Spotify adds 6 million subscribers and guides to a stronger fourth quarter

Haverhill Financial Research · News · Earnings · October 23, 2026

Spotify reported third-quarter results on October 22. Monthly active users reached 788 million and paying subscribers rose by 6 million to 306 million. Revenue grew 16% to €4.97 billion, or 14% at constant exchange rates. Gross margin was 33.0% and operating income was €672 million.

Net income fell to €518 million from €899 million a year earlier, which Spotify attributed to taxes. Operating income and free cash flow are the better guide to how the business is doing, and both were strong.

The guidance is the more important part of the release. Spotify expects to add 10 million subscribers and 30 million users in the fourth quarter, and to lift operating income to €820 million on a gross margin of 33.8%. That would be another step up in profitability for a company that, only a few years ago, struggled to earn money at all.

Spotify will report fourth-quarter results early next year. The numbers to check against guidance are subscriber additions, which drive revenue, and gross margin, which decides how much of that revenue becomes profit.

Figures come from Spotify's Q3 2026 results, filed with the SEC on October 22, 2026.

Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in Spotify or the other companies named. Data as of October 23, 2026.