Spotify Technology (SPOT) EV to EBITDA (2019 - 2026)
Spotify Technology's (SPOT) quarterly EV to EBITDA came in at 109.79 in Q2 2026, down 65.67% year-over-year from 319.8 in Q2 2025, and up 2.61% quarter-over-quarter from 107.0 in Q1 2026.
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Analysis
Spotify Technology (SPOT) EV to EBITDA (2019 - 2026) Analysis & Trends
Spotify Technology has disclosed EV to EBITDA across 9 years of filings, most recently posting 109.79 for Q2 2026.
- In Q2 2026, EV to EBITDA fell 65.67% year-over-year to 109.79; the TTM figure through Jun 2026 stood at 27.01 (down 63.18% YoY), while the FY2025 annual figure was 42.41, down 25.68% from the prior year.
- EV to EBITDA came in at 109.79 for Q2 2026 at Spotify Technology, up from 107.0 in the prior quarter.
- In the past five years, EV to EBITDA ranged from a high of 741.98 in Q3 2023 to a low of 3719.77 in Q1 2022.
- Average EV to EBITDA over 5 years is 110.22, with a median of 121.06 recorded in 2024.
- The largest YoY upside for EV to EBITDA was 1423.65% in 2023 against a maximum downside of 701.77% in 2023.
- Over 5 years, EV to EBITDA stood at 50.25 in 2022, then slumped by 701.77% to 402.89 in 2023, then surged by 140.53% to 163.3 in 2024, then fell by 18.57% to 132.98 in 2025, then decreased by 17.43% to 109.79 in 2026.
- Per Business Quant data, the three most recent EV to EBITDA figures were 109.79 in Q2 2026, 107.0 in Q1 2026, and 132.98 in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 35.50 |
| Mar 31, 2026 | 42.72 |
| Dec 31, 2025 | 60.52 |
| Sep 30, 2025 | 88.41 |
| Jun 30, 2025 | 85.07 |
| Mar 31, 2025 | 53.07 |
| Dec 31, 2024 | 51.76 |
| Sep 30, 2024 | 64.53 |
| Jun 30, 2024 | 99.23 |
| Jun 30, 2022 | 515.83 |
| Mar 31, 2022 | 102.79 |
| Dec 31, 2021 | 156.38 |
| Sep 30, 2021 | 211.59 |
| Jun 30, 2021 | 1,129.68 |
| Mar 31, 2020 | 373.60 |
| Dec 31, 2019 | 1,658.12 |
| Sep 30, 2019 | 99.35 |
| Jun 30, 2019 | 231.16 |
API Access
Spotify Technology EV to EBITDA 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=ev-to-ebitda&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "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=ev-to-ebitda&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();