Added to YB: 2026-05-06
Pitch date: 2026-05-04
SPOT [neutral]
Spotify Technology S.A.
Author Info
The Reservist is building a long-duration high growth portfolio of companies, looking to outperform the QQQ for the next 7 years. In depth stock analysis and portfolio management thoughts. Sign up for the newsletter.
Company Info
Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide.
Market Cap
$77.2B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
28.67
P/E
29.12
EV/Sales
4.07
Sector
Entertainment
Category
growth
Spotify's Q1 2026
SPOT (earnings): Q1 beat w/ record €715M op income, 33% gross margin, 293M Premium subs (+9% YoY) but stock gapped down 8% on Q2 guide miss (299M vs 300M+ whispers) & lower op income outlook (€630M). Bear case: ad-supported rev -5% YoY, non-linear margin expansion, AI compute costs, churn risk from price hikes. Bull case: ARPU upside from tiering (7% superfan adoption modeled), 8% price hikes every 2yrs, RoW/LatAm MAU +17%/8.2%. Base: $23B 2027 rev (+12% '26-27), bull $27.75B, bear $22.2B. Investor Day May 21.
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