The Business Study
Spotify Technology S.A. · SPOTHow Spotify makes money
Spotify brought in $17.2 billion in revenue in 2025 and kept $2.2 billion as profit: $12.87 of every $100. Its biggest source of money was Premium subscriptions, at $15.3 billion (89% of the total).
From Spotify's Form 20-F for the year ended December 31, 2025. Page updated November 8, 2026.
Out of every $100 Spotify took in, it kept
Where Spotify's money comes from. 2 lines in its 10‑K.
6 years of Spotify's revenue and profit.
Fiscal years as Spotify reports them; the latest ended December 31, 2025. Profit is net income.
Quick answers about Spotify.
How does Spotify make money?
Spotify makes most of its money from Premium subscriptions and the rest from ads on the free tier, and pays most of it to music rights holders. The biggest line in its latest 10-K is Premium subscriptions ($15.3 billion).
How much money does Spotify make a year?
$17.2 billion in revenue in 2025, and $2.2 billion in net profit. That's up 10% from the year before.
Is Spotify profitable?
Yes. Spotify made $2.2 billion in net profit in 2025, which is $12.87 of every $100 it took in. It lost money in 2020, 2021, 2022, 2023.
How many employees does Spotify have?
About 7,287 full-time employees on average as of 2025 (average). That works out to $2.36 million in revenue per employee.
Is Spotify growing?
Yes. Revenue went from $7.9 billion in 2020 to $17.2 billion in 2025, up 118%.
Compare Spotify.
Source: Spotify Technology S.A., annual report on Form 20-F for the fiscal year ended December 31, 2025, filed with the SEC on February 10, 2026.
Revenue, profit and the breakdowns are the numbers the company reported in that filing (its XBRL data). Profit means net income; "operating profit" means operating income. Nothing on this page is estimated.