Spotify(SPOT) - 2025 Q4 - Earnings Call Presentation

Q4 2025 Update | Executive Summary | p.03 | | --- | --- | | Key Highlights | p.04 | | Financial Summary | p.06 | | MAUs & Subscribers | p.13 | | Product & Platform | p.16 | | Outlook | p.19 | Financial Statements p.22 2 Executive Summary We finished 2025 with strong performance, as all Q4 KPIs met or exceeded guidance to deliver strong Free Cash Flow*. The business added a record 38 million MAU vs. guidance for 32 million, while Subscriber net additions of 9 million exceeded guidance by 1 million. Revenue w ...