FINANCIAL PERFORMANCE

Spotify Reports Fourth Quarter 2025 Earnings

February 10, 2026

Today, we announced our fourth quarter 2025 earnings, marking a strong finish to the year with exceptional user growth and continued momentum across the business.

Daniel Ek, Founder and Executive Chairman, said: “Today, what we’ve really built is a technology platform for audio—and increasingly, for all the ways creators connect with audiences. And this identity will matter even more going forward. The next wave of technology shifts—AI, new interfaces, wearables, new ways of interacting with content—these will reshape how people discover and experience audio and media. The hard problems ahead—in music, in podcasts, in books, in video, in live, and in things we haven’t built yet—we’re going to keep building the technology to solve them.”

Alex Norström, Co-CEO, said: “We closed out what we dubbed as the Year of Accelerated Execution with another solid quarter, delivering a strong finish to 2025. In Q4, we met or exceeded guidance across all key metrics. We marked our highest quarter ever for MAU net additions. It’s incredible to think that we now serve over three quarters of a billion people around the world…We’re framing 2026 as the Year of Raising Ambition. We were founded to solve what felt like the impossible, and ambition has been the driving force behind our success from our earliest days. And ambition will be a guiding principle of our next chapter.”

Gustav Söderström, Co-CEO, said: “We consider ourselves the R&D department for the music industry. Our job is to understand new technologies quickly and capture their potential, which we’ve done time and again. The entire industry stands to benefit from this [AI] paradigm shift but we believe those who embrace this change and move fast, will benefit the most.”

Q4 2025 Earnings Results

    • Premium Subscribers grew 10% Y/Y to 290 million
    • Monthly Active Users (MAUs) climbed 11% Y/Y to 751 million
    • Total Revenue increased 13% Y/Y constant currency to €4.5 billion
    • Gross Margin improved by 83 bps Y/Y to 33.1%
    • Operating Income reached €701 million

Q4 2025 delivered the highest MAU net adds in Spotify history, reaching 751 million monthly active users, and achieving double-digit subscriber growth. We remain focused on offering extraordinary value for users, while solving problems for creators, artists, authors and the industries they serve. Take a look at this quarter’s highlights below:

Fueling Culture and Connection Between Fans, Creators, and Artists

    • Celebrating Our Biggest. Wrapped. Ever.
      Our 11th annual Wrapped was bigger, bolder, and more layered than ever, celebrating fans, artists, creators, and authors around the world. At the end of the campaign, Wrapped had more than 300 million engaged users and more than 630 million shares on social media globally in 56 languages.
    • Prompted Playlist Puts Listeners in Control
      Prompted Playlist lets Premium users in select markets describe exactly what they want to hear using their own words, putting meaningful control of the algorithm directly in their hands. 
    • Search and Follow Your Favorite Venues
      Listeners can now follow their favorite venues, discover new spots nearby, and explore upcoming lineups, all without leaving the app.
    • Ed Sheeran Brings Billions Club Live to Dublin
      Ed Sheeran brought Billions Club Live to Dublin with a one-night-only performance, playing for 1,700 top fans. Listeners everywhere can now experience the show, available exclusively on Spotify.

Reimagining How People Engage With Books

    • Audiobook Recaps: An Audio Bookmark That Speaks
      Audiobook Recaps help listeners jump back into stories with short, personalized summaries, covering the portion of the book they’ve already heard.
    • Page Match: Moving Seamlessly Between Physical and Audiobook
      Page Match connects physical, e-books, and audiobooks into a single, continuous experience. Readers can scan a page of a printed or e-book and continue the story in the audiobook on Spotify at the moment they left off. Later this spring, users in the U.S. and U.K. can purchase physical books through the Spotify app via a new partnership with Bookshop.org, whose model directly supports independent bookstores.

Supporting Creators, Authors and Partners Across the Ecosystem

    • $11B Paid Out To The Music Industry In 2025
      In 2025, we paid out more than $11 billion to the music industry, the largest annual payment to music creators from any retailer in history, with independent artists and labels accounting for half of all royalties. We also helped artists generate more than $1 billion in ticket sales by connecting fans with live shows through our ticketing partners.
    • Spotify Partner Program Expands to the Nordics
      The Spotify Partner Program expanded to Sweden, Denmark, Finland, and Iceland, unlocking new ways for creators to earn, grow, and connect with fans. 
    • Music Videos Expand in Beta
      Music videos in beta are rolling out to Premium users in the U.S. and Canada, giving fans access to a growing catalog of official videos, from studio releases to live performances and covers.
    • FC Barcelona Partnership Extended Through 2030
      The partnership with FC Barcelona is extended through 2030, continuing a collaboration that brings music, sport, and culture together for fans around the world.
    • Tunetorials Bring Advertising Strategies to Life
      Tunetorials is a new campaign that turns proven advertising strategies into original songs and music videos, blending education and entertainment to help advertisers reach the right audience at the right moment.

Read the full earnings release here and listen to the webcast Q&A on our Investor Relations site here.