Spotify technology s.a.SPOT.US Overview

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Quarterly	EPS Forecast	QoQ	Max	Min
2025Q1
2025Q2
2025Q3
2025Q4
2026Q1

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Jul 30, 2025Financial Report Analysis

Spotify ( SPOT ) 財報分析 25Q2 – 匯率及薪資稅超預期，導致盈轉虧

Spotify ( SPOT ) 於美國時間 2025 年 7 月 29 日公布了 2025 年第二季度財報（FY25Q2），由於不利的匯率波動和遠高於預期的薪資稅，總收入略低於公司預期和分析師預期，並導致公司由盈轉虧，公布後股價當天跌幅超過 10%。本篇文章會用最新財報和籌碼面數據，快速帶你掌握 SPOT 的全球市場表現和未來趨勢。 Spotify 在 2025 年第二季度表現出強勁的用戶增長（包括月活躍用戶與付費訂閱用戶）和創紀錄的自由現金流表現。營收方面年增 10% 達到 41.93 億歐元，略低於市場預期的 42.6 億歐元和公司預期的 43 億歐元，其中匯率波動對總收入產生了約 1.04 億歐元的負面影響，導致年增長率減緩約 440 個基點，遠高於指引中預計的 170 個基點。 每股盈餘則為 -0.49 美元，大幅低於市場預期的 2.3 美元，主因為高達 1.15 億歐元的薪資稅，這比預期高出 9800 萬歐元。薪資稅是某些國家與員工薪酬和股票獎勵相關的工資稅，由於 Spotify 股價在本季度飆升 57%，導致這些稅費大幅波動和增加。 主要受到訂閱用戶增長和每用戶平均收入 (ARPU) 增長的推動。Premium ARPU 下降 1% 至 4.57 歐元，但固定匯率下則增長 3%，這得益於價格上調，部分被產品/市場組合變化所抵消。 儘管總體廣告收入同比下降，但公司對其廣告平台充滿信心。廣告收入在固定匯率下增長主要受音樂和播客廣告的展示量增長推動，部分被定價疲軟和 Podcast 庫存優化所抵消。自動化銷售管道是整體廣告增長的最大貢獻者。 Spotify 在用戶增長方面繼續保持強勁勢頭，且超越了公司內部預期：月活躍用戶 (MAU)：總 MAU 達到 6.96 億，年增 11%。此數據超出公司指引的 6.89 億人，多出 700 萬人，且所有地區均實現年增長，其中世界其他地區 (Rest of World) 和拉丁美洲表現突出。   付費訂閱用戶 (Premium Subscribers)：付費訂閱用戶達到 2.76 億，年增 12%。此數據超出指引的 2.73 億人，多出 300 萬人，且所有地區均實現年增長和季增長，其中拉丁美洲、歐洲、北美洲表現卓越。 自由現金流 (Free Cash Flow, FCF) 達到 7.00 億歐元，創下第二季度新高。自由現金流年增 43%。截至本季度末，過去 12 個月的自由現金流擴大到 28 億歐元。 Spotify 董事會批准將現有股票回購計畫的授權增加 10 億美元，使總授權達到 20 億美元。目前剩餘的授權金額為 19 億美元。 根據 52 位分析師的預測，分析師預測 SPOT 在未來一年內之股價目標價為 748 美元，最大值為 900 美元，最小值則是 464 美元，分析師建議買入 SPOT 的股票，截至美國時間 2025 年 7 月 29 日的 收盤價 620 美元計算，目前低於目標 20%。 目前 SPOT 籌碼分數為 4 分，主因為籌碼較為集中，長期而言股票會有比較穩定的成長。 近期加碼 SPOT 的機構有 510 間，建倉機構 225 間，然而減碼機構為 385 間，清倉機構為 99  間。從 Growin 提供的 10 間比較密集受到關注的大型機構數據， 本季度買入的機構為橋水基金和索羅斯基金。 下圖為 Spotify 的股價營收比 PS Ratio 趨勢圖，可以發現目前 SPOT 處於歷史高估值的位置，並且也遠大於過去五年來的平均，反映出市場對於 Spotify 的高度期待和信心，帶動股價估值屢創新高。 目前市場預估 Spotify 在今年和未來兩年都能保持 30% 的每股盈餘增長，以這個預期增漲率來看目前的股價營收比也相對合理許多，不過需要注意的是這類成長股市場會更關注他們的未來營收預估，Miss 預期的話容易造成股價大幅回調。 Spotify 在 2025 年第二季度在用戶增長和自由現金流方面表現強勁，但由於匯率逆風和高於預期的社會費用，導致收入略低於預期並轉為淨虧損。不過 執行長 Daniel Ek 表示，雖然他對目前的狀況不滿意，但他對公司所制定的抱負仍充滿信心，並正迅速採取行動以確保公司走在正確的道路上。他指出這是一個「執行上的挑戰，而不是戰略上的問題」。   好消息來啦 🎉 Growin 投資交流社群正式上線！  不論你是投資新手還是資深老手，都歡迎加入 Growin 的 Discord 投資交流頻道，與投資同好們一起交流市場趨勢、個股資訊，並獲取第一手的投資洞察！ 歡迎加入，一起在投資的道路上成長茁壯！  🚀  

SPOT FAQ

• When is SPOT's latest earnings report released?

