Spotify Technology (SPOT) Operating Margin (2017 - 2026)
Spotify Technology (SPOT) reported Operating Margin of 13.52% for Q3 2026, down 0.10 percentage points from 13.62% a year earlier and down 0.19 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) Operating Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Spotify Technology's Operating Margin came in at 14.59%, up 2.89 percentage points year-over-year; for FY2025, it came in at 12.79%, up 4.08 percentage points from FY2024.
- Operating Margin has increased for three consecutive years, with a five-year change of +16.51 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 8.71% in FY2024 (+12.08 pp), -3.37% in FY2023 (+2.25 pp), -5.62% in FY2022 (-6.59 pp) and 0.97% in FY2021 (+4.69 pp).
- The Q3 2026 figure ranks as the lowest quarterly Operating Margin since Q2 2025.
- Year over year, Operating Margin gained in seven of the last eight quarters, with an average year-over-year change of +4.69 percentage points.
- The high point for year-over-year Operating Margin in five years was Q2 2024 (a gain of 14.76 percentage points); the low point was Q3 2022 (a drop of 10.51 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 13.71% (Q2 2026), 15.77% (Q1 2026) and 15.47% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating 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 | 34.63% |
| 4 | Alibaba Group Holding | 227.02 Bn | 40.65 Bn | 15.16 Bn | 5.64% |
| 5 | Shopify | 203.21 Bn | 180.40 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 132.34 Bn | 104.14 Bn | 6.38 Bn | 13.32% |
| 7 | Spotify Technology | 121.64 Bn | 78.55 Bn | 1.89 Bn | 13.52% |
| 8 | Booking Holdings | 113.63 Bn | 46.68 Bn | - | 34.00% |
| 9 | PDD Holdings | 109.85 Bn | -134.20 Bn | 9.48 Bn | 24.71% |
| 10 | Airbnb | 97.28 Bn | 50.51 Bn | 2.98 Bn | 21.01% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 13.52% |
| Jun 30, 2026 | 13.71% |
| Mar 31, 2026 | 15.77% |
| Dec 31, 2025 | 15.47% |
| Sep 30, 2025 | 13.62% |
| Jun 30, 2025 | 9.68% |
| Mar 31, 2025 | 12.15% |
| Dec 31, 2024 | 11.24% |
| Sep 30, 2024 | 11.38% |
| Jun 30, 2024 | 6.99% |
| Mar 31, 2024 | 4.62% |
| Dec 31, 2023 | -2.04% |
| Sep 30, 2023 | 0.95% |
| 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% |
API Access
Spotify Technology Operating 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=operating-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();