Spotify Technology Ratios (2017-2026) | SPOT

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Ratios	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025	Mar2026
Profitability
Gross Margin (Quarter)	28.44%	26.71%	26.48%	25.22%	24.58%	24.70%	25.30%	25.18%	24.11%	26.36%	26.70%	27.61%	29.21%	31.09%	32.25%	31.65%	31.48%	31.62%	33.08%	32.98%
EBT Margin (Quarter)	0.34%	6.48%	-0.30%	5.82%	-3.14%	-4.74%	-9.19%	-6.77%	-7.59%	2.17%	-3.57%	4.79%	7.09%	9.98%	11.76%	7.83%	1.14%	19.36%	22.53%	20.67%
EBIT Margin (Quarter)	0.51%	3.00%	-0.26%	-0.23%	-6.77%	-7.51%	-7.30%	-5.13%	-7.77%	0.95%	-2.04%	4.62%	6.99%	11.38%	11.24%	12.15%	9.68%	13.62%	15.47%	15.77%
EBITDA Margin (Quarter)	0.51%	3.00%	-0.26%	-0.23%	-6.77%	-7.51%	-7.30%	-5.13%	-7.77%	0.95%	-2.04%	4.62%	6.99%	11.38%	11.24%	12.15%	9.68%	13.62%	15.47%	15.77%
Operating Margin (Quarter)	0.51%	3.00%	-0.26%	-0.23%	-6.77%	-7.51%	-7.30%	-5.13%	-7.77%	0.95%	-2.04%	4.62%	6.99%	11.38%	11.24%	12.15%	9.68%	13.62%	15.47%	15.77%
Net Margin (Quarter)	-0.86%	0.08%	-1.45%	4.92%	-3.14%	-5.47%	-8.53%	-7.40%	-9.51%	1.94%	-1.91%	5.42%	7.20%	7.52%	8.65%	5.37%	1.14%	21.04%	25.91%	15.91%
FCF Margin (Quarter)	3.17%	5.92%	5.02%	1.77%	1.54%	1.48%	-3.63%	2.01%	0.47%	6.32%	10.51%	5.94%	12.98%	18.03%	20.16%	13.01%	17.15%	19.94%	16.69%	18.55%
Efficiency
Inventory Average (Quarter)									0.64B	0.63B			0.33B	0.06B			0.08B	0.09B
Assets Average (Quarter)	9.35B	8.63B	8.22B	8.05B	7.89B	7.79B	7.74B	7.94B	8.02B	8.11B	8.62B	9.42B	10.39B	11.26B	12.21B	13.09B	14.29B	16.21B	17.33B	16.42B
Equity Average (Quarter)	3.58B	2.87B	2.46B	2.42B	2.43B	2.35B	2.35B	2.48B	2.38B	2.28B	2.52B	3.15B	4.09B	4.84B	5.50B	6.24B	7.04B	8.30B	9.39B	9.54B
Invested Capital (Quarter)	3.36B	2.60B	3.80B	2.46B	2.48B	2.28B	3.60B	2.54B	2.27B	2.35B	4.01B	3.62B	4.64B	5.11B	7.55B	6.59B	7.52B	9.11B	11.39B	9.40B
Asset Utilization Ratio (Quarter)	1.10	1.27	1.39	1.47	1.53	1.56	1.59	1.59	1.62	1.68	1.66	1.59	1.51	1.45	1.39	1.33	1.26	1.15	1.12	1.24
Leverage & Solvency
Interest Coverage Ratio (Quarter)	-0.48	-5.36	0.33	0.43	13.86	12.67	-1.30	2.03	9.15	-2.29	-0.74	3.17	-3.69	-3.72	4.54	2.02	-0.91	-34.24	0.71	27.50
Debt to Equity (Quarter)	0.48	0.59	0.61	0.55	0.50	0.55	0.48	0.50	0.58	0.57	0.48	0.39	0.32	0.29	0.28	0.27	0.29	0.23	0.18	0.00
Debt Ratio (Quarter)	0.17	0.18	0.18	0.17	0.16	0.16	0.15	0.16	0.16	0.16	0.15	0.14	0.14	0.13	0.13	0.13	0.14	0.12	0.10	0.00
Equity Ratio (Quarter)	0.36	0.30	0.30	0.31	0.31	0.29	0.31	0.31	0.28	0.28	0.30	0.36	0.42	0.44	0.46	0.49	0.49	0.53	0.55	0.61
Times Interest Earned (Quarter)	-0.48	-5.36	0.33	0.43	13.86	12.67	-1.30	2.03	9.15	-2.29	-0.74	3.17	-3.69	-3.72	4.54	2.02	-0.91	-34.24	0.71	27.50
Valuation
Enterprise Value (Quarter)	-2.12B	-2.21B	-4.00B	-4.00B	-3.76B	-3.59B	-3.42B	-3.73B	-3.65B	-3.90B	-4.53B	-4.71B	-4.80B	-4.95B	-7.96B	-8.07B	-9.01B	-9.80B	-11.02B	-10.24B
Return Ratios
Return on Sales (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Capital Employed (Quarter)	-1.69%	0.75%	2.47%	1.94%			-16.35%				-11.42%				19.82%				24.33%
Return on Invested Capital (Quarter)
Return on Assets (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (Quarter)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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Spotify Technology Ratios (2017-2026) | SPOT

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