Spotify Technology (SPOT) Gross Margin (2017 - 2026)
Spotify Technology (SPOT) posted Gross Margin of 32.98% for Q3 2026, up 1.36 percentage points from 31.62% a year earlier but down 0.43 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) Gross Margin (2017 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, Gross Margin at Spotify Technology was 33.12%, up 1.37 percentage points year-over-year; for FY2025, it was 31.98%, up 1.84 percentage points from FY2024.
- Annual Gross Margin has increased for three consecutive years, with a five-year change of +6.41 percentage points (FY2020 to FY2025).
- In prior years, Spotify Technology's Gross Margin was 30.14% in FY2024 (+4.50 pp), 25.64% in FY2023 (+0.69 pp), 24.95% in FY2022 (-1.85 pp) and 26.80% in FY2021 (+1.23 pp).
- Quarterly Gross Margin has run from a low of 24.11% in Q2 2023 to a high of 33.41% in Q2 2026 over five years.
- On a year-over-year basis, Gross Margin has increased in each of the last 13 quarters, with an average year-over-year change of +2.23 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Gross Margin in the past five years was Q4 2024, with a gain of 5.55 percentage points; the weakest was Q2 2022, with a drop of 3.86 percentage points.
- According to Business Quant data, Gross Margin for the three prior quarters was 33.41% (Q2 2026), 32.98% (Q1 2026) and 33.08% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross 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 | 52.78% |
| 4 | Alibaba Group Holding | 227.02 Bn | 40.65 Bn | 15.16 Bn | 38.24% |
| 5 | Shopify | 203.21 Bn | 180.40 Bn | 1.71 Bn | 47.67% |
| 6 | Uber Technologies | 132.34 Bn | 104.14 Bn | 6.38 Bn | 44.93% |
| 7 | Spotify Technology | 121.64 Bn | 78.55 Bn | 1.89 Bn | 32.98% |
| 8 | Booking Holdings | 113.63 Bn | 46.68 Bn | - | - |
| 9 | PDD Holdings | 109.85 Bn | -134.20 Bn | 9.48 Bn | 57.26% |
| 10 | Airbnb | 97.28 Bn | 50.51 Bn | 2.98 Bn | 82.46% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 32.98% |
| 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% |
API Access
Spotify Technology Gross 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=gross-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();