Spotify: Margin Expansion Accelerates, But FX Clouds the Outlook

Profitability is no longer the question, durability is

Source: illustration

Estimated reading time: 6 minutes

Spotify closed 2025 with record profitability and strong user growth.

Margins expanded. Cash flow surged.

But a new challenge is emerging.

The key question: can Spotify keep expanding margins as growth normalizes and FX pressure rises?

Key Takeaways

• Q4 revenue: €4.53B (+7% YoY, +13% FXN)

• MAUs: 751M (+11%)

• Pr…