Spotify Technology (SPOT) Return on Capital Employed [ROCE] (2018 - 2026)
Spotify Technology (SPOT) posted Return on Capital Employed [ROCE] of 20.03% for Q3 2026, up 6.75 percentage points from 13.28% a year earlier but down 0.17 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) Return on Capital Employed [ROCE] (2018 - 2026) Analysis & Trends
For FY2025, Spotify Technology's Return on Capital Employed [ROCE] came in at 32.32%, up 8.92 percentage points from FY2024.
- Annual Return on Capital Employed [ROCE] has increased for three consecutive years, with a five-year change of +42.80 percentage points (FY2020 to FY2025).
- In prior years, Spotify Technology's Return on Capital Employed [ROCE] was 23.40% in FY2024 (+34.99 pp), -11.59% in FY2023 (+4.26 pp), -15.85% in FY2022 (-18.44 pp) and 2.59% in FY2021 (+13.07 pp).
- Quarterly Return on Capital Employed [ROCE] has run from a low of -16.68% in Q4 2022 to a high of 24.22% in Q4 2025 over five years.
- On a year-over-year basis, Return on Capital Employed [ROCE] has increased in each of the last 12 quarters, with an average year-over-year change of +10.35 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Return on Capital Employed [ROCE] in the past five years was Q4 2024, with a gain of 31.43 percentage points; the weakest was Q4 2022, with a drop of 19.18 percentage points.
- According to Business Quant data, Return on Capital Employed [ROCE] for the three prior quarters was 20.20% (Q2 2026), 17.15% (Q1 2026) and 24.22% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 18.96% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 19.78% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 33.64% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 2.15% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 15.96% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 13.04% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 85.44% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 20.03% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 96.01% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 22.60% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 20.03% |
| Jun 30, 2026 | 20.20% |
| Mar 31, 2026 | 17.15% |
| Dec 31, 2025 | 24.22% |
| Sep 30, 2025 | 13.28% |
| Jun 30, 2025 | 13.62% |
| Mar 31, 2025 | 14.00% |
| Dec 31, 2024 | 19.67% |
| Sep 30, 2024 | 7.85% |
| Jun 30, 2024 | 4.11% |
| Mar 31, 2024 | -1.39% |
| Dec 31, 2023 | -11.76% |
| Sep 30, 2023 | -8.01% |
| Jun 30, 2023 | -11.20% |
| Mar 31, 2023 | -10.31% |
| Dec 31, 2022 | -16.68% |
| Sep 30, 2022 | -5.96% |
| Jun 30, 2022 | -1.72% |
| Mar 31, 2022 | 1.11% |
| Dec 31, 2021 | 2.51% |
API Access
Spotify Technology Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();