$SPOT


Spotify delivered a very strong performance in Q4 2025, clearly beating expectations on both user growth and profitability.
GAAP EPS of €4.43 beat expectations by €1.65; net income jumped to €1.17B while revenue rose to €4.53B, up 7.9% Y/Y (FX pressured growth by ~580 bps).
Premium revenue increased to €4.01B, up 8% Y/Y (14% in constant currency), while ad revenue declined 4% on a reported basis (up 4% in constant currency).
Operationally, Spotify added 38M net MAUs to reach 751M total; Premium subscribers hit 290M (+10% Y/Y) and ARPU of €4.70 beat expectations.
For Q1 2026, management guided to 759M MAUs, €660M operating income, and 32.8% gross margin, signaling the profitable growth strategy remains intact
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