Spotify

Liquidity is strong with approximately €8.4 billion in cash and short‑term investments at Q2 2025 and positive TTM free cash flow around €2.82 billion.

The 0 percent exchangeable notes are due March 2026 and currently classified as a current liability; given cash on hand and ongoing cash generation, refinancing or settlement risk appears manageable. Spotify has modest capex needs and an asset‑light model.

Key obligations remain minimum guarantees and content costs, but the balance sheet comfortably supports operations and investment.