Spotify (SPOT)
Streams licensed music, podcasts, and audiobooks through a free ad-supported tier and a paid Premium subscription.
Something off on this page? Send us feedback.
Runs a two-sided audio business: a free, ad-supported tier and a paid Premium subscription that removes ads and adds offline and audiobook listening. Revenue splits between subscription fees and advertising sales across a licensed music and podcast catalog, reported through separate Premium and Ad-Supported segments.
Runs a two-sided freemium audio platform — a free, ad-supported tier and a paid Premium subscription with offline listening and a monthly audiobook allowance. What began as licensed music streaming expanded from 2019 into podcasts and, from 2022, into audiobooks.
Subscription fees fund Premium; advertising across music and podcast content funds Ad-Supported, its two reported segments. Personalization — Discover Weekly, the annual Wrapped campaign, AI-generated playlists, an AI-narrated DJ — runs on a catalog it licenses rather than owns.
Licensing terms with record labels and podcast publishers shape royalty costs and catalog availability, and distribution runs through Apple's App Store — the dependency behind an antitrust complaint against Apple that led the European Union to fine Apple in 2024. Voting control rests with the two co-founders through a beneficiary-certificate structure that outweighs their economic ownership.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $520 | Target: $530 |
| Aug 5, 2026 | UBS | Target | Target: $690 | Target: $530 |
| Aug 3, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $610 | Target: $640 |
| Jul 10, 2026 | UBS | Reiterate | Rating: —Target: $735 | Target: $690 |
| Jul 9, 2026 | Wells Fargo | Reiterate | Rating: —Target: $600 | Target: $570 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $10.75B · Total debt $533.9M · Total assets $15.75B · Shareholders' equity $9.61B
- Revenue
- $5.47B
- Operating income
- $750.4M
- Net income
- $624.4M
Reported in EUR, converted at the latest exchange rate
No dividends on record.
| Institutions | 65.95% | 135.75M ADS | |
|---|---|---|---|
| 1,339 holders · as of Jun 30, 2026 | |||
| Insiders | 15.69% | 32.29M ADS | |
| 16 holders · as of Sep 16, 2026 | |||
| Strategic holders | 10.53% | 21.67M ADS | |
| 2 holders · as of Feb 14, 2019 | |||
| Other | 7.83% | 16.12M ADS | |
| remainder | |||
205.83M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Sven Hans Martin LorentzonInsiderdirector | 9.23% | 19.01M ordinary | filed May 27, 2026 |
Tencent Holdings LimitedStrategic | 8.06% | 16.58M | filed Feb 1, 2019 |
Daniel G. EkInsiderdirector | 5.83% | 11.99M ordinary | filed Mar 18, 2026 |
BlackRock, Inc.Institution | 5.29% | 10.89M ADS | as of Jun 30, 2026 |
Baillie Gifford & CoInstitution | 3.85% | 7.93M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Gustav Soderstrom | director, officer: Co-Chief Executive Officer | −20,913 | $544.19 |
| Aug 14, 2026 | Dustee Jenkins | officer: Chief Public Affairs Officer | −3,810 | $512.92 |
| Aug 3, 2026 | Gustav Soderstrom | director, officer: Co-Chief Executive Officer | −20,833 | $507.24 |
| Aug 3, 2026 | Alex Norstrom | director, officer: Co-Chief Executive Officer | −5,436 | $502.10 |
| Jul 6, 2026 | Gustav Soderstrom | director, officer: Co-Chief Executive Officer | −20,833 | $478.45 |
- Apple
Head-to-head in music, podcasts, audiobooks, plus default-device bundling.
- Amazon
Head-to-head in music and audiobooks via Prime and Audible bundling.
- Alphabet Class A
Head-to-head in music and podcasts via YouTube Music/Premium bundling.
- Sirius XM
Competes in podcast reach, ad-supported audio, and in-car listening via Pandora.
- Tencent Music Entertainment Group (ADR)
Dominant Chinese music-streaming rival and a cross-shareholder since 2017.
- iHeartMedia
#1 US podcast publisher; competes for podcast listening time and ad dollars.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spotify | $512.29 | −0.87% | $106.24B | 32.7 | 32.0 | 5.1 | +10.5% |
| Apple | $341.06 | +0.61% | $4.98T | 38.8 | 36.7 | 10.7 | +16.4% |
| Amazon | $258.18 | −0.10% | $2.78T | 20.8 | 27.7 | 3.6 | +19.6% |
| Alphabet Class A | $360.86 | +1.66% | $4.30T | 17.8 | 26.9 | 9.6 | +24.2% |
| Sirius XM | $27.50 | +0.24% | $9.25B | 10.8 | 8.8 | 1.1 | +1.0% |
| Tencent Music Entertainment Group (ADR) | $8.46 | +3.49% | $12.56B | 9.9 | 11.4 | 2.5 | +11.8% |
| iHeartMedia | $2.44 | +1.46% | $312.8M | — | — | 0.1 | +4.7% |
| Median | 17.8 | 26.9 | 3.1 | +14.1% |