Spotify Technology S.A 6-K, filed Oct 22, 2026
Spotify Technology S.A. (SPOT)
6-K
2026-10-22
For: 2026-10-22
View Original
Added on
October 22, 2026
About this 6-K
Spotify Technology S.A filed this 6-K on October 22, 2026.
Spotify Technology S.A. reported Q3 2026 revenue of €4,969 million, up 16% Y/Y, and operating income of €672 million. For Q4 2026, it expects 818 million MAUs, 316 million Premium Subscribers, €5.2 billion revenue and €820 million operating income. AI summary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2026
Commission File Number: 001-38438
Spotify Technology S.A.
(Translation of registrant’s name into English)
33 Boulevard Prince Henri
L-1724 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
Letter to Shareholders
On October 22, 2026, Spotify Technology S.A. released its results for the quarter ended September 30, 2026 by posting its Q3 2026 Update (“Update”) on its website at investors.spotify.com. A copy of the
Update is furnished herewith as Exhibit 99.1 to this Report on Form 6-K.
EXHIBIT INDEX
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Exhibit No.
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Description
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Q3 2026 Update dated October 22, 2026
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Spotify Technology S.A.
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Date: October 22, 2026
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By:
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/s/ Christian Luiga
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Name:
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Christian Luiga
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Title:
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Chief Financial Officer
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Exhibit 99.1
Q3 2026 Update October 22nd, 2026
Table of Contents Key Highlights Financial Summary MAUs &
Subscribers Product & Platform Outlook Financial Statements Executive Summary p.03 p.04 p.06 p.13 p.16 p.19 p.22
Executive Summary USER & FINANCIAL SUMMARY Q3 2025 Q2 2026 Q3
2026 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 713 777 788 11% 1% Premium Subscribers 281 300 306 9% 2% Ad-Supported MAUs 446 494 499 12% 1% FINANCIALS
(€M) Premium** 3,835 4,331 4,487 17% 4% Ad-Supported** 437 446 482 10% 8% Total Revenue 4,272 4,777 4,969 16% 4% Gross Profit 1,351 1,596 1,639 21% 3% Gross Margin 31.6% 33.4% 33.0% -- -- Operating
Income 582 655 672 15% 3% Operating Margin 13.6% 13.7% 13.5% -- -- Net Cash Flows From Operating Activities 829 816 740 -11% -9% Free Cash Flow* 806 797 735 -9% -8% * Constant Currency adjusted measures and Free Cash
Flow are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. ** Effective January 1, 2026, certain revenue-generating activities previously reported within the
Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group’s new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts
have been reclassified to conform to current period presentation. *** Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Our business performed well in Q3, with all
of our KPIs meeting or exceeding guidance. The business added 11 million MAUs vs. guidance of 11 million, while Subscriber net additions of 6 million were 1 million ahead. Revenue grew 14% Y/Y on a constant currency* basis, reflecting
relatively consistent Premium growth and improved Ad-Supported performance. Gross Margin of 33.0% exceeded guidance and expanded 136 bps Y/Y, while Operating Income of €672 million outperformed guidance due to lower than forecast marketing and
personnel related costs and Gross Margin strength, partially offset by higher Social Charges. Social Charges of €22 million were €13 million above forecast due to share price movement during the quarter. Free Cash Flow* reached €735 million in
Q3, bringing LTM*** Free Cash Flow to €3.2 billion. Overall, we are very pleased with our performance heading into year-end and view the business as well positioned to deliver improved growth and margins in 2026.
* Constant Currency adjusted measures and Free Cash Flow are non-IFRS measures.
