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Thursday, October 22, 2026

Spotify GAAP EPS of €2.48 misses by €0.33, revenue of €4.97B misses by €10M

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  • Spotify press release (SPOT): Q3 GAAP EPS of €2.48 misses by €0.33.
  • Revenue of €4.97B (+16.4% Y/Y) misses by €10M.
  • Premium Revenue growth of 17% Y/Y (or 15% Y/Y constant currency*), driven by subscriber and ARPU gains; and

  • Ad-Supported Revenue growth of 10% Y/Y (or 9% Y/Y constant currency)

  • Currency movements aided Total Revenue Y/Y growth by ~190 bps vs. guidance of ~200 bp

  • Premium Subscribers grew 9% Y/Y to 306 million, reflecting 6 million net adds and Y/Y and Q/Q growth across all regions
  • MAUs grew 11% Y/Y to 788 million, reflecting 11 million net adds and Y/Y and Q/Q growth across all regions

  • Shares -2.8% PM.

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