Spotify Technology (SPOT) Gross Margin (2017 - 2026)
Spotify Technology (SPOT) posted Gross Margin of 32.98% for Q1 2026, little changed sequentially from 33.08% in Q4 2025, and up 133.0% YoY from 14.15% in Q1 2025.
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Spotify Technology (SPOT) Gross Margin (2017 - 2026) Analysis & Trends
Spotify Technology has reported Gross Margin for 10 years, with the latest figure at 32.98% in Q1 2026.
- Quarterly Gross Margin rose 133.0% year-over-year to 32.98% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 32.32% (up 123.0% YoY) and the FY2025 annual result came in at 31.98%, up 184.0% from the prior year.
- Gross Margin held at 32.98% in Q1 2026 per SPOT's latest filing, from 33.08% in the prior quarter.
- Over five years, Gross Margin peaked at 33.08% in Q4 2025 and troughed at 24.11% in Q2 2023.
- A 5-year average of 28.42% and a median of 27.61% in 2024 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2024: Gross Margin plunged 386 bps in 2022, then jumped 555 bps in 2024.
- Over 5 years, Gross Margin stood at 25.3% in 2022, then climbed by 6 bps to 26.7% in 2023, then climbed by 21 bps to 32.25% in 2024, then climbed by 3 bps to 33.08% in 2025, then declined by 0 bps to 32.98% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 32.98%, 33.08%, and 31.62% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 61.65% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 81.37% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 33.41% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | 77.06% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 91.27% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 37.22% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 78.18% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 76.06% |
| 10 | Snap | 9.26 Bn | 6.60 Bn | 931.11 Mn | 58.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.41% |
| Mar 31, 2026 | 32.98% |
| Dec 31, 2025 | 33.08% |
| Sep 30, 2025 | 31.62% |
| Jun 30, 2025 | 31.48% |
| Mar 31, 2025 | 31.65% |
| Dec 31, 2024 | 32.25% |
| Sep 30, 2024 | 31.09% |
| Jun 30, 2024 | 29.21% |
| Mar 31, 2024 | 27.61% |
| Dec 31, 2023 | 26.70% |
| Sep 30, 2023 | 26.36% |
| Jun 30, 2023 | 24.11% |
| Mar 31, 2023 | 25.18% |
| Dec 31, 2022 | 25.30% |
| Sep 30, 2022 | 24.70% |
| Jun 30, 2022 | 24.58% |
| Mar 31, 2022 | 25.22% |
| Dec 31, 2021 | 26.48% |
| Sep 30, 2021 | 26.71% |