TTM
18.2%
YoY change
+2.14pp
Trough year (2015)
-4.5%
Peak year (2025)
16.7%
Latest annual
16.7%
FCF Margin history chart for Spotify (SPOT) from 2015 to 2025
Latest: 16.7%
FCF Margin change chart for Spotify (SPOT) from 2015 to 2025
Latest: +2.14pp
FCF Margin history table for Spotify (SPOT) from 2015 to 2025
| 2025 | 16.7% | +2.14pp | ||
| 2024 | 14.6% | +9.48pp | ||
| 2023 | 5.1% | +4.91pp | ||
| 2022 | 0.2% | -2.68pp | ||
| 2021 | 2.9% | +0.56pp | ||
| 2020 | 2.3% | -4.18pp | ||
| 2019 | 6.5% | +2.31pp | ||
| 2018 | 4.2% | +0.91pp | ||
| 2017 | 3.3% | +0.75pp | ||
| 2016 | 2.5% | +6.99pp | ||
| 2015 | -4.5% | — |
- 202516.7%+2.14pp
- 202414.6%+9.48pp
- 20235.1%+4.91pp
- 20220.2%-2.68pp
- 20212.9%+0.56pp
- 20202.3%-4.18pp
- 20196.5%+2.31pp
- 20184.2%+0.91pp
- 20173.3%+0.75pp
- 20162.5%+6.99pp
- 2015-4.5%—
FCF Margin values are taken from Spotify's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in EUR as filed.
About FCF Margin at Spotify (SPOT)
According to Spotify's latest reported financial statements, the company's latest reported free cash flow margin is 18.2%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Spotify (SPOT) free cash flow margin totalled 16.71% – expanded 2.1 percentage points year-over-year.
The highest annual free cash flow margin of 16.71% was reported in 2025. The lowest in the available history was -4.48% in 2015.
Spotify FCF Margin by Year
Spotify FCF Margin 2025: 16.7%
In 2025, Spotify reported free cash flow margin of 16.71%, expanded 2.1 percentage points from 2024. This figure represents the highest annual value in the available history.
Spotify FCF Margin 2024: 14.6%
Spotify free cash flow margin in 2024 was 14.57%, expanded 9.5 percentage points from 2023.
Spotify FCF Margin 2023: 5.1%
2023's free cash flow margin for Spotify came in at 5.09%, expanded 4.9 percentage points from 2022.
Spotify FCF Margin 2022: 0.2%
Spotify posted free cash flow margin of 0.18% in 2022, contracted 2.7 percentage points from 2021.
Spotify FCF Margin 2021: 2.9%
Spotify free cash flow margin in 2021 was 2.85%.
See more financial history for Spotify (SPOT).
Sector peers by FCF Margin
Communication Services peers of Spotify (SPOT), ranked by their latest free cash flow margin
| 25.4% | |
| 22.4% | |
| 20.1% | |
| 16.3% | |
| 15.2% | |
| 14.4% | |
| 13.7% | |
| 7.3% |
- 25.4%
- 22.4%
- 20.1%
- 16.3%
- 15.2%
- 14.4%
- 13.7%
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