# Spotify Margins

NYSE: SPOT · Reporting currency: EUR

[Interactive page](https://beanvest.com/stock/spot/margins) · [JSON with these options](https://beanvest.com/stock/spot/margins.json?range=5Y&deductSbc=false&limit=200&offset=0&frequency=quarterly&wacc=7.7) · [Raw filing inputs](https://beanvest.com/api/v2/financials/spot)

Frequency: quarterly. Newest first. Retrieved: 2026-10-22T21:14:08.633Z.
Coverage: 2023-03-31 to 2026-09-30. Rows 1–15 of 15.
Snapshot checked: 2026-10-19T21:59:30.430Z. Last validated: 2026-10-23T18:30:10.141Z.

## Definitions

- **Gross margin** (`gross_margin`, percent): Gross profit / revenue × 100. Uses revenue − reported cost of revenue when gross profit is absent.
- **Operating margin** (`operating_margin`, percent): Operating income / revenue × 100. Uses reported operating income, or reported pretax income less the complete nonoperating income/expense total when both are available.
- **Net margin** (`net_margin`, percent): Reported net income / revenue × 100.
- **EBITDA margin** (`ebitda_margin`, percent): (Operating income + reported depreciation and amortization) / revenue × 100. An EBITDA proxy, not adjusted EBITDA.
- **Operating cash flow margin** (`ocf_margin`, percent): Operating cash flow / revenue × 100.
- **Free cash flow margin** (`fcf_margin`, percent): Free cash flow / revenue × 100. Reflects the selected reported capex scope and the SBC option.
- **Capex / revenue** (`capex_intensity`, percent): Reported cash capital investment / revenue × 100. Uses PPE purchases or, when those are not separately tagged, the broader productive-assets total.
- **SBC / revenue** (`sbc_revenue`, percent): Reported share-based compensation / revenue × 100.

## Values

| Period | End date | Gross margin (percent) | Operating margin (percent) | Net margin (percent) | EBITDA margin (percent) | Operating cash flow margin (percent) | Free cash flow margin (percent) | Capex / revenue (percent) | SBC / revenue (percent) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026-Q3 | 2026-09-30 | Unavailable | Unavailable | 10.424632722881867 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2026-Q2 | 2026-06-30 | Unavailable | Unavailable | 11.408833996231944 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2026-Q1 | 2026-03-31 | Unavailable | Unavailable | 15.905581292742113 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2025-Q4 | 2025-12-31 | Unavailable | Unavailable | 25.91039505627897 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2025-Q3 | 2025-09-30 | Unavailable | Unavailable | 21.044007490636705 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2025-Q2 | 2025-06-30 | Unavailable | Unavailable | -2.0510374433579774 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2025-Q1 | 2025-03-31 | Unavailable | Unavailable | 5.369928400954653 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2024-Q4 | 2024-12-31 | Unavailable | Unavailable | 8.651579443658651 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2024-Q3 | 2024-09-30 | Unavailable | Unavailable | 7.5225677031093285 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2024-Q2 | 2024-06-30 | Unavailable | Unavailable | 7.197268190175992 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2024-Q1 | 2024-03-31 | Unavailable | Unavailable | 5.418041804180418 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2023-Q4 | 2023-12-31 | Unavailable | Unavailable | -1.9068373740125308 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2023-Q3 | 2023-09-30 | Unavailable | Unavailable | 1.9362526064938934 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2023-Q2 | 2023-06-30 | Unavailable | Unavailable | -9.505823103556816 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 2023-Q1 | 2023-03-31 | Unavailable | Unavailable | -7.396449704142012 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |

## Unavailable values

- gross_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- operating_margin: Operating income is unavailable in the extracted statements for this period.
- ebitda_margin: Operating income is unavailable in the extracted statements for this period.
- ocf_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- fcf_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- capex_intensity: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- sbc_revenue: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- operating_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- ebitda_margin: The reported inputs required for this metric are unavailable in the extracted statements for this period.

