Spotify Technology S.A. (SPOT)

NYSE: SPOT · Radio Broadcasting Stations · Luxembourg, LU · filing with the SEC since 2015

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Grade7.2

◀ Past 6.5● Present 7.6▶ Future 7.2

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Spotify Technology S.A.

Nine metrics read from its own filings, by tense

Headline grade

7.2/10

◀ Past6.530% of the headline

● Present7.640% of the headline

▶ Future7.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

8.5/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 85th percentile among 10 sector filers · read for itself

From the record

Spotify Technology S.A.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.3/10

What has it actually done, year after year?

+21.6% a year over 10 filed years; profitable in 2 of 10.

weight 45% of this tense · 73rd percentile among 10 sector filers · read for its customers

From the record

Spotify Technology S.A.'s 10 filed years say what it did: revenue went from EUR 3.0 billion in fiscal 2016 to EUR 17 billion in fiscal 2025, up 21.6% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 2 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span21.6%top 15% of its family
the share of years revenue rosetop 5% of its family
the share of filed years with a profitbottom 15% of its family
the deepest fall from a revenue peak0.0%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

2.2/10

How has it treated the people who own it?

Share count grew 2.4% a year. 7% of cash flow returned. Insiders: 72 sales, 0 purchases.

weight 22% of this tense · 22nd percentile among 8 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Spotify Technology S.A.'s diluted share count grew about 2.4% a year, and dividends and buybacks returned about 7% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 72 sales (67 under scheduled 10b5-1 plans) and 0 purchases of their own stock on the open market in the year to 2026-11-03 (their Form 4 filings).

What it rests on

the share count over the yearsbottom 25% of its family
cash returned against operating cash flowbottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.6/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.8/10

Is it financially healthy right now?

ROE 27%: 27¢ of profit per shareholder dollar. Leverage 45%: owes 45¢ per asset dollar.

weight 33% of this tense · 78th percentile among 10 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Spotify Technology S.A. earned about 27 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 37 cents per dollar of everything the company owns. Leverage: it owed about 45 cents per dollar of assets, and net share issuance: its share count grew 1.7% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 25% of its family
return on equitytop 7% of its family
gross profit against assetstop 12% of its family
the share count against the year beforetop 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

8.5/10

How strong is its position in its industry?

top 15% of 10 in its family; net margin 12.9%.

weight 45% of this tense · 85th percentile among 10 sector filers · read for its customers

From the record

Spotify Technology S.A.'s standing among 10 graded names in its industry family: revenue of EUR 17 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 12.9% ranks in the top 15%; revenue growth of 13.6% a year over the last 3 filed years ranks in the top 15% (its annual reports).

What it rests on

net margin12.9%top 15% of its family
three-year revenue growth13.6%top 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.7/10

What are the people in charge doing?

SI estimate 5.7/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 7 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 7 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 7 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Spotify Technology S.A.'s leadership is put at 5.7 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 7 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

7.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

7.5/10

How much room does it have to grow?

top 25% of 10 in its family for room to expand.

weight 33% of this tense · 75th percentile among 10 sector filers · read for itself

From the record

Spotify Technology S.A.'s room to grow, from the newest filed statements (fiscal 2025): cash of EUR 5.3 billion against no long-term debt tagged leaves 35% of its assets as net cash, top 5% of its family; cash from operations less capital spending is 16.7% of revenue (top 15%); a gross margin of 32% (bottom 38%); research spending of 8.1% of revenue (top 17%) (its annual report).

What it rests on

cash less debt against assets35.0%top 5% of its family
cash from operations less capital spending against revenue16.7%top 15% of its family
gross margin32.0%bottom 38% of its family
research spending against revenue8.1%top 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.7/10

What could actually drive growth from here?

top 33% of 10 in its family for growth drivers.

weight 45% of this tense · 67th percentile among 10 sector filers · read for its customers

From the record

Spotify Technology S.A.'s growth drivers, from the filed years to fiscal 2025: revenue grew 13.6% a year over the last three filed years against 21.6% over all 10, slowing (bottom 15% of its family); the newest year grew 9.7% (top 15%); research spending grew 0.1% a year (top 17%); capital spending grew 34.6% a year (top 15%) (its annual reports). Spotify Technology S.A. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-8.0 points a yearbottom 15% of its family
the newest year's revenue growth9.7%top 15% of its family
three-year growth of research spending0.1%top 17% of its family
three-year growth of capital spending34.6%top 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

7.7/10

Did its newest year beat what its own record pointed to?

top 23% of 10 in its family for expectations against reality.

weight 22% of this tense · 77th percentile among 10 sector filers · read for its shareholders

From the record

Spotify Technology S.A.'s newest year against its own record: revenue of EUR 17 billion in fiscal 2025 came in 5.1% below the EUR 18 billion its prior three years' pace pointed to (bottom 45% of its family); net income of EUR 2.2 billion against a prior three-year average of EUR 59 million (top 10%); a net margin of 12.9% against -0.1% before (top 5%) (its annual reports).

What it rests on

revenue against the prior three years' pace-5.1%bottom 45% of its family
net income against the prior three years' averagefive times its prior average or moretop 10% of its family
net margin against its prior average+13.0 pointstop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton SPOT · research, not advice