As of Q4'25, SPOT's gross margin reached 33.1%, operating margin climbed to 15.5%, and net profit margin improved significantly to 25.9%. These figures represent the highest levels recorded in the period from Q1'23 to Q4'25, indicating strong profitability at the latest data point. Over the observed period, all three margin metrics show a marked upward trend. Gross margin steadily increased from 25.2% in Q1'23, while operating margin transitioned from negative territory in early 2023 to sustained positive growth, particularly accelerating after Q1'24. Net profit margin, which was negative through much of 2023, turned positive in Q3'23 and surged sharply in the second half of 2025, highlighting a significant turnaround in SPOT's financial performance.