Spotify Technology (SPOT) EBITDA Margin (2017 - 2026)
Spotify Technology (SPOT) reported EBITDA Margin of 14.19% for Q3 2026, unchanged from 14.19% a year earlier and down 0.13 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) EBITDA Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Spotify Technology's EBITDA Margin came in at 15.19%, up 2.86 percentage points year-over-year; for FY2025, it came in at 13.38%, up 3.90 percentage points from FY2024.
- EBITDA Margin has increased for three consecutive years, with a five-year change of +15.69 percentage points (FY2020 to FY2025).
- By year, EBITDA Margin came in at 9.48% in FY2024 (+11.66 pp), -2.17% in FY2023 (+1.99 pp), -4.16% in FY2022 (-6.45 pp) and 2.29% in FY2021 (+4.60 pp).
- Five-year quarterly EBITDA Margin spans a low of -6.39% in Q2 2023 and a high of 16.35% in Q1 2026.
- Year over year, EBITDA Margin gained in seven of the last eight quarters, with an average year-over-year change of +4.58 percentage points.
- The high point for year-over-year EBITDA Margin in five years was Q2 2024 (a gain of 14.16 percentage points); the low point was Q3 2022 (a drop of 10.38 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 14.32% (Q2 2026), 16.35% (Q1 2026) and 16.02% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,394.62 Bn | 3,078.49 Bn | - | - |
| 2 | Meta Platforms | 1,562.01 Bn | 1,562.01 Bn | - | - |
| 3 | Netflix | 255.92 Bn | 217.22 Bn | 6.80 Bn | 68.36% |
| 4 | Alibaba Group Holding | 227.02 Bn | 40.65 Bn | 15.16 Bn | - |
| 5 | Shopify | 203.21 Bn | 180.40 Bn | 1.71 Bn | 13.82% |
| 6 | Uber Technologies | 132.34 Bn | 104.14 Bn | 6.38 Bn | 14.69% |
| 7 | Spotify Technology | 121.64 Bn | 78.55 Bn | 1.89 Bn | 14.19% |
| 8 | Booking Holdings | 113.63 Bn | 46.68 Bn | - | 35.76% |
| 9 | PDD Holdings | 109.85 Bn | -134.20 Bn | 9.48 Bn | - |
| 10 | Airbnb | 97.28 Bn | 50.51 Bn | 2.98 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 14.19% |
| Jun 30, 2026 | 14.32% |
| Mar 31, 2026 | 16.35% |
| Dec 31, 2025 | 16.02% |
| Sep 30, 2025 | 14.19% |
| Jun 30, 2025 | 10.30% |
| Mar 31, 2025 | 12.79% |
| Dec 31, 2024 | 11.95% |
| Sep 30, 2024 | 12.14% |
| Jun 30, 2024 | 7.78% |
| Mar 31, 2024 | 5.47% |
| Dec 31, 2023 | -1.12% |
| Sep 30, 2023 | 2.03% |
| Jun 30, 2023 | -6.39% |
| Mar 31, 2023 | -3.68% |
| Dec 31, 2022 | -5.72% |
| Sep 30, 2022 | -6.06% |
| Jun 30, 2022 | -5.38% |
| Mar 31, 2022 | 1.16% |
| Dec 31, 2021 | 0.97% |
API Access
Spotify Technology EBITDA Margin 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=ebitda-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "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=ebitda-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();