{"schemaVersion":1,"research":true,"symbol":"spot","name":"Spotify","topic":"moat","path":"/stock/spot/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:14:52.359Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Spotify demonstrates realized Premium price increases, subscriber growth and improved operating cash generation, but these passages do not establish a durable structural advantage. Personalization and sharing provide potential differentiation without demonstrated switching costs or network effects. Advertising rate weakness contrasts with Premium pricing strength. Licensed content commitments and dependence on external distribution remain erosion channels; they do not establish realized competitive failure.","advantages":[{"mechanism":"intangible_assets","claim":"Personalization, discovery and sharing features are demonstrated product capabilities, but their contribution to a defensible competitive advantage remains unproven.","durability":"No demonstrated period of competitive protection is established. Feature availability and subscriber growth do not establish proprietary superiority, customer dependency or resistance to imitation.","risks":"Differentiation requires continued product investment and access to third-party content and distribution. Advertising rates already weakened, although the passages do not attribute this to competitive displacement.","invalidation":"The differentiation hypothesis would be undermined by comparable alternatives producing equivalent engagement, sustained deterioration in repeat listening or subscriber renewals, or price increases causing customer losses that outweigh higher revenue per remaining subscriber. Sustained cohort retention after repricing and demonstrated recommendation superiority would support reconsidering the uncertain verdict.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"User experience: management description of AI personalization","excerpt":"We continue to enhance the user experience by embedding AI to improve discovery and personalization across our platform."},{"id":"e2","sourceId":"filing-1","location":"User experience: AI Playlist market expansion","excerpt":"In April 2025, we expanded our AI Playlist feature to over 40 markets, enabling users to generate personalized playlists using written prompts."},{"id":"e3","sourceId":"filing-1","location":"User experience: Messages launch","excerpt":"We also introduced Messages on August 26, 2025, giving mobile users in select markets a fast and convenient way to share and discuss music, podcasts, and audiobooks with friends."},{"id":"e4","sourceId":"filing-1","location":"Operating results: Premium subscriber growth and ARPU","excerpt":"The increase was due primarily to an increase in the number of Premium Subscribers, partially offset by a decrease in Premium ARPU, as described above."},{"id":"e5","sourceId":"filing-1","location":"Commitments and contingencies: third-party content licensing","excerpt":"As a general matter, the music and other content made available on the Group’s Service are licensed to the Group by various third parties."},{"id":"e6","sourceId":"filing-1","location":"Financial statement commitments: minimum royalties and non-cancelable spending","excerpt":"Commitments The Group is subject to the following minimum guarantees relating to the content on its Service, the majority of which relate to minimum royalty payments associated with its license agreements for the use of licensed content, as at December 31: 2025 2024 2023 (in € millions) Not later than one year 1,123 3,021 1,055 Later than one year but not more than five years 1,490 1,399 3,610 Total 2,613 4,420 4,665 In addition, the Group is subject to various non-cancelable purchase obligations and service agreements with minimum spend commitments, including a service agreement with Google for the use of Google Cloud Platform and certain content and marketing commitments as at December 31: 2025 2024 2023 (in € millions) Not later than one year 626 598 453 Later than one year but not more than five years 896 1,021 1,369 More than five years 53 68 83 Total 1,575 1,687 1,905 Contingencies Various legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group."},{"id":"e7","sourceId":"filing-1","location":"Operational risks: dependence on external platforms and standards","excerpt":"Risks Related to Our Operations Streaming depends on effectively working with operating systems, online platforms, hardware, networks, regulations, and standards we do not control."},{"id":"e8","sourceId":"filing-1","location":"Operating results: advertising rate and impression declines","excerpt":"This decrease was due primarily to a decrease in our direct music channels and ad sales from podcasts of €116 million due to a decrease in fixed-CPM rates as well as a decrease in music impressions sold."},{"id":"e9","sourceId":"filing-1","location":"Annual Premium ARPU: contribution from price increases","excerpt":"These decreases were largely offset by an increase in Premium ARPU of €0.25 as a result of price increases."