NYSE$SPOT
Spotify Technologies SA · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Spotify delivered strong growth in Q1 2025 with record high Operating Income and strong subscriber gains.
Spotify reported a robust Q1 2025, achieving record Operating Income and strong user and subscriber growth despite macroeconomic challenges.
- Premium Subscribers grew 12% year-over-year to 268 million.
- Monthly Active Users (MAUs) reached 678 million, up 10% year-over-year.
- Operating Income rose to €509 million, marking a record high.
- Free Cash Flow reached €534 million, the highest Q1 level in company history.
Headline financials
Revenue & EPS history
Spotify · Revenue · Quarterly
$4.53B
Forward guidance
Spotify expects continued growth in Q2 2025, projecting increases in subscribers and revenue, although foreign exchange headwinds are anticipated to have some impact.
Tailwinds
- Total Premium Subscribers expected to grow to 273 million.
- Total Revenue expected to rise to €4.3 billion.
- Gross Margin projected at 31.5%.
- Operating Income forecasted to reach €539 million.
- Continued user growth with expected MAUs at 689 million.
Headwinds
- Foreign exchange expected to create a ~170bps headwind on revenue growth.
- Social Charges estimated at €18 million due to share price sensitivity.
- Ad-Supported segment facing pricing softness in certain inventories.
- Macroeconomic uncertainty may affect advertising demand.
- Possible short-term volatility in engagement metrics tied to external factors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
-0.8%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+0.7%
Avg return
30 days after
42%
14 / 33 earnings
Positive
+18.1%
Q4 2022
Best reaction
-21.5%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -12.4% | -11.0% | +4.0% | |
| Q1 2026 | -12.3% | -11.0% | +4.0% | |
| Q3 2025 | -2.1% | -4.2% | -12.9% | |
| Q2 2025 | -11.5% | -10.5% | -1.9% | |
| Q1 2025 | -3.5% | +7.7% | +6.5% | |
| Q4 2024 | +13.2% | +13.5% | -1.0% | |
| Q3 2024 | +13.9% | +11.7% | +17.0% | |
| Q2 2024 | +13.9% | +8.9% | +15.8% | |
| Q1 2024 | +3.3% | +6.4% | +10.4% | |
| Q4 2023 | +7.9% | +7.8% | +21.1% | |
| Q3 2023 | +4.7% | +3.1% | +17.2% | |
| Q2 2023 | -8.9% | -9.2% | -17.1% | |
| Q1 2023 | +1.3% | +1.6% | +12.3% | |
| Q4 2022 | +18.1% | +21.2% | +18.5% | |
| Q3 2022 | -10.8% | -11.9% | -17.3% | |
| Q2 2022 | +10.2% | +10.9% | +5.1% | |
| Q1 2022 | -7.0% | -1.4% | +2.3% | |
| Q4 2021 | -21.5% | -15.8% | -33.6% | |
| Q3 2021 | +14.6% | +19.3% | -0.5% | |
| Q2 2021 | -4.9% | -3.6% | -4.6% | |
| Q1 2021 | -10.5% | -15.4% | -17.5% | |
| Q4 2020 | -8.8% | -6.2% | -20.3% | |
| Q3 2020 | -13.1% | -14.3% | +0.5% | |
| Q2 2020 | -2.0% | -4.8% | +4.6% | |
| Q1 2020 | +8.4% | +4.0% | +29.4% | |
| Q4 2019 | +0.0% | -3.9% | -5.9% | |
| Q3 2019 | +12.7% | +21.7% | +18.4% | |
| Q2 2019 | +0.3% | -3.4% | -13.0% | |
| Q1 2019 | -1.8% | -1.5% | -9.1% | |
| Q4 2018 | -5.9% | -1.1% | +0.6% | |
| Q3 2018 | -7.1% | -4.7% | -8.9% | |
| Q2 2018 | -0.9% | -2.7% | +2.3% | |
| Q1 2018 | -2.7% | -9.0% | -3.4% | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro