Spotify Technology (SPOT) Net Margin (2017 - 2026)
Spotify Technology (SPOT) reported Net Margin of 10.42% for Q3 2026, down 10.62 percentage points from 21.04% a year earlier and down 0.98 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) Net Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Spotify Technology's Net Margin came in at 15.74%, up 7.27 percentage points year-over-year; for FY2025, it was 12.87%, up 5.61 percentage points from FY2024.
- Net Margin has a five-year change of +20.24 percentage points (FY2020 to FY2025).
- By year, Net Margin came in at 7.26% in FY2024 (+11.28 pp), -4.02% in FY2023 (-0.35 pp), -3.67% in FY2022 (-3.32 pp) and -0.35% in FY2021 (+7.02 pp).
- The Q3 2026 figure ranks as the lowest quarterly Net Margin since Q2 2025.
- Year over year, Net Margin gained in five of the last eight quarters, with an average year-over-year change of +5.68 percentage points.
- The high point for year-over-year Net Margin in five years was Q4 2025 (a gain of 17.26 percentage points); the low point was Q1 2023 (a drop of 12.32 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 11.41% (Q2 2026), 15.91% (Q1 2026) and 25.91% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net 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 | 28.46% |
| 4 | Alibaba Group Holding | 227.02 Bn | 40.65 Bn | 15.16 Bn | 3.92% |
| 5 | Shopify | 203.21 Bn | 180.40 Bn | 1.71 Bn | 41.92% |
| 6 | Uber Technologies | 132.34 Bn | 104.14 Bn | 6.38 Bn | 16.87% |
| 7 | Spotify Technology | 121.64 Bn | 78.55 Bn | 1.89 Bn | 10.42% |
| 8 | Booking Holdings | 113.63 Bn | 46.68 Bn | - | 26.52% |
| 9 | PDD Holdings | 109.85 Bn | -134.20 Bn | 9.48 Bn | 24.19% |
| 10 | Airbnb | 97.28 Bn | 50.51 Bn | 2.98 Bn | 22.62% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 10.42% |
| Jun 30, 2026 | 11.41% |
| Mar 31, 2026 | 15.91% |
| Dec 31, 2025 | 25.91% |
| Sep 30, 2025 | 21.04% |
| Jun 30, 2025 | -2.05% |
| Mar 31, 2025 | 5.37% |
| Dec 31, 2024 | 8.65% |
| Sep 30, 2024 | 7.52% |
| Jun 30, 2024 | 7.20% |
| Mar 31, 2024 | 5.42% |
| Dec 31, 2023 | -1.91% |
| Sep 30, 2023 | 1.94% |
| Jun 30, 2023 | -9.51% |
| Mar 31, 2023 | -7.40% |
| Dec 31, 2022 | -8.53% |
| Sep 30, 2022 | -5.47% |
| Jun 30, 2022 | -4.36% |
| Mar 31, 2022 | 4.92% |
| Dec 31, 2021 | -1.45% |
API Access
Spotify Technology Net 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=net-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();