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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
Commission File Number: 001-38438
Spotify Technology S.A.
(Translation of registrant’s name into English)
33 Boulevard Prince Henri
L-1724 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
☒
Form 40-F
☐
Spotify Technology S.A.
Interim condensed consolidated financial statements
For the three months ended March 31, 2026
Table of contents
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
1
Interim condensed consolidated statement of operations
1
Interim condensed consolidated statement of comprehensive
(loss)
/
income
2
Interim condensed consolidated statement of financial position
3
Interim condensed consolidated statement of changes in equity
4
Interim condensed consolidated statement of cash flows
5
Notes to the interim condensed consolidated financial statements
6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
22
Item 3. Quantitative and Qualitative Disclosures About Market Risk
34
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
37
Item 1A. Risk Factors
37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
37
Item 3. Defaults Upon Senior Securities
37
Item 5. Other Information
37
Signatures
38
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Interim condensed consolidated statement of operations
(Unaudited)
(in € millions, except share and per share data)
Three months ended March 31,
Note
2026
2025
Revenue
20
4,533
4,190
Cost of revenue
3,038
2,864
Gross profit
1,495
1,326
Research and development
331
379
Sales and marketing
342
314
General and administrative
107
124
780
817
Operating income
715
509
Finance income
4
248
71
Finance costs
4
(26)
(252)
Finance income/(costs) - net
222
(181)
Income before tax
937
328
Income tax expense
5
216
103
Net income attributable to owners of the parent
721
225
Earnings per share attributable to owners of the parent
Basic
6
3.50
1.10
Diluted
6
3.45
1.07
Weighted-average ordinary shares outstanding
Basic
6
205,716,853
204,467,927
Diluted
6
209,280,449
210,243,478
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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Table of Contents
Interim condensed consolidated statement of comprehensive (loss)/income
(Unaudited)
(in € millions)
Three months ended March 31,
Note
2026
2025
Net income attributable to owners of the parent
721
225
Other comprehensive (loss)/income
Items that may be subsequently reclassified to interim
condensed consolidated statement of operations
(net of tax):
Net (losses)/gains on short term investments
13, 19
(1)
8
Net (losses)/gains on cash flow hedging instruments
13, 19
(4)
7
Change in foreign currency translation adjustment
35
(78)
Items not to be subsequently reclassified to interim
condensed consolidated statement of operations
(net of tax):
Net (losses)/gains in the fair value of long term investments held at period-end
13, 19
(786)
260
Other comprehensive (loss)/income for the
period (net of tax)
(756)
197
Total comprehensive (loss)/income for the period
attributable to owners of the parent
(35)
422
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
- 2 -
Table of Contents
Interim condensed consolidated statement of financial position
(in € millions)
Note
March 31, 2026
December 31, 2025
(Unaudited)
Assets
Non-current assets
Lease right-of-use assets
7
227
234
Property and equipment
8
182
188
Goodwill
9
1,099
1,083
Intangible assets
9
41
41
Long term investments
19
1,194
2,181
Restricted cash and other non-current assets
10
59
61
Finance lease receivables
7
71
69
Deferred tax assets
5
596
662
3,469
4,519
Current assets
Trade and other receivables
11
683
802
Income tax receivable
5
94
116
Short term investments
19
3,491
4,209
Cash and cash equivalents
5,255
5,258
Other current assets
12
136
111
9,659
10,496
Total assets
13,128
15,015
Equity and liabilities
Equity
Share capital
—
—
Other paid in capital
6,560
6,496
Treasury shares
13
(1,007)
(701)
Other reserves
13
2,581
3,366
Accumulated deficit
(124)
(832)
Equity attributable to owners of the parent
8,010
8,329
Non-current liabilities
Lease liabilities
7
414
433
Accrued expenses and other liabilities
17
2
2
Provisions
18
3
3
Deferred tax liabilities
5
11
163
430
601
Current liabilities
Trade and other payables
16
1,250
1,194
Income tax payable
5
150
72
Deferred revenue
750
711
Accrued expenses and other liabilities
17
2,471
2,589
Exchangeable Notes
15, 19
—
1,458
Provisions
18
49
51
Derivative liabilities
19
18
10
4,688
6,085
Total liabilities
5,118
6,686
Total equity and liabilities
13,128
15,015
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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Table of Contents
Interim condensed consolidated statement of changes in equity
(Unaudited)
(in € millions)
Note
Share
capital
Other paid in
capital
Treasury
shares
Other
reserves
Accumulated deficit
Equity attributable to
owners of the parent
Balance at January 1, 2026
—
6,496
(701)
3,366
(832)
8,329
Income for the period
—
—
—
—
721
721
Other comprehensive loss
—
—
—
(756)
—
(756)
Reclassification of net losses attributable to changes in the Group's credit risk upon derecognition of the Exchangeable Notes, net of tax
13
—
—
—
13
(13)
—
Repurchases of ordinary shares
—
—
(306)
—
—
(306)
Issuance of shares upon exercise of stock options, restricted stock units, and contingently issuable shares
13
—
64
—
—
—
64
Restricted stock units withheld for employee taxes
—
—
—
(46)
—
(46)
Share-based compensation
14
—
—
—
56
—
56
Income tax impact associated with share-based compensation
5
—
—
—
(52)
—
(52)
Balance at March 31, 2026
—
6,560
(1,007)
2,581
(124)
8,010
Note
Share
capital
Other paid in
capital
Treasury
shares
Other
reserves
Accumulated deficit
Equity attributable to
owners of the parent
Balance at January 1, 2025
—
6,124
(262)
2,707
(3,044)
5,525
Income for the period
—
—
—
—
225
225
Other comprehensive income
—
—
—
197
—
197
Issuance of shares upon exercise of stock options, restricted stock units, and contingently issuable shares
13
—
204
—
—
—
204
Restricted stock units withheld for employee taxes
—
—
—
(60)
—
(60)
Share-based compensation
14
—
—
—
42
—
42
Income tax impact associated with share-based compensation
5
—
—
—
114
—
114
Balance at March 31, 2025
—
6,328
(262)
3,000
(2,819)
6,247
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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Table of Contents
Interim condensed consolidated statement of cash flows
(Unaudited)
(in € millions)
Three months ended March 31,
Note
2026
2025
Operating activities
Net income
721
225
Adjustments to reconcile net income to net cash flows
Depreciation of property and equipment and lease right-of-use assets
7, 8
20
20
Amortization of intangible assets
9
6
7
Impairment charge on real estate assets
7, 8
4
2
Share-based compensation expense
14
56
42
Finance income
4
(248)
(71)
Finance costs
4
26
252
Income tax expense
5
216
103
Other
(2)
—
Changes in working capital:
Decrease/(increase) in trade receivables and other assets
91
(4)
Decrease in trade and other liabilities
(94)
(90)
Increase in deferred revenue
35
3
(Decrease)/increase in provisions
18
(3)
12
Interest paid
7
(8)
(13)
Interest received
52
70
Income tax paid
(36)
(19)
Net cash flows from operating activities
836
539
Investing activities
Payment of deferred consideration pertaining to business combinations
—
(7)
Purchases of property and equipment
8
(5)
(6)
Purchases of short term investments
19
(6,740)
(3,929)
Sales and maturities of short term investments
19
7,484
3,630
Change in restricted c

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