Spotify Technology (SPOT) Gross Margin (2017 - 2026)

Spotify Technology has disclosed Gross Margin across 10 years of filings, most recently posting 32.98% for Q1 2026.

• Gross Margin for Q1 2026 came in at 32.98%, up 133.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 32.32% (up 123.0% YoY), and the FY2025 annual result was 31.98%, up 184.0% from the prior year.
• Gross Margin came in at 32.98% for Q1 2026 at Spotify Technology, roughly flat from 33.08% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 33.08% in Q4 2025 to a low of 24.11% in Q2 2023.
• The 5-year median for Gross Margin is 27.61% (2024), against an average of 28.42%.
• Across the five-year window, Gross Margin plunged 386 bps in 2022 and surged 555 bps in 2024, its largest moves.
• Spotify Technology's Gross Margin stood at 25.3% in 2022, then gained by 6 bps to 26.7% in 2023, then gained by 21 bps to 32.25% in 2024, then gained by 3 bps to 33.08% in 2025, then slipped by 0 bps to 32.98% in 2026.
• The last three Gross Margin figures came in at 32.98% (Q1 2026), 33.08% (Q4 2025), and 31.62% (Q3 2025), per Business Quant data.