Spotify Technology S.A. (SPOT) Earnings Call Transcripts
Spotify Technology S.A.'s Latest Earnings Call - May 21, 2026
In the first quarter of 2026, Spotify Technology S.A. reported significant growth, reaching EUR 17 billion in revenue, a 32% gross margin, and EUR 2.2 billion in operating income, marking a substantial turnaround from previous losses. The company announced a mid-teens revenue CAGR target through 2030, with a goal of 1 billion subscribers and a gross margin of 35-40%. Management emphasized that AI will serve as a tailwind for future growth and engagement, enhancing personalization and user experience across its platforms.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | EUR 17 billion (beat) |
| Gross Margin | 32% (positive) |
| Operating Income | EUR 2.2 billion (beat) |
| Subscriber Count | 293 million (positive) |
| Free Cash Flow | EUR 3 billion (positive) |
| Monthly Active Users (MAU) | 760 million (positive) |
Guidance from management
Management maintained a mid-teens revenue CAGR target and gross margins of 35-40% by 2030, indicating confidence in future growth and profitability.
What management said
Good morning, good morning. I'm Brian Goldberg at a Investor Relations at Spotify. Its my privilege to welcome everyone in the room and on the live stream for our 2026 Investor Day. Over the next several hours the Spotify management team will be providing a detailed into look to our business, where we've been, where we are in today, and the growth opportunity we see ahead. Now before we begin, we are going to be ma...
The majority of the subscribers come back over 25 days a month. With over 100 million of them spending more than 28 days a month with us. That's 100 million people with almost 100% DAU over MAU.
What analysts pressed on
Analysts expressed concerns about the sustainability of subscriber growth and the potential impact of AI on user engagement. There were also questions regarding the pricing strategy for new features and how they would affect churn rates.
Main topics on the call
- Subscriber Growth — Spotify added nearly 340 million users, reaching 760 million MAUs, with a subscriber base of 293 million, representing a 13% CAGR. Management stated, "We are on the path to 1 billion users," indicating strong future grow...
- Revenue and Profitability — The company achieved EUR 17 billion in revenue for 2025, with a gross margin of 32%, up from 25% in 2022. Management noted, "We shifted operating margin... to a positive of almost 13% in 2025," highlighting improved prof...
- AI as a Growth Driver — Management indicated that AI will be a significant tailwind, stating, "Our view on AI... is that it’s a tailwind." They emphasized AI's role in enhancing personalization and user engagement, which is expected to drive fu...
- Audiobooks Plus Launch — The launch of Audiobooks Plus has seen over 1 million users subscribing, with management noting these users have lifetime values that are multiples of premium-only users. This indicates a successful monetization strategy...
Read the full Spotify Technology S.A. transcript (May 21, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Spotify Technology S.A.
Spotify Technology S.A. (SPOT) is a publicly listed company in the Entertainment industry, within the Communication Services sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 40 calls on record spanning February 5, 2020 to May 21, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 40 Spotify Technology S.A. earnings call transcripts on record, spanning February 5, 2020 to May 21, 2026. Based on this history, Spotify Technology S.A. reports quarterly. The most recent call on file is dated May 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- SPOT
- Exchange
- NYSE
- Country
- US
- Sector
- Communication Services
- Industry
- Entertainment
- Calls on record
- 40
- First call
- February 5, 2020
- Most recent
- May 21, 2026
- Reporting cadence
- quarterly