Spotify Technology (SPOT) FCF Margin (2017 - 2026)
Spotify Technology (SPOT) recorded FCF Margin of 15.01% in Q3 2026, down 4.93 percentage points from 19.94% a year earlier and down 2.49 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) FCF Margin (2017 - 2026) Analysis & Trends
On a TTM basis, Spotify Technology's FCF Margin came in at 16.91% as of Sep 30, 2026, down 0.74 percentage points year-over-year; for FY2025, it was 16.71%, up 2.14 percentage points from FY2024.
- Annual FCF Margin has increased for three straight years, with a five-year change of +14.41 percentage points (FY2020 to FY2025).
- Across earlier years, FCF Margin came in at 14.57% in FY2024 (+9.48 pp), 5.09% in FY2023 (+4.91 pp), 0.18% in FY2022 (-2.68 pp) and 2.85% in FY2021 (+0.56 pp).
- The Q3 2026 figure is the lowest quarterly FCF Margin since Q1 2025.
- On a year-over-year basis, FCF Margin rose in six of the last eight quarters, with an average year-over-year change of +2.54 percentage points.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 14.15 percentage points in Q4 2023, against a drop of 8.65 percentage points in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 17.50% (Q2 2026), 18.55% (Q1 2026) and 16.69% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF 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 | 22.40% |
| 4 | Alibaba Group Holding | 227.02 Bn | 40.65 Bn | 15.16 Bn | 33.69% |
| 5 | Shopify | 203.21 Bn | 180.40 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 132.34 Bn | 104.14 Bn | 6.38 Bn | 19.67% |
| 7 | Spotify Technology | 121.64 Bn | 78.55 Bn | 1.89 Bn | 15.01% |
| 8 | Booking Holdings | 113.63 Bn | 46.68 Bn | - | 49.55% |
| 9 | PDD Holdings | 109.85 Bn | -134.20 Bn | 9.48 Bn | 22.77% |
| 10 | Airbnb | 97.28 Bn | 50.51 Bn | 2.98 Bn | 35.20% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.01% |
| Jun 30, 2026 | 17.50% |
| 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% |
API Access
Spotify Technology FCF 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=fcf-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();