See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Subscriber outperformance with continued double-digit MAU growth Taste Profile launched for Premium Subscribers in the U.S., putting
more control in users’ hands with an editable view of how Spotify understands their taste Launched Creator Memberships and expanded the Spotify Partner Program to 35+ new markets in October, enabling eligible creators in Italy, Spain, Brazil,
Mexico, Poland, Colombia and beyond to earn revenue based on engagement Announced audiobooks’ global expansion from 22 markets to more than 180 by year-end 2026, giving listeners in new markets access to more than 350,000 titles spanning over
120 languages Key Highlights Mid-teens Revenue growth alongside improving profitability Total Revenue of €5.0 billion expanded 16% Y/Y or 14% Y/Y on a constant currency* basis Gross Margin finished at a Q3 record high of 33.0% (up 136 bps
Y/Y) Operating Income finished at €672 million (13.5% margin) Free Cash Flow* finished at €735 million Scaling personalized music, podcast and audiobook experiences globally Premium Subscribers grew 9% Y/Y to 306 million, reflecting 6
million net adds and Y/Y and Q/Q growth across all regions MAUs grew 11% Y/Y to 788 million, reflecting 11 million net adds and Y/Y and Q/Q growth across all regions
Results Q3 2026 Actuals Guidance Total Revenue (€B) In-Line €5.0 €5.0 Gross
Margin Above 33.0% 32.9% Operating Income (€M)* Above €672 €670 Key Highlights: Actuals vs. Guidance Users Results Q3 2026 Actuals Guidance Monthly Active Users (M) In-Line 788 788 Premium Subscribers
(M) Above 306 305 Financials * Includes €22 million of Social Charges which were €13 million above forecast / guidance driven by share price movement during the quarter. As a reminder, we do not incorporate share price movements into our
forecast since they are beyond our control.
FINANCIAL SUMMARY
USER, FINANCIAL & LIQUIDITY SUMMARY Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3
2026 Y/Y Y/Y FXN** USERS (M) Total Monthly Active Users ("MAUs") 713 751 761 777 788 11% -- Premium Subscribers 281 290 293 300 306 9% -- Ad-Supported MAUs 446 476 483 494 499 12% -- FINANCIALS
(€M) Premium* 3,835 4,020 4,148 4,331 4,487 17% 15% 9% 14% Ad-Supported* 437 511 385 446 482 10% Total Revenue 4,272 4,531 4,533 4,777 4,969 16% Gross Profit 1,351 1,499 1,495 1,596 1,639 21% 19% Gross
Margin 31.6% 33.1% 33.0% 33.4% 33.0% -- -- Total Operating Expenses 769 798 780 941 967 26% 24% Operating Income 582 701 715 655 672 15% 12% Operating Margin 13.6% 15.5% 15.8% 13.7% 13.5% -- -- FREE CASH FLOW
& LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 829 856 836 816 740 -11% -- Free Cash Flow** 806 834 824 797 735 -9% -- Cash & Cash Equivalents, Restricted Cash & Short Term
Investments (€B) 9.1 9.5 8.8 9.4 9.9 -- -- Financial Summary * Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect
changes in the financial information presented to the Group’s new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts have been reclassified to conform to current period presentation. **
Free Cash Flow and Constant Currency adjusted measures (FXN) are non-IFRS measures. See “Use of Non-IFRS Measures” and “Reconciliation of IFRS to Non-IFRS Results” for additional information.
Revenue Profitability Free Cash Flow & Liquidity Gross Margin was 33.0% in
Q3, up 136 bps Y/Y reflecting: Premium gains driven by Revenue growth outpacing music costs net of marketplace programs, audiobooks costs and video podcast costs; and Ad-Supported gains driven by Revenue growth alongside favorability in
podcast cost structure and Other Costs of Revenue Operating Income was €672 million in Q3 and reflected the above, along with: Growth in Operating Expenses driven by temporarily elevated growth in marketing and cloud/AI spend (excluding
Social Charges) Operating Expenses included €22 million in Social Charges on share-based compensation At the end of Q3, our workforce consisted of 7,284 full-time employees globally Revenue of €4,969 million grew 16% Y/Y in Q3 (or 14% Y/Y
constant currency*), reflecting: Premium Revenue** growth of 17% Y/Y (or 15% Y/Y constant currency*), driven by subscriber and ARPU gains; and Ad-Supported Revenue** growth of 10% Y/Y (or 9% Y/Y constant currency*) Currency movements aided
Total Revenue Y/Y growth by ~190 bps vs. guidance of ~200 bps Free Cash Flow* was €735 million in Q3. Our liquidity and balance sheet remained strong, with €9.9 billion in cash and cash equivalents, restricted cash and short term
investments. Financial Summary * Constant Currency adjusted measures and Free Cash Flow are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. ** Effective January
1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group’s new Co-Chief Executive Officers,
who serve as the joint chief operating decision makers. Prior period amounts have been reclassified to conform to current period presentation.
