Spotify has announced its earnings results for the first quarter of 2026.
In its announcement, Spotify said there is “strong momentum across the business and continued innovation across our platform”.
Q1 results were in line with or ahead of expectations across all key metrics. Monthly active users (MAU) surpassed 760 million (up 12% year-on-year), while Spotify achieved its second-highest gross margin to date (33%).
Premium subscribers grew 9% year-on-year to 293m in Q1. Spotify is now forecasting it will reach 299m subscribers in the second quarter.
Total revenue increased 14% year-on-year at constant currency to €4.5 billion. Operating Income reached €715m.
We see significant room to grow across users, formats and engagement and to expand what Spotify is and can become over time
Gustav Söderström
“Overall, we view the business as well positioned to deliver improved growth and margins in 2026 as we reinvest to support our long-term potential,” the streaming giant said in its message to shareholders.
Alex Norström, co-CEO, said: “We surpassed 760 million MAU, delivered on the subscriber growth we aimed to achieve, and saw healthy engagement from existing users, reactivations and new users alike. Since the global roll-out of our more personalised free experience, users in key markets like the US are listening and watching more days per month. All that reinforces our confidence in sustained user and subscriber growth, low churn, and continued progress on revenue and margin.”
Gustav Söderström, co-CEO, added: “We’re well positioned because of our large, engaged user base, deep creator relationships, and years of investment in personalisation and infrastructure at scale. Together, these create a platform that can take advantage of this moment and unlock entirely new growth vectors that will enable us to climb new mountains previously unimaginable. We see significant room to grow across users, formats and engagement and to expand what Spotify is and can become over time.”
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