Spotify Reports Third Quarter 2025 Earnings

Today, we announced our third quarter 2025 earnings, marking strong momentum as we surpassed 700 million Monthly Active Users and achieved double-digit subscriber growth. We continue to deliver on our focus of Accelerated Execution, launching new updates and features across music, podcasts, and audiobooks, and further adding value for users and creators around the world. Take a look at the highlights below:

Subscribers climbed 12% Y/Y to 281 million.

Monthly Active Users grew 11% Y/Y to 713 million.

Total Revenue increased 12% Y/Y constant currency to 4.3 billion.

Gross Margin improved by 56 bps YoY to 31.6%.

Operating Income reached 582M.

The business is healthy. We're shipping faster than ever. And we have the tools we need pricing, product innovation, operational leverage, and eventually the ads turnaround to deliver both revenue growth and profit expansion, said Daniel Ek, Spotify's Founder and CEO. It all comes back to user fundamentals and that's where we are: 700 million users who keep coming back, engagement at all-time highs. We're building Spotify for the long-term.

Interested in hearing more? Click here to review the full earnings release and listen to the webcast Q&A on our Investor Relations site here.

LINK:	https://newsroom.spotify.com/2025-11-04/spotify-q3-2025-earnings/...
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