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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Rich Greenfield | LightShed Partners | 15 questions · 27% challenging |
| Jessica Reif Ehrlich | Bank of America | 15 questions · 7% challenging |
| Justin Patterson | KeyBanc Capital Markets | 14 questions · 0% challenging |
| Eric Sheridan | Goldman Sachs | 11 questions · 9% challenging |
| Benjamin Black | Deutsche Bank | 9 questions · 11% challenging |
| Doug Anmuth | JPMorgan | 9 questions · 0% challenging |
| Deepak Mathivanan | Cantor Fitzgerald | 7 questions · 0% challenging |
| Jason Bazinet | Citigroup | 6 questions · 17% challenging |
| Mike Morris | Guggenheim | 6 questions · 17% challenging |
| Batya Levi | UBS | 5 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 15 questions · 7% challenging |
| LightShed Partners | 1 analyst | 15 questions · 27% challenging |
| KeyBanc Capital Markets | 1 analyst | 14 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 11 questions · 9% challenging |
| JPMorgan | 1 analyst | 9 questions · 0% challenging |
| Deutsche Bank | 1 analyst | 9 questions · 11% challenging |
| Cantor Fitzgerald | 1 analyst | 7 questions · 0% challenging |
| Guggenheim | 1 analyst | 6 questions · 17% challenging |
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Spotify delivered a strong second quarter, with total revenue of EUR 4.8 billion growing 15% year-over-year on a constant-currency basis - an acceleration from the 14% posted in Q1 - while gross margin reached a record 33.4% and operating income rose to EUR 655 million. The company crossed 300 million premium subscribers for the first time, finishing 1 million ahead of guidance, and generated EUR 797 million of free cash flow, up 14% year-over-year. GAAP operating income grew roughly 61% year-over-year, far outpacing revenue, as the company held headcount flat and expanded margins. The softer spots were advertising revenue, up just 3% year-over-year but expected to inflect toward double-digit growth in the second half, and a deliberately guided Q3 slowdown in monthly active users to 788 million as Spotify introduces friction in select emerging markets to drive conversion. Management reiterated its full-year outlook for margin improvement and meaningful free-cash-flow growth while continuing share repurchases.
Product Launch | Pricing | Demand | Cloud & AI | Competitive Dynamics | Subscriber Growth | Margin | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 1 | 1 | 1 | 2 | 5 | 3 |
| 2025Q1 | 7 | 6 | 5 | 1 | 1 | 4 | 3 | 2 |
| 2025Q2 | 2 | 2 | 1 | 1 | 3 | 1 | 2 | 3 |
| 2025Q3 | 7 | 5 | 6 | 3 | 5 | 3 | 1 | 2 |
| 2025Q4 | 1 | 2 | 1 | 5 | 2 | 1 | ||
| 2026Q1 | 5 | 3 | 3 | 6 | 3 | 2 | 3 | 3 |
| 2026Q2 | 6 | 2 | 2 | 2 | 2 | 5 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Product Launch | 6 | 7 | 2 | 7 | 1 | 5 | 6 |
| Pricing | 4 | 6 | 2 | 5 | 2 | 3 | 2 |
| Demand | 1 | 5 | 1 | 6 | 1 | 3 | 2 |
| Cloud & AI | 1 | 1 | 1 | 3 | 5 | 6 | 2 |
| Competitive Dynamics | 1 | 1 | 3 | 5 | 2 | 3 | 2 |
| Subscriber Growth | 2 | 4 | 1 | 3 | 2 | 5 | |
| Margin | 5 | 3 | 2 | 1 | 1 | 3 | 1 |
| Revenue Growth | 3 | 2 | 3 | 2 | 3 | 2 |
Calendar quarter Q2 2026Earnings call Aug 4, 2026
FY2026 Q2 in brief
Spotify delivered a strong second quarter, with total revenue of EUR 4.8 billion growing 15% year-over-year on a constant-currency basis - an acceleration from the 14% posted in Q1 - while gross margin reached a record 33.4% and operating income rose to EUR…
Newest scored quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY +13.9% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Spotify Technology S.A. (SPOT), FY2026 Q2: 8/10. Scores: Spotify Technology S.A.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: SPOT daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.24B | +15.6% | $1.76 | n/m | 32.2% | 11.2% | 8.7% | $877M |
| FY2025 Q1 | $4.19B | +15.2% | $1.07 | +10.3% | 31.6% | 12.1% | 5.4% | $533M |
| FY2025 Q2 | $4.19B | +10.1% | -$0.42 | -131.6% | 31.5% | 9.7% | -2.1% | $699M |
| FY2025 Q3 | $4.27B | +7.1% | — | — | 31.6% | 13.6% | 21.0% | $806M |
| FY2025 Q4 | $4.53B | +6.8% | — | — | 33.1% | 15.5% | 25.9% | $834M |
| FY2026 Q1 | $4.53B | +8.2% | $3.45 | +222.4% | 33.0% | 15.8% | 15.9% | $831M |
| FY2026 Q2Selected | $4.78B | +13.9% | $2.61 | n/m | 33.4% | 13.7% | 11.4% | $796M |
| FY2026 Q3 | $4.97B | +16.3% | $2.48 | -24.4% | 33.0% | 13.5% | 10.4% | — |
FY2024 Q4: Prior-year quarter was a loss (-$0.36 EPS), so a percent change isn't meaningful.
FY2026 Q2: Prior-year quarter was a loss (-$0.42 EPS), so a percent change isn't meaningful.
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Mentions of other companies on SPOT's FY2026 Q2 call, and mentions of SPOT on other companies' calls covering the same calendar quarter (Q2 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“following our agreement that we had with UMG and Universal Music Publishing Group in May”
Spotify referenced its May licensing agreement with Universal Music Group (and Universal Music Publishing Group) that underpins its AI covers/remixes product, a partner relationship enabling the AI-music initiative.