},{"id":"e10","sourceId":"filing-1","location":"Annual Premium ARPU: currency and mix effects","excerpt":"This decrease of €0.06 was primarily attributable to unfavorable movements in foreign exchange rates, decreasing Premium ARPU by €0.17, and changes in product and market mix, decreasing Premium ARPU by €0.14."},{"id":"e11","sourceId":"filing-2","location":"2024 annual Premium ARPU: price, mix and currency contributions","excerpt":"The increase of €0.30 was primarily driven by price increases resulting in an increase in Premium ARPU of €0.49, partially offset by changes in product and market mix, decreasing Premium ARPU by €0.12, as well as unfavorable movements in foreign exchange rates, decreasing Premium ARPU by €0.07."},{"id":"e12","sourceId":"filing-2","location":"2024 operating results: Premium subscriber and ARPU growth","excerpt":"The increase was due primarily to an increase in the number of Premium Subscribers and an increase in Premium ARPU of 7%, as noted above."},{"id":"e13","sourceId":"filing-1","location":"Operating results: automated advertising and biddable offerings","excerpt":"This decrease was partially offset by an increase in our automated sales channels of €103 million driven by an increase in music impressions sold primarily on our biddable offerings."},{"id":"e14","sourceId":"filing-2","location":"Historical operating income and losses","excerpt":"While for the year ended December 31, 2024, we had operating income of €1,365 million, for the years ended December 31, 2023 and December 31, 2022, our operating losses were €446 million and €659 million, respectively."},{"id":"e15","sourceId":"filing-1","location":"Liquidity: increase in operating cash flows","excerpt":"For the year ended December 31, 2025, as compared to 2024, net cash flows from operating activities increased by €632 million."},{"id":"e16","sourceId":"filing-1","location":"Liquidity: operating earnings contribution to cash-flow improvement","excerpt":"The increase was due primarily to an increase of €767 million in operating income adjusted for non-cash items including depreciation, amortization, impairment, and share-based compensation expense."},{"id":"e17","sourceId":"filing-1","location":"Financing cash flows: option proceeds and repurchases","excerpt":"The change from €729 million of net cash flows from financing activities in 2024 to €381 million of net cash flows used in financing activities in 2025 was due primarily to a decrease in proceeds from the exercise of stock options of €561 million and an increase in repurchases of ordinary shares of €439 million."},{"id":"e18","sourceId":"filing-1","location":"Share repurchases: cumulative program purchases","excerpt":"As of December 31, 2025, the Company repurchased 1,237,497 shares for €530 million under this program."},{"id":"e19","sourceId":"filing-1","location":"Capital management: repurchase funding","excerpt":"The Company uses current cash and cash equivalents and the cash flow it generates from operations to fund the share repurchase program."},{"id":"e20","sourceId":"filing-1","location":"Executive compensation: actual 2025 incentive awards and allocations","excerpt":"The following table shows the dollar amount of incentive compensation awarded to each named executive officer, as well as the allocations chosen by each such individual: Named Executive Officer Aggregate Long-Term Incentive Award Dollar Value ($) 2025 At-the-Money Stock Option Allocation 2025 Out-of-the-Money Stock Option Allocation 2025 RSU Allocation 2025 Cash Allocation ($) Daniel Ek — — — — — Alex Norström 12,500,000 31,133 — 10,378 — Gustav Söderström 12,500,000 31,133 — 10,378 — Christian Luiga 5,000,000 6,227 — — 3,750,000 Dustee Jenkins 4,500,000 11,208 — 3,736 — 65 Table of Contents Long-Term Incentive Award Decisions Each year our people experience and compensation committee reviews and, if needed, recommends updates to our current equity program to our board of directors for approval in order to incentivize our employees, including our named executive officers."},{"id":"e21","sourceId":"filing-1","location":"Related parties: recognized key management compensation","excerpt":"2025 2024 2023 (in € millions) Key management compensation Short term employee benefits 5 7 10 Share-based compensation 32 37 33 Total 37 44 43 Other related party transactions On August 23, 2021, the Company issued, for €31 million, warrants to acquire 800,000 ordinary shares to Mr."},{"id":"e22","sourceId":"filing-1","location":"Corporate governance: absence of nominating and governance committee","excerpt":"We do not have a nominating and corporate governance committee."},{"id":"e23","sourceId":"filing-1","location":"Corporate governance: shareholder approval requirements for compensation","excerpt":"Under home country practice, shareholder approval of stock option plans and other equity compensation arrangements is not required; however, we are required to seek shareholder approval of the compensation paid to our directors."