Spotify Technology (SPOT) Cost of Revenue (2017 - 2026)
Spotify Technology (SPOT) reported Cost of Revenue of $3.7 billion for the quarter ended Jun 30, 2026, up 13.7% from $3.25 billion a year earlier and up 4.0% from the prior quarter.
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Analysis
Spotify Technology (SPOT) Cost of Revenue (2017 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Spotify Technology's Cost of Revenue came in at $14.2 billion, up 14.9% year-over-year; for the year ended Dec 31, 2025, it was $13.61 billion, up 16.3% from the prior year.
- Cost of Revenue has increased for nine consecutive years, with a five-year compound annual growth rate of 15.2% (years ended Dec 2020 to Dec 2025).
- By year, Cost of Revenue came in at $11.7 billion in the year ended Dec 31, 2024 (+10.4%), $10.6 billion in the year ended Dec 31, 2023 (+18.0%), $8.98 billion in the year ended Dec 31, 2022 (+10.9%) and $8.1 billion in the year ended Dec 31, 2021 (+20.9%).
- The figure for the quarter ended Jun 30, 2026 ranks as the highest quarterly Cost of Revenue in data going back to the quarter ended Mar 31, 2017.
- Year over year, Cost of Revenue has now increased in each of the last 34 quarters, with growth averaging 11.9% over the last eight quarters.
- Over the past five years, the year-over-year growth in Cost of Revenue ranged from 5.4% (the quarter ended Mar 31, 2025) to 24.5% (the quarter ended Sep 30, 2021).
- Per Business Quant data, the three quarters before the quarter ended Jun 30, 2026 came in at $3.56 billion (quarter ended Mar 31, 2026), $3.53 billion (quarter ended Dec 31, 2025) and $3.41 billion (quarter ended Sep 30, 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,273.02 Bn | 4,030.55 Bn | 73.85 Bn | 45.94 Bn |
| 2 | Meta Platforms | 1,882.67 Bn | 1,585.19 Bn | 49.47 Bn | 11.33 Bn |
| 3 | Netflix | 292.72 Bn | 252.92 Bn | 6.52 Bn | 6.04 Bn |
| 4 | Alibaba Group Holding | 258.66 Bn | 82.26 Bn | 15.11 Bn | 24.48 Bn |
| 5 | Shopify | 221.29 Bn | 198.47 Bn | 1.71 Bn | 1.88 Bn |
| 6 | Uber Technologies | 145.86 Bn | 117.84 Bn | 6.38 Bn | 7.82 Bn |
| 7 | Booking Holdings | 120.48 Bn | 53.53 Bn | - | - |
| 8 | PDD Holdings | 115.79 Bn | -126.92 Bn | 9.45 Bn | 7.08 Bn |
| 9 | Spotify Technology | 108.98 Bn | 66.21 Bn | 1.86 Bn | 3.70 Bn |
| 10 | Airbnb | 97.86 Bn | 51.09 Bn | 2.98 Bn | 633.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.70 Bn |
| Mar 31, 2026 | 3.56 Bn |
| Dec 31, 2025 | 3.53 Bn |
| Sep 30, 2025 | 3.41 Bn |
| Jun 30, 2025 | 3.25 Bn |
| Mar 31, 2025 | 3.01 Bn |
| Dec 31, 2024 | 3.07 Bn |
| Sep 30, 2024 | 3.02 Bn |
| Jun 30, 2024 | 2.90 Bn |
| Mar 31, 2024 | 2.86 Bn |
| Dec 31, 2023 | 2.90 Bn |
| Sep 30, 2023 | 2.69 Bn |
| Jun 30, 2023 | 2.63 Bn |
| Mar 31, 2023 | 2.44 Bn |
| Dec 31, 2022 | 2.41 Bn |
| Sep 30, 2022 | 2.30 Bn |
| Jun 30, 2022 | 2.30 Bn |
| Mar 31, 2022 | 2.23 Bn |
| Dec 31, 2021 | 2.26 Bn |
| Sep 30, 2021 | 2.16 Bn |
API Access
Spotify Technology Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "SPOT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();