Spotify’s Q1 print was broadly in line with our expectations. However, the Q2’25 guidance came in a bit shy of both our and Street’s estimates, particularly on MAUs, revenue, and operating income.

Spotify will report Q1 earnings on Tuesday, April 29, before the market opens. The company enters earnings season with strong momentum and a macro environment that, while uncertain, likely has minimal impact on its core business.

Spotify reported an overall very strong, better-than-expected Q4 report. The report had many bright spots, including a notable beat in MAUs and subscribers.

Spotify reported an overall very strong, better-than-expected Q4 print. The report had many bright spots, most notably an impressive MAU and subscriber beat.

Spotify is set to release its Q4 earnings report on Tuesday, February 4, before the market opens. We believe key areas of focus in the report include gross margin, MAU/subscriber growth, monetization, and Q1’25 guidance.

Spotify’s impressive transformation into a profitable business with strong free cash flow generation, coupled with sustained high growth in its user base, underscores the platform’s strength and solid fundamentals.