TTM
13.7%
YoY change
+4.08pp
Trough year (2015)
-12.1%
Peak year (2025)
12.8%
Latest annual
12.8%
Operating Margin history chart for Spotify (SPOT) from 2015 to 2025
Latest: 12.8%
Operating Margin change chart for Spotify (SPOT) from 2015 to 2025
Latest: +4.08pp
Operating Margin history table for Spotify (SPOT) from 2015 to 2025
| 2025 | 12.8% | +4.08pp | ||
| 2024 | 8.7% | +12.08pp | ||
| 2023 | -3.4% | +2.25pp | ||
| 2022 | -5.6% | -6.59pp | ||
| 2021 | 1.0% | +4.69pp | ||
| 2020 | -3.7% | -2.64pp | ||
| 2019 | -1.1% | -0.26pp | ||
| 2018 | -0.8% | +8.42pp | ||
| 2017 | -9.2% | +2.58pp | ||
| 2016 | -11.8% | +0.29pp | ||
| 2015 | -12.1% | — |
- 202512.8%+4.08pp
- 20248.7%+12.08pp
- 2023-3.4%+2.25pp
- 2022-5.6%-6.59pp
- 20211.0%+4.69pp
- 2020-3.7%-2.64pp
- 2019-1.1%-0.26pp
- 2018-0.8%+8.42pp
- 2017-9.2%+2.58pp
- 2016-11.8%+0.29pp
- 2015-12.1%—
Operating 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 Operating Margin at Spotify (SPOT)
According to Spotify's latest reported financial statements, the company's latest reported operating margin is 13.7%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
The 2025 reading of Spotify (SPOT) operating margin is 12.79% – expanded 4.1 percentage points year-over-year.
Across the available history, operating margin reached its high of 12.79% in 2025 and its low of -12.11% in 2015.
Spotify Operating Margin by Year
Spotify Operating Margin 2025: 12.8%
In 2025, Spotify reported operating margin of 12.79%, expanded 4.1 percentage points from 2024. This figure represents the highest annual value in the available history.
Spotify Operating Margin 2024: 8.7%
Spotify operating margin in 2024 was 8.71%, expanded 12.1 percentage points from 2023.
Spotify Operating Margin 2023: -3.4%
2023's operating margin for Spotify came in at -3.37%, expanded 2.3 percentage points from 2022.
Spotify Operating Margin 2022: -5.6%
Spotify posted operating margin of -5.62% in 2022, contracted 6.6 percentage points from 2021.
Spotify Operating Margin 2021: 1.0%
Spotify operating margin in 2021 was 0.97%.
See more financial history for Spotify (SPOT).
Sector peers by Operating Margin
Communication Services peers of Spotify (SPOT), ranked by their latest operating margin
| 41.2% | |
| 32.7% | |
| 29.7% | |
| 21.2% | |
| 20.4% | |
| 19.4% | |
| 15.5% | |
| 15.3% |
- 41.2%
- 32.7%
- 29.7%
- 21.2%
- 20.4%
- 19.4%
- 15.5%
- 15.3%
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