrom Alex Co-Chief Executive Officer | Tax withheld | 809 | $439.8K |
| Sep 1, 2026 | Lundstrom Anna Chief Human Resources Officer | Tax withheld | 249 | $135.1K |
| Aug 14, 2026 | Jenkins Dustee Chief Public Affairs Officer | Sale | 1,722 | $884.1K |
| Aug 14, 2026 | Jenkins Dustee Chief Public Affairs Officer | Sale | 2,088 | $1.07M |
| Aug 14, 2026 | Jenkins Dustee Chief Public Affairs Officer | Option exercise | 1,722 | $260.5K |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,235 | $1.14M |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,666 | $836.4K |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,377 | $1.21M |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 744 | $372.9K |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,224 | $1.13M |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Option exercise 10b5-1 plan | 20,833 | $3.15M |
| Aug 3, 2026 | Norstrom Alex Co-Chief Executive Officer | Sale 10b5-1 plan | 315 | $159.4K |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 2,054 | $1.04M |
| Aug 3, 2026 | Norstrom Alex Co-Chief Executive Officer | Sale 10b5-1 plan | 254 | $128.0K |
| Aug 3, 2026 | Soderstrom Gustav Co-Chief Executive Officer | Sale 10b5-1 plan | 1,553 | $785.9K |
| Aug 3, 2026 | Norstrom Alex Co-Chief Executive Officer | Sale 10b5-1 plan | 1,159 | $582.8K |
| Aug 3, 2026 | Norstrom Alex Co-Chief Executive Officer | Sale 10b5-1 plan | 1,865 | $936.3K |
| Aug 3, 2026 | Norstrom Alex Co-Chief Executive Officer | Sale 10b5-1 plan | 1,253 | $628.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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