Spotify Technology (SPOT) Return on Capital Employed (2018 - 2025)
Spotify Technology (SPOT) posted Return on Capital Employed of 40.09% for Q4 2025, little changed sequentially from 40.02% in Q4 2024, and up 7.0% YoY from 37.47% in Q4 2024.
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Spotify Technology (SPOT) Return on Capital Employed (2018 - 2025) Analysis & Trends
Spotify Technology has reported Return on Capital Employed for 8 years, with the latest figure at 40.09% in Q4 2025.
- Quarterly Return on Capital Employed rose 7.0% year-over-year to 40.09% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 40.09% (up 7.0% YoY) and the FY2025 annual result came in at 31.7%, up 798.0% from the prior year.
- Return on Capital Employed held at 40.09% in Q4 2025 per SPOT's latest filing, from 40.02% in the prior quarter.
- Over five years, Return on Capital Employed peaked at 40.09% in Q4 2025 and troughed at 16.35% in Q4 2022.
- A 5-year average of 7.79% and a median of 1.94% in 2022 frame the typical range for Return on Capital Employed.
- The sharpest annual moves came in 2022 and 2024: Return on Capital Employed plunged 1881 bps in 2022, then surged 3128 bps in 2024.
- Over 5 years, Return on Capital Employed stood at 2.47% in 2021, then plunged by 763 bps to 16.35% in 2022, then surged by 153 bps to 8.74% in 2023, then soared by 358 bps to 40.02% in 2024, then grew by 0 bps to 40.09% in 2025.
- According to Business Quant data, Return on Capital Employed over the past three periods registered 40.09%, 40.02%, and 8.74% for Q4 2025, Q4 2024, and Q4 2023 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 21.49% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 23.74% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | - |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -2.94% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 24.36% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 6.72% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | 12.90% |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 5.48% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 26.93% |
| 10 | Snap | 9.26 Bn | 6.60 Bn | 931.11 Mn | -5.35% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 40.09% |
| Dec 31, 2024 | 40.02% |
| Dec 31, 2023 | 8.74% |
| Dec 31, 2022 | -16.35% |
| Mar 31, 2022 | 1.94% |
| Dec 31, 2021 | 2.47% |
| Sep 30, 2021 | 0.75% |
| Jun 30, 2021 | -1.69% |
| Mar 31, 2021 | -5.83% |
| Dec 31, 2020 | -9.01% |
| Sep 30, 2020 | -10.13% |
| Jun 30, 2020 | -8.19% |
| Mar 31, 2020 | -1.56% |
| Dec 31, 2019 | -2.79% |
| Sep 30, 2019 | 3.76% |
| Jun 30, 2019 | 1.41% |
| Mar 31, 2019 | -2.16% |
| Dec 31, 2018 | -2.37% |
| Sep 30, 2018 | -17.15% |
| Jun 30, 2018 | -27.66% |