Spotify Technology (SPOT) Operating Margin (2017 - 2026)
Spotify Technology (SPOT) posted Operating Margin of 23.32% for Q1 2026, down 3.95% sequentially from 24.28% in Q4 2025, and up 368.0% YoY from 4.98% in Q1 2025.
Spotify Technology (SPOT) Operating Margin (2017 - 2026) Analysis & Trends
Spotify Technology has reported Operating Margin for 10 years, with the latest figure at 23.32% in Q1 2026.
- Quarterly Operating Margin rose 368.0% year-over-year to 23.32% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 22.04% (up 301.0% YoY) and the FY2025 annual result came in at 12.79%, up 408.0% from the prior year.
- Operating Margin retreated to 23.32% in Q1 2026 per SPOT's latest filing, from 24.28% in the prior quarter.
- Over five years, Operating Margin peaked at 24.28% in Q4 2025 and troughed at 7.77% in Q2 2023.
- A 5-year average of 9.63% and a median of 13.53% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2022 and 2024: Operating Margin slumped 1051 bps in 2022, then jumped 2377 bps in 2024.
- Over 5 years, Operating Margin stood at 7.3% in 2022, then soared by 233 bps to 9.72% in 2023, then surged by 111 bps to 20.51% in 2024, then advanced by 18 bps to 24.28% in 2025, then dropped by 4 bps to 23.32% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 23.32%, 24.28%, and 21.79% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,253.34 Bn | 3,824.30 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,548.59 Bn | 1,458.33 Bn | 49.47 Bn | 30.88% |
| 3 | Taboola.com | 1,144.63 Bn | 1,144.50 Bn | 139.48 Mn | 1.52% |
| 4 | Baidu | 289.09 Bn | 284.60 Bn | 1.88 Mn | 10.65% |
| 5 | Spotify Technology | 104.28 Bn | 94.04 Bn | 1.75 Bn | 23.32% |
| 6 | Joyy | 78.58 Bn | 77.69 Bn | 205.64 Mn | 3.14% |
| 7 | BILI Social International | 60.58 Bn | 60.58 Bn | 405,933.00 | 18.99% |
| 8 | Nebius | 49.00 Bn | 39.37 Bn | 295.20 Mn | -32.08% |
| 9 | 30.74 Bn | 27.96 Bn | 734.60 Mn | 28.79% | |
| 10 | Tencent Music Entertainment | 27.35 Bn | 24.65 Bn | 514.00 Mn | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 23.32% |
| Dec 31, 2025 | 24.28% |
| Sep 30, 2025 | 21.79% |
| Jun 30, 2025 | 18.36% |
| Mar 31, 2025 | 19.64% |
| Dec 31, 2024 | 20.51% |
| Sep 30, 2024 | 19.71% |
| Jun 30, 2024 | 16.00% |
| Mar 31, 2024 | 13.53% |
| Dec 31, 2023 | 9.72% |
| Sep 30, 2023 | 11.53% |
| Jun 30, 2023 | -7.77% |
| Mar 31, 2023 | -5.13% |
| Dec 31, 2022 | -7.30% |
| Sep 30, 2022 | -7.51% |
| Jun 30, 2022 | -6.77% |
| Mar 31, 2022 | -0.23% |
| Dec 31, 2021 | -0.26% |
| Sep 30, 2021 | 3.00% |
| Jun 30, 2021 | 0.51% |