Spotify Reports Q4 2025 Earnings

Spotify releases its fourth quarter 2025 earnings, marking a strong finish to the year with exceptional user growth and continued momentum across the business.

In Q4 2025, Spotify delivered the highest MAU net adds in its history, reaching 751 million monthly active users, alongside double-digit subscriber growth, and continued momentum across music, podcasts, and audiobooks.

Notable highlights from the Q4 2025 results include:

• Premium Subscribers grew 10% Y/Y to 290 million.
• Monthly Active Users (MAUs) climbed 11% Y/Y to 751 million.
• Total Revenue increased 13% Y/Y constant currency to €4.5 billion.
• Gross Margin improved by 83 bps Y/Y to 33.1%.
• Operating Income reached €701 million.
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Daniel Ek, Founder and Executive Chairman, said: “Today, what we’ve really built is a technology platform for audio – and increasingly, for all the ways creators connect with audiences. And this identity will matter even more going forward. The next wave of technology shifts – AI, new interfaces, wearables, new ways of interacting with content – these will reshape how people discover and experience audio and media. The hard problems ahead – in music, in podcasts, in books, in video, in live, and in things we haven’t built yet – we’re going to keep building the technology to solve them.”

Alex Norström, Co-CEO, said: “We closed out what we dubbed as the Year of Accelerated Execution with another solid quarter, delivering a strong finish to 2025. In Q4, we met or exceeded guidance across all key metrics. We marked our highest quarter ever for MAU net additions. It’s incredible to think that we now serve over three quarters of a billion people around the world.…We’re framing 2026 as the Year of Raising Ambition. We were founded to solve what felt like the impossible, and ambition has been the driving force behind our success from our earliest days. And ambition will be a guiding principle of our next chapter.”

Gustav Söderström, Co-CEO, said: “We consider ourselves the R&D department for the music industry. Our job is to understand new technologies quickly and capture their potential, which we’ve done time and again. The entire industry stands to benefit from this [AI] paradigm shift but we believe those who embrace this change and move fast, will benefit the most.”

Interested in knowing more? Read the full earnings release here.

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About Spotify:

Since its launch in 2008, Spotify has revolutionized music listening. Today, more listeners than ever can discover, manage and enjoy over 100 million tracks. We are the world’s most popular audio streaming subscription service with more than 751 million users, including 290 million subscribers in more than 180 markets. https://newsroom.spotify.com