“Is there any read-through from the Apple Music price increase that was announced in July?”
An analyst cited Apple Music's July price increase; management declined to comment on Apple directly but framed it as evidence of continued value in music streaming, implying category-wide pricing power.
“In 2025, you streamed 211 billion hours of content versus Netflix's 191 billion.”
An analyst benchmarked Spotify's 2025 streamed hours (211 billion) against Netflix's 191 billion as a scale/engagement comparison, not a signal about Netflix's financial performance.
“since launching in the U.S. in June with Live Nation, Reserved has supported multiple tours with nearly 100,000 tickets reserved through Spotify”
Spotify's new Reserved ticketing feature launched with Live Nation as its partner, driving strong demand (nearly 100,000 tickets, some tours sold out and upsized mid-run), a positive signal for Live Nation's live-events and ticketing business.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| SPOTSpotify Technology S.A. | 8 | +13.9% | Spotify delivered a strong second quarter, with total revenue of EUR 4.8 billion growing 15% year-over-year on a constant-currency basis - an acceleration from the 14% posted in Q1 - while gross margin reached a record 33.4% and operating income rose to EUR 655 million | |
| EVEREverQuote, Inc. | 9 | +24.6% | EverQuote grew revenue 25% year-over-year to $195.1 million and lifted adjusted EBITDA 37% to a record $30.1 million at a 15.4% margin, with GAAP net income rising to $19.2 million from $14.7 million | |
| GOOGLAlphabet Inc. | 9 | +24.2% | Alphabet delivered an outstanding second quarter, with consolidated revenue up 24% year-over-year to $119.8 billion, its 12th consecutive quarter of double-digit growth, and GAAP operating income up 30% to $40.8 billion at a 34% operating margin | |
| MAXMediaAlpha, Inc. | 8 | +25.9% | MediaAlpha delivered record second-quarter results, with GAAP revenue rising 26% year over year to $317 million, above the high end of guidance, and GAAP EPS swinging to a $0.65 profit from a prior-year loss tied to a 2025 FTC settlement | |
| METAMeta Platforms, Inc. | 7 | +28.0% | Meta delivered $60.8 billion of second-quarter revenue, up 28% year over year, as Family of Apps ad revenue rose 27% on 14% impression growth and a 12% increase in the global average price per ad | |
| NBISNebius Group N.V. | Newest quarter — available with Pro | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| PINSPinterest, Inc. | 8 | +18.2% | Pinterest delivered a strong Q2 2026, with revenue of $1.180 billion, up 18% (17% constant currency) and its fourth consecutive billion-dollar quarter, led by a 5-point sequential acceleration in its core UCAN market to 18% growth | |
| RDDTReddit, Inc. | 9 | +61.1% | Reddit delivered its eighth consecutive quarter of revenue growth above 60%, with Q2 revenue of $805 million up 61% year-over-year and advertising revenue of $762 million up 64% | |
| SNAPSnap Inc. | Newest quarter — available with Pro | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| YELPYelp Inc. | Newest quarter — available with Pro | Newest quarter — available with Pro | Newest quarter — available with Pro |
Spotify delivered a strong second quarter, with total revenue of EUR 4.8 billion growing 15% year-over-year on a constant-currency basis - an acceleration from the 14% posted in Q1 - while gross margin reached a record 33.4% and operating income rose to EUR 655 million
EverQuote grew revenue 25% year-over-year to $195.1 million and lifted adjusted EBITDA 37% to a record $30.1 million at a 15.4% margin, with GAAP net income rising to $19.2 million from $14.7 million
Alphabet delivered an outstanding second quarter, with consolidated revenue up 24% year-over-year to $119.8 billion, its 12th consecutive quarter of double-digit growth, and GAAP operating income up 30% to $40.8 billion at a 34% operating margin
Newest-quarter details for 3 peers (score, revenue, headline, themes and macro signals) are available with Pro.
| Company | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| SPOT | 9 | 9 | 8 | 8 | 8 | 8 |
| EVER | 9 | 9 | 9 | 9 | 8 | 9 |
| GOOGL | 8 | 8 | 9 | 9 | 9 | 9 |
| MAX | 8 | 9 | 9 | 4 | 8 | 8 |
| META | 9 | 9 | 7 | 7 | 8 | 7 |
| NBIS | No score | 9 | 8 | 8 | 8 | Newest quarter — available with Pro |
| PINS | 9 | 9 | 9 | 7 | 8 | 8 |
| RDDT | 9 | 9 | 9 | 9 | 9 | 9 |
| SNAP | 6 | 6 | 7 | 8 | 7 | Newest quarter — available with Pro |
| YELP | 7 | 6 | 6 | 4 | 6 | Newest quarter — available with Pro |
MediaAlpha delivered record second-quarter results, with GAAP revenue rising 26% year over year to $317 million, above the high end of guidance, and GAAP EPS swinging to a $0.65 profit from a prior-year loss tied to a 2025 FTC settlement
Meta delivered $60.8 billion of second-quarter revenue, up 28% year over year, as Family of Apps ad revenue rose 27% on 14% impression growth and a 12% increase in the global average price per ad
Newest quarter — available with Pro
Pinterest delivered a strong Q2 2026, with revenue of $1.180 billion, up 18% (17% constant currency) and its fourth consecutive billion-dollar quarter, led by a 5-point sequential acceleration in its core UCAN market to 18% growth
Reddit delivered its eighth consecutive quarter of revenue growth above 60%, with Q2 revenue of $805 million up 61% year-over-year and advertising revenue of $762 million up 64%
Newest quarter — available with Pro
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