$Spotify(SPOT.US) Q2 results were mixed, with performance broadly in line with expectations.

Subscribers topped 300 mn. Revenue growth at cc rebounded to 15%, and GPM hit a new high of 33.4%.

Below is Dolphin Research's Trans of $Spotify(SPOT.US) FY26 Q1 earnings call. For the earnings read, cf. 'Spotify: expectation gaps and flaws triggered a plunge; streaming is now an old flame'.

$Spotify(SPOT.US) Q1 2026 results were released pre-market on Apr 28. The main issue was guidance: the market still wanted the classic streaming playbook of price hikes lifting margins.

Below is Dolphin Research's FY25 Q4 earnings call Trans for $Spotify(SPOT.US). For our earnings take, see 'Multiple narratives breaking down? Spotify remains small but beautiful'.

$Spotify(SPOT.US) Q4 2025 results were released pre-market on Feb 10, coming in slightly ahead of expectations. Ahead of the print, multiple negative narratives had driven sentiment to a low and the stock kept correcting. An error-free report alone was enough to ease some concerns.

1) GPM steadied nerves: Q4 GPM reached 33.1%, beating estimates. QoQ improvement was driven by price hikes, while the YoY expansion largely reflected lower royalties on bundled plans. However, the Q1 guide implies a slight QoQ dip, likely starting to reflect the impact of new licensing agreements...

The following are the minutes of the 3Q25 earnings call for $Spotify(SPOT.US) compiled by Dolphin Research. For a review of the financial report, please refer to "Can Spotify's New Price Increase Cycle Fly Again?" 1. Key Financial Indicators 1. Third Quarter User Numbers: In the third quarter, our monthly active users increased by 17 million, reaching a total of 713 million, exceeding our target by 3 million. We also added 5 million net subscription users, bringing the total number of subscription users to 281 million, a year-on-year increase of 12%, in line with our expectations...

$Spotify(SPOT.US) The Q3 2025 earnings report was released before the U.S. stock market opened on November 4th, with mixed performance. However, the market's main concern—profit margin—actually exceeded expectations, leading to a slightly positive market response. Specifically: 1. Profit margin exceeded expectations: Since the third quarter, Spotify has made numerous product changes (nearly 30 updates of various sizes), including lossless audio quality, playlist editing, messaging, personalized audio settings, and collaborations with Amazon Alexa and ChatGPT, etc...

The following are the minutes of the FY25 Q2 earnings call for $Spotify(SPOT.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Spotify: Price Hike Fails, Can High Valuation Still Hold?". 1. Review of Key Financial Information 1. Monthly Active Users (MAU) and Subscription Users This quarter, MAU increased by 18 million, reaching 696 million; net increase in subscription users was 8 million, bringing the total number of subscription users to 276 million, a year-on-year increase of 12%. 2. Total revenue was 4.2 billion euros, calculated at constant exchange rates...

$Spotify(SPOT.US) Q2 2025 earnings report was released before the US market opened on July 29th. The financial report once again fell short of expectations. Although the miss was significant, it was mainly due to external factors. Specifically: 1. Revenue fell short of guidance: Q2 revenue growth was only 10%, below both guidance and market expectations. However, there was a 5ppt foreign exchange headwind, and excluding this, the organic growth rate was 15%, higher than the original guidance of 14.2%, which is actually not bad. In comparison, the company's revenue guidance for Q3 appears somewhat weak, with the same 5ppt foreign exchange headwind...