Advertising business driven by automated channels Ad-Supported Revenue* grew 10%
Y/Y (or 9% Y/Y constant currency**). On a constant currency basis, music advertising performance was driven by growth in impressions sold, partially offset by softness in pricing. Podcasting growth was led by sponsorship gains within our Owned
& Licensed portfolio. Automated sales channels continued to scale and remained the largest contributors to overall advertising growth. Revenue Premium growth driven by Subscriber and ARPU gains Premium Revenue* grew 17% Y/Y to €4,487
million (or 15% Y/Y constant currency**), reflecting 9% Y/Y Subscriber growth and Premium Average Revenue per User (ARPU) of €4.95, up 9.3% Y/Y (or 7.5% Y/Y constant currency). Excluding the impact of FX, ARPU growth was driven by price
increase benefits, partially offset by product/market mix. * Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the
financial information presented to the Group’s new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation.
Comparative amounts for 2022 have not been recast. ** Constant Currency (FXN) adjusted measures are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. ***
Auction-Based Revenue includes biddable sales within the Spotify Ad Exchange and Spotify Ads Manager. **** Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.
Premium Gross Margin* was 34.5% in Q3, up 130 bps Y/Y. The Y/Y trend was driven by
Revenue growth outpacing music costs net of marketplace programs, audiobooks costs and video podcast costs. Gross Margin Y/Y improvement driven by Premium and Ad-Supported gains Gross Margin finished at 33.0% in Q3, up 136 bps Y/Y. The Y/Y
trend was driven by improvement in both the Premium and Ad-Supported segments. Ad-Supported Gross Margin* was 18.7% in Q3, up 105 bps Y/Y. The Y/Y trend was driven by Revenue growth alongside favorability in podcast cost structure and Other
Costs of Revenue. * Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the
Group’s new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation. Comparative amounts for 2022 have not been
recast.
Operating Expenses increased ~26% Y/Y in Q3. Absent the effects of Y/Y movements
in currency and Social Charges, the 19% Y/Y increase in Operating Expenses was primarily driven by an increase in marketing alongside cloud and AI spend in support of growth initiatives. As a reminder, Social Charges are payroll taxes
associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the
taxes we accrue. Share price movements this quarter resulted in Social Charges on share-based compensation coming in €13 million above forecast at €22 million in current period Operating Expenses. Prior year period Operating Expenses included
(€16) million in Social Charges. Operating Expenses Y/Y trend led by marketing and cloud spend * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.
Free Cash Flow Q3 performance aids balance sheet strength Free Cash Flow* was
€735 million in Q3, reflecting our higher Net Income adjusted for non-cash items, offset by unfavorable movements in net working capital. Capital expenditures decreased €17 million Y/Y to €6 million. In Q3, trailing 12 month Free Cash Flow
expanded to €3.2 billion. On a cumulative basis, we have generated €9.5 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €9.9 billion in cash and cash equivalents, restricted cash and short term
investments balance. We have repurchased $1.1 billion in shares year-to-date through October 21st, representing full neutralization of the dilution from our employee equity programs in 2026 and additional returns of excess cash. In aggregate,
we have bought back approximately 3 million shares since we resumed repurchase activity in August of 2025, or approximately 1.5% of shares outstanding. * Free Cash Flow is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation
of IFRS to Non-IFRS Results" for additional information. Cume represents cumulative performance since the beginning of 2016. ** Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of
the quarter.
