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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jessica Reif Ehrlich | Bank of America | 13 (8%) |
| Rich Greenfield | LightShed Partners | 13 (31%) |
| Justin Patterson | KeyBanc Capital Markets | 12 (0%) |
| Eric Sheridan | Goldman Sachs | 9 (11%) |
| Benjamin Black | Deutsche Bank | 9 (11%) |
| Doug Anmuth | JPMorgan | 8 (0%) |
| Deepak Mathivanan | Cantor Fitzgerald | 7 (0%) |
| Mike Morris | Guggenheim | 5 (20%) |
| Jason Bazinet | Citigroup | 4 (25%) |
| Batya Levi | UBS | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| LightShed Partners | 1 | 13 (31%) |
| Bank of America | 1 | 13 (8%) |
| KeyBanc Capital Markets | 1 | 12 (0%) |
| Deutsche Bank |
| 1 |
| 9 (11%) |
| Goldman Sachs | 1 | 9 (11%) |
| JPMorgan | 1 | 8 (0%) |
| Cantor Fitzgerald | 1 | 7 (0%) |
| Guggenheim | 1 | 5 (20%) |
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.
Product Launch | Pricing | Demand | Cloud & AI | Margin | Competitive Dynamics | Revenue Growth | Subscriber Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 1 | 1 | 5 | 1 | 3 | 2 |
| 2025Q1 | 7 | 6 | 5 | 1 | 3 | 1 | 2 | 4 |
| 2025Q2 | 2 | 2 | 1 | 1 | 2 | 3 | 3 | 1 |
| 2025Q3 | 7 | 5 | 6 | 3 | 1 | 5 | 2 | 3 |
| 2025Q4 | 1 | 2 | 1 | 5 | 1 | 2 | ||
| 2026Q1 | 5 | 3 | 3 | 6 | 3 | 3 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 6 | 7 | 2 | 7 | 1 | 5 |
| Pricing | 4 | 6 | 2 | 5 | 2 | 3 |
| Demand | 1 | 5 | 1 | 6 | 1 | 3 |
| Cloud & AI | 1 | 1 | 1 | 3 | 5 | 6 |
| Margin | 5 | 3 | 2 | 1 | 1 | 3 |
| Competitive Dynamics | 1 | 1 | 3 | 5 | 2 | 3 |
| Revenue Growth | 3 | 2 | 3 | 2 | 3 | |
| Subscriber Growth | 2 | 4 | 1 | 3 | 2 |
| 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 |
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).
What SPOT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“If you look at other freemium models, they are much higher—Spotify is close to 50%.”
Von Ahn benchmarks Duolingo's roughly 12% paid conversion against Spotify's near-50% freemium conversion, implying Spotify monetizes its free base far more heavily.
“this hub features Peloton's premium subscriber content in an ad-free experience.”
Spotify's new fitness hub features Peloton's premium subscriber content ad-free, giving Peloton a large new distribution surface for its high-value fitness content.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SPOT Spotify Technology S.A. | 8 | +8.2% | |
| DASH DoorDash | 7 | +33.1% | |
| EVER EverQuote, Inc. | 8 | +14.5% | |
| GOOGL Alphabet Inc. | 9 | +21.8% | |
| MAX MediaAlpha, Inc. | 8 | +17.3% | |
| META Meta Platforms, Inc. | 8 | +33.1% | |
| NBIS Nebius Group N.V. | 8 | +621.5% | |
| PINS Pinterest, Inc. | 8 | +17.8% | |
| RDDT Reddit, Inc. | 9 | +69.1% | |
| SNAP Snap Inc. | 7 | +12.2% | |
| YELP Yelp Inc. | 6 | +0.8% |