},{"id":"e24","sourceId":"filing-1","location":"Related parties: audit committee transaction approval policy","excerpt":"Our board of directors has adopted the Related Party Transaction Policy, which requires that any material transaction between us and any related party, including our directors and senior management as well as their family members, be reviewed and approved by the audit committee to ensure that the transaction is on terms comparable to those that could be obtained in arm’s length dealings with an unrelated third party."},{"id":"e25","sourceId":"filing-1","location":"Metrics risks: internal data without independent validation","excerpt":"These metrics are calculated using internal company data and have not been validated by an independent third party."},{"id":"e26","sourceId":"filing-1","location":"Operating results: Premium, advertising and total revenue","excerpt":"2024 2024 vs. 2023 (in € millions, except percentages) Premium 15,350 13,819 11,566 1,531 11 % 2,253 19 % Ad-Supported 1,836 1,854 1,681 (18) (1) % 173 10 % Total 17,186 15,673 13,247 1,513 10 % 2,426 18 % Premium revenue For the years ended December 31, 2025 and 2024, Premium revenue comprised 89% and 88%, respectively, of our total revenue."},{"id":"e27","sourceId":"filing-1","location":"Segment information: royalty rates agreed with rights holders","excerpt":"Royalty costs are primarily recorded in each segment based on specific rates for each segment agreed to with rights holders."},{"id":"e28","sourceId":"filing-1","location":"Subsequent events: additional content license commitments","excerpt":"Subsequent to the end of the reporting period, the Group signed several license agreements with certain content providers which include minimum guarantee and spend commitments of approximately €202 million over the next three years."}],"changes":["The uncertain moat verdict is unchanged from the previous accepted analysis.","Added the 2024 pricing outcome, which strengthens evidence of repeated Premium repricing, alongside realized 2025 advertising rate weakness.","Added explicit management assessments using actual compensation, cash-flow, repurchase and governance disclosures."],"limitations":["All evidence comes from issuer filings. Operating results and contractual disclosures support numerical assessments, but product objectives and risk scenarios are not demonstrated competitive outcomes.","No supplied passage establishes a named company's role as a competitor. Investment holdings, suppliers and partners are not treated as competitors; competitor coverage remains insufficient.","The passages lack comparative recommendation performance, cohort retention, churn, switching behavior, market shares and relative acquisition costs.","Full customer pricing terms, executive performance conditions, ownership percentages and voting-control totals are absent.","Sources retain dateKind filed: filing-1 on 2026-02-10, filing-2 on 2025-02-05 and filing-3 on 2024-02-08. Subsequent-event commitments are distinguished from year-end commitments.","Evidence references identify immutable catalog passages instead of reproducing quotations."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Launched personalization and social features establish capabilities, but no comparative evidence establishes a structural advantage.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":null,"rationale":"Repeated commercial growth and repricing do not establish a durable barrier to imitation or entry. Content and distribution dependencies leave protection uncertain.","evidenceIds":["e4","e5","e7","e11"]},{"criterion":"customer_dependency","grade":null,"rationale":"Subscriber growth does not identify switching friction, retained cohorts or customer dependency.","evidenceIds":["e4","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Premium strength and advertising weakness provide mixed commercial signals without establishing how a structural advantage withstands competitive pressure.","evidenceIds":["e8","e9","e26"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Price increases contributed €0.49 to annual Premium ARPU in 2024 and €0.25 in 2025, while subscribers grew. Premium represented 89% of 2025 revenue, supporting strong demonstrated pricing despite weaker advertising rates and currency and mix offsets. This does not establish exceptional durability.","evidenceIds":["e9","e10","e11","e12","e4","e8","e26"]},{"criterion":"retention","grade":2,"rationale":"Subscriber growth alongside realized repricing in 2024 and 2025 provides indirect evidence of continuing demand. Net growth can conceal customer departures; no retention rate or cohort evidence is supplied.","evidenceIds":["e4","e9","e11","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"The 2024 operating profit following losses and 2025 improvement in operating cash generation indicate improved ability to cover costs. Royalty commitments and advertising rate weakness temper that evidence. The passages do not isolate price-driven margin effects or supply a comparable margin series.","evidenceIds":["e14","e15","e16","e6","e8"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented subscription increases demonstrate practical repricing ability, and biddable advertising supports market-based price formation. Negotiated royalty rates and minimum commitments