MAUS & SUBSCRIBERS
Growth was driven by Q/Q gains in Rest of World, Latin America, Europe and North
America Monthly Active Users (MAUs) Total MAUs grew 11% Y/Y to 788 million, up from 777 million last quarter and in-line with our guidance. Quarterly performance reflected: Y/Y and Q/Q growth across all regions 456M 574M 640M 713M 788M
Our Premium Subscribers grew 9% Y/Y to 306 million, up from 300 million last
quarter and 1 million above our guidance. Quarterly performance reflected: Y/Y and Q/Q growth across all regions Growth was driven by Q/Q gains in Latin America, Europe, North America and Rest of World Global promotional campaign intake and
partnership strength Premium Subscribers 195M 226M 252M 281M 306M
PRODUCT & PLATFORM
Championing authors and creators while enhancing the user experience Launched
Creator Memberships in 34 markets, giving eligible podcast creators a new way to offer paid memberships directly to their fans on Spotify. Creators can generate recurring revenue from fans by offering exclusive content and experiences, with the
flexibility to customize how they package and price their offerings. Announced that audiobooks on Spotify are going global, expanding from 22 markets to more than 180 by the end of 2026. With this expansion, listeners in new markets will gain
access to more than 350,000 titles, including catalogs in Spanish, Portuguese, Italian, Polish and more, spanning over 120 languages. Expanded the Spotify Partner Program to more than 35 new markets, giving eligible creators in Italy, Spain,
Brazil, Mexico, Poland, Colombia and beyond the opportunity to earn revenue based on engagement. The expansion helps more creators around the world grow their audiences and find new ways to earn from their content on Spotify.
Powering a more personalized listening experience with users in control Managed
Accounts are now available to families in the U.S., U.K., Australia, France, Germany and the Netherlands, giving listeners 13 and under their own space to discover music and build their own listening experience, while parents and guardians stay
in control of access. Launched Spotify integration with Muse to give listeners new ways to enjoy their favorite audio content through an AI agent conversation. By connecting Muse to Spotify, listeners can ask their agent to play music, save
songs to their Library, build personalized playlists, find new books, podcasts and more. Taste Profile launched to Premium Subscribers in the U.S., giving users a new way to see how Spotify understands their unique taste across music, podcasts
and audiobooks. Users can review and edit Spotify’s view of their taste, giving them more transparency and control over their experience while helping shape what gets recommended next on their Home feed.
OUTLOOK
Outlook for Q4’26 The following forward-looking statements reflect Spotify’s
expectations for Q4 2026 as of October 22, 2026 and are subject to substantial uncertainty. Total MAUs 818 million Implies the addition of approximately 30 million net new MAUs in the quarter Total Premium Subscribers 316 million Implies
the addition of approximately 10 million net new subscribers in the quarter Total Revenue €5.2 billion Assumes ~230 bps tailwind to growth Y/Y (vs. ~190 bps tailwind in Q2) due to foreign exchange rate movements; based on currency rates as
of Q3 close (e.g. USD:Euro of 0.8828 as of September 30, 2026) Gross Margin 33.8% Primarily driven by Y/Y favorability within the Premium and Ad-Supported segments Operating Income €820 million Incorporates €6 million in Social Charges
based on a Q3 close share price of $487.38
Webcast Information We will host a live question and answer session starting at
8:00 a.m. ET today on investors.spotify.com. Alex Norström and Gustav Söderström, our Co-Chief Executive Officers, and Christian Luiga, our Chief Financial Officer will be on hand to answer questions. Questions can be submitted by going to
slido.com and using the code #SpotifyEarningsQ326. Participants also may join using the listen-only conference line by registering through the following site: https://app.webinar.net/GkYa3LgEXm7. We use investors.spotify.com and
newsroom.spotify.com websites as well as other social media listed in the “Resources – Social Media” tab of our Investors website to disclose material company information. Use of Non-IFRS Measures To supplement our financial information
presented in accordance with IFRS, we use the following non-IFRS financial measures: Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, gross
profit excluding foreign exchange effect, Operating Income excluding foreign exchange effect, Operating expense excluding foreign exchange effect, and Free Cash Flow. Management believes that Revenue excluding foreign exchange effect, Premium
revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, gross profit excluding foreign exchange effect, and Operating expense excluding foreign exchange effect, are useful to investors because they
present measures that facilitate comparison to our historical performance. However, these should be considered in addition to, not as a substitute for or superior to, Revenue, Premium revenue, Ad-Supported revenue, Gross Profit, Operating
Income, Operating expense, or other financial measures prepared in accordance with IFRS. Management believes that Free Cash Flow is useful to investors because it presents a measure that approximates the amount of cash generated that is
