Spotify Technology (SPOT) Operating Margin (2017 - 2026)

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.