# 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: 2026-09-28T16:58:47.934Z.
Coverage: 2023-03-31 to 2026-06-30. Rows 1–14 of 14.
Snapshot checked: 2026-10-18T16:48:35.628Z. Last validated: 2026-10-18T16:48:35.628Z.

## 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-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-58cedd36b71c8106](https://www.sec.gov/Archives/edgar/data/1639920/000163992023000007/spot-20230331x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 58cedd36b71c8106b7532d2af401ad427c8293c189e7078460f5676ff9893564
- [filing-c2012ad04bbefd8a](https://www.sec.gov/Archives/edgar/data/1639920/000163992023000010/spot-20230630x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 c2012ad04bbefd8ac51e28991c52373c0f5357ee9cf49e1d574325ed2e9966a7
- [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-f1e587e3e6cc58a8](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000007/spot-20240331x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 f1e587e3e6cc58a8d76c42d8e136cc8cd715af097832065d2d4063d8f3e621bd
- [filing-96a57c42aaf4a95b](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000009/spot-20240630x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 96a57c42aaf4a95b4ef2f84580b1b2a0e14869f742d8efe4f229eef572df621e
- [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-3e7890fdb52992e5](https://www.sec.gov/Archives/edgar/data/1639920/000163992025000006/spot-20250331x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 3e7890fdb52992e5ac51dd2ad9880e723c7b64f2d17de4de69c14ec125389f41
- [filing-064ef020d83a11da](https://www.sec.gov/Archives/edgar/data/1639920/000163992025000012/spot-20250630x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 064ef020d83a11da1e8a4b28d0e463dcc589fe2066c51d2303637af08f854d4f
- [filing-a3da41dae19fa24d](https://www.sec.gov/Archives/edgar/data/1639920/000162828025048927/spot-20250930x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 a3da41dae19fa24ddba1256744d1454005740dc86ae3a6e9728403bfff55dd5b
- [filing-99e5c4a49ef9226e](https://www.sec.gov/Archives/edgar/data/1639920/000162828026027951/spot-20260331x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 99e5c4a49ef9226e0c69b25a2456fd691244c189761040713795fda9ad8eff7f
- [filing-8acc11560c12eec5](https://www.sec.gov/Archives/edgar/data/1639920/000162828026052543/spot-20260630x6xk.htm) · Retrieved 2026-09-28T01:43:39.198Z · SHA-256 8acc11560c12eec51bbb72bb03b07eaea5f8aaa68f4bda6775a43b03e8ed7196
- [inline-0001639920-048603b2570c](https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/ck0001639920-20251231.htm) · Retrieved 2026-10-17T21:50:45.784Z · SHA-256 048603b2570cb0d981cbe91a713c76acff9f9a22a3e79b54c947f2aa189e3c23
- [inline-0001639920-7a70d293ff51](https://www.sec.gov/Archives/edgar/data/1639920/000163992024000004/ck0001639920-20231231.htm) · Retrieved 2026-10-18T12:13:39.251Z · SHA-256 7a70d293ff51aaa5e5a9a831543b275a0e76035c35c69f4525bab04b443abf29

## 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.