available to repay debt obligations, to make investments, and for certain other activities that exclude certain infrequently occurring and/or non-cash items. However, Free Cash Flow should be considered in addition to, not as a substitute for
or superior to, net cash flows (used in)/from operating activities or other financial measures prepared in accordance with IFRS. For more information on these non-IFRS financial measures, please see “Reconciliation of IFRS to Non-IFRS Results”
section below. Forward Looking Statements This shareholder update contains estimates and forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “may,” “might,” “will,”
“could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” and similar words are intended to identify estimates and forward-looking
statements. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Although we believe that these estimates
and forward-looking statements are based upon reasonable assumptions, they are subject to numerous risks and uncertainties and are made in light of information currently available to us. Many important factors may adversely affect our results
as indicated in forward-looking statements. These factors include, but are not limited to: our ability to attract prospective users, retain existing users, and monetize our products and services; competition for users, their time, and
advertisers; risks associated with our international operations and our ability to manage our growth and the scope and complexity of our business; risks associated with our new products or services and our emphasis on long-term user engagement
over short-term results; our ability to provide personalized content that our users enjoy; our ability to sustain our revenue growth rate; our ability to convince advertisers of the benefits of our advertising offerings; our ability to
forecast, optimize, or sell advertising inventory amid evolving industry trends in digital advertising; our ability to successfully monetize and generate revenues from podcasts, audiobooks, and other non-music content; potential disputes or
liabilities associated with content made available on our premium service and ad-supported service (collectively, the “Service”); risks relating to acquisitions, investments, and divestitures; our dependence upon third-party licenses for most
of the content we stream; our lack of control over third-party content providers who are concentrated and can unilaterally affect our access to content; our ability to comply with complex license agreements; our ability to accurately estimate
royalty payments under our license agreements and relevant statutes; the limitations on our operating flexibility due to financial commitments required under certain of our license agreements; our ability to identify the compositions embodied
in sound recordings and audiovisual works and ownership thereof in order to obtain licenses or comply with existing license agreements; assertions by third parties of infringement or other violations by us of their intellectual property rights;
our ability to protect our intellectual property; the dependence of streaming on operating systems, online platforms, hardware, networks, regulations, and standards that we do not control; our ability to maintain the integrity of our technology
infrastructure and systems or the security of confidential information; undetected errors, misconfigurations, bugs, or vulnerabilities in our products and services; interruptions, delays, or discontinuations in service arising from our systems
or systems of third parties; changes in laws or regulations affecting us; risks relating to privacy and data security, content moderation, use of artificial intelligence, and third parties’ intentional misuse of our products and services; our
ability to maintain, protect, and enhance our brand; our ability to meet evolving stakeholder expectations relating to environmental, social, and governance matters; payment acceptance-related risks; our dependence on key personnel and ability
to attract, retain, and motivate highly skilled employees; our ability to access additional capital to support strategic objectives; risks relating to currency exchange rate fluctuations and foreign exchange controls; the impact of economic,
social, or political conditions, including slower growth or recession, inflation, changes in interest rates, changes in trade and tax policies, geopolitical conflicts, and related market uncertainty; our ability to accurately estimate user
metrics and other estimates; our ability to manage and remediate attempts to manipulate streams and attempts to gain or provide unauthorized access to certain features of our Service; risks related to our indebtedness; fluctuation of our
operating results and fair market value of ordinary shares; tax-related risks; the concentration of voting power among our founders, which limits shareholders’ ability to influence our governance and business; and risks related to our status as
a foreign private issuer and a Luxembourg company. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from our estimates and forward-looking statements is included in
our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F filed with the SEC on February 10, 2026, as updated by subsequent reports filed with the SEC. We undertake no obligation to update
forward-looking statements to reflect events or circumstances occurring after the date of this shareholder update. Rounding Certain monetary amounts, percentages, and other figures included in this update have been subject to rounding
adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding.