  The most recent financial report for Spotify technology s.a. (SPOT) covers the period of 2025Q2 and was published on 2025/06/30. This report is prepared according to IFRS/US GAAP standards and includes key financial indicators—Revenue, Profitability, Cash Flow, and Capital Structure. This information is essential for investors evaluating SPOT's short-term business performance and financial health. For the latest updates on SPOT's earnings releases, visit this page regularly.

• Where does SPOT fall in the P/E River chart?

  According to historical valuation range analysis, Spotify technology s.a. (SPOT)'s current price-to-earnings (P/E) ratio is 134.55, placing it in the Value zone on the P/E River chart. This level indicates that the market's expectations for future earnings are already reflected in the share price, with the valuation currently leaning conservative. Investors are advised to further examine the company's fundamentals and its position in the industry cycle to validate whether the valuation is justified.

• What is the operating profit of SPOT?

  According to the latest financial report, Spotify technology s.a. (SPOT) reported an Operating Profit of 406M with an Operating Margin of 9.68% this period, representing a growth of 52.63% compared to the same period last year. Operating Profit reflects the company's core business efficiency and cost control, making it a key indicator for evaluating operational strength and profitability.

• How is SPOT's revenue growth?

  In the latest financial report, Spotify technology s.a. (SPOT) announced revenue of 4.19B, with a Year-Over-Year growth rate of 10.14%. Revenue growth can be driven by product mix changes, market share expansion, price adjustments, or international market penetration. Investors should also monitor gross margin and regional revenue distribution for a comprehensive view of growth quality and sustainability.

• How much debt does SPOT have?

  As of the end of the reporting period, Spotify technology s.a. (SPOT) had total debt of 2.38B, with a debt ratio of 0.18. Short-term debt comprises a higher/lower proportion. The level of financial leverage directly impacts the company's capital structure and interest coverage. If debt is high, pay attention to interest expenses and refinancing risks. Conversely, a low-leverage structure indicates greater risk tolerance but potentially less growth flexibility.

• How much cash does SPOT have?

  At the end of the period, Spotify technology s.a. (SPOT) held Total Cash and Cash Equivalents of 5.16B, accounting for 0.38 of total assets. Both current and quick ratios indicate robust short-term debt repayment ability. High cash reserves typically mean the company has strong liquidity, supporting operational needs, expansion investments, or shareholder returns.

• Does SPOT go with three margins increasing?

  In the latest report, Spotify technology s.a. (SPOT) did not achieve the “three margins increasing” benchmark, with a gross margin of 31.5%%, operating margin of 9.68%%, and net margin of -2.1%%. This demonstrates limited improvement in profitability, which is a key signal for fundamental analysis. Investors should consider margin trends alongside other financial indicators to assess SPOT's profit trajectory and future growth potential.

• Is SPOT's EPS continuing to grow?

  According to the past four quarterly reports, Spotify technology s.a. (SPOT)'s earnings per share (EPS) shows a declining trend, with the latest EPS at -0.42. If EPS continues to rise due to revenue growth and cost optimization, it can support P/E valuation recovery and attract long-term investors.

• What is the FCF of SPOT?

  Spotify technology s.a. (SPOT)'s Free Cash Flow (FCF) for the period is 699M, calculated as Operating Cash Flow minus Capital Expenditures, representing a rise of 42.65% compared with the previous period. Positive FCF growth provides stable funding for dividends, debt repayment, or strategic acquisitions, and is an important measure of true profitability and shareholder return potential.

• What are the PEG ratio and PE ratio of SPOT?

  The latest valuation data shows Spotify technology s.a. (SPOT) has a Price-To-Earnings (PE) ratio of 134.55 and a Price/Earnings-To-Growth (PEG) ratio of 2.81. A PEG below 1 usually suggests the market is underestimating growth potential, while a PEG above 1 indicates high growth expectations are already priced in. Investors should conduct a comprehensive valuation by considering historical growth, market forecasts, and industry cycles.