NYSE$SPOT
Spotify Technologies SA · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Spotify reported solid user and revenue growth in Q2 2025, despite posting a net loss due to higher Social Charges.
Spotify added more users and subscribers than expected and delivered record free cash flow. However, net income turned negative as share-based compensation increased due to stock appreciation.
- Total revenue reached €4.193 billion, up from €3.807 billion a year ago
- Free cash flow hit a record €700 million for the quarter
- Monthly Active Users grew to 696 million, exceeding guidance
- Net loss of €86 million driven by higher-than-expected Social Charges tied to share price
Headline financials
Revenue & EPS history
Spotify · Revenue · Quarterly
$4.91B
Forward guidance
Spotify expects continued user growth in Q3 2025, along with stable gross margin and improved operating income, but warns of FX headwinds and additional regulatory and social charge costs.
Tailwinds
- MAUs expected to reach 710 million
- Premium subscribers expected to grow to 281 million
- Operating income forecast at €485 million
- Gross margin projected to hold at 31.1%
- Solid subscriber momentum across all regions
Headwinds
- Forecast assumes ~490 bps FX headwind
- €25 million in expected Social Charges
- Regulatory charge in Premium to impact gross margin by ~40 bps
- Ad-supported revenue faces pricing softness
- Share price volatility may continue to impact costs unpredictably
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 Q2 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 | — | — | — |
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