FINANCIAL STATEMENTS
Trending Charts MAUs, Ad-Supported Users, Premium Subscribers & Revenue By
Segment * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. ** Effective January 1, 2026, certain revenue-generating activities previously reported within the
Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group’s new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts
since 2023 have been reclassified to conform to current period presentation.
Trending Charts Gross Profit by Segment, Gross Margin by Segment & Free Cash
Flow* * Free Cash Flow is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months
relative to the last day of the quarter. ** Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial
information presented to the Group’s new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation.
Interim condensed consolidated statement of operations (Unaudited) (in €
millions, except share and per share data) Three months ended September 30, 2026 June 30, 2026 September 30, 2025 Revenue 4,969 4,777 4,272 Cost of revenue 3,330 3,181 2,921 Gross profit 1,639 1,596 1,351 Research and
development 417 403 309 Sales and marketing 406 390 349 General and administrative 144 148 111 967 941 769 Operating income 672 655 582 Finance income 62 86 262 Finance costs (29) (21) (17) Finance income -
net 33 65 245 Income before tax 705 720 827 Income tax expense/(benefit) 187 175 (72) Net income attributable to owners of the parent 518 545 899 Earnings per share attributable to owners of the
parent Basic 2.52 2.65 4.36 Diluted 2.48 2.61 3.28 Weighted-average ordinary shares outstanding Basic 205,718,815 205,788,241 205,964,504 Diluted 208,578,748 208,858,469 213,789,735
September 30, 2026 December 31, 2025 Assets Non-current assets Lease
right-of-use assets 218 234 Property and equipment 190 188 Goodwill 1,118 1,083 Intangible assets 30 41 Long term investments 1,066 2,181 Restricted cash and other non-current assets 174 61 Finance lease
receivables 69 69 Deferred tax assets 548 662 3,413 4,519 Current assets Trade and other receivables 817 802 Income tax receivable 48 116 Short term investments 3,856 4,209 Cash and cash equivalents 6,032 5,258 Other
current assets 146 111 10,899 10,496 Total assets 14,312 15,015 Equity and liabilities Equity Share capital — — Other paid in capital 6,692 6,496 Treasury shares (1,566) (701) Other reserves 2,630 3,366 Retained
earnings/(accumulated deficit) 985 (832) Equity attributable to owners of the parent 8,741 8,329 Non-current liabilities Lease liabilities 391 433 Accrued expenses and other liabilities 2 2 Provisions 13 3 Deferred tax
liabilities 45 163 451 601 Current liabilities Trade and other payables 1,411 1,194 Income tax payable 192 72 Deferred revenue 794 711 Accrued expenses and other liabilities 2,652 2,589 Exchangeable
Notes — 1,458 Provisions 48 51 Derivative liabilities 23 10 5,120 6,085 Total liabilities 5,571 6,686 Total equity and liabilities 14,312 15,015 Interim condensed consolidated statement of financial position (Unaudited) (in €
millions)
Interim condensed consolidated statement of cash flows (Unaudited) (in €
millions) Three months ended September 30, 2026 June 30, 2026 September 30, 2025 Operating activities Net income 518 545 899 Adjustments to reconcile net income to net cash flows Depreciation of property and equipment and lease
right-of-use assets 27 24 19 Amortization of intangible assets 6 5 5 Impairment charge on real estate assets (1) — 5 Share-based compensation expense 87 86 75 Finance income (62) (86) (262) Finance costs 29 21 17 Income
tax expense/(benefit) 187 175 (72) Other — 1 1 Changes in working capital: Increase in trade receivables and other assets (194) (80) (26) Increase in trade and other liabilities 152 150 100 Increase in deferred
revenue 14 25 25 Increase/(decrease) in provisions 1 (6) 2 Interest paid (5) (7) (11) Interest received 56 48 57 Income tax paid (75) (85) (5) Net cash flows from operating activities 740 816 829 Investing
