Spotify SPOT
Consumer Internet Consumer Subscription PLG

Spotify trades at 4.6x EV/NTM revenue on a $115.3B enterprise value. Revenue grew 16.3% year over year to $4.97B in the quarter ending September 2026, an annual run rate of $19.88B. Spotify reports a 33.0% gross margin.

ARR ($M)
Net Dollar Retention
--
ARR Growth
--
EV / NTM Revenue
4.6x
Payback Period
EV / Run Rate
5.8x
Price & Key Metrics
Price Performance
Company Details
Share Price: 594.04
Last Filing Date: 2026-09-30
Fiscal Year End: 12-31
Last Filing: Form
Founding Year: 2006
IPO Year: 2018
% of 52 wk High: 92%
Description
Spotify is an audio streaming platform that provides DRM-protected music and podcasts from record labels and media companies. As a freemium service, basic features are free with advertisements or automatic music videos, while additional features, such as improved streaming quality, are offered via paid subscriptions.
Categories
Consumer Internet Consumer Subscription PLG
Valuation
Market Cap: 125,188.743
Enterprise Value: 115,300.743
EV / Revenue Run Rate: 5.8x
EV / NTM Revenue: 4.6x
EV / 2026 Revenue Estimates: 5.0x
EV / 2027 Revenue Estimates: 4.5x
EV / 2028 Revenue Estimates: 3.9x
Key Business Metrics
Net Dollar Retention: --
Customers: --
ARR: --
ARR Growth %: --
ARR/Customer ($K): --
ARR/Employee ($K): --
Revenue
Revenue Run Rate: 19,876
ARR: --
2026 Revenue Estimates: 22,841
2027 Revenue Estimates: 25,863
2028 Revenue Estimates: 29,412
LTM Revenue: 18,810
Last Year Run Rate: 17,088
Growth
Revenue Growth: 16%
ARR Growth: --
Growth Persistence: 229%
2026 Revenue Growth Estimates: 16%
2027 Revenue Growth Estimates: 13%
2028 Revenue Growth Estimates: 14%
Financials
Quarterly
Calendar Year
Frequently Asked Questions

How fast is Spotify growing?

Spotify grew revenue 16.3% year over year, reaching $4.97B in the quarter ending September 2026.

What multiple does Spotify trade at?

Spotify trades at 4.6x EV/NTM revenue and 5.8x EV/run-rate, on an enterprise value of $115.3B.

Is Spotify profitable?

For Spotify, operating income was $672.0M last quarter and LTM free cash flow margin is 17.0%.

What sector is Spotify in?

Public Comps classifies Spotify under Consumer Internet, Consumer Subscription, and PLG.

Where does Public Comps get Spotify's data?

Figures come from Spotify's own SEC filings, normalised into a consistent quarterly format and refreshed after each earnings release.