constrain economic flexibility. Full customer pricing restrictions and renewal terms are not supplied.","evidenceIds":["e9","e11","e13","e27","e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash flows improved by €632 million in 2025, and repurchases were funded from cash and operations. Minimum royalty commitments declined, but substantial commitments and additional subsequent agreements remain. Repurchases and option-related financing demonstrate actual activity, without establishing buyback value creation or comprehensive investment returns.","evidenceIds":["e15","e16","e17","e18","e19","e6","e28"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 awards included options and RSUs, and recognized management compensation was predominantly share-based, providing equity exposure. Executives could choose different allocations, including cash. Supplied disclosures do not establish executive performance hurdles, full vesting terms or ownership requirements.","evidenceIds":["e20","e21"]},{"criterion":"execution","grade":3,"rationale":"Premium revenue grew 11% in 2025 with subscriber growth and realized repricing, following subscriber and ARPU growth in 2024. Product launches and improved operating cash generation reinforce execution. This is an indirect assessment from business outcomes; advertising weakness and internally measured user metrics limit the conclusion.","evidenceIds":["e26","e4","e9","e12","e2","e3","e15","e16","e8","e25"]},{"criterion":"governance","grade":2,"rationale":"The adopted related-party policy requires audit committee review of material transactions. Counterbalancing weaknesses include no nominating and governance committee and no general shareholder approval requirement for equity plans under home-country practice. Actual disclosures support a mixed assessment; complete board independence and voting-control information are missing.","evidenceIds":["e22","e23","e24"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"8c8695e78cfbbf2379603183f51f4f60ac560c5f024c32847a31f1089e01c048","updatedAt":"2026-10-18T12:14:52.359Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/ck0001639920-20251231.htm","publishedAt":"2026-02-10","sha256":"048603b2570cb0d981cbe91a713c76acff9f9a22a3e79b54c947f2aa189e3c23","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1639920/000163992025000003/ck0001639920-20241231.htm","publishedAt":"2025-02-05","sha256":"b70c3248ce8e0770092b7e9af1c503cbc11f60c511979937ec07fb48ceeed565","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1639920/000163992024000004/ck0001639920-20231231.htm","publishedAt":"2024-02-08","sha256":"7a70d293ff51aaa5e5a9a831543b275a0e76035c35c69f4525bab04b443abf29","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:beb486c01e2c64f142cc67455d9b915cf24a5c865d38ba08beaeeb901d1f0115","usage":{"input_tokens":55148,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3214,"reasoning_output_tokens":149},"basisSupplement":{"previousHash":"743ca6ed906a5525fe73083083aedb68047473b1713b51a6a8b9acd349988100","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":26.799751758378154,"operating_margin":0.9722796855606123,"roic":null,"fcf_margin":2.8547786512205215,"sbc_revenue":2.306578402978899},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted 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price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":25.643541934022796,"operating_margin":-3.366800030195516,"roic":null,"fcf_margin":5.087944440250623,"sbc_revenue":2.4231901562617955},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable for this period.","ev_sales":"A validated closing price in the reporting currency is unavailable for this period.","ev_ebitda":"A validated closing price in the reporting currency is unavailable for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":30.141006827027372,"operating_margin":8.709245198749443,"roic":null,"fcf_margin":14.572832259299432,"sbc_revenue":1.7035666432718688},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must 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period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":31.979518212498547,"operating_margin":12.78947980914698,"roic":null,"fcf_margin":16.71127662050506,"sbc_revenue":1.4372163388804842},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is 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.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted 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period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/ck0001639920-20251231.htm","publishedAt":"2026-02-10","sha256":"048603b2570cb0d981cbe91a713c76acff9f9a22a3e79b54c947f2aa189e3c23","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1639920/000163992025000003/ck0001639920-20241231.htm","publishedAt":"2025-02-05","sha256":"b70c3248ce8e0770092b7e9af1c503cbc11f60c511979937ec07fb48ceeed565","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1639920/000163992024000004/ck0001639920-20231231.htm","publishedAt":"2024-02-08","sha256":"7a70d293ff51aaa5e5a9a831543b275a0e76035c35c69f4525bab04b443abf29","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}