Spotify's annual statements as filed with the SEC, read backwards: from the reported figures to what the business did, to whether it will persist. Every number links to the filing it came from.
10 fiscal years2016–2025 on fileSPOT tickerEUR reporting currency
FY2025 · period ending 2025-12-31
€17.2B
Revenue
32.0%
Gross margin
12.8%
Operating margin
31.9%
Return on equity
Changes in the reported figures
Revenue increased 9.7% between FY2024 and FY2025. Operating margin changed by 4.1 percentage points, from 8.7% to 12.8%.
Operating cash flow less reported capital expenditures was €2.9B in FY2025. This calculation excludes acquisitions and financing flows.
Reported financial changes between FY2024 · 2024-12-31 and FY2025 · 2025-12-31
Calculated from the filing snapshot; changes in accounting, acquisitions, or reporting scope can affect comparisons. Currency: EUR.
The lens
A company-specific financial interpretation is still pending. The comparison above establishes the reported changes; the revenue mix, cost classification, and capital requirements need to be reconciled before attributing those changes to strategy.
Where it sits among the set
Different business models and fiscal years; these positions are not a like-for-like performance ranking.
Each dot is one SEC-filing company in the Acquired set at its latest fiscal year on file; the large dot is Spotify, ranked from the top. Banks, insurers, and card networks report no cost of revenue, so they have no dot on the margin rows. A value past the end of a scale is pinned at the edge and says so on hover.
The shape of a revenue dollar
Cost of revenueOther operating costsOperating incomeNet margin
Each column is one fiscal year scaled to 100% of revenue, so the shape is comparable even as revenue grows. The bottom band is what survives as operating income; the line is net margin after interest and tax.
Return on equity, taken apart
ROE is net margin times asset turnover times leverage. The three shaded rows multiply to the row below them, so a change in ROE can be traced to pricing and cost (margin), to how hard the asset base works (turnover), or to how much of it is financed by debt (leverage). Averages use the prior year-end balance, so the first year on file has no ratio.
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
€9.7B
€11.7B
€13.2B
€15.7B
€17.2B
Revenue growth
22.7%
21.3%
13.0%
18.3%
9.7%
Net income
−€34M
−€430M
−€532M
€1.1B
€2.2B
Net margin
-0.4%
-3.7%
-4.0%
7.3%
12.9%
× Asset turnover
1.43×
1.58×
1.66×
1.54×
1.27×
× Leverage (assets / equity)
2.74×
3.28×
3.25×
2.53×
1.95×
= Return on equity
-1.4%
-19.0%
-21.6%
28.3%
31.9%
Return on assets
-0.5%
-5.8%
-6.7%
11.2%
16.4%
Capex / revenue
0.9%
0.2%
0.0%
0.1%
0.4%
Operating cash flow / net income
-10.62×
-0.11×
-1.28×
2.02×
1.33×
R&D / revenue
9.4%
11.8%
13.0%
9.5%
8.1%
Operating cash flow over net income above 1× means earnings are arriving as cash; well below 1× for several years is the first place to look for earnings that are not. Capex over revenue is how much of each sales dollar goes back into the asset base.
Filing sources and accounting concepts
Provenance
Pulled from the SEC’s XBRL company-facts API. Each line below is the standardized concept that fed it; when a company changed concepts across years (a revenue standard change, a capex relabel), every alias used is listed. Missing concepts are blank, never zero. Values are as reported in the most recently filed annual report covering each period, so restated comparatives win.