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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Spotify Technology S.A. (SPOT) is 8/10, unchanged from the prior quarter.
Spotify opened 2026 with total revenue of EUR 4.5 billion, up roughly 8% as reported and 14% in constant currency -- an acceleration from the prior quarter -- as Premium revenue rose approximately 15% on subscriber growth and 5.7% ARPU expansion. MAU grew 10 million to 761 million and net subscribers reached 293 million, both in line with or ahead of guidance, while gross margin expanded about 133 basis points to 33% and operating income of EUR 715 million beat guidance for a 15.8% operating margin. The clear soft spot was advertising, where Ad-Supported revenue grew only about 3% and its gross margin declined year-over-year as Spotify completes a rebuild of its ad stack toward biddable buying, with management guiding a second-half 2026 inflection. Operating expenses stepped up on AI compute and marketing and are expected to stay elevated for another quarter or two, framed as disciplined reinvestment ahead of the May 21 Investor Day.
Scored from Spotify Technology S.A.’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.24B | +15.6% | $1.76 | +633.3% | 11.2% | 8.7% | $877M |
| FY2025 Q1 | $4.19B | +15.2% | $1.07 | +10.3% | 12.1% | 5.4% | $533M |
| FY2025 Q2 | $4.19B | +10.1% | $-0.42 | -131.6% | 9.7% | -2.1% | $699M |
| FY2025 Q3 | $4.27B | +7.1% | $3.28 | +126.2% | 13.6% | 21.0% | $806M |
| FY2025 Q4 | $4.53B | +6.8% | $4.39 | +149.4% | 15.5% | 25.9% | $834M |
| FY2026 Q1 | $4.53B | +8.2% | $3.50 | +227.1% | 15.8% | 15.9% | $845M |
| FY2026 Q2 | $4.78B | +13.9% | $2.61 | +721.4% | 13.7% | 11.4% | $796M |