activities Purchases of property and equipment (6) (20) (23) Purchases of short term investments (5,401) (7,301) (4,783) Sales and maturities of short term investments 5,001 7,351 4,369 Purchases of long term
investments (10) — (1) Sales of long term investments 60 — — Change in restricted cash 1 2 — Dividends received — 29 1 Other 1 1 (1) Net cash flows (used in)/from investing activities (354) 62 (438) Financing
activities Proceeds from exercise of stock options 68 64 39 Repurchases of ordinary shares (313) (232) (58) Payments of lease liabilities (20) (16) (15) Lease incentives received 1 — — Payments for employee taxes withheld from
restricted stock unit releases (41) (34) (66) Net cash flows used in financing activities (305) (218) (100) Net increase in cash and cash equivalents 81 660 291 Cash and cash equivalents at beginning of the
period 5,938 5,255 5,161 Net foreign exchange gains on cash and cash equivalents 13 23 4 Cash and cash equivalents at period end 6,032 5,938 5,456
Diluted earnings per share Net income attributable to owners of the
parent 518 545 899 Fair value gains on dilutive Exchangeable Notes — — (197) Net earnings used in the computation of diluted earnings per share 518 545 702 Shares used in computation: Weighted-average ordinary shares
outstanding 205,718,815 205,788,241 205,964,504 Exchangeable Notes — — 2,911,498 Stock options 2,154,663 2,396,155 3,614,107 Restricted stock units 705,270 674,073 1,292,184 Other contingently issuable
shares — — 7,442 Diluted weighted-average ordinary shares 208,578,748 208,858,469 213,789,735 Diluted earnings per share attributable to owners of the parent 2.48 2.61 3.28 September 30, 2026 June 30, 2026 September 30,
2025 Basic earnings per share Net income attributable to owners of the parent 518 545 899 Shares used in computation: Weighted-average ordinary shares outstanding 205,718,815 205,788,241 205,964,504 Basic earnings per share
attributable to owners of the parent 2.52 2.65 4.36 (Unaudited) (in € millions, except share and per share data) Three months ended Calculation of basic and diluted earnings per share
Three months ended September 30, 2026 September 30, 2025 IFRS
Revenue 4,969 4,272 Foreign exchange effect on 2026 revenue using 2025 rates (81) Revenue excluding foreign exchange effect 4,888 IFRS Revenue year-over-year change % 16 % Revenue excluding foreign exchange effect year-over-year change
% 14 % IFRS Premium revenue 4,487 3,835 Foreign exchange effect on 2026 Premium revenue using 2025 rates (74) Premium revenue excluding foreign exchange effect 4,413 IFRS Premium revenue year-over-year change % 17 % Premium revenue
excluding foreign exchange effect year-over-year change % 15 % IFRS Ad-Supported revenue 482 437 Foreign exchange effect on 2026 Ad-Supported revenue using 2025 rates (7) Ad-Supported revenue excluding foreign exchange effect 475 IFRS
Ad-Supported revenue year-over-year change % 10 % Ad-Supported revenue excluding foreign exchange effect year-over-year change % 9 % Revenue on a constant currency basis (Unaudited) (in € millions, except percentages) Reconciliation of
IFRS to non-IFRS results Gross profit on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended September 30, 2026 September 30, 2025 IFRS Revenue 4,969 4,272 IFRS Cost of
revenue 3,330 2,921 IFRS Gross profit 1,639 1,351 Foreign exchange effect on 2026 gross profit using 2025 rates (30) Gross profit excluding foreign exchange effect 1,609 IFRS Gross profit year-over-year change % 21 % Gross profit
excluding foreign exchange effect year-over-year change % 19 %
Operating expense on a constant currency basis (Unaudited) (in € millions,
except percentages) Reconciliation of IFRS to non-IFRS results Three months ended September 30, 2026 September 30, 2025 IFRS Operating expense 967 769 Foreign exchange effect on 2026 operating expense using 2025 rates (11) Operating
expense excluding foreign exchange effect 956 IFRS Operating expense year-over-year change % 26 % Operating expense excluding foreign exchange effect year-over-year change % 24 % Three months ended September 30, 2026 September 30,
