Spotify Technology (SPOT) Return on Invested Capital [ROIC] (2018 - 2025)
Spotify Technology's Return on Invested Capital [ROIC] was 24.18% in Q4 2025, up 4.14 percentage points from 20.04% a year earlier and up 2.59 percentage points from the prior quarter.
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Analysis
Spotify Technology (SPOT) Return on Invested Capital [ROIC] (2018 - 2025) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Spotify Technology came in at 27.00%, up 7.70 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now increased for three consecutive years, with a four-year change of +27.00 percentage points (FY2021 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 19.30% in FY2024 (+28.53 pp), -9.22% in FY2023 (+6.66 pp), -15.88% in FY2022 (-15.88 pp) and 0.00% in FY2021.
- The Q4 2025 figure marks the highest quarterly Return on Invested Capital [ROIC] in data going back to Q2 2018.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for nine straight quarters, with an average year-over-year change of +18.21 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q3 2024 (a gain of 30.89 percentage points); the worst was Q2 2023 (a drop of 20.97 percentage points).
- Per Business Quant data, SPOT's Return on Invested Capital [ROIC] in the three quarters before Q4 2025 was 21.59% (Q3 2025), 17.36% (Q2 2025) and 20.26% (Q1 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 16.69% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 21.70% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 29.22% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 2.39% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | - |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 12.36% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 74.11% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | - |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 75.14% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 24.18% |
| Sep 30, 2025 | 21.59% |
| Jun 30, 2025 | 17.36% |
| Mar 31, 2025 | 20.26% |
| Dec 31, 2024 | 20.04% |
| Sep 30, 2024 | 15.59% |
| Jun 30, 2024 | 7.70% |
| Mar 31, 2024 | -2.24% |
| Dec 31, 2023 | -9.36% |
| Sep 30, 2023 | -15.30% |
| Jun 30, 2023 | -20.97% |
| Mar 31, 2023 | -16.65% |
| Dec 31, 2022 | -14.21% |
| Sep 30, 2022 | -9.66% |
| Jun 30, 2022 | 0.00% |
| Mar 31, 2022 | 0.52% |
| Dec 31, 2021 | 0.00% |
| Sep 30, 2021 | 0.00% |
| Jun 30, 2021 | -1.98% |
| Mar 31, 2021 | -5.77% |
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();