Spotify Technology (SPOT) Cost of Revenue (2017 - 2026)
Spotify Technology (SPOT) posted Cost of Revenue of $3.6 billion for Q1 2026, up 0.77% sequentially from $3.5 billion in Q4 2025, and up 18.06% YoY from $3.0 billion in Q1 2025.
Spotify Technology (SPOT) Cost of Revenue (2017 - 2026) Analysis & Trends
Spotify Technology has reported Cost of Revenue for 10 years, with the latest figure at $3.6 billion in Q1 2026.
- Quarterly Cost of Revenue rose 18.06% year-over-year to $3.6 billion in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $13.8 billion (up 14.57% YoY) and the FY2025 annual result came in at $13.6 billion, up 16.3% from the prior year.
- Cost of Revenue improved to $3.6 billion in Q1 2026 per SPOT's latest filing, from $3.5 billion in the prior quarter.
- Over five years, Cost of Revenue peaked at $3.6 billion in Q1 2026 and troughed at $2.2 billion in Q1 2022.
- A 5-year average of $2.9 billion and a median of $2.9 billion in 2023 frame the typical range for Cost of Revenue.
- The sharpest annual moves came in 2023 and 2025: Cost of Revenue advanced 20.0% in 2023, then climbed 5.36% in 2025.
- Over 5 years, Cost of Revenue stood at $2.4 billion in 2022, then rose by 20.0% to $2.9 billion in 2023, then increased by 6.07% to $3.1 billion in 2024, then grew by 14.92% to $3.5 billion in 2025, then advanced by 0.77% to $3.6 billion in 2026.
- According to Business Quant data, Cost of Revenue over the past three periods registered $3.6 billion, $3.5 billion, and $3.4 billion for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,258.20 Bn | 3,829.16 Bn | 73.85 Bn | 45.94 Bn |
| 2 | Meta Platforms | 1,548.74 Bn | 1,458.48 Bn | 49.47 Bn | 11.33 Bn |
| 3 | Taboola.com | 1,143.24 Bn | 1,143.10 Bn | 139.48 Mn | 337.35 Mn |
| 4 | Baidu | 288.32 Bn | 283.82 Bn | 1.88 Mn | 2.84 Bn |
| 5 | Spotify Technology | 105.26 Bn | 95.02 Bn | 1.75 Bn | 3.56 Bn |
| 6 | Joyy | 78.34 Bn | 77.45 Bn | 205.64 Mn | 376.28 Mn |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 131,586.00 |
| 8 | Nebius | 49.85 Bn | 40.22 Bn | 295.20 Mn | 103.80 Mn |
| 9 | 30.93 Bn | 28.14 Bn | 734.60 Mn | 70.31 Mn | |
| 10 | Tencent Music Entertainment | 27.51 Bn | 24.81 Bn | 514.00 Mn | 630.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 3.56 Bn |
| Mar 31, 2026 | 3.56 Bn |
| Dec 31, 2025 | 3.53 Bn |
| Dec 31, 2025 | 3.53 Bn |
| Sep 30, 2025 | 3.41 Bn |
| Sep 30, 2025 | 3.41 Bn |
| Jun 30, 2025 | 3.25 Bn |
| Jun 30, 2025 | 3.25 Bn |
| Mar 31, 2025 | 3.01 Bn |
| Mar 31, 2025 | 3.01 Bn |
| Dec 31, 2024 | 3.07 Bn |
| Dec 31, 2024 | 3.07 Bn |
| Sep 30, 2024 | 3.02 Bn |
| Sep 30, 2024 | 3.02 Bn |
| Jun 30, 2024 | 2.90 Bn |
| Jun 30, 2024 | 2.90 Bn |
| Mar 31, 2024 | 2.86 Bn |
| Mar 31, 2024 | 2.86 Bn |
| Dec 31, 2023 | 2.90 Bn |
| Dec 31, 2023 | 2.90 Bn |