Spotify's second quarter 2026 results miss revenue and EPS forecasts but show strong subscriber growth, reaching 300 million.

Spotify reported second quarter 2026 results that missed analyst expectations on revenue and earnings, partly due to unfavorable foreign exchange rates, but beat forecasts for its key Premium Subscriber metric. The company also demonstrated significant margin expansion, meeting a key investor focus point.

Key Highlights

• Subscriber Growth: Reached 300 million Premium Subscribers, a 9% year-over-year increase and ahead of the 299 million consensus estimate.
• Margin Expansion: Consolidated gross margin expanded to 33% from 31% a year ago, driven by a 2 percentage point improvement in the Premium segment's margin to 35%, attributed to price increases outpacing content costs.
• Revenue and EPS: Second quarter revenue was €4.78 billion with a diluted EPS of €2.61. When converted to USD for comparison, both revenue (approx. $5.49 billion) and EPS (approx. $3.00) fell short of analyst forecasts.