Spotify Technology (SPOT) Invested Capital (2018 - 2025)
Spotify Technology (SPOT) posted Invested Capital of $11.5 billion for Q4 2025, up 56.4% from $7.35 billion a year earlier and up 26.2% from the prior quarter.
Powered by 
Analysis
Spotify Technology (SPOT) Invested Capital (2018 - 2025) Analysis & Trends
Since Q1 2018, Spotify Technology has reported Invested Capital for 28 quarters.
- Annual Invested Capital has increased for five consecutive years, with a five-year compound annual growth rate of 27.2% (FY2020 to FY2025).
- In prior years, Spotify Technology's Invested Capital was $7.35 billion in FY2024 (+34.3%), $5.47 billion in FY2023 (+9.8%), $4.99 billion in FY2022 (+32.6%) and $3.76 billion in FY2021 (+9.0%).
- The Q4 2025 figure stands as the highest quarterly Invested Capital since Q3 2021.
- On a year-over-year basis, Invested Capital has increased in each of the last seven quarters, with growth averaging 38.5% over the last eight quarters.
- The strongest year-over-year quarter for Invested Capital in the past five years was Q1 2021, with growth of 134.8%; the weakest was Q3 2022, with a decline of 99.9%.
- According to Business Quant data, Invested Capital for the three prior quarters was $9.11 billion (Q3 2025), $7.76 billion (Q2 2025) and $6.75 billion (Q1 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,475.49 Bn | 3,159.36 Bn | - | - |
| 2 | Meta Platforms | 1,575.87 Bn | 1,575.87 Bn | - | - |
| 3 | Netflix | 255.94 Bn | 217.24 Bn | 6.80 Bn | 44.42 Bn |
| 4 | Alibaba Group Holding | 240.94 Bn | 54.58 Bn | 15.16 Bn | 184.62 Bn |
| 5 | Shopify | 206.09 Bn | 183.27 Bn | 1.71 Bn | - |
| 6 | Uber Technologies | 137.09 Bn | 108.89 Bn | 6.38 Bn | 40.94 Bn |
| 7 | Spotify Technology | 121.92 Bn | 78.84 Bn | 1.89 Bn | - |
| 8 | Booking Holdings | 118.67 Bn | 51.72 Bn | - | 9.40 Bn |
| 9 | PDD Holdings | 115.51 Bn | -128.54 Bn | 9.48 Bn | - |
| 10 | Airbnb | 101.40 Bn | 54.63 Bn | 2.98 Bn | 10.28 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 11.50 Bn |
| Sep 30, 2025 | 9.11 Bn |
| Jun 30, 2025 | 7.76 Bn |
| Mar 31, 2025 | 6.75 Bn |
| Dec 31, 2024 | 7.35 Bn |
| Sep 30, 2024 | 5.16 Bn |
| Jun 30, 2024 | 6.03 Bn |
| Mar 31, 2024 | 4.97 Bn |
| Dec 31, 2023 | 5.47 Bn |
| Sep 30, 2023 | 4.83 Bn |
| Jun 30, 2023 | 3.50 Bn |
| Mar 31, 2023 | 5.10 Bn |
| Dec 31, 2022 | 4.99 Bn |
| Sep 30, 2022 | 4.57 Bn |
| Jun 30, 2022 | 4.78 Bn |
| Mar 31, 2022 | 3.68 Bn |
| Dec 31, 2021 | 3.76 Bn |
| Sep 30, 2021 | 3,380.26 Bn |
| Jun 30, 2021 | 4.64 Bn |
| Mar 31, 2021 | 5.24 Bn |
API Access
Spotify Technology Invested Capital 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=invested-capital&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();