## Sources

- [sec-0001639920-cc022970e9b2](https://data.sec.gov/api/xbrl/companyfacts/CIK0001639920.json) · Retrieved 2026-09-28T07:37:41.538Z · SHA-256 cc022970e9b216233a25843b42f2a8a528dd92feb38500f9759c0109fccf84e0
- [filing-39700e42c86e146e](https://www.sec.gov/Archives/edgar/data/1639920/000163992023000007/spot-20230331x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 39700e42c86e146e2bd4fafb098bf6648c42fb58821b8db11e176163c27295f6
- [filing-44247980b63b87b8](https://www.sec.gov/Archives/edgar/data/1639920/000163992023000010/spot-20230630x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 44247980b63b87b8df919ec988d6798568d016b947375a3b69dd8beeb5fff724
- [filing-bd7eda22bc662bf4](https://www.sec.gov/Archives/edgar/data/1639920/000163992023000013/spot-20230930x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 bd7eda22bc662bf4395bee3d535e7aa5c3e8c19bfcbf8311abe38711bc1bb0ee
- [filing-480589e598e0f6db](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000007/spot-20240331x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 480589e598e0f6dba23c5784bce79d46241ec7d3e323bfbea53243c07e355a13
- [filing-ad51daa7ed267473](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000009/spot-20240630x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 ad51daa7ed2674731c9b15df9bf921683fbfde40cd537ec88accc032190bbe46
- [filing-771c86a1de064506](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000013/spot-20240930x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 771c86a1de064506faf7292a7559aee45efeb10edfcd008b7fbf680767f76b05
- [filing-197d0426f0f4fe2f](https://www.sec.gov/Archives/edgar/data/1639920/000163992025000006/spot-20250331x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 197d0426f0f4fe2fe7992359240a8879711fc35ff778f185374a34fbb3e99fdb
- [filing-2e4d890397d3be86](https://www.sec.gov/Archives/edgar/data/1639920/000163992025000012/spot-20250630x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 2e4d890397d3be86e697f360168f7a5ef73940fb4d4825337cb3460eabe4ccae
- [filing-3b264eca06f5d5a3](https://www.sec.gov/Archives/edgar/data/1639920/000162828025048927/spot-20250930x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 3b264eca06f5d5a3c65397aa847527f53e9f45c1b901e5b6bcab1b00b09a7785
- [filing-c2f415e841d25249](https://www.sec.gov/Archives/edgar/data/1639920/000162828026027951/spot-20260331x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 c2f415e841d25249cb621f85dc08acc0822c70f917c8d87cb9ef7f24edbaa7f3
- [filing-4cefcf6f72599526](https://www.sec.gov/Archives/edgar/data/1639920/000162828026052543/spot-20260630x6xk.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 4cefcf6f7259952691f765ed8d4cd2e33d1d8504558f58d830d021758ccd076c
- [filing-02e10dd3effbca3e](https://www.sec.gov/Archives/edgar/data/1639920/000162828026066889/spot-20260930x6xk.htm) · Retrieved 2026-10-22T21:14:08.633Z · SHA-256 02e10dd3effbca3ed6ad3ef7cacb119eade38f2397d964bd9f766e5e91bfc5ff
- [filing-4caad171f08c6afd](https://www.sec.gov/Archives/edgar/data/1639920/000163992023000013/spot-20230930x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 4caad171f08c6afdf73aac572c4e7af0249f8e68e208cde7bb53beacb187edf2
- [filing-195d7d2a6490b57a](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000013/spot-20240930x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 195d7d2a6490b57a4a5022bcc5c54ee11d517b957d875040e428ccaad3422fdc
- [filing-a3da41dae19fa24d](https://www.sec.gov/Archives/edgar/data/1639920/000162828025048927/spot-20250930x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 a3da41dae19fa24ddba1256744d1454005740dc86ae3a6e9728403bfff55dd5b

## Data conventions

- Null means an unavailable input or undefined calculation, never zero. Values are unrounded; money and shares are in millions unless a column states otherwise.
- Fiscal periods use actual reporting start/end dates. Annual reported values are not constructed by adding quarterly EPS or weighted share counts. Partial years are labelled.
- FCF uses operating cash flow minus reported cash capital investment, preferring PPE purchases. The productive-assets fallback can also include software and intangibles. Acquisitions and noncash leases are excluded. Deduct SBC is an optional economic-cost scenario; missing SBC remains unavailable.
- SBC / FCF and SBC / OCF compare amounts from the same fiscal period. SBC / FCF always uses FCF before SBC deduction; nonpositive denominators are undefined and values above 100% remain valid.
- Capital allocation percentages describe available tracked cash uses, not all company spending or a fraction of OCF. Missing categories remain null, negative payments are excluded and SBC is noncash. Annual shares use reported annual amounts.
- Valuation uses completed, split-adjusted closes without dividend adjustment and a complete trailing year. Financial bases become eligible after publication; selected facts can contain later restatements. This is not a vintage-filings backtest.
- Mean and median use all valid observations in the selected date range before pagination. Historical pricing labels compare the latest positive value with its own median and do not estimate intrinsic fair value.
- Reporting currencies are retained without conversion. USD market capitalization, where available, is a separate dated Nasdaq snapshot.
- WACC is an editable US industry scenario across history, not a historical company cost of capital. Industry exclusions, missing inputs and pending filings remain explicit.