Spotify Technology S.A.

SPOTNYSECommunication Services● Active

$496.95

+$3.37(+0.68%)

Market Cap$102.2B

P/E Ratio—

52W High$785

52W Low$405

Avg Volume2.1M

Open$500.97

Beta1.55

Free Cash Flow Financials Revenue

Spotify Technology S.A. (SPOT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

SPOT · free cash flow · updated Jun 8, 2026

Core FCF metrics

SPOT · FCF · TTM · margin & CAGR

Free cash flow was $2.87B for FY2025 (fiscal year ending 2025-12-31), up 25.7% year-over-year The FCF margin was 16.7%. Five-year CAGR stands at +73.8%.

FY2025 Free Cash Flow$2.87B▲ +25.7% YoY

Trailing 12M (TTM)$3.18Btrailing 4 quarters sum

FCF Margin16.7%$2.87B ÷ revenue

3-Year CAGR+415.2%FY2022 → FY2025

5-Year CAGR+73.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

SPOT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.93B(61M)$2.87B▲ +25.7%16.7%

FY2024$2.30B(17M)$2.28B▲ +238.9%14.6%

FY2023$680.0M(6M)$674.0M▲ +3109.5%5.1%

FY2022$46.0M(25M)$21.0M▼ 92.4%0.2%

FY2021$361.0M(85M)$276.0M▲ +52.5%2.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

SPOT · P/FCF · FCF yield · FCF per share

Spotify Technology S.A. (SPOT) trades at a FCF yield of 3.60% and a price-to-free-cash-flow ratio of 32.1x. FCF per share stands at $15.50, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.60%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$15.50

TTM FCF ÷ Shares Outstanding

Price / FCF

x32.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x26.3

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

SPOT · cash flow statement · operating / investing / financing

For FY2025, Spotify Technology S.A. generated $2.93B in operating cash flow and spent 61M in capital expenditures, yielding $2.87B in free cash flow.

Operating Activities

+$2.93B

Cash from core business operations

2025-12-31

Investing Activities

−$1.78B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$381.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.93B) − |CapEx| (61M) = FCF ($2.87B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Communication Services)

SPOT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Spotify Technology S.A.YOU

SPOT

$2.87B+25.7%16.7%

About Free Cash Flow & Methodology

Spotify Technology S.A. (SPOT) reported free cash flow of $2.87B for FY2025 (fiscal year ending 2025-12-31), up 25.7% year-over-year. The FCF margin was 16.7%.

Based on available data, Spotify Technology S.A. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $2.87B in FY2025. The 5-year CAGR stands at +73.8%.

Spotify Technology S.A.'s FCF yield is 3.60% and price-to-FCF ratio is 32.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

SPOT free cash flow · 8 questions

Spotify Technology S.A. free cash flow was $2.87B for FY2025, up 25.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.18B.

SPOT free cash flowSPOT FCFSPOT FCF 2025SPOT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Spotify Technology S.A. · Spotify Technology S.A. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026