Spotify Technology (SPOT) is trading up at $526.08 (+1.41%), as of the latest quote. It is a Russell 1000 constituent in the Communication Services sector.
Analyst price targets on SPOT
Current price targets from 5 firms average $651, median $660, ranging from $570 to $700 — the average is 24% above the current $526. Each is tracked to its date and scored the same way a member's call is.
- KeyBanc Capital Markets $483 → $660 by Oct 2027 Oct 5, 2026 via Digital Music News · KeyBanc Capital Markets's track record
- Bank of America $483 → $685 by Oct 2027 Oct 5, 2026 via Digital Music News · Bank of America's track record
- Morgan Stanley $483 → $640 by Oct 2027 Oct 5, 2026 via Digital Music News · Morgan Stanley's track record
- Wells Fargo $483 → $570 by Oct 2027 Oct 5, 2026 via Digital Music News · Wells Fargo's track record
- Evercore ISI $473 → $700 by Oct 2027 Oct 2, 2026 via Fox Business · Evercore ISI's track record
Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.
Spotify Technology revenue & net income history (FY2016–FY2025)
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | €2.95B | €4.09B | €5.26B | €6.76B | €7.88B | €9.67B | €11.7B | €13.2B | €15.7B | €17.2B |
| Growth (year over year) | — | +38.6% | +28.6% | +28.6% | +16.5% | +22.7% | +21.3% | +13.0% | +18.3% | +9.7% |
| Gross profit | €401.0M | €849.0M | €1.35B | €1.72B | €2.02B | €2.59B | €2.93B | €3.40B | €4.72B | €5.50B |
| Gross margin | 13.6% | 20.8% | 25.7% | 25.5% | 25.6% | 26.8% | 25.0% | 25.6% | 30.1% | 32.0% |
| Operating income | −€349.0M | −€378.0M | −€43.0M | −€73.0M | −€293.0M | €94.0M | −€659.0M | −€446.0M | €1.36B | €2.20B |
| Operating margin | −11.8% | −9.2% | −0.8% | −1.1% | −3.7% | 1.0% | −5.6% | −3.4% | 8.7% | 12.8% |
| Net income | −€539.0M | −€1.24B | −€78.0M | −€186.0M | −€581.0M | −€34.0M | −€430.0M | −€532.0M | €1.14B | €2.21B |
| Net margin | −18.3% | −30.2% | −1.5% | −2.7% | −7.4% | −0.4% | −3.7% | −4.0% | 7.3% | 12.9% |
| EPS (diluted) | −€3.63 | −€8.14 | −€0.51 | −€1.03 | −€3.10 | −€1.03 | −€2.93 | −€2.73 | €5.50 | €10.51 |
| Balance sheet | ||||||||||
| Cash and equivalents | €755.0M | €477.0M | €891.0M | €1.06B | €1.15B | €2.74B | €2.48B | €3.11B | €4.78B | €5.26B |
| Total assets | — | €3.11B | €4.34B | €5.12B | €6.33B | €7.17B | €7.64B | €8.35B | €12.0B | €15.0B |
| Total liabilities | — | €2.87B | €2.24B | €3.08B | €3.52B | €5.05B | €5.24B | €5.82B | €6.48B | €6.69B |
| Shareholders' equity | −€240.0M | €238.0M | €2.09B | €2.04B | €2.81B | €2.12B | €2.40B | €2.52B | €5.53B | €8.33B |
| Cash flow | ||||||||||
| Operating cash flow | €101.0M | €179.0M | €344.0M | €573.0M | €259.0M | €361.0M | €46.0M | €680.0M | €2.30B | €2.93B |
| Capital expenditure | €27.0M | €36.0M | €125.0M | €135.0M | €78.0M | €85.0M | €25.0M | €6.00M | €17.0M | €61.0M |
| Free cash flow | €74.0M | €143.0M | €219.0M | €438.0M | €181.0M | €276.0M | €21.0M | €674.0M | €2.28B | €2.87B |
| Dividends paid | — | — | €0 | €0 | — | €0 | — | — | — | — |
| Share buybacks | €0 | €0 | €72.0M | €438.0M | €0 | €89.0M | €2.00M | €0 | €0 | €439.0M |
From Spotify Technology's 20-F filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. Amounts are in Euro (EUR), as reported, not converted to dollars. Per-share figures are per ordinary share, which is not always the share traded in the US: an ADS can stand for several, or for part of one. Filings on SEC EDGAR →
About Spotify Technology
- Headquarters
- Luxembourg, Luxembourg From SEC filings, Oct 2026
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