Spotify Technology (SPOT) Return on Invested Capital [ROIC] (2020 - 2025)
Spotify Technology's Return on Invested Capital [ROIC] was 26.87% in the year ended Dec 31, 2025, up 7.63 percentage points from 19.24% a year earlier.
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Analysis
Spotify Technology (SPOT) Return on Invested Capital [ROIC] (2020 - 2025) Analysis & Trends
From the year ended Dec 31, 2018 onward, Spotify Technology has reported Return on Invested Capital [ROIC] for 6 years.
- Return on Invested Capital [ROIC] has now increased for three consecutive years, with a four-year change of +26.87 percentage points (years ended Dec 2021 to Dec 2025).
- The figure for the year ended Dec 31, 2025 marks the highest annual Return on Invested Capital [ROIC] in data going back to the year ended Dec 31, 2018.
- Per Business Quant data, Return on Invested Capital [ROIC] in earlier years was 19.24% in the year ended Dec 31, 2024 (+28.74 pp), -9.51% in the year ended Dec 31, 2023 (+6.18 pp), -15.69% in the year ended Dec 31, 2022 (-15.69 pp) and 0.00% in the year ended Dec 31, 2021.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,273.02 Bn | 4,030.55 Bn | 73.85 Bn | 18.61% |
| 2 | Meta Platforms | 1,882.67 Bn | 1,585.19 Bn | 49.47 Bn | 20.90% |
| 3 | Netflix | 292.72 Bn | 252.92 Bn | 6.52 Bn | 26.42% |
| 4 | Alibaba Group Holding | 258.66 Bn | 82.26 Bn | 15.11 Bn | 2.38% |
| 5 | Shopify | 221.29 Bn | 198.47 Bn | 1.71 Bn | - |
| 6 | Uber Technologies | 145.86 Bn | 117.84 Bn | 6.38 Bn | 17.38% |
| 7 | Booking Holdings | 120.48 Bn | 53.53 Bn | - | 75.49% |
| 8 | PDD Holdings | 115.79 Bn | -126.92 Bn | 9.45 Bn | - |
| 9 | Spotify Technology | 108.98 Bn | 66.21 Bn | 1.86 Bn | - |
| 10 | Airbnb | 97.86 Bn | 51.09 Bn | 2.98 Bn | 21.49% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 24.34% |
| Sep 30, 2025 | 21.98% |
| Jun 30, 2025 | 17.93% |
| Mar 31, 2025 | 20.25% |
| Dec 31, 2024 | 19.86% |
| Sep 30, 2024 | 15.68% |
| Jun 30, 2024 | 7.67% |
| Mar 31, 2024 | -2.27% |
| Dec 31, 2023 | -9.36% |
| Sep 30, 2023 | -15.02% |
| Jun 30, 2023 | -21.15% |
| Mar 31, 2023 | -17.15% |
| Dec 31, 2022 | -14.36% |
| Sep 30, 2022 | -9.43% |
| Jun 30, 2022 | 0.00% |
| Mar 31, 2022 | 0.52% |
| Dec 31, 2021 | 0.00% |
| Sep 30, 2021 | 0.00% |
| Jun 30, 2021 | -1.94% |
| Mar 31, 2021 | -5.74% |
API Access
Spotify Technology Return on Invested Capital [ROIC] 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-invested-capital-%5Broic%5D&ticker=SPOT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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-invested-capital-%5Broic%5D&ticker=SPOT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();