Spotify earnings for the third quarter of 2026 showed monthly active users rising 11% to 788 million and revenue increasing 16% to €5.0 billion. The October 22 results also showed higher operating income but lower net earnings, while management forecast further audience and revenue growth for the fourth quarter.
Key Takeaways
- Premium subscribers rose 9% to 306 million, beating company guidance by 1 million.
- Operating income increased 15% to €672 million, while net earnings fell to €518 million.
- Fourth-quarter guidance targets 818 million monthly users and €820 million in operating income.
Table of Contents
- Spotify earnings show audience and subscription growth
- Operating profit rises despite lower net earnings
- Fourth-quarter guidance sets higher audience targets
- Conclusion
Spotify earnings show audience and subscription growth
Spotify’s third-quarter 2026 results announcement showed growth in Premium subscribers across all regions. The paid subscriber base reached 306 million, alongside 788 million total monthly active users.
Premium revenue increased 17% year over year to €4.49 billion, or 15% at constant exchange rates. That outpaced total revenue growth of 16% as reported and 14% at constant exchange rates.
The difference between reported and constant-currency growth shows that exchange-rate movements supported the reported revenue increase. Premium subscriptions accounted for most of the company’s quarterly revenue.
| Item | Details |
|---|---|
| Q4 2026 monthly active users guidance | 818 million |
| Q4 2026 Premium subscribers guidance | 316 million |
| Q4 2026 revenue guidance | €5.2 billion |
| Q4 2026 operating income guidance | €820 million |
Operating profit rises despite lower net earnings
Operating income reached €672 million, up 15% from a year earlier. Spotify said the result exceeded its guidance because marketing and personnel-related costs were lower than forecast and gross margin was stronger.
Gross margin reached 33.0%, an improvement of approximately 136 basis points from a year earlier.
Net earnings moved in the opposite direction, declining to €518 million, or €2.48 per share, from €899 million, or €3.28 per share. The available figures do not explain the gap between operating-profit growth and lower bottom-line earnings, so the operating improvement should not be read as growth across every profit measure.
Spotify shares were up 3.83% at $545.00 in pre-market New York trading on October 22. That was an early-session snapshot, not a closing price.
Fourth-quarter guidance sets higher audience targets
Management’s fourth-quarter outlook calls for further expansion in both the overall audience and paid subscriptions. The targets imply 30 million more monthly active users and 10 million more Premium subscribers than reported for the third quarter.
The revenue and operating-income figures below are management forecasts, not completed results. They set the next benchmarks for assessing whether audience growth continues alongside stronger operating profitability.
Conclusion
Spotify’s next reported quarter will be measured against its targets for 316 million Premium subscribers and €820 million in operating income. The third-quarter results establish continued audience growth, but also a clear distinction between stronger operating profit and lower net earnings.
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