Spotify Technology (SPOT) FCF Margin (2017 - 2026)
Spotify Technology's (SPOT) quarterly FCF Margin came in at 18.55% in Q1 2026, up 555.0% year-on-year from 2.83% in Q1 2025, and up 11.19% quarter-over-quarter from 16.69% in Q4 2025.
Spotify Technology (SPOT) FCF Margin (2017 - 2026) Analysis & Trends
Spotify Technology has disclosed FCF Margin across 10 years of filings, most recently posting 18.55% for Q1 2026.
- FCF Margin for Q1 2026 came in at 18.55%, up 555.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 18.08% (up 196.0% YoY), and the FY2025 annual result was 16.71%, up 214.0% from the prior year.
- FCF Margin came in at 18.55% for Q1 2026 at Spotify Technology, up from 16.69% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 20.16% in Q4 2024 to a low of 3.63% in Q4 2022.
- The 5-year median for FCF Margin is 10.51% (2023), against an average of 9.58%.
- Across the five-year window, FCF Margin plunged 865 bps in 2022 and jumped 1415 bps in 2023, its largest moves.
- Spotify Technology's FCF Margin stood at 3.63% in 2022, then jumped by 389 bps to 10.51% in 2023, then surged by 92 bps to 20.16% in 2024, then decreased by 17 bps to 16.69% in 2025, then rose by 11 bps to 18.55% in 2026.
- The last three FCF Margin figures came in at 18.55% (Q1 2026), 16.69% (Q4 2025), and 19.94% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 1,185.69% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 9.21% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 28.74% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 18.55% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 46.90% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | 30.94% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 0.06% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | 18.71% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 23.45% |
| 10 | Match | 8.04 Bn | 7.01 Bn | 653.28 Mn | 20.14% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 18.55% |
| Dec 31, 2025 | 16.69% |
| Sep 30, 2025 | 19.94% |
| Jun 30, 2025 | 17.15% |
| Mar 31, 2025 | 13.01% |
| Dec 31, 2024 | 20.16% |
| Sep 30, 2024 | 18.03% |
| Jun 30, 2024 | 12.98% |
| Mar 31, 2024 | 5.94% |
| Dec 31, 2023 | 10.51% |
| Sep 30, 2023 | 6.32% |
| Jun 30, 2023 | 0.47% |
| Mar 31, 2023 | 2.01% |
| Dec 31, 2022 | -3.63% |
| Sep 30, 2022 | 1.48% |
| Jun 30, 2022 | 1.54% |
| Mar 31, 2022 | 1.77% |
| Dec 31, 2021 | 5.02% |
| Sep 30, 2021 | 5.92% |
| Jun 30, 2021 | 3.17% |