2025 IFRS Research and development expense 417 309 Foreign exchange effect on 2026 expense using 2025 rates (5) Research and development expense excluding foreign exchange effect 412 IFRS Research and development expense year-over-year
change % 35 % Research and development expense excluding foreign exchange effect year-over-year change % 33 % Three months ended September 30, 2026 September 30, 2025 IFRS Sales and marketing expense 406 349 Foreign exchange effect on
2026 expense using 2025 rates (4) Sales and marketing expense excluding foreign exchange effect 402 IFRS Sales and marketing expense year-over-year change % 16 % Sales and marketing expense excluding foreign exchange effect year-over-year
change % 15 % Three months ended September 30, 2026 September 30, 2025 IFRS General and administrative expense 144 111 Foreign exchange effect on 2026 expense using 2025 rates (2) General and administrative expense excluding foreign
exchange effect 142 IFRS General and administrative expense year-over-year change % 30 % General and administrative expense excluding foreign exchange effect year-over-year change % 28 %
Reconciliation of IFRS to non-IFRS results Operating income on a constant
currency basis (Unaudited) (in € millions, except percentages) Three months ended September 30, 2026 September 30, 2025 IFRS Operating income 672 582 Foreign exchange effect on 2026 operating income using 2025 rates (19) Operating
income excluding foreign exchange effect 653 IFRS Operating income year-over-year change % 15 % Operating income excluding foreign exchange effect year-over-year change % 12 %
Three months ended March 31, 2023 June 30, 2023 September 30, 2023 December
31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December March 31, June 30, 31, 2024 2025 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net cash flows from
operating activities 59 13 211 397 211 492 715 883 539 709 829 856 836 816 740 Capital expenditures (2) (2) (1) (1) (5) (2) (4) (6) (6) (10) (23) (22) (13) (21) (6) Change in restricted
cash — (2) 6 — 1 — — — 1 1 — — 1 2 1 Free Cash Flow 57 9 216 396 207 490 711 877 534 700 806 834 824 797 735 Last twelve months ended December March 31, June 30, September December March 31, June
30, September December March 31, June 30, September 31, 2023 2024 2024 30, 2024 31, 2024 2025 2025 30, 2025 31, 2025 2026 2026 30, 2026 Net cash flows from operating
activities 680 832 1,311 1,815 2,301 2,629 2,846 2,960 2,933 3,230 3,337 3,248 Capital expenditures (6) (9) (9) (12) (17) (18) (26) (45) (61) (68) (79) (62) Change in restricted
cash 4 5 7 1 1 1 2 2 2 2 3 4 Free Cash Flow 678 828 1,309 1,804 2,285 2,612 2,822 2,917 2,874 3,164 3,261 3,190 Free Cash Flow (Unaudited) (in € millions) Reconciliation of IFRS to non-IFRS results Free Cash
Flow (Unaudited) (in € millions) Twelve months ended December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December
31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash flows from operating activities 101 179 344 573 259 361 46 680 2,301 2,933 Capital
expenditures (27) (36) (125) (135) (78) (85) (25) (6) (17) (61) Change in restricted cash (1) (34) (10) 2 2 1 — 4 1 2 Free Cash Flow 73 109 209 440 183 277 21 678 2,285 2,874 Free Cash Flow (Unaudited) (in €
millions)
APPENDIX
Social Charges Sensitivity Meaningful movements in our stock price can lead to
Social Charge variance Our guidance incorporates the impact of Social Charges on share-based compensation, the vast majority of which appear in Operating Expenses. The amount of Social Charges we accrue for and ultimately pay can be volatile,
as they are tied to the value of our share price. Since we do not forecast stock price changes in our guidance, meaningful movements in our stock price over the course of a quarter can lead to meaningful changes in Social Charges. As an
example, at the Q3 close, our stock price was $487.38. In Q3, a 10% increase or decrease in our stock price compared to the quarter-end price would have an approximate +/- €20